A Tangerine Orange Key is a referral code that will give you $50 in rewards for signing up for a new chequing account. Make sure to enter a Tangerine Orange Key (here’s one — 50278819S1) when signing up for your account, or you’ll miss out on the $50-100 new user bonus, depending on when you join. Or, you can take advantage of the $300 in bonuses that we cover below.
Note: Tangerine, the Tangerine Orange Key promotion, and all other Tangerine services are only available to Canadian Citizens.
What is Tangerine?
Tangerine, formerly ING Direct Canada, is a Canadian Bank and subsidiary of Scotiabank. Compared to Scotiabank’s rigid corporate brand, Tangerine offers a more casual and hip banking experience, with much better prices and interest rates.
While Tangerine doesn’t quite offer users the full range of products and services that Scotiabank does, nearly every one of Tangerine’s products comes in at a lower price point than Scotiabank’s. This has made the bank a fan-favorite among Gen Z, Millenials, and other Canadians who love a good deal.
Tangerine Bank Review – No-Fee Chequing Accounts
Tangerine’s No-Fee Daily Chequing Account is the main product in the bank’s collection. These accounts come loaded with features that make it a no-brainer when compared to traditional accounts at Scotiabank, CIBC, BMO, RBC, or TD that might cost you upwards of $15 per year. Some of our favorite features include:
- $0 monthly fees
- Zero limits on daily transactions
- The ability to withdraw money from any Scotiabank ATM free of charge
- Higher interest rates than many banks’ saving accounts
- Free e-transfers!
- Easy mobile cheque deposits
- Visa debit cards for easy online purchases
- Your first cheque book is 100% free (50 cheques)
- A well-designed, intuitive mobile app
- Mobile wallet connectivity (Apple Pay, Google Pay, etc)
In my years of being a Tangerine customer, I have saved hundreds of dollars in fees, made dozens of dollars in interest, and paid $0 in daily banking charges. For me, the decision to move my primary account to Tangerine has been a breeze.
I’ve signed up for a lot of new bank account promotions, but Tangerine is one of the few accounts I keep open. It delivers too much value for me to close it!
Tangerine Savings Accounts Review
If giving your money to a big bank is like sending it on the bus, then putting your funds into a Tangerine Savings account is like sending it in a Ferrari.
The interest rates are so much better, that it’s not even funny. Okay, it’s a bit funny. But only because big banks like Scotiabank, RBC, CIBC, TD, and BMO are offering you about 0.05% per year. With inflation being an average of 2% (or 7% in 2022), you can begin to see how awful this really is.
Tangerine, on the other hand, at least makes an effort with its interest rates. The current rate is 1%, but new customer promotions can regularly offer you 2.25% or higher. See the section below for more info on current promotions.
However, if you want a consistently high interest rate, consider opening up an online account at EQ Bank, where the normal interest rate is currently 2.5%.
Aside from the interest rate, Tangerine’s Savings accounts are fairly standard. There are no fees whatsoever, no transaction limits, free eTransfers, and no minimum balance. You’ll even receive $50 for free if you enter the Tangerine Orange Key 50278819S1 when opening your account.
Where Are Tangerine’s Branches?
The only real downside of using Tangerine is that the bank does not have any branches across the country. Yes, you heard me right. There are no physical locations you can visit. The only time I have ever been frustrated as a Tangerine customer was one time when I had a fat stack of cash that I was looking to deposit, but I had no physical branches to bring it to.
However, this lack of branches is what allows them to offer such great prices, so it’s part of the trade-off.
I can also see this being a deal-breaker for the older generation that enjoys going to the branch and talking to the tellers as a hobby, but realistically, everything else can be done online or over the phone. The phone service is top-notch (I never wait long), and the mobile app is super easy to use.
You can take out money from any Scotiabank ATM (all the bank branches, every 7-11, and more) free of charge. It’s just the deposits that can be a bit tricky.
Current Tangerine Promotions (Updated December 2021)
Tangerine Orange Key — $50 Tangerine Referral Code
Tangerine is currently offering new customers $50 in cash! They refer to their referral code as a Tangerine Orange Key.
The $50 bonus will be deposited a few days after the following four steps are complete:
- Enroll as a new client and enter a Tangerine Orange Key during the signup process.
- Where to find Tangerine Orange Key? There’s one right here: 50278819S1
- Open up your first account — either chequing or savings.
- Make an initial deposit of $250 CAD or more.
- Maintain an account balance of $250 for 60 days or more (AKA keep $250 in your account for two months or more).
Note: This Tangerine Orange Key offer cannot be combined with the current “EARNMORE” promotion mentioned below. If you fail to enter the Tangerine Orange Key correctly, you may be able to call customer service and get them to add it on afterwards.
The full details for this promotion are available here.
Tangerine Promo Nov 2022: $400 in Cashback & 4.5% Interest Rate
Tangerine’s main promotion is currently very juicy.
Right now, Tangerine is offering up to $400 in cash back plus a 4.5% promotional interest rate for new account holders.
The cashback rate is very appealing. You’ll get 20% cashback on all of your purchases through your Visa Debit card, up to a maximum of $400 cashback (equals $2000 spend). You’ll have 60 days to accrue all of those purchases.
As for the interest rate, 4.5% is what you can expect on all new deposits into a Tangerine Savings Account for the first 5 months. I’ve looked at a lot of banking promotions in my life, and this is the highest interest rate I’ve ever seen.
Is your mouth salivating yet? It should be.
Your $400 bonus will be paid out within one month after the accrual period ends (2 months accrual + 1 month waiting). Your interest rate will take effect immediately.
To take advantage of this offer, use the Tangerine Promo Code ‘EARNMORE’ when signing up.
Note: Unfortunately, this $400 promo cannot be combined with a Tangerine Orange Key promo code. So, you’ll be able to choose whether you want $50 back without any real conditions, or if you want to spend to acquire the $400.
Want To Make More Money Online?
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