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The Best Chequing Account in Canada

We the community use Tangerine Bank. Let me tell you why:
Photo by Sharon McCutcheon on Unsplash
Last updated: 1 AUG 2019
** My referral code is at the bottom of the page. Please consider using it to help support my blog and my mission **

You'll get $50 cash!

Here's a list of why the Tangerine Chequing Account is the preferred option for Canadians seeking FIRE. FYI - I'm not paid by Tangerine Bank, I'm just intentional about my spending and finding the best value ultimately serves my goal to Retire Early.


~ Also: if you're looking for the best savings account, EQ Bank is where it's at. Tangerine's saving account is... meh. Use Tangerine for chequing and EQ Bank for savings. You're welcome in advance.



#1 It used to be ING Direct - but the principles of the account remain the same - no fees, no minimums, very user-friendly.


#2 For some reason Canadians like a bit of 'power' to the place they bank at - like my bank is bigger than your bank! My bank has more branches! Take that! I've never understood this, but Tangerine is owned by Scotiabank, a very profitable and.. dare I say.. powerful bank. 
¯\_(ツ)_/¯


#3 It will link up to your existing bank accounts so you can switch money back and forth, again for free. This makes switching over very easy.


#4 The first set of cheques you order are free. I'm not sure why you need those since its 2019 but I digress I happen to need a cheque from time to time.


#5 Email Money Transfers are free. They're the same thing as an Interac e-transfer except you have to wait 2-3 business days for the funds to clear; otherwise they offer Interac's service for $1. Your savings account at EQ Bank doesn't charge for Interac e-transfers.


#6 The Orange Key! If you need to get your family on board with free banking or the topic comes up at work, hit them up with your Orange Key. You'll both be getting $50 if they open up an account. Feel free to use this blog's referral code 40490377S1 (and I thank you :] ) to get your first $50, then you'll be able to see and use your own. 


#7 What else can I say? It's a basic chequing account. It will serve as an intermediary for your income. Mortgage and rent will be withdrawn, your credit card (linked to PayTM no less) will be paid as well from this account. All other funds will be sent to Questrade to fund your hopefully early retirement.


I feel obligated to mention an alternative, Simplii. Simplii basically offers the same thing but there is no such thing as an Orange Key, so you can't refer anybody. Even if you get ONE throughout your entire lifespan, you will have made Tangerine worth it.


Have I convinced you? I hope I have because I think it's the best value chequing account out there RIGHT NOW. I'll keep this article updated on a quarterly basis - if something better comes along, I can assure you I'll be leading the charge. After all, it is this blog's mission to lower our fixed expenses as much as possible. The products you see on my blog I use myself because they are the cheapest and pack the most value. Period.

** My referral code is 40490377S1 ** Thanks for any patronage you might offer.

Chat soon,

Ryan Myricks

Comments

  1. Hey... I like the new images you've added. Looking good! You've very nearly sold me on Tangerine and Public Mobile. Just need to do a little more of my own research first. And use up more of my credits on my Koodo prepaid account. ;) Thanks for sharing!

    ReplyDelete
  2. We use to be with Tangerine but got screwed over: they say no minimum but when you transfer money from another bank account it is unavailable for 5 to 8 business days!!! So if you transfer money from another bank to pay your credit card, plan 2 weeks in advance or you will end up with expensive late fees. When you transfer from a bank to any other bank the funds are instantly available not with tangerine

    ReplyDelete
    Replies
    1. Your problems are self-induced. Here's two of your issues:
      1. It only takes 2 business days to move money with linked accounts. As I suggest above, move the money to EQ via EMT or linked accounts and then you can instantly e-transfer funds as needed back or where-have-you.
      2. You're not doing yourself any favours by moving money from one chequing account to another. Tangerine should be your primary account that receives all your income, and EQ as your savings account, as stated above.

      Delete
  3. Simplii also offers decent rates on there HISA, and have good 3-6 month offers of bonus interest. There latest was 3% on my new deposits.

    I also liked Tangerine when i started my FI journey because of their all in one investment funds. This got me into the habit of investing while i was still learning how to do it myself. This was before questrade was so easy, and before I new how I wanted to invest my money.

    ReplyDelete

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