If you have been hanging out in the realm of Canadian personal finance for a little while, you will have heard of Tangerine, previously known as ING bank.
There’s a reason these folks are so ridiculously popular in the personal finance world. Yes, even a bank without physical locations is wildly popular. They offer free banking, because hey, they don’t have nearly as much overhead to cover from your fees.
They offer solid rates on deposits. Really solid rates. ING is a great place to stash spare money, and I have done so a lot in the past.
Those solid rates are why I bring up Tangerine during tax time. They have a tendency to offer promotional rates on very short term bonds during the beginning quarter of the year. Specifically, GICs held within a registered savings plan often come with a reward amount, and ING frequently offers 90-day GICs. They want you to lock your money into a registered account with them, so that it’s harder to move later. In order to entice you to do so, they have generally offered a straight up bonus. Until March 31, 2015, they are offering 2.5% on all new deposits.
That’s a pretty darn good rate, might I add. (It only applies on new deposits up to $250,000, but we’ll assume that’s not really a problem at the moment.)
If you want to lock money into an RRSP, then a bonus for doing so is basically a lollipop for doing something you were already going to do.
Want the lollipop? Awesome. Here’s the even better part:
It’s a two-lollipop kind of month! Want an extra $50 for your account? Until March 31, 2015, we both get $50, if you open a new account. It needs to have $100 stay in it, and that’s about it. They even have that nifty new cheque deposit by phone as an option.
Take my Orange Key:
Copy and paste it (double click on the text, then press Ctrl and C at the same time). Then head over to Tangerine.
Click on Sign Me Up, complete the enrollment and send in a cheque. Within 30 days you’ll have an extra fifty bucks that’s yours, for keeps.
I’ve Been Doing This for Years
I have varying levels of promptness on my taxes and varying levels of knowing what stocks I want to buy. That means dumping my RRSP monies into my Tangerine account before the deadline and letting them hang out, collecting an awesome GIC rate or an awesome interest rate, whichever is the best lollipop for the year.
That’s how I use tangerine to get FREE money at tax time. It’s better than the alternatives that I have considered for myself.
It’s a pretty sweet strategy for getting your money in before the deadline and for getting a nice little cash boost.
Short recap: Sign up for a new, free bank account, and get free money to put in it! Grab my Orange Key: 23676924S1 and Sign Up. Enjoy!
EL @ Moneywatch101 says
That’s a cool strategy to get some extra money. I loved using ING bank here in the US, but they got bought out by Capital one. Its basically the same service and account features, except that is now owned by a credit card company. Good luck with taxes.
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Amanda @ My Life, I Guess says
I LOVE Tangerine 😀
I got a bag of free swag from them, and earned my first $50 referral bonus within the last few months. All I get from my other bank is interest charges… 🙁
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DC @ Young Adult Money says
That’s awesome! I have recently branched out to “checking account hacking” (not hacking in an illegal sense, of course…just thought I should clarify that haha). I opened a Discover account and got $50 and I will have to take you up on the Tangerine offer!
Is there a monthly fee for their accounts?
DC @ Young Adult Money recently posted…10 Productive Things to Do When Bored
Alas, it’s the Canadian version! Money for opening an account? I am jealous! Tangerine is the only one that I know of in Canada. I also got an MP3 player when I opened my student account in NZ. (Which I considered amazing at the time!)
My husband is in the next room working on our taxes as I write this. All I want is to NOT OWE ANYTHING. IS that too much to ask?
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When you’re self employed… it might be too much!
How To Save Money says
Cool way to have found money! Thanks for sharing!
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Brian @ Debtless in Texas says
I had no idea ING even re-branded…must be out of the loop. Thanks for the heads up!
Brian @ Debtless in Texas recently posted…Yearly Bonus, Gender Roles, and Why My Wife is a Badass
They did indeed. In the US the new name is Voya.
Jayson @ Monster Piggy Bank says
I am now using tangerine! I simply love it. Money comes later I hope. Thanks Anne.
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Emily @ Simple Cheap Mom says
Who doesn’t love free money?
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