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    Home»Saving Apps»The Best Free Chequing Account in Canada (2021 Update)
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    The Best Free Chequing Account in Canada (2021 Update)

    Nina AndersonBy Nina AndersonNo Comments6 Mins Read
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    Best Free Chequing Account in Canada
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    Looking for the best free chequing account in Canada? Consider your search over! Learn how I switched to this bank 4 years ago and never looked back! This is not only the best free chequing account in Canada but also the most flexible one that pays you a monthly interest on every dollar you have.

    [Updated for 2020]. When I first heard about then-new Tangerine bank, I didn’t rush to switch all my bank accounts just yet.  At the time, this bank had mostly niche following and wasn’t as known as it is today (with over 2 million users). Tangerine’s key selling point was to pass savings onto their clients by employing a new model of banking, i.e “avoiding the costs of running a network of branches” (source: Wikipedia). Since most people are used to banks having physical branches and in-house bank tellers, most people I knew didn’t feel as comfortable switching to Tangerine.

    It is good to be cautious with your finances, but by being afraid of all new things you might be missing out on bigger gains without any risk. This is what fear of change is all about! We tend to be afraid of the things that are innovative and different, compared to what we are used to. So we avoid change as much as possible. Even if it could offer much better solutions, greater benefits, and a more efficient way to achieve our personal objectives. This, of course, is often a mistake.

    Truth be told, even before I’ve heard of Tangerine, I really dreaded paying a monthly fee associated with a typical chequing account. I also disliked all the limitations that my bank imposed on me to simply use my own money. For a fee of $8.25 per month, I was allowed only a very specific amount of monthly transactions and a restricted cash withdrawal limit. I also incurred overdraft fees, ATM fees, and financial penalties for using my debit card more often than allowed by a set monthly fee. Many times I was simply appalled by this! Yet, I didn’t feel there was a good alternative, and everyone around me had simply accepted this old way of banking as a necessary evil.

    I knew that something had to change if I was serious about improving the way I bank and use my finances. It wasn’t until my younger colleague told me about her savings with Tangerine that I felt he urge to learn more about the amazing features she mentioned. Still, it took me a while to switch to Tangerine and open my very first (and last) free chequing account that I use until this very day.

    When I finally decided to make the switch to Tangerine, I couldn’t believe how good it felt to finally take the plunge! Opening an account was extremely easy due to the user-friendly online technology offered by Tangerine. I was extremely eager to say goodbye to all the monthly fees I paid to my previous bank.

    Being a bit of a skeptic, at first, I thought there might be some sort of a catch with this bank. I mean, what other banks offer a free chequing account, technologically advanced features (such as mobile deposits and no hassle investment tools), AND pay you a monthly interest on every single account you have with them?

    Well, as it turned out, there was no catch whatsoever! Tangerine was the first (and only) bank to reward me for switching and using my account more effectively. I still love their innovative programs like sign-up bonuses and various incentives that teach you how to optimize your banking (switching your paycheck to direct deposit, automatics savings, etc.) Compared to my old bank (TD), Tangerine felt fresh, reliable, and actually as forward-thinking as their slogan states.

    To show you some evidence, below is my online banking screenshot that shows the savings and interest earned. This number excludes the initial $200 cash bonus I got when I opened my account. Disclaimer: I was not able to contribute a significant amount of money into my TFSA or RRSP accounts in the last couple of years. This means I could have earned even more interest. Still, the savings I received were very substantial. If you transfer your TFSA and savings to Tangerine, you will see interest added to your account on the 1st of each month.

    This little calculator shows up every time you log into your Tangerine online account:

    best free chequing account tangerine bank

    Here is the quick break down on the cash rewards you can count on when switching to Tangerine. You can get a total of $200 absolutely free during their special promotion period, plus eternally save on all your banking fees for the rest of your life. Here is how:

    1. Open a FREE Tangerine Chequing Account and make a minimum deposit of $250 within 60 days.
    2. Open a FREE Tangerine TFSA, Savings, or RRSP account with at least $250 initial deposit.
    3. Switch your payroll direct deposit and two bill payments to your free Tangerine Account.
    4. You have to use the bonus Orange Key 43305385S1 to unlock extra $50 cash deposit (see below how I did it)

    This is how simple it is to get all free cash by switching to an amazing bank where you have no monthly fees or any limits on transactions. I don’t know what you think, but I was blown away that a bank like this even exists.

    Best Free Chequing Account Canada

    Because I was referred to Tangerine by my colleague, I got an additional $50 bonus cash. All I had to do was to enter her referral key when signing up for a free chequing account. I must admit, I was in a bit of disbelief when I saw a total of $200 dollars deposited into my account. To earn an additional $50 bonus, simply enter my Orange Key when opening your free chequing account or savings account with Tangerine. Simply sign up online and enter 43305385S1 in the Orange Key box.

    But there are more reasons why I love Tangerine. You can tell they constantly innovate and think how to retain and delight their customers. For example, they offer the best new client interest rates on TFSA, RRSP and saving accounts. While most banks offer a tiny 0.6% interest rate on TFSAs, you get a 2.8% rate with Tangerine for the first 5 months. This period will allow you to grow your savings so much faster. You can tell this bank actually appreciates you banking with them. On top of that, your daily no-fee chequing account accumulates interest too. It’s only 0.15% but every bit counts in a single mom’s wallet!

    If you want to check out Tangerine first before switching all your accounts ( the best banking decision you’ll ever make), try it with an initial deposit of $100. This way you can test using their account and get all the cash perks! I know you will love this bank as much as I do, and I really wish more moms knew how much they can save every year just by having the right banking account.

    Good luck and happy free banking, mommas!

    Tangerine free banking

     

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