Tangerine Business US Dollar Savings Account review
- Monthly Account Fee
- $0
- Multi Currency Accounts
- USD
- FX Fee
- N/A
Our verdict
Earn interest on your USD savings with no monthly fee or minimum balance required, but compare accounts to make sure you're getting a competitive rate.
The Tangerine Business US Dollar Savings Account pays 1.05% interest on your USD balance. There's no minimum balance required to earn interest, and the account has no monthly fee. It can also be linked to your existing US dollar chequing account so you can easily move money between your accounts, and you can manage your savings via online and mobile banking.
However, you'll need to compare this account with a range of other business savings accounts to make sure you're getting the best rate.
Pros
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Earn 1.05% interest on your balance
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No monthly fee
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No minimum balance required
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Easy to manage your money via online and mobile banking
Cons
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You may find a better rate elsewhere
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USD only
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You'll need a USD business chequing account with a different bank
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No physical branches
Tangerine Business US Dollar Savings Account: The basics
- Earn 1.05% interest. This account pays 1.05% interest on your USD balance.
- No monthly fee. There’s no monthly fee to worry about with the Tangerine Business US Dollar Savings Account.
- No minimum balance requirement. You don’t need to keep your account balance above a minimum level in order to earn interest.
What are the benefits of the Tangerine Business US Dollar Savings Account?
- Grow your business savings. With a 1.05% interest rate, you can build a bigger USD balance without lifting a finger.
- No terms and conditions. You don’t have to deposit a certain amount each month or keep your balance above a minimum level to earn the maximum interest rate — it automatically applies to your entire balance.
- Easy access to funds. You can manage your money 24/7 using Tangerine’s online and mobile banking services.
- Simple application process. It’s quick and easy to apply for a Tangerine Business US Dollar Savings Account online or via the mobile app.
- CDIC protection. Tangerine is a member of the Canada Deposit Insurance Corporation, so eligible deposits of up to are insured in case the bank fails.
What are the drawbacks of the Tangerine Business US Dollar Savings Account?
- You may get a higher rate elsewhere. Compare a range of US dollar savings accounts for business to make sure you’re getting a competitive rate.
- USD only. If you’re searching for a Canadian dollar business savings account, you’ll need to consider other options.
- Need a separate chequing account. Tangerine doesn’t offer any business chequing accounts, so you’ll need to open a US dollar chequing account at another financial institution before you can open a Business US Dollar Savings Account with Tangerine.
- Need to have a Tangerine personal client number. You’ll have to sign up as a personal client with Tangerine before you can open a business account.
- Dormancy fee. If you don’t log in to or access your account for 2 years, a dormancy fee will apply each year. This fee rises to once your account has been dormant for 10 years.
- No physical branches. As a digital bank, Tangerine doesn’t operate brick-and-mortar branches. This is a drawback if you want to access face-to-face customer support.
Is Tangerine legit?
Tangerine launched in Canada in 1997 as ING Direct. It is now a wholly owned subsidiary of the Bank of Nova Scotia, having been acquired by Scotiabank in 2012.
ING Direct changed its name to Tangerine in 2014. The bank is a member of the Canada Deposit Insurance Corporation, and it’s also a member of industry associations such as The Canadian Payments Association, Interac, Association MasterCard International, and Maestro International.
What should I know before I apply?
There are two key factors you should consider before applying:
- You’ll need to have a US dollar chequing account with another financial institution before you can open a Tangerine Business US Dollar Savings Account. Your new savings account can then be linked to your existing chequing account. Tangerine does not offer any business chequing accounts.
- You’ll need to have a Tangerine personal client number before you can open a business account. You can sign up as a personal client online as part of the application process for a Business US Dollar Savings Account.
How do I open a Tangerine Business US Dollar Savings Account?
You can open an account by completing the following steps:
- Navigate to the Tangerine Business US Dollar Savings Account page on the Tangerine website and click “Open an account”.
- If you’re already a Tangerine personal banking client, you can start the application process by clicking “Yes, apply now” and logging in to your account. If you’re not already a Tangerine customer, you’ll need to click “No, sign up” and complete the following steps.
- Enter your email address and create a banking PIN.
- Provide your personal information, address and contact details.
- Complete an application for a Tangerine Business US Dollar Savings Account.
Compare other business banking accounts
Bottom line
With a competitive interest rate and no monthly fee or minimum balance requirement, the Tangerine Business US Dollar Savings Account is worth a look if your business regularly transacts in USD. However, make sure you compare interest rates across a wide range of savings accounts before deciding where to park your money.
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