Tangerine Business US Dollar Savings Account review

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:

1. Navigate to the Tangerine Business US Dollar Savings Account page on the Tangerine website and click “Open an account”.
2. 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.
3. Enter your email address and create a banking PIN.
4. Provide your personal information, address and contact details.
5. Complete an application for a Tangerine Business US Dollar Savings Account.

Compare other business banking accounts

1 - 7 of 7

Name	Product	Monthly Account Fee	Multi Currency Accounts	FX Fee	Corporate Credit Card	Accounting Integration	Offer
RBC Digital Choice Business Account		$6	CAD only	Varies		Quickbooks, Sage, Xero	Get unlimited electronic debit and credit transactions, unlimited electronic cheque deposits, unlimited Moneris deposits and 10 free outgoing Interac e-Transfer transactions per month.	Sole proprietorships and corporations accepted.	Go to siteMore Info Compare	loading Fetching your data...
Airwallex Business Account		$0	CAD, USD, GBP, EUR, AUD, HKD, CNY, JPY, SGD + 12 more	0.5% - 1%		Quickbooks, Xero + more	Sign-up and get a $500 bonus in FX conversions. Open and manage multiple global accounts with no monthly fees. Send and receive payments in 16 different currencies and avoid costly conversion and transaction fees.	To be eligible, you'll need to have a registered Canadian corporation.	Go to siteMore Info Compare	loading Fetching your data...
Jeeves Business Account		$0	CAD, USD, EUR, GBP, MXN, BRL	From 0.20%		Quickbooks, Xero	Issue unlimited pre-funded corporate cards in local currencies, send payments to 150+ countries, and manage global expenses all from one platform.	To be eligible, you'll need to have a registered corporation and a revenue of at least $50,000/month.	Go to siteMore Info Compare	loading Fetching your data...
Loop Global Business Banking Account		$0	CAD, USD, GBP, EUR	0.1% - 0.5%		Quickbooks, Xero	Eliminate FX fees with a Loop credit card. Spend in CAD, USD, GBP and EUR and earn points to use toward travel and experiences. Get up to a $1M credit limit.	To be eligible, you'll need to have a registered Canadian corporation and provide proof of an active business (bank statements, contracts with suppliers, financial or CRA statements, etc.)	Go to siteMore Info Compare	loading Fetching your data...
Wise Business		$0	CAD, USD, GBP, EUR, AUD, HUF, NZD, RON, SGD, TRY	0.43%		Quickbooks, Xero + more	No hidden charges, high rates or monthly fees. Get the mid-market exchange rate. Pay employees, get paid and manage your cash flow in over 70 countries.	To be eligible, you'll need to have a registered Canadian corporation.	Go to siteMore Info Compare	loading Fetching your data...
RBC Flex Choice Business Account		$7	CAD	Varies		Quickbooks, Sage, Xero	Bank both digitally and in-branch and only pay for what you use. No minimum or maximum transaction limits.	Sole proprietorships and corporations accepted.	Go to siteMore Info Compare	loading Fetching your data...
Vault Business Banking Account		$0	CAD, USD, GBP, EUR	0.25%–0.45%		Quickbooks, Xero	Earn 1% unlimited cashback on your Vault multi-currency corporate credit card. No currency limitations. Set up accounts in CAD, USD, GBP and EUR, enjoy $0 local transfers.	To be eligible, you'll need to have a registered Canadian corporation.	Go to siteMore Info Compare	loading Fetching your data...

loading

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.