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The Best Free Chequing Account in Canada

Best Free Chequing Account in Canada

Looking for the best free chequing account in Canada? Consider your search over! Learn how I switched to a new bank 3 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.

When I first heard about Tangerine bank, I didn’t rush to switch all my bank accounts just yet.  At the time, this bank seemed to have a very niche following and wasn’t as known as it is today (with 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.

This is what the fear of change is all about. We are afraid of the things that are innovative and different, compared to what we are used to. So we avoid any new 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 just to have a chequing account. I disliked all the limitations that my bank imposed on me to use my own money. For a fee of $8.25 per month, I was allowed 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 prescribed by the monthly fee. Many times I was simply appalled at this. Yet, I didn’t feel there was a good alternative as everyone I asked told me the same story.

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

When I finally decided to make a switch to Tangerine, I couldn’t believe how good it felt to finally take the plunge! Making the switch was extremely easy due to the user-friendly online technology offered by Tangerine. I was very ready and happy 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 bank offers a free chequing account, technologically advanced features (such as mobile deposit and many others), AND pays a monthly interest on every single free account you have with them?

Well, as it turned out, there was no catch! 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. Also keep in mind that I was not able to keep a lot of money in my TFSA or RRSP accounts in the last couple of years, and even then the savings are very substantial. If you will be transferring larger TFSA and savings to Tangerine, you will see even better results.

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, plus eternally save on all your banking fees for the rest of your life. Here is how:

  1. Open a FREE Tangerine Chequing Account with a minimum deposit of $100 and receive a $25 bonus cash deposit into your account.
  2. Open a FREE Tangerine TFSA, Savings, or RRSP account with at least $100 initial deposit and receive another $25 bonus cash deposit.
  3. Switch your payroll direct deposit to your Tangerine Account, and receive yet another $100 bonus cash deposit after three months of receiving your payroll through Tangerine direct deposit.
  4. 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 this 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 dollars on top of $150, mention 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 2.40% rate with Tangerine! This allows 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 chequing account accumulates an interest too. It’s only 0.15% but every bit counts in a single mom’s pocket!

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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