How to Invest Your Money » TFSA

Tangerine TFSA Account With No Fees

I recently used an Orange Key to set up a Tangerine Tax-Free Investment Savings Account (TFSA) to use as an emergency fund and saving for annual expenses like Christmas gifts and property taxes. I decided to use Tangerine for three reasons:

  1. Unlike some other banks, this is a TFSA with no fees
  2. The current interest rate is great compared to most other banks’ high-interest savings accounts
  3. Using an Orange Key gave us a free $50 when we opened the account (use this link for an Orange Key worth up to $50 in bonuses and 2.4% interest for 6 months)

TFSA with no fees

Some banks have TFSA accounts with either administration fees or withdrawal fees. We chose Tangerine because they have no fees. This is especially important in these early years of the TFSA since the fees could wipe out any tax savings from the interest on a relatively small balance.

High interest rate

While a couple years ago, I wouldn’t be calling this a “high interest rate”, in the current economy this is about as good as it gets for a savings account. While everyone loves their low mortgage lending rates, the low interest rates have a negative effect when you’re trying to save money and earn interest on it. That said, Tangerine has a good track record of providing one of the best interest rates at any point in time, so I’m hoping to see this rate increase eventually and stay ahead of the competition.

Tangerine does also offer a Tax-Free Guaranteed Investment (GIC) with a higher interest rate (use Orange Key 35090351S1). While this account didn’t suit our needs since we plan to access the money, it could be a great way to set up a GIC ladder inside your TFSA.

Orange Key for up to $50 in bonuses

Being able to use an Orange Key for a free $50 helped me make the choice between Tangerine and other banks. Once you have your own account, you also get an orange key to refer friends and family and not only do they get up to $50 added to their Tangerine savings account, but you will get paid as well!

If you want to sign up for a TFSA at Tangerine, you can use this link to get up to $50 added to your account for free! Once you sign up, just send them a cheque for your initial deposit of $100 and you should sign up for automated savings as well. Once they finalize your account you’ll have the bonuses added. The Orange Key is also good for accounts outside of a TFSA, including high-interest savings accounts, GICs, and mutual funds.


  1. Kim

    Wait – If I recall my ING policy correctly… don’t YOU also get $25 for each user that signs up with your orange key?

    • Tom Drake

      Yes I do. I hinted at that in the orange key paragraph that the referrer gets $25 as well.

      I’ve been pretty open that I do make money from this blog. However, I won’t promote something if I don’t think it’s a good product. In this case, we have the TFSA account and are very happy with it.

  2. Tiny Potato

    I’m a new and happy customer of ING as well.

    Opening an account was quick and easy. Transfers in and out were fast too.

    Great idea to promote your Orange Key…!

  3. Forest

    Sounds like a sweet deal to me. When ING opens in UK (If ever) I will be looking at them for an account I think.

  4. Peter Aceto

    Thank you for taking the time to spread the word about TFSAs to Canadians. We think this is what smart Canadians are and will be doing in the future to save for all types of reasons. We try hard to exceed our customers expectations and provide great value always – every time. Thank you for pointing this out to your readers. I am grateful. Thank you again.
    And yes, if you refer others to Tangerine we love helping you save even more by paying referal fees … to YOU!. Peter.

  5. Jairo Leal

    Hi Tom,

    How did you get Peter Aceto to comment on your blog???? That is so nice hehe.

    Have you tried the Tangerine Credit Card yet? What do you think about it?

    Thank you,


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