Monday, August 26, 2019

Use this code to get $50 bonus with the best online bank account in Canada

8/26/2019 01:28:00 AM

Today I have tried out applying for an online bank account with in Canada. The whole experience is a rather nice one.

As a technologist, I have been talking about branchless online banking since mid 1990s. Technologies was not yet ready back then. Frankly I have always been perfectly ok with traditional banking. There was very little need or motivation to open up a new account for the sake of doing everyday banking.

Well, I have moved to Canada recently and is open to a new banking services. Canada's banks usually have some kind of annual fees or transaction fee. I am so not used to this because I have been spoiled by Hong Kong's banking services where everything, well almost, is free of charges. Now that I am back to Canada, I am not very use to the heavy service fee from banks just to open up an account. The service they are providing is nothing special compare to the services I have been receiving from Hong Kong's banks. So I have to do some research to find the best deal in town.

Cut to the chase, after extensive research on fees and online capabilities, I have decided to try out Tangerine. Tangerine is a branchless online bank and also a subsidiary of the Bank of Nova Scotia. Today I have just successfully opened up a new account with applying for a credit card with Tangerine. The whole process was so seriously simply and easy that I wonder why I did not do it earlier. The whole application was done through the web browser. Just answer a few questions and provide some identity proof, the application process was completed in a few minutes.

There is no annual fee and minimum deposit, and therefore surcharges for not sufficient funding in the saving accounts. There is no annual fee for the credit card as well. This is not a big concern for me even with a minimum deposit but why border with a minimum deposit requirement.

Since Tangerine is a wholly owned subsidiary of the Bank of Nova Scotia, I can use the ScotiaBank's ATM machines all over Canada. I believe that this is a very important consideration for a branchless online bank to have an extensive ATM network.

Of course with Canada's eInteract cross banking eChecking system, money can easily be transferred across banks. This is important to me cause I do have all of my cash sitting in traditional bank.

There is one consideration that I only discovered after I have successfully opened up the new relationship with Tangerine: I should have looked for a referral code from other people because I could have gotten my self CAD$50 opening bonus if I have a referral code. The form asked for one right on the first screen on the application site. I should have ask for one from my friend who has a Tangerine account. Well, too late for me.

If you are interested in applying for a new account or credit card with Tangerine, you can use my Orange Key (A creative name of online coupon code from Tangerine) to get the $50 bonus.

Just go to Tangerine application web page here and enter my Orange Key  57627759S1