Are there any fees associated with the Tangerine Savings Account?
The only fee associated with the Tangerine Savings Account is the Dormancy Fee. An Account is considered dormant if it has had no activity for 2 years. Accounts that are dormant for 10 years must be turned over to the Bank of Canada, at which point a $40 fee is deducted from each Account turned over. To prevent this fee and reactivate your Account(s), all you need to do is log in with your Client Number and PIN.
What are the benefits of setting up an Automatic Savings Program?
Setting up an Automatic Savings Program (ASP) is a great way to save. The value of your investment increases as time passes, and not just because you're adding to it regularly, but because what you've already invested is compounding. Setting aside a specific amount of money to buy mutual fund units at regular intervals also means that by maintaining a constant-dollar purchase program, you automatically buy more units when the price per unit is low and fewer units when the price is high. In most cases, this serves to lower the average per unit cost of your investment (Dollar Cost Averaging).
How do I change my Automatic Savings Program?
The Automatic Savings Program (ASP) is designed to be flexible, so changes can be made online or over the phone with one of our Associates.
To update your ASP online:
- Log in at tangerine.ca
- Click View pending transactions
- To cancel or make any changes to your ASP, click the edit icon beside the ASP transaction you wish to change.
If you’d like to start your ASP, you can do so by selecting Start an ASP in the left column.