The verdict: $250 in cash for moving your pay to a no-monthly-fee Tangerine chequing account — plus 4.50% for 5 months on savings for new clients who qualify.
Who this is for: Canadians with a steady paycheque who want a free second account and can switch payroll for two months.
Your move: Open the chequing account by Oct 31, 2026 for the $250; for savings, open an eligible account within 60 days of your client number being created.
On this page
- Two offers, two clocks
- Tangerine Chequing: $250 payroll bonus
- Tangerine Savings: 4.50% for 5 months
- The Club’s take
- FAQ
Two offers, two clocks
Tangerine is running two separate offers, and they work on different clocks:
- Chequing — Ends Oct 31, 2026 — 5 days left. $250 for moving payroll. (Tangerine’s chequing offer page)
- Savings — 4.50% for 5 months. 4.50% for 153 days on savings for new clients who open an eligible savings account within 60 days of their client number being created, then the posted rate applies. (Tangerine’s savings offer page)
As of October 26, 2026.
Tangerine Chequing: $250 payroll bonus
- Bonus: $250
- Requirements: New client with a client number created between May 1, 2024 and Oct 31, 2026; open a Tangerine Chequing Account as primary account holder within 60 days of the client number being created; set up payroll direct deposits within 60 days of opening the account; switch the full amount of eligible automated and recurring payroll direct deposits, totalling at least $200 per month, with the first eligible deposit received within 60 days of opening and deposits continuing for at least 2 consecutive months.
- Expiry: Ends Oct 31, 2026 — 5 days left
- Payout speed: Paid to the Tangerine Chequing Account in the subsequent month following satisfaction of the offer conditions.
- The catch: You must actually move payroll, not just open the account — a single transfer does not qualify, and partial payroll does not qualify either.
Get this if you: want a no-monthly-fee account and can redirect your full payroll for two months.
Skip it if you: cannot move payroll, or you already hold a Tangerine chequing account as an existing client on the promo terms.
Tangerine Savings: 4.50% for 5 months
- Bonus: 4.50% interest for 5 months (153 days), up to $1,000,000 per eligible savings account type.
- Requirements: New client; open an eligible savings account as primary account holder within 60 days of the date the client number was created.
- Expiry: Promo period of 153 days (5 months) beginning on the date all qualifying conditions are met.
- Payout speed: — (interest, not a cash bonus)
- The catch: After 5 months the rate falls to Tangerine’s posted rate, so this is a parking spot with an end date, not a permanent rate.
Get this if you: have cash to park for five months and will move it when the promo ends.
Skip it if you: want a set-and-forget rate — the rate drops when the promo ends.
The Club’s take
- Who wins: Anyone with direct-deposit payroll who wants a free account and a short-term savings boost.
- Who should skip: Anyone who cannot move payroll, or who already banks with Tangerine under terms that exclude them.
- The catch: Two different clocks — Oct 31 for the $250, and a 153-day promo window for the 4.50% savings rate — and a rate that drops to the posted rate when the savings promo ends.
FAQ
Is the Tangerine chequing account really free? Yes — no monthly fee and no minimum balance, per Tangerine’s offer page.
What happens to my savings rate after 5 months? It falls to Tangerine’s posted rate for the account.
Can I get the $250 without moving payroll? No — two consecutive months of payroll direct deposit are the qualifying action, and you must switch the full amount of your eligible payroll deposits, totalling at least $200 per month.
When do I need to act? Open the chequing account by Oct 31, 2026 for the $250; for savings, open an eligible account within 60 days of your client number being created.
Where can I use ATMs? Free access to over 3,500 Scotiabank ABMs nationwide, per Tangerine’s offer page.
Ranked by first-year cash value minus fees, using the banks’ own published terms.