It is recommended to read the article if you plan to invest your funds in Canada. In this article, we talk about the Tangerine GIC Rates– Features, Pros, Cons, the minimum investment, and more. Stay tuned until the end of the article to learn more:
Tangerine GIC Rates
Tangerine Bank is popular among digital banks these days. It has a number of options that are related to finance and banking. Like many banks and credit unions in Canada, Tangerine provides GICs to its customers as an investment option with low risk.
The GIC rates offered by the bank range from 1.50% to 6%, which makes it a safe option for investing with Tangerine. Tangerine gives traditional GIC investment options with terms ranging from three months to five years.
As compared to the interest rates offered by the central banks of Canada, Tangerine provides better GIC rates. If you want to invest in Tangerine GIC rates, you must read this post and consider it before making a decision.
What is a Tangerine GIC?
By investing in a GIC, you get a guaranteed rate of return over a fixed duration. Because they are safe, fixed-income assets can be a part of any portfolio or even in investment portfolios for conservative investors.
Just like savings accounts, GICs allow you to add funds and provide an annual interest rate whose guarantee is offered by the bank. A GIC classic needs you to lock in your money for a specified period until it reaches maturity.
So, that means that your resources are unavailable or non-transferable during that duration. Also, the money you invest earns interest, not like the amount saved in a regular savings account.
Tangerine GIC Reviews
| Name of the Article | Tangerine GIC Rates-Features, Pros, Cons, and Minimum Investment |
| Name of the Bank | Tangerine |
| Type of Bank | Digital Bank |
| Country Operating | Canada |
| Tangerine Minimun Investment | $1 |
| Tangerine Minimum Investment | 90 days to 5 years |
| Rate of GIC | 1.5%-6% |
| Official Website of Tangerine | https://www.tangerine.ca/en |
Tangerine GIC Features
We are here discussing some features of Tangerine GIC in the next paragraph. It would be helpful for you to take a look at these features before making a decision on this plan.
Tangerine provides five types of GICs, RRSP, standard, US dollar, tax-free, and RRIF. These are the kinds of GICs that are available with Tangerine. There is a big difference between the U.S. dollar GIC and other offers, with the U.S. dollar GIC having an interest rate of up to 0.70% and the other offers having an interest rate of up to 1.50%.
The minimum period for Tax-Free Guaranteed Investment of Tangerine is 90 days whereas the maximum one is 5 years. For short-term benefits, Clients can go for 90, 180 or 270 days term GICs. The rates vary from 0.50% to 1.20%.
There are no monthly costs for the GICs. It is expensive to transfer money from bank to bank as there is a $125 charge for it. It is easy to start a GIC with Tangerine because all of their services are available online.
Investing through Tangerine GICs is a better option as compared to other options provided, providing more interest generation. We hope the information will help you to make the proper decision in your investment. Now, moving ahead discuss all about pros and cons:
Pros and Cons
Here are some pros and cons:
Pros
- We here are comparing the Tangerine GICs with other Canadian bank GICs, we find it reasonable as it gives a good interest rate making it a great option for saving money.
- In our opinion, one of the greatest advantages of these tangerine GICs is that they do not have any minimum investment amount needed to start. This makes them more convenient for people who want to invest but do not have a lot of money to start with.
- This investment option can be very beneficial as its rates are quite high when compared to the average rates.
- Also, Tangerine also has investment options available in USD. Tangerine is now providing one of the highest maximum interest rates for U.S. Dollar GICs out of all available options.
- Online banks provide a lot of convenience because all the features can be accessed in no time without any effort.
Cons
- Tangerine does not currently offer any GICs which is linked to the market that you can sell at GitHub or any market. So, this means that we would not be able to withdraw money until the enrollment period ends.
- Tangerine’s five-year GIC plans are rather short-term compared to the 12 options provided by other banks.
- Online banks do not have any physical location where you can visit for help or to resolve any issue.
GIC Minimum Investment Tangerine
This plan can be a good option for those who hesitate to invest or for those people who have limited financial resources. This means that you can invest $1 in this plan if you want to. In our opinion, the best thing about Tangerine GICs is this.
Moreover, it is a popular option among new investors who are finding out what investment methods to use with Guaranteed Income Certificates (GICs).
