Tangerine GIC Rates – Reviews, Features, Pros & Cons, Minimum Investment

We strongly recommend reading this article if you are planning to invest your money in Canada. In this article, we have discussed in great detail Tangerine GIC Rates – Reviews, Features, Pros and Cons, and Minimum Investment.

Tangerine GIC Rates

Tangerine Bank has established itself as one of the most well-liked digital banks in recent years. It offers a variety of intriguing solutions for spending, saving, borrowing, and investing through digital banking. Tangerine provides Guaranteed Investment Certificates (GICs), much like any other Canadian bank or credit union.

With Tangerine GIC Rates ranging from 1.50% to 6%, the bank offers a risk-free investing alternative. Terms for Traditional GIC Investments with Tangerine range from three months to five years. Particularly when contrasted with rates from the central Canadian banks, Tangerine’s GIC rates are considerably better. You must read this post on Tangerine GIC rates and review if you are planning to invest in this program.

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What is a Tangerine GIC?

Investing in Guaranteed Investment Certificates (GICs) entitles you to a guaranteed rate of return over a predetermined time frame. Because they are safe assets, they can be a part of any portfolio’s fixed-income component or function well in more conservative investment portfolios.

Tangerine GIC Rates

Similar to savings accounts, GICs allow you to deposit money and receive an annual interest rate guarantee from the bank. With a classic GIC, your money is often locked in for the duration of the contract, that is, until maturity. This means that your funds are not cashable or redeemable for that period. Moreover, you receive interest on this sum, in contrast to your savings account.

Tangerine GIC Reviews

Article Name Tangerine GIC Rates
Bank Name Tangerine
Bank Type Digital Bank
Operating Country Canada
Tangerine GIC Min Investment $1
Available Terms 90 days to 5 years
 GIC Rate 1.5%-6%
Tangerine Official Website https://www.tangerine.ca/en

Tangerine GIC Features

You can read some of the main features of Tangerine GIC in this section. You must have a look at these features before investing in this plan.

  • Standard GIC, RRSP, tax-free, US dollar and RRIF are the five varieties of GICs that Tangerine offers. The U.S. dollar GIC gives an interest rate of up to 0.70%, while the other offers an interest rate of up to 1.50%.
  • Terms for Tangerine’s Tax-Free Guaranteed Investment start at a minimum of 90 days and extend up to 5 years. The short terms for which Clients can benefit include 90, 180, and 270-day term GICs. The rates vary from 0.50% to 1.20%.
  • For the GICs, there are no monthly costs. Transferring money to a different financial institution does incur a $125 cost.
  • Since Tangerine offers all of its services online, starting a GIC online only takes a few minutes once you become a client.

Tangerine GICs provide a better option for investing, thereby increasing your interest generation on that amount. We hope that thorough information on all these features will help you to judge whether you want to invest in this plan or not.

Tangerine GIC Pros & Cons

Pros:

  • When compared to various other Canadian banks, Tangerine GICs offer a sufficiently high-interest rate, making them a safe option for investors looking to save money.
  • The fact that these Tangerine GICs have no minimum investment requirements is one of their best features.
  • It is a beneficial investment option because its rates are consistently higher than average.
  • Tangerine offers USD investment possibilities as well. In actuality, Tangerine offers one of the highest maximum interest rates on U.S. Dollar GICs at the moment.
  • Since it is an online bank, all the functions are available with just a few clicks and minutes of effort.

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Cons:

  • Tangerine does not currently provide any cashable or market-linked GICs. As a result, you cannot access your funds until your term expires.
  • The longest GIC plan offered by Tangerine is only five years, although other banks provide quite long-term options as well.
  • Since it’s an online-only bank, you can’t visit it if you need assistance or have any problems.

Tangerine GIC Minimum Investment

Because there is no minimum commitment necessary, this is a suitable option for cautious or tight-pocketed individuals. As a result, you can invest $1 in this plan if you so like. One of the best things about Tangerine GICs is said to be this. In addition, it is the preferred choice for novice investors who are unclear about GIC investment strategies.

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FAQ

Is my money safe with the Tangerine GIC investment plan?

Yes, your money is completely safe with the GIC investment plan by Tangerine, as it is a low-risk investment plan.

What is the minimum amount that I am supposed to invest in Tangerine GIC?

Please rest assured that there is no cap on the minimum amount that you need to invest with GICs offered by Tangerine. Hence, the investing amount is in your will.

Thanks for dedicating us with the opportunity to provide you with the necessary details on GICs offered by Tangerine.

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