Over the last few years, with a lot of work, I’ve managed to build up my savings quite a bit. Initially, I kept all the money in a basic savings account at my regular bank. I didn’t even realize how foolish that was until a friend suggested I look into banks that paid a higher interest rate on savings accounts. I found Tangerine and opened a Tangerine Savings Account. When I saw how much interest I earned on my money the next month, I was shocked!
A few months later, I decided to move some of my money into a Tangerine Tax-Free Savings Account, so that I wouldn’t have to pay taxes on the interest I was earning. Since then I’ve built up both accounts and when the end of the year rolls around, it’s so nice to not have to pay anything extra for my savings.
If you haven’t started a TFSA yet, you’re not alone. In fact, a recent survey by Tangerine found that up to 74% of Canadians don’t fully understand TFSA accounts. But there’s no better time to look into starting one because Tangerine has a very special promotion that can help you maximize your savings even more!
Between now and December 31, 2015, open a Tangerine TFSA Kick Start Savings Account and start saving the money that you’d like to put into your TFSA next year. You’ll earn double interest all year long and when January 1, 2016 rolls around, up to $10,000 of that money will automatically be transferred into your Tax-Free Investment Savings Account, where it will continue to earn you tax-free interest.
The TFSA Kick Start Savings Account is also great for those that already have a TFSA but are close to reaching their maximum contribution limit. Since going over the limit means paying 1% tax per month on the excess contributions, it’s definitely something to avoid! I love the way the Kick Start Savings Account eliminates the risk of over-contributing to save me time!
Even better, if you’re new to banking with Tangerine, you can take advantage of a special new client offer of 2.1% interest starting mid-May. Getting the most out of your money has never been so easy!
When I opened my Tangerine Tax-Free Savings Account, I actually took advantage of that year’s Kick Start Savings Account promotion and as a result, I had more money to deposit into my account than I would have otherwise thanks to the extra interest I earned. It’s started a trend of saving money that’s served me well for almost three years now! If you have money saved and still have it in a regular savings account, this is definitely a program you should look into. Tangerine’s high interest rates and the benefits of a tax-free account both mean more money in your pocket!