Tangerine Canada: $50 Bonus On Children's Bank Accounts
When Avi recently blogged about Tangerine's deal to get $120 into your new chequing account, I should have taken notice. Reason is now if you open a child's account, you'll get a $50 bonus into their account. For some reason I thought I read that a parent needs to have an account for this bonus to take effect, but I don't see this anywhere on their site. But, when I try to open a child's account, it asks me to login. You can probably still get this bonus by opening your own account and then opening theirs, you just won't get the $120 bonus that Avi talked about, that is now expired.
What you need to do to get a $50 bonus deposited is open up a child's bank account and then deposit at least $250 into the account by October 31st. You can open up as many accounts as you have children and the children can be any age, up to age 16. Since I have three kids, that is a total bonus of $150 for me, which is very nice.
I actually just recently opened three savings accounts for my boys. We have an allowance system where they'll save part of their allowance each month in a bank account for when they are older for post-secondary school, travel, a car or some other large expense they might have. It will be their choice to do what they want with the money as long as I agree :) This just means they won't be allowed to take it to go out and party, as I may have done at 18. Anyway, we opened their accounts with less than $100, but I'm thinking this deal is so good that I should just bite the bullet and deposit $250 in each anyway so we get that bonus. I could take it out after if I decide that this is too much to start with, but I think I may just leave it and let their money grow.
While I don't have a Tangerine account and it looks like you need one to participate in this offer, I think I want to open one anyway. They have a 3% interest rate on savings right now, which is a lot higher than the 1% my bank is currently offering me. I'm not sure if I'll be able to take part in this, but I'm sure they'll have other promotions like this that I have not seen from my bank at all.
Because I'm already with Scotiabank, which is where you can deposit and withdraw your money free, this change will be seamless for me.
(expiry: 31st October 2014)