Tim Morris
Vice President – Investments,
Tangerine
Banking has undergone a major transformation as Canadians seek online providers to invest and manage their money. You no longer have to wait in line to make RRSP contributions, open an account, or get expert advice.
Being able to do banking and make investments on your terms is a key benefit of digital banking. As an added plus, the lack of expensive brick-and-mortar branches means savings can be passed along to clients. More than 2.3 million Canadians have looked to Tangerine Bank, the leading digital bank in Canada, and entrusted it with $42 billion of their money. Its popularity can be chalked up to its ability to offer something unique — a simple and convenient banking experience. That includes a wealth of possibilities including savings accounts, investment funds, mortgages, lines of credit, and a money-back credit card.
Innovations in online banking
“We believe that Canadians deserve more from their everyday banking experience and more money in their pockets,” says Tim Morris, Vice President of Investments at Tangerine. “Whether they’re saving, spending, borrowing, or investing, we have the everyday banking products Canadians need to keep more of their money working harder for them.”
We believe that Canadians deserve more from their everyday banking experience and more money in their pockets.
Tim Morris, Tangerine
Taking the digital route is ideal for day-to-day banking needs as well as for long-term investments. Tangerine’s digital platform and indexing strategy have enabled it to provide high-performing and low-cost solutions to help clients meet their needs in the future, whether it’s sending a child to college, taking a dream trip, or buying a first home. That means easy access to a diverse portfolio that reflects an individual’s risk tolerance and investment objectives.
“Our focus is on value for your money,” Morris explains. “Our investors have chosen this over the higher fees that actively managed mutual funds typically charge.” Saving on fees makes a significant impact on long-term investments. For example, $50,000 invested over a period of 20 years at a 7% gross annual return with applied fees of 1.07% will be worth $28,743 more than a fund with traditional investment fees of 2.09%.
An easier way to set financial goals
Your investment portfolio can begin with just a small amount — there’s no minimum. The crucial step is to just get started. For example, if you invest only $10 a week at age 18, you’ll have $100,000 by age 65, assuming a 5% rate of return. By waiting until age 35, that amount drops to $35,000. Moreover, if you need $750,000 to retire comfortably and start at age 35, you’ll need to save almost three times more than if you had started at 18 years of age.
Get started by opening a Tangerine account, which can be done online from a computer or mobile phone in less than 10 minutes. It’s that simple to access full-service digital banking.
“This underscores the importance of identifying financial goals early so you know what you need to do and what kind of plan you need,” says Morris. Tangerine’s Goals feature is designed to help Canadians do just that. Whether it is a vacation, or a plan to grow money for retirement, Clients can set up their goals from our website or mobile app, and the feature will help them reach it. Alternatively, customers can phone the contact centre to speak to registered, licensed investment advisors. They may also set up recurring pre-authorized investment contributions through the Recipes feature, where you can round up everyday purchases and invest the difference.
Get started by opening a Tangerine account, which can be done online from a computer or mobile phone in less than 10 minutes. It’s that simple to access full-service digital banking.
