One of my top tips for saving money is to make things automatic. What that means is that you would set up automatic withdrawals, so your savings becomes your number one priority. It sounds simple enough, but I’ve come to realize not everyone knows how to set up these automatic self-payments.

Inspired by Rob Carrick’s talk at the recent Canadian Personal Finance Conference, I decided to show you a step-by-step guide on how to make automatic payments using Tangerine’s Automatic Savings Program. Obviously, you’ll need a Tangerine account (referral link), but regardless of who you bank with, the steps are most likely similar.

Starting your Automatic Savings Program with Tangerine

When you log into your Tangerine account, you’ll see a screen with a snapshot of all your accounts similar to the one below (I’ve removed my amounts and account numbers for security reasons). If you look above your accounts, you’ll see a grey button with a gear icon that says start an ASP, click on that (I’ve drawn a big yellow arrow so you can’t miss it).

Automatic Savings Program with Tangerine landing page

Now you’re going to select all your options. Pick how much you want to automatically save and the frequency. You’ll then select From (which account the money is coming from) and To (where the money is going). Finally, there is the Start date (I time this to when I get paid), and the End date which is optional. Once you’re happy with your selections, click Next.

automatic-savings-program-with-tangerine-page-two

Before things happen for real, you’ll be prompted with a confirmation screen. Double check that all the information is correct and then hit Confirm. That’s it! You’re done. Congrats on setting up your first Automatic Savings Program with Tangerine.

Automatic Savings Program with Tangerine confirm

Changing your Automatic Savings Program with Tangerine

Understandably, you’ll sometimes need to make adjustments to your automatic savings program. To make these adjustments, simply click pending transactions on the left side of your account. You’ll then be taken to a screen with all of your pending transactions. Now click the edit icon (look at the arrow below) beside the automatic savings program which you want to change.

automatic-savings-program-with-tangerine-pending-transactions

You’ll now be taken to the page where you set up your initial automatic savings program. However, it’ll display your current inputted info (see below) so you can quickly make the change required. Once you’re happy with your new numbers or accounts, click Go. You’re done, it’s that easy!

edit-my-automatic-savings-program

3 Comments

  1. Potato on November 23, 2016 at 9:54 am

    I love Tangerine for this — part of why on the investing side I still recommend them alongside the new robo-advisors, even though they’re not the cost leaders on that end of the spectrum any more. They’re just so easy to use. They must have an awesome team of human factors/UX people over there.

    • Barry Choi on November 23, 2016 at 9:55 am

      Agreed, I still recommend their investment funds for people who want to be loyal and do no work.

  2. mohamed on March 23, 2018 at 1:50 pm

    I found this bank useless. They have no chat available because they are so busy that it is wait for ever. Phone line same thing. setting up bill payment ongoing returns to blank page. It is waste of time and this bank should be shut down asap.

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