Canadian Tire Bank Review
Canadian Tire Bank overview
🏦 Canadian Tire Bank, primarily a credit card issuer, has over 11 million active Triangle Rewards members.
CANADIAN TIRE BANK ACCOUNT OPTIONS
Savings
Investing
Credit cards
OTHER CANADIAN TIRE BANK SERVICES
Credit card insurance products
Canadians who want to save on bank fees by opting for online banking and remote customer service.
Canadian Tire Bank may not offer chequing accounts or in-person banking, but it makes up for this by offering competitive savings, investment and credit card products with relatively low transaction fees. If you’re an active Canadian Tire shopper and Triangle Rewards member, Canadian Tire Bank may be a good fit for you.
PROS AND CONS
There’s plenty to like about Canadian Tire Bank, but no bank or credit union is without its drawbacks. Here’s what to consider before you open an account.
Pros
- Strong regular interest rates on HISA, TFSA and GIC investments.
- No monthly fees and lower bank fees than most traditional banks.
- Higher credit card rewards and offers for shopping at Canadian Tire stores.
Cons
- No physical branches, so you won’t receive any in-person service.
- No ATM access, so you’ll need to transfer money to an external account to access cash.
- No chequing accounts to facilitate day-to-day banking, and limited savings account options.
- Cannot redeem credit card rewards outside the participating store network.
Canadian Tire Bank full review
Canadian Tire is one of the most recognized brand names across Canada, but it’s not typically associated with finances and banking. That’s changed in recent years as Canadian Tire launched its own suite of Triangle credit cards. Canadian Tire Bank has been around since 2003 and while credit cards remain its most popular product, others now include a savings account, tax-free savings account (TFSA) and guaranteed investment certificates (GICs).
WHAT ONLINE BANKING FEATURES DOES CANADIAN TIRE BANK OFFER?
Canadian Tire Bank has no physical branches for clients to visit, which means the bank’s credit card and deposit account clients rely on online banking or the Triangle app for their banking needs.
Both Canadian Tire online banking and the Triangle app allow you to view transactions, your account balance, credit card statement, and pay bills. From the website and the app, you can also sign up for text message or email alerts about your account. Should you misplace or lose your card, you can log into your account online and put the card on hold until it is found or replaced.
IS MY MONEY SAFE AT CANADIAN TIRE BANK?
Canadian Tire Bank is a member of the Canada Deposit Insurance Corporation (CDIC), which means deposits in eligible accounts are protected by CDIC insurance. Eligible accounts with the Canadian Tire Bank include the Canadian Tire High Interest Savings Account, Canadian Tire GIC, Canadian Tire Tax Free High Interest Savings Account and the Canadian Tire Tax Free GIC.
CDIC insurance covers eligible deposits up to a total of $100,000 in each category. In this case, deposits in your Canadian Tire savings account and GICs would be protected up to a combined $100,000, and deposits in your Canadian Tire TFSA and TFSA GIC would be protected up to another total of $100,000.
When it comes to online banking, the Canadian Tire Bank website has several security features to better protect you, including 128-bit encryption, anti-phishing protection and customer authentication questions. Additionally, if you remain inactive on the banking website for 20 minutes, you will be automatically logged out.
Of course, it is also up to you to protect your personal information and online banking username and password. Don’t share this information and make sure to only bank online using secure and trusted devices.
🚩 Customer ratings
We gather consumer feedback to understand how users feel about banking with Canadian Tire Bank. While the bank performs well on mobile app stores, its score remains below average on the consumer review platforms and forums.
As of this writing, Canadian Tire Bank had the following ratings:
4.8 stars on both the Apple App Store and Google Play Store.
1.8 out of 5 possible stars, based on over 60 customer reviews on Trustpilot.
What Reddit users are saying
Canadian Tire credit cards are often recommended on Reddit for new or recovering borrowers, thanks to reportedly easy-to-get approvals. That said, threads also surface operational hiccups, such as account-management quirks and payment-posting delays.
Reddit discussions include:
Note: Consumer review platforms tend to reflect a higher volume of negative feedback as satisfied users are less likely to leave comments. Additionally, individual reviews may not reflect the full experience of these users. That said, public forums can offer a helpful starting point for understanding how the financial institution handles account issues, customer service and overall support.
Canadian Tire Bank account types
Compared to traditional banks and financial institutions, Canadian Tire Bank doesn’t offer a lot of account options. However, the few accounts offered by Canadian Tire Bank are quite competitive compared to other options on the market.
Canadian Tire Bank savings accounts
🤓 OUR TAKE
Canadian Tire Bank offers both a standard HISA and a tax-free savings account, each featuring above-average base interest rates of around 3.00%. These accounts could be a good option if your main goal is to increase your savings.
Explore Canadian Tire Bank savings accounts
Canadian Tire High Interest Savings Account: The Canadian Tire HISA has no monthly fees and no minimum balance requirement. The annual interest rate is 3.70%.
Canadian Tire Tax Free High Interest Savings Account: The Canadian Tire Bank TFSA has no monthly fees and no minimum balance requirement. The Canadian Tire TFSA also has an annual interest rate of 3.00%. Note that like all TFSAs, this account is subject to federal contribution limits.
Canadian Tire Bank chequing accounts
At this time, the Canadian Tire Bank does not offer any chequing account options.
Canadian Tire Bank credit card accounts
🤓 OUR TAKE
The Canadian Tire Bank exclusively provides no-annual-fee Mastercard credit cards tied to Triangle Rewards. They are an excellent choice for new or rebuilding borrowers and for loyal shoppers looking to maximize CT Money at Canadian Tire–family stores.
Explore Canadian Tire Bank credit cards
Triangle Mastercard.
Triangle World Elite Mastercard.
Cash Advantage Mastercard.
Canadian Tire Bank investing products
🤓 OUR TAKE
Canadian Tire Bank offers standard and tax-free GICs with 1- to 5-year terms and a $1,000 minimum deposit. For more options and potentially better long-term growth, consider online investment platforms.
Explore Canadian Tire Bank investing products
GICs: Minimum investment of $1,000 and terms of one to five years.
Tax Free GICs: A GIC within a TFSA, with a minimum investment of $1,000 and terms of one to five years.
Other Canadian Tire Bank services
🤓 OUR TAKE
Canadian Tire Bank offers a focused lineup of deposits, credit cards, and optional credit card insurance, with online-only access. For chequing or branch services, you may want a secondary account elsewhere.
Explore other services
Triangle Credit Protector Life and Disability Insurance.
Triangle Credit Protector Complete.
Canadian Tire Bank fees
Bank fees can vary based on the accounts you have and how you use them. Here are some of the common fees you may encounter using Canadian Tire Bank’s financial products and services:
Fees you should know about
TFSA transfer to another bank: $50
Wire transfer fee: $20 (to a Canadian financial institution) or $30 (to a foreign financial institution other than your linked external bank)
Overdraft fee: $5
Insufficient funds (NSF) fee: $30
Stop payment with incomplete information: $20 per item
How Canadian Tire Bank compares to other banks
ATM ACCESS | ARE DEPOSITS INSURED? | |
|---|---|---|
N/A | Yes, by the Canada Deposit Insurance Corporation. | |
Free at any ATM in Canada (fees are reimbursed). | Yes, by the Canada Deposit Insurance Corporation. | |
Free at any CIBC ATM. | Yes, by the Canada Deposit Insurance Corporation. | |
Free at any Scotiabank or Global ATM Alliance ABM. | Yes, by the Canada Deposit Insurance Corporation. |
» MORE: Check out our Banking Reviews of other Big Banks, credit unions and online-only banks.
Frequently asked questions
What are the Canadian Tire Bank customer service numbers and hours of operation?
What are the Canadian Tire Bank customer service numbers and hours of operation?
The credit card customer service number is 1-800-459-6415 (within Canada) and 905-735-7256 (from outside). The office hours (in ET) are Monday to Friday: 8 a.m. to 8 p.m.; Saturday: 8 a.m. to 6 p.m. and Sunday: 8 a.m. to 6 p.m.
For Credit Protector claims, call Assurant at 1-800-480-1853, Monday to Friday, 8 a.m. to 8 p.m. ET.
The customer service number for deposit products, such as savings accounts is 1-866-681-2837 and the hours of operation are Monday to Friday, 8 a.m. to 6 p.m. ET.
How do I use my Canadian Tire Bank login?
How do I use my Canadian Tire Bank login?
You can use your Canadian Tire Bank login to view your credit card and deposit account balance, account transactions and e-statements both online and through the app. You can also manage bill payments and deposits in your accounts with this online account.
First, you need to sign up and create an online account. Then you can sign in and access your account from your computer, tablet or phone.
DIVE EVEN DEEPER
Siddhi Bagwe
