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Tangerine Bank at a glance
Tangerine Bank was founded in 1997 (as ING Direct Canada) and has over 2 million clients.
- Tangerine Bank account optionsSavings
Mastercard credit cards
- Other Tangerine Bank servicesMortgages
Lines of credit
Investment portfolio management
Tangerine Bank overview
Tangerine is one of a growing number of online-only banks in Canada. It was launched in 1997 as ING Direct Canada. Since being acquired by Scotiabank in 2012, Tangerine has developed a reputation for being a no-frills institution that charges low fees for everyday banking. But Tangerine also offers business accounts, investment funds, credit cards and mortgages.
Online banking capabilities at Tangerine
As a strictly online bank, Tangerine currently has no physical locations, which makes it a solid option for Canadians who are comfortable doing all of their banking digitally through the company’s website (www.tangerine.ca) or its dedicated app. Customers can access banking services and tools to help balance budgets and manage savings. If further assistance is needed, Tangerine does provide additional support by phone.
Is my money safe at Tangerine Bank?
Even though Tangerine is a digital bank, it still protects its customers’ deposits the same way as traditional banks: with coverage purchased through Canada Deposit Insurance Corporation (CDIC).
If a bank ever goes out of business, CDIC insurance helps get your money back. It covers a variety of deposits, from savings and guaranteed investments to TFSAs and RIFs, to a maximum of $100,000. In total, 16 different kinds of deposits at Tangerine are covered by CDIC.
Tangerine has also arranged protection for customers who purchase mutual funds by securing coverage through the Mutual Funds Dealers Association of Canada’s Investment Protection Corporation.
Tangerine Bank account types
Tangerine offers a wide variety of accounts for customers to choose from.
Tangerine Bank savings accounts:
- Traditional savings account: no service charges and a decent base interest rate.
- Children’s savings account: a no monthly fee and $0 minimum balance requirement account to help kids learn about saving.
- US dollar savings account: a place to stash your American currency while earning some interest.
Tangerine Bank spending accounts
- Chequing account: no-fee daily banking and free access to Scotiabank’s 3,600 ABMs.
- Money-back credit card: pays up to 2% in money-back rewards.
- Tangerine World Mastercard: Earn both money-back and travel rewards.
Tangerine Bank investing accounts
- Non-registered cash investing accounts.
- Registered retirement savings plans (RRSPs).
- Tax-free savings accounts (TFSAs).
- Registered retirement income funds (RRIFs).
- Professionally managed investment portfolios and investment funds.
Other Tangerine Bank services
- Guaranteed investment certificates (GICs).
- Mortgages: both variable and fixed-rate options.
- Home equity lines of credit (HELOCs): For accessing the equity you’ve built in your home.
- Personal lines of credit: For when a credit card isn’t the right option for you.
- Personal and RSP Loans: For boosting your RSP contributions or for other borrowing needs, available in 1 and 5 year repayment terms.
- Business bank accounts and financing products.
Tangerine Bank fees
Banking 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 Tangerine’s financial products and services:
- Non-sufficient funds: $45
- Overdraft: $5
- ABM withdrawals outside Scotiabank’s network: $1.50 (in Canada), $3 (US/worldwide)
- 1-Year inactivity fee: $10
- Foreign currency conversion: 2.5% is added to the exchange rate
- RSP, TFSA or RIF transfer to another institution: $50
Who Tangerine Bank is best for:
Canadians who want flexible, no-fee digital banking.
Tangerine’s variety of account offerings makes it a fit for most personal banking needs, and the bank’s no monthly transaction fees solidify it as a top choice for Canadians who conduct a lot of chequing account transactions.
Tangerine’s digital approach may also be attractive for people who know they need to bank but don’t necessarily have the same need for actual brick-and-mortar branches.
Pros and cons of Tangerine Bank
There’s plenty to like about Tangerine, but no bank or credit union is without its drawbacks. Here’s what to consider before you open an account.
Pros of Tangerine Bank
- Fully digital: do your banking when and where you want.
- A fair number of accounts to choose from.
- No fees for daily chequing transactions or the use of Scotiabank’s network of ABMs.
Cons of Tangerine Bank
- Being an online-only bank means you won’t be able to walk into a branch and get help if you need it.
- A $45 insufficient funds fee could set you back even further if your budget is already stretched.
How Tangerine Bank compares to other online banks
Even though you’ll find more similarities between EQ Bank and Tangerine, there may be a unique feature or offering from one that may suit you better.
|Tangerine Bank||EQ Bank||Simplii Financial|
|Backed by a major bank?||Yes, Tangerine is a direct subsidiary of Scotiabank.||Yes, EQ is the online-only offshoot of Equitable Bank.||Yes, Simplii is backed by the Canadian Imperial Bank of Commerce (CIBC).|
|All standard account types offered?||Yes||No, chequing accounts and credit cards not available.||Yes|
|Are deposits insured?||Yes, by the Canada Deposit Insurance Corporation and Mutual Funds Dealers Association of Canada’s Investment Protection Corporation.||Yes, by the Canada Deposit Insurance Corporation.||Yes, by the Canada Deposit Insurance Corporation.|
Tangerine Bank frequently asked questions
Tangerine is owned by Scotiabank. In 2012, Scotiabank acquired ING Bank of Canada from the Netherlands-based ING Group and changed its name to Tangerine.
To open an account online, you’ll need a Social Insurance Number and a Canadian address. You may also be required to confirm your identity in person at a nearby Canada Post location by bringing an approved piece of ID and a document you can use as proof of residence.
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