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Published June 16, 2022

Tangerine Bank Review

Tangerine is an online-only bank that provides many of the same services as traditional banks, including chequing and savings accounts, credit cards and mortgages.

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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 options
    Savings
    Chequing
    Mastercard credit cards
    Investing
  • Other Tangerine Bank services
    Mortgages
    Lines of credit
    Business accounts
    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:

Tangerine Bank spending accounts

Tangerine Bank investing accounts

Other Tangerine Bank services

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:

Tangerine Bank

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Who Tangerine Bank is best for:

Canadians who don’t want to worry about how often they’re using their chequing accounts.

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

Cons of Tangerine Bank

How Tangerine Bank compares to other online banks

 Tangerine BankEQ BankSimplii 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?YesNo, chequing accounts and credit cards not available.Yes
Mobile app?YesYesYes
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

Who owns Tangerine?

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.

What do I need to open a Tangerine account?

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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You can open an account at a Canadian bank or credit union in person or online. You need to be aged 17 or older and have two forms of identification.

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