NerdWallet Home Page

Tangerine Bank Review

Aug 26, 2025
Tangerine is an online bank that provides chequing and savings accounts, credit cards, mortgages and investment services.
Profile photo of Siddhi Bagwe
Written by Siddhi Bagwe
Editor & Content Strategist
Profile photo of Beth Buczynski
Edited by Beth Buczynski
Head of Content, New Markets
Profile photo of Siddhi Bagwe
Written by Siddhi Bagwe
Editor & Content Strategist
+ 1 more
Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.

Tangerine Bank overview

🏦 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 savings accounts

  • Investment portfolio management

Logo, Dynamite, Weapon

Tangerine Bank full review

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 (or no) fees for everyday banking.

Tangerine also offers business savings accounts, investment funds, credit cards and mortgages.

As a strictly online bank, Tangerine 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.

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, each 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 Investor Protection Corporation.

🚩 Customer ratings


We gather consumer feedback to understand how users feel about banking with Tangerine. 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, Tangerine Bank had the following ratings:

  • 4.7 stars on the Apple App Store and Google Play Store.

  • 1.2 out of 5 possible stars, based on more than 1,700 customer reviews on Trustpilot.

  • 1.02 out of 5 possible stars, based on nearly 60 customer reviews on the Better Business Bureau’s website.

What Reddit users are saying

Tangerine Bank tends to receive mixed reviews on Reddit. While everyday banking users praise its fee-free services and competitive base GIC rates, threads on customer-service escalations and missing features underscore the limits of an online-only bank.

Page, Text, Accessories

Text, Person

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.

Tangerine Bank account types

Tangerine offers a wide variety of accounts for customers to choose from. NerdWallet's picks for best banking products include:

Tangerine Savings Account
Tangerine Savings Account
4.0
NerdWallet rating
Interest rate
Up to 4.50%*
Monthly fee$0
APPLY NOW
on Tangerine's website

Monthly fee$0
TransactionsUnlimited
APPLY NOW
on Tangerine's website

Tangerine Bank savings accounts

🤓 OUR TAKE

Tangerine Bank savings accounts regularly feature in our top picks for their high-interest promotional rate. The base interest rates sit below 0.35% across numerous registered and non-registered savings solutions. If you're looking for steadier long-term growth, compare higher-yield options from other online institutions and credit unions.

  • 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.

  • Tax-free Savings Account: A registered account with no taxes on interest or withdrawals. This registered account is exclusively designed to hold cash savings.

  • RSP Savings Account: Similarly, this is a registered account for retirement savings in cash, separate from the RRSP investments.

Tangerine Bank chequing account

🤓 OUR TAKE

Tangerine's only chequing account provides fee-free basic services, such as unlimited daily transactions, Interac e-transfers and ATM withdrawals, which may be a great starting point for digitally savvy users. For more complex banking needs, you may want to consider other chequing account alternatives.

  • No-fee Daily Chequing Account: No-fee everyday banking and free access to Scotiabank’s 3,500 ABMs.

Tangerine Bank credit cards

🤓 OUR TAKE

Tangerine's two no-fee Mastercard options come with attractive cash-back rates across multiple categories and premium perks, generally at a 20.95% purchase rate. For specific rewards, perks or a Visa network card, compare our top credit card options.

Tangerine Bank investing accounts

🤓 OUR TAKE

Tangerine's investment offerings and managed services are beginner-friendly, but tend to fall short of providing cutting-edge options that other, newer online institutions offer.

Other Tangerine Bank services

🤓 OUR TAKE

There’s value in Tangerine’s digital-first experience, 24/7 customer support and vast ABM coverage, but you might miss branch services and traditional features — such as wire transfers or safety deposit boxes.

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 fee: $5.

  • ATM 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.

  • RRSP, TFSA or RRIF transfer to another institution: $50.

How Tangerine Bank compares to other online banks

Even though you’ll find many similarities between EQ Bank and Tangerine, as well as some of the other online banks in Canada, there may be a unique feature or offering from one that may suit you better.

ATM ACCESS

ARE DEPOSITS INSURED?

Canadian Tire

N/A

Yes, by the Canada Deposit Insurance Corporation.

EQ Bank

Free at any ATM in Canada (fees are reimbursed).

Yes, by the Canada Deposit Insurance Corporation.

Simplii Financial

Free at any CIBC ATM.

Yes, by the Canada Deposit Insurance Corporation.

Tangerine Bank

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


Tangerine is owned by Scotiabank. In 2012, Scotiabank acquired ING Bank of Canada from the Netherlands-based ING Group. In 2014, the online bank changed its name to Tangerine.

To open an account online, you’ll need to provide an email address, your full name, your date of birth, and your Canadian address. You’ll also need to enter a Social Insurance Number if you’re opening interest-earning accounts or investments, such as Tangerine GICs. You’ll need to confirm your identity by uploading a copy of an approved piece of ID and a document that shows proof of residence.