Tangerine Bank Review
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
Canadians who want flexible, no-fee digital banking.
Tangerine offers a range of accounts that'll suit most personal banking needs, and its lack of monthly and transaction fees makes it a top choice for Canadians who frequently use services like Interac e-transfers.
Tangerine’s digital approach may also be attractive if you're comfortable with online banking and don’t care about having access to actual brick-and-mortar branches.
PROS AND CONS
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
- Fully digital: do your banking when and where you want.
- A fair number of account and GIC options to choose from.
- No fees for daily chequing transactions, Interac e-transfers or the use of Scotiabank’s network of ABMs.
- No monthly fees or minimum balances to maintain for chequing accounts.
Cons
- Being an online-only bank means you won’t be able to walk into a branch and get help if you need it.
- Business savings accounts require you to have a business chequing account at another bank (Tangerine doesn't offer these).
- There’s only one persoanl chequing account option, and although it earns interest, it's at a low rate.
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 investment funds, registered accounts, credit cards, lines of credit and mortgages.
For businesses, it offers business savings accounts and GICs for both Canadian and US funds.
WHAT ONLINE BANKING FEATURES DOES TANGERINE OFFER?
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.
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, 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 4.6 stars on the 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 more than 50 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.
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.
Tangerine Bank account types
Tangerine offers a wide variety of accounts for customers to choose from. NerdWallet's picks for best banking products include:
NerdWallet's take
NerdWallet's take- Tangerine’s promotional interest rate will earn you a high rate of return for five months. Pair it with the virtual bank’s no-fee chequing account, credit card, registered accounts or a GIC to maximize your financial goals.
- Tangerine is a subsidiary of Scotiabank and offers chequing and savings accounts, GICS, registered accounts, credit cards, mortgages, loans and investment products.
Product details
Product details- 0.30% regular interest rate.
- No monthly fee.
- Automated savings program available.
- Unlimited free self-serve transactions per month.
- Service fees are limited to a $45 charge for non-sufficient funds.
- No minimum balance.
- Immediate access to your money through withdrawals, transfers to linked accounts, and more.
- Eligible for CDIC deposit insurance.
NerdWallet's take
NerdWallet's take- Tangerine’s No-Fee Daily Chequing Account offers free access to thousands of Scotiabank ABMs in Canada and worldwide, overdraft protection, financial monitoring tools and a secure way to shop both online and in person.
- Tangerine is a subsidiary of Scotiabank and offers chequing and savings accounts, GICS, registered accounts, credit cards, mortgages, loans and investment products. Read our review of Tangerine for more information.
Product details
Product details- No monthly fee.
- Interest rate: up to 0.1%.
- Free online daily banking, including debit purchases, bill payments, pre-authorized payments, Interac e-Transfers and ABM transactions that use Scotiabank’s ABM network.
- ABM withdrawals with other banks in Canada: $1.50.
- ABM withdrawals on other networks worldwide: $3.00.
- Free first cheque book (50 cheques). $50 for each additional cheque book.
- Tangerine Client Card with Visa Debit can be used anywhere Visa is accepted, and can be added to Apply Pay, Google Pay and Samsung Pay.
- Card is covered by Interac and Visa Debit Zero Liability protection, so you won’t have to pay for unauthorized purchases.
- Access to tools and alerts that help monitor spending activity.
- CDIC protection for all eligible deposits.
Tangerine Bank savings accounts
🤓 OUR TAKE
Tangerine Bank savings accounts regularly feature in our top picks for their high promotional interest rate. The base interest rates sit below 0.35% across numerous registered and non-registered savings accounts. If you're looking for steadier long-term growth, compare higher-yield options from other online institutions and credit unions.
Explore Tangerine savings accounts
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 a modest rate of 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.
RIF Savings Account: A registered account for cash retirement savings after you’ve retired.
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.
Explore Tangerine chequing accounts
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 perks like mobile device insurance, generally at a 20.95% purchase rate. For specific rewards, perks or a Visa network card, compare our top credit card options.
Explore Tangerine credit cards
Money-Back Credit Card: Pays up to 2% in cash-back rewards in specific categories.
Tangerine World Mastercard: Earns up to 2% cash-back rewards in sets categories and offers basic travel perks.
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.
Explore Tangerine investment options
Non-registered cash investing accounts.
Registered retirement savings plans (RRSPs) : At Tangerine, the RSP Investment Fund Account and RSP Guaranteed Investment (RSP GIC) are separate from the RSP cash savings.
Tax-free savings accounts (TFSAs): Tangerine also offers Tax-Free Investment Fund Account and Tax-Free Guaranteed Investment (GIC), separate from cash savings.
Professionally managed investment portfolios and investment funds.
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.
Explore other services
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.
Business bank accounts and GICs.
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:
Fees you should know about
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 there are many similarities between EQ Bank and Tangerine, as well as some of the other online banks in Canada, it’s worth reviewing your options in detail. One digital bank may have a unique feature or offering that suits you better than another.
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
Who owns Tangerine?
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.
What do I need to open a Tangerine account?
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.
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