Tangerine Bank Review
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
MortgagesM
Lines of credit
Business savings accounts
Investment portfolio management
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
- 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.
- There’s only one chequing account option, and although it is interest-earning, it offers a negligible interest rate.
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 (or no) fees for everyday banking. But Tangerine also offers business savings accounts, investment funds, credit cards and mortgages.
Online banking capabilities at Tangerine
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.
Tangerine Bank account types
Tangerine offers a wide variety of accounts for customers to choose from.
Tangerine Bank 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 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
No-fee Daily Chequing Account: The only chequing account with no-fee everyday banking and free access to Scotiabank’s 3,500 ABMs.
Tangerine Bank 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
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
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:
Non-sufficient funds: $45.
Overdraft fee: $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.
RRSP, TFSA or RRIF transfer to another institution: $50.
Who is Tangerine Bank 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 lack of monthly transaction fees solidify it as a top choice for Canadians who conduct a lot of chequing account transactions, such as Interac e-transfers.
Tangerine’s digital approach may also be attractive for people who are comfortable with online banking and don’t need access to actual brick-and-mortar branches.
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? | |
|---|---|---|
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?
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?
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.
DIVE EVEN DEEPER
Clay Jarvis
Shannon Terrell
Siddhi Bagwe