Tangerine Bank Review Canada 2024 - NerdWallet (2024)

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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 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, 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

• 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 chequing account

• Chequing account: no-fee daily 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.
• Tangerine World Mastercard: Earns cash-back rewards and enjoy travel perks

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.
• 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 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 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.

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.

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.

» MORE:Check out ourBanking reviewsof other Big Banks, credit unions and online-only banks.