Tangerine is one of Canada’s leading online banking platforms with a popular No-Fee Chequing Account, a World Mastercard with up to 2% in cash back, and savings and investment accounts available.
As good as all that might sound, there are certainly other leading online banks and fintechs worth considering in your search. We’ve rounded up a list of the seven best alternatives to help you find your perfect fit.
7 banks and fintechs like Tangerine Bank
1. Simplii Financial
Simplii Financial is another popular digital Canadian bank with a strong range of account types. Like Tangerine (which is owned by Scotiabank), Simplii is owned by one of the Big Five Banks — in this case, CIBC.
Simplii offers a no fee chequing account that prioritises simplicity and free daily banking. There’s also a high interest savings account (starting at 0.35%) as well as options for student banking and more.
Simplii also offers personal loans, lines of credit, on top of mortgage lending and investment accounts. Simplii Financial’s credit card is also worth a mention, offering cash back rewards from 0.5% to 4%, no annual fee, and online or in-person payment wherever Visa is accepted.
The Simplii High Interest Savings Account is another top pick for the best high-interest savings accounts in Canada. It earns a high promo rate of 6% interest for 5 months (and 0.35% thereafter). With a $0 account fee and $0 transactions, you can look forward to saving more of your hard earned money. Your savings will be accessible to you at all times – all you need to do is withdraw your funds with a Simplii Financial debit card or transfer money out of your account electronically.
$0 account fee
$0 transactions
Earn 6% interest for 5 months
No physical branches for in-person service
Low ongoing interest rate after the promo ends
Min. Age
18
Account Fee
$0
Transaction Fee
$0
Interac e-Transfer Fee
$0
NSF Fee
$45
International ATM Fee
$3
2. EQ Bank
EQ Bank is the online banking arm of Equitable Bank, which has been operating in Canada since 1970. EQ is often considered among the best online banks in Canada, offering a wide range of both personal and business banking products.
EQ Bank’s products include the Personal Account, which is a chequing account that comes with up to 3.75% interest.
EQ Bank also has savings accounts specifically for TFSA and FHSA, as well as a competitive dedicated GIC investment account. On top of that, there’s an EQ Bank Card that earns 0.5% cash back on every purchase you make – and it works everywhere Mastercard is accepted.
Earn 3.75% interest with an EQ Bank Personal Account. Enjoy high interest with no fees on everyday banking, plus unlimited transactions and no minimum balances. Sign up online in minutes. Plus, you can also apply for a Joint account if you're looking to save with your partner or family.
$0 account fee
unlimited transactions
$0 Interac eTransfers
Earn 3.75% interest on your balance
EQ Bank will refund withdrawal fees for using any ATM across Canada
No physical branches for in-person service
Some standard banking features not available such as overdraft protection and the option to have paper statements
Min. Age
18
Account Fee
$0
Overdraft Fee
$0
3. KOHO
KOHO is a financial technology company based in Toronto, with several different account products available. You can choose between three account types, offering increasing levels of benefits depending on how much you’d like to pay per month for the account.
All account levels come with 5% interest on your entire balance, and cash back rewards of up to 2% on groceries, transport, food and drink purchases.
KOHO also offers three different credit building products, including a secured credit card. Plus, there’s also a High Interest Savings account with up to 5% interest and the ability to earn between 1% and 2% cash back available.
KOHO Earn Interest has one of the highest interest rate offerings on the market in Canada. You can also get a prepaid card and earn cashback on your purchases. Opt into earning interest and earn up to 5.00% on your balance.
$0 account fee
$0 transactions
$0 Interac eTransfers
Earn cashback on purchases
Earn up to 5% interest
Must opt-in to a monthly plan to earn higher interest
Min. Age
18
Account Fee
$0
Transaction Fee
$0
Interac e-Transfer Fee
$0
NSF Fee
$0
4. Manulife Bank
Manulife Bank is a direct subsidiary of Manulife, one of Canada’s leading insurance providers. Its primary online banking product is the Advantage Account, which is a hybrid chequing and savings account offering 2.35% interest on your entire balance.
Manulife Bank also offers an All-In Banking account, that comes with an Everyday Banking Account, as well as a 2.35% interest savings account, as well as travel insurance perks and overdraft protection.
In addition to these accounts, Manulife also carries two credit cards, and also offers mortgage, lending and investment products.
The Manulife Advantage Account is a high-interest savings account that comes with tons of the perks of a chequing account, like unlimited transactions, debits and ATM funds access. All you have to do is keep a balance of $1,000 in your account and all everyday banking transactions are free.
Just keep a balance of $1,000 in your account and all everyday banking transactions are free
$0 monthly fee
You'll have to pay a $1.50 fee per ATM withdrawal
Interest rate drops to 2.35% after the promotional period ends
Min. Age
N/A
Account Fee
$0
Transaction Fee
$0
Interac e-Transfer Fee
$1.00 for Interac Debit card purchases in Canada and for sending money using Interac e-Transfer
5. Motusbank
Motusbank was founded in 2018, and like Neo Financial, offers a wide range of competitive financial products. As well as a chequing account with no fees and 0.15% interest, a high interest savings account and has dedicated savings accounts for TFSAs and RRSPs, as well as high interest GICs.
Motusbank also carries its own debit card, and offers free and unlimited Interac transfers with its chequing account. Finally, they also provide lending services with mortgage and HELOC options available.
Motusbank's High-Interest Savings Account offers a competitive interest rate of 1.65%, allowing your money to grow faster while enjoying the benefits of digital banking. With no monthly fees, free Interac e-Transfers, and the security of a subsidiary of Meridian Credit Union, Motusbank combines convenience and profitability for your savings needs.
No monthly fees
High interest rate of 1.65%
Free Interac e-Transfers
Easy access through a user-friendly mobile app
Member ownership benefits.
No physical branches
Limited product range compared to larger banks
ATM fees for using non-EXCHANGE Network ATMs.
Min. Age
18
Account Fee
$0
Transaction Fee
unlimited
Interac e-Transfer Fee
N/A
6. Neo Financial
Established in 2019, Neo Financial has quickly become one of Canada’s most popular neobanks. Its biggest products include a High Interest Savings Account offering up to 3% interest, as well as the Neo Money card that works like a preloaded debit card with cashback available at selected vendors.
As is the case with any good online bank, Neo products come with little to no monthly fees, as well as no account minimums, even on the savings account.
If you sign up with Neo you’ll also have access to a host of investment products, as well as handy tools for budgeting and tracking your spending through the Neo Financial App.
Neo Money gives you access to a high-interest savings account that pays 3% interest on every dollar you deposit. You can create separate accounts to track your balance and split money across different savings goals, and you can pair your account with a Neo prepaid Mastercard. And if you want to boost your cash back earning power, you can sign up for a Premium account for $9.99 a month.
High interest rate
Cash back across a wide range of spending categories
Highly-rated mobile app
Easy access to your money
No physical branches
Relatively new provider
You'll need a paid plan to access the highest cash back rates and other discounts
Min. Age
N/A
Account Fee
$0
Transaction Fee
$0
Interac e-Transfer Fee
$0
7. Wealthsimple
Wealthsimple is a financial platform designed for investors, and has been in operation since 2014. In addition to a whole host of investment products and services, they also provide a competitive hybrid chequing account (Wealthsimple Cash) that comes with 2.75% - 3.75% interest, depending on your holdings.
On top of high interest savings, the Cash account also earns 1% cashback in stock, cryptocurrency or cash. There are also no monthly fees or foreign transaction fees, and you can easily set your account up to handle automatic deposits, bill pay and more.
If you’re looking for an online bank that can handle your day to day banking, as well as your investment goals, Wealthsimple could be an option for you.
Although it functions as both a chequing and savings account, Wealthsimple Cash is a no-fee account with all the benefits of a high interest savings account. Perks include earning 2.75% to 3.75% interest (depending on how much money you hold in your account), being able to access your pay a day early, CDIC deposit insurance of up to $500,000, and the ability to earn 1% back in stock, crypto or cash when you make a purchase with your card.
No monthly fees
Earn 2.75% interest on your account balance
Unlimited free transfers
No minimum balance
Limited types of investments
Min. Age
18
Account Fee
$0
Transaction Fee
$0
Interac e-Transfer Fee
N/A
NSF Fee
$0
What to consider when choosing an online bank like Tangerine?
Online banking comes with a a lot of perks compared to traditional banks. But with so much choice out there, it can take some time to find the right bank like Tangerine for you. Here are some things to watch out for:
Zero fees
Most online banks — including banks like Tangerine, Simplii and EQ Bank — come with low or zero monthly fees, and typically waive other fees such as minimum account balance fees and transaction fees. However, do keep an eye out for things like money transfer fees, as well as foreign transaction or non-sufficient funds fees.
Take a close look at all of the applicable fees for any bank you’re considering, and keep in mind which of those fees you’re more likely to be dinged for.
Interest rates
One of the best things about using online banks are the rewarding interest rates you can get a hold of on savings and even some chequing accounts. Online banks can only offer these rates because of their overhead savings, and of course they know that high interest savings will attract more customers.
That said, with so much on offer here it’s hard to know which route to go down. The more you know about what exactly you’re looking for in an online bank, the easier it’ll be to make your choice between the various account types available. Keep an eye on promotional versus standard rates, too.
Customer service
Of course, online banks are inherently limited when it comes to customer service. Nobody will miss waiting in line at the local bank branch, but at the same time there’s nothing quite like talking face to face with another person, especially when you’ve got a serious issue.
For that reason, it’s worth considering carefully the quality of service available at any online bank you’re considering. Check out reviews online and across social media in order to get a better idea about how your potential new online bank provider is faring in this regard.
Credit & debit cards
Another important element to consider are the type of cards available at your online bank, if any. Whether you’re interested in credit building, prepaid cards or maxing out your cash back potential, there are lots of options on the table.
Consider how your current credit or debit cards will gel with any new cards you’re looking at, or whether you should just replace them with something from an online bank.
Is Tangerine a real bank?
Tangerine is a real online bank, owned and operated by Scotiabank. It offers legitimate online banking services and is a CDIC member.
Bottom line
Tangerine is one of Canada’s better-ranking online banks, offering a wide range of banking, lending and investment services. That said, there is no shortage of competition when it comes to online banking in Canada, and you’re sure to find the right alternative for you among our list above.
Tangerine Bank is a wholly-owned subsidiary of Scotiabank, which acquired Tangerine (formerly known as ING Direct Canada) back in 2012.
While Tangerine is an online bank, it still offers CDIC protection on all deposits, just as you would have at a traditional bank. That makes it as trustworthy as any other bank around.
The primary difference is that online banks have no physical locations or branches to visit. Because of that, online banks have significantly lower overhead costs compared to regular banks, which in turn allows them to offer accounts and products with significantly higher interest rates, no fees and other perks.
Banking scores
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Finder scores, in blue, are based on our expert analysis. We assess multiple key categories broken down into over 30 different data points across both chequing and savings accounts.
Steven Brennan is a freelance finance writer working from Vancouver, B.C. He has a BA and an MA in English Literature at the University of Ireland, Maynooth, and also spent time working in Italy and Vietnam as an English teacher. Today, he writes regularly on a range of personal finance topics including banking, loans, mortgages, insurance and tax. His work has appeared on sites such as LowestRates.ca and WealthRocket, as well as in print with Canadian MoneySaver. See full bio
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