Tangerine Bank review: Accounts, rates and features
Enjoy competitive interest rates and pay no monthly fees when you sign up for financial products with Tangerine Bank.
Tangerine Bank is a filling online bank that has established itself as one of the leading forces of digital banking in Canada and is designed for customers who fully embrace online banking and don’t mind foregoing in-person service at physical branches,
Tangerine’s online bank is known for cutting down on fees and streamlining the banking process. It offers chequing and savings accounts, credit cards, mortgages, lines of credit, retirement savings accounts and investment accounts.
What is Tangerine Bank?
Tangerine is a digital bank in Canada offering a full suite of banking products through its online platform and mobile app. As a digital bank, it doesn’t have any physical branch locations.
Tangerine’s main schtick is that it passes on the savings from having lower overhead costs (compared to traditional brick-and-mortar banks) to its customers by offering no-fee banking.
Tangerine Bank first launched in 1997 under the name ING DIRECT Canada, but after Scotiabank acquired the bank in 2012, it was rebranded as Tangerine. It now operates independently as a wholly-owned subsidiary of Scotiabank.
Is Tangerine a good bank?
Yes, whether you’re looking at safety, affordability or variety of financial products available, Tangerine can be considered a good bank. It serves over 2 million customers and has more than $40 billion in total assets. It ranked first overall in the J.D. Power 2023 Canada Retail Banking Satisfaction Survey for the twelfth consecutive year for Client satisfaction in the Midsize Bank Segment.
A first-hand experience switching to Tangerine:
"More and more I’ve found it hard to justify the monthly fee on my bank account. In July, I made the full switch to Tangerine after leaving the Big 5 Bank I had banked with for 20 years. Aside from no fees, I find their app UX much better and less buggy. Switching all accounts over was a pain, but it was worth it in the long run."
What bank accounts does Tangerine offer?
Tangerine Bank offers a wealth of financial products and services. All of Tangerine Bank account products come with no monthly fees.
Tangerine chequing accounts
Tangerine offers the Tangerine No-Fee Daily Chequing Account. This is one of the few chequing accounts in Canada that lets you interest on your balance (between 0.01% and 0.1%% depending on how much money you have in your account).
You’ll also get unlimited free transactions, including free Interac e-Transfers, debit card purchases, bill payments and withdrawals. Tangerine clients have unlimited access to over 3,500 Scotiabank ATMs across Canada and international ATMs through the Global ATM Alliance.
Tangerine only offers this one personal chequing account, and does not currently offer business chequing accounts.
Tangerine savings account
Tangerine’s ongoing savings interest rate is relatively low compared to other digital banks, like EQ Bank or Simplii. That being said, it offers new and current customers bonus interest rate offers on an ongoing basis, so you’re almost always getting access to a higher savings rate than the standard.
For example, the current standard savings rate on the Tangerine Savings Account is 0.3%, but you can earn a bonus rate of 6% for 5 months.
Tangerine also offers a US Dollar Savings Account, where you can earn a standard savings rate of 0.10% on your balance.
Dive deeper: Our full Tangerine Savings Account review
Tangerine Guaranteed Investment Certificates
Tangerine offers various GIC options to lock in your savings over a set term:
- A standard Guaranteed Investment (GIC)
- RSP Guaranteed Investment
- Tax-Free Guaranteed Investment (GIC)
- RIF Guaranteed Investment
- US$ GIC
Tangerine GIC
4.05%
Interest Rate
Interest Rate
1 year
Term
Term
$0
Min. Investment
Min. Investment
The standard Tangerine GIC lets you earn very competitive interest rates. Rates vary depending on the GIC term length, with terms ranging from 90 days to 5 years. One of the biggest perks of a Tangerine GIC is that it comes with a $0 minimum investment.
- Competitive interest rates
- You can open and manage your account completely online
- Different GIC term options available
- $0 minimum investment
- No physical branch locations
| Interest rate | 4.05% |
|---|---|
| Min. Age | 16 |
| Term | 1 year |
| Min. Investment | $0 |
Dive deeper: Our full Tangerine GIC review
Other Tangerine bank accounts
Beyond the standard chequing, savings and GIC accounts, Tangerine also offers these other specialized bank accounts.
Tangerine business savings account
Tangerine offers a number of accounts to help business owners save. These include a regular Savings Account, a US Dollar Savings Account, GICs and US Dollar GICs. All accounts come with a $0 monthly fee and no minimum balance, so it’s easy to get stated.
Tangerine tax-free savings account (TFSA)
With a Tangerine TFSA, you can grow investment income tax-free. You don’t pay income tax on contributions or withdrawals (up to your annual contribution limit as specified on your most recent tax Notice of Assessment). The Tangerine TFSA holds investments from one of Tangerine’s professionally managed portfolios. Your portfolio is chosen based on you individual goals and risk tolerance. Tangerine TFSAs have a minimum balance requirement of $0.
Tangerine retirement savings plan (RSP) and retirement income fund (RIF)
Deposits into a Tangerine RSP are tax deductible. You only pay income tax when you withdraw funds in retirement. The Tangerine RSP holds investments from one of Tangerine’s professionally managed portfolios. Your portfolio is chosen based on you individual goals and risk tolerance. On December 31 of the year you turn 71, your RSP will be converted into an RIF and you’ll start receiving regular payments. Both the Tangerine RSP and RIF have $0 minimum balance requirements.
Tangerine Non-registered investment fund account
Tangerine also offers non-registered investment accounts, which allows you a greater level of flexibility in choosing your investments. Non-registered accounts may also be a good option if you’ve maxed out your annual RSP or TFSA contributions. You can withdraw funds whenever you want, and you can open an account with as little as $25.
Tangerine mutual funds and investment funds
Tangerine offers a range of investment funds that you can start with for as little as $25. Mutual fund options include a Money Market Fund, socially responsible investing (SRI), global ETF portfolios, RSP Investment Funds and more. Each of the Tangerine Investment Fund options offer one series of units and are considered equivalent to an A-series mutual fund.
What loans and credit options does Tangerine offer?
An important part of choosing the right bank for you is to make sure it will be able to fit your key financial needs, which will likely mean needing access to personal financing and credit at some point. Here’s a breakdown of Tangerine’s financing products.
Tangerine Bank credit cards
Tangerine offers two different credit cards, both of which are cash back credit cards:
Tangerine customers can earn accelerated cash back rewards in select categories including groceries, gas, restaurants, hotels, recurring bill payments, drug stores, home improvement and entertainment.
Tangerine World Mastercard
600
Min. credit score
Min. credit score
$0
Annual fee
Annual fee
Up to
2%
Cash back
Cash back
10% cash back
Welcome offer
Welcome offer
The Tangerine World Mastercard comes with travel perks, rental car coverage, a $0 annual fee, unlimited cash back rewards and a competitive balance transfer offer. Earn unlimited 2% cash back in two Tangerine credit card categories of your choice (or three categories if you open a Tangerine Savings Account and directly deposit your cash back into the account), and unlimited 0.5% cash back on everything else. Conditions apply. Earn 10% cash back (up to $100) when you spend $1,000 in the first 2 months. Valid until January 31, 2025.
- Earn cash back. Earn unlimited 2% cash back in two Tangerine credit card categories of your choice (or three categories if you open a Tangerine Savings Account and directly deposit your cash back into the account), and unlimited 0.5% cash back on everything else. Conditions apply.
- Balance transfer offer. Get a 1.95% interest rate on balance transfers for the first six months. You must request a balance transfer within 30 days of approval and activate your card within 45 days of approval. A 1% fee applies (waived for Quebec residents). Other terms and conditions apply.
- Travel perks. Enjoy exclusive dining, retail and spa offers in over 650 airports worldwide with a complimentary Mastercard Travel Pass provided by DragonPass. Get free car rental insurance, and access over 1,300 airport lounges for $32 USD per visit. Stay connected with access to more than 1 million Wi-Fi hotspots globally through Boingo.
- Apps and subscription access. As a cardholder, you'll have access to special benefits and offers from on-demand apps and subscription services.
- Minimum income requirement. You need a minimum personal income of $50,000 or a combined household income of at least $80,000 to apply for this card.
- Foreign transaction fee. You'll face a foreign transaction fee of 2.5% international purchases.
- Limited travel benefits. Though this card offers some nice travel perks, it doesn't come with many of the travel benefits offered by more premium credit cards such as complimentary travel insurance, free flight and hotel upgrades and discounted car rentals.
| Annual Fee | $0 |
|---|---|
| Purchase APR | 20.95% |
| Cash Advance Rate | 22.95% |
| Balance transfer APR | 1.95% intro for the first 6 months (then 19.95% ) |
| Welcome offer | Earn 10% cash back (up to $100) when you spend $1,000 in the first 2 months. Valid until January 31, 2025. |
| Rewards | Earn unlimited 2% cash back in two Tangerine credit card categories of your choice (or three categories if you open a Tangerine Savings Account and directly deposit your cash back into the account), and unlimited 0.5% cash back on everything else. Conditions apply. |
Tangerine Money-Back Credit Card
600
Min. credit score
Min. credit score
$0
Annual fee
Annual fee
Up to
2%
Cash back
Cash back
10% cash back
Welcome offer
Welcome offer
The Tangerine Money-Back Credit Card helps you earn cash rewards on your everyday purchases, with accelerated rewards where you spend the most. Earn 2% cash back in two Tangerine credit card categories of your choice (or three categories if you open a Tangerine Savings Account and directly deposit your cash back into the account), and 0.5% cash back on everything else. Earn 10% cash back (up to $100) when you spend $1,000 in the first 2 months. Valid until January 31, 2025. Plus, get a balance transfer offer.
- Earn rewards fast. Earn 2% cash back in two Tangerine credit card categories of your choice (or three categories if you open a Tangerine Savings Account and directly deposit your cash back into the account), and 0.5% cash back on everything else.
- Annual fee. This card comes with a $0 annual fee.
- Balance transfer rate. Get a 1.95% interest rate on balance transfers for the first six months. To take advantage of this offer, you must complete the Balance Transfer request within 30 days of account approval and activate your card within 45 days of approval. A balance transfer fee equaling the greater of 3% or $5 will be charged on each transferred amount (fee is waived by Tangerine if you're a resident of Quebec).
- Minimum income requirement. This card has a relatively low minimum income requirement of $12,000.
- Low return on other purchases. Receive only 0.5 cash back on all other categories of spending.
- Foreign transaction fee. You'll pay a foreign transaction fee of 2.5% on all overseas purchases.
| Annual Fee | $0 |
|---|---|
| Purchase APR | 20.95% |
| Cash Advance Rate | 22.95% |
| Balance transfer APR | 1.95% intro for the first 6 months (then 19.95% ) |
| Welcome offer | Earn 10% cash back (up to $100) when you spend $1,000 in the first 2 months. Valid until January 31, 2025. |
| Rewards | Earn 2% cash back in two Tangerine credit card categories of your choice (or three categories if you open a Tangerine Savings Account and directly deposit your cash back into the account), and 0.5% cash back on everything else. |
Other Tangerine lending options
Tangerine has steadily expanded its portfolio of products to offer a wider range of credit options including mortgages, RRSP loans and lines of credit.
Tangerine Line of Credit
Enjoy low rates on a variable rare line of credit that you can access whenever you need an injection of funds. Pay it off at your own pace and with no annual fee. You can also borrow against the equity in your home if you need more money.
Tangerine HELOC (Home Equity Line of Credit)
Tangerine HELOCs offer 24/7 access to revolving credit backed by home equity. Borrow and repay from a fixed pool of funds as needed. Plus, Tangerine makes it easier to pay back your debt sooner with a low-rate, fixed-rate payback plan.
Tangerine RSP Loan
A Tangerine RSP Loan lets you borrow what you need to top up your Tangerine RSP contributions and take advantage of the associated tax benefits. These loans come with no fees, a fixed competitive interest rate and loan terms from one to five years.
Mortgages
Get a top-notch rate and a flexible mortgage repayment schedule that suits your needs, with term lengths of 5 years. Tangerine Bank mortgages are also portable and allow for prepayment, which sets them apart from other mortgage providers.
Tangerine banking fees
While it’s true that Tangerine offers no-fee everyday banking and no-monthly-fee accounts, there are a few fees you may come across when you bank with Tangerine.
Here is summary of some common Tangerine banking fees for the for Tangerine Chequing Account:
| Feature | Fee |
|---|---|
| NSF (Non-sufficient funds) fee | $45 |
| Returned Items | $7.50 |
| Canadian Drafts (includes courier) | $10 |
| Out-of-network ATM withdrawals (within Canada) | $1.50 |
| Out-of-network ATM withdrawals (US/worldwide) | $3 |
| Foreign Currency Conversion Fee | 2.50% |
| Overdraft fee | $5 per use (up to a maximum of one charge/month) |
| Overdraft interest | 19.00% (per annum) |
| Replacement Client Card | Free |
| Chequebook | First book of 50 cheques is free (subsequent chequebooks cost $50) |
How do I get a Tangerine debit card?
Customers who have a Tangerine No-Fee Daily Chequing Account will get a Visa Debit card that can be used to make debit in person and online.
Many online retailers accept Visa Debit cards in place of Visa credit cards as a form of payment if you don’t have a credit card handy or prefer to spend money from your account instead of buying on credit.
Once you open a Tangerine No-Fee Daily Chequing Account, you should receive your Tangerine Visa debit card in the mail within 2 weeks. Tangerine Visa Debit cards are not issued with any other type of account. Customers are given a choice between a grey and orange card.
Your card will have an expiry date. Closer to this date, you’ll receive a new card in the mail. The number and expiry date of your new card will be different. If you’ve given your card number to anyone to authorize future payments, make sure they have your updated information.
Note that a foreign currency conversion fee will be charged for debit transactions conducted in a foreign currency.
Dive deeper: Our full Tangerine Visa Debit Card review
Is Tangerine Bank safe?
Yes. Tangerine Bank has a number of security measures in place to protect customers’ money and personal data. This includes 2-step authentication and identity verification procedures for accessing Mobile Banking or resetting your PIN online.
The Tangerine security guarantee provides protection against losses from unauthorized activity in any of your Tangerine Accounts, provided you notify the bank of any errors, irregularities, or unauthorized transactions immediately.
Tangerine debit cards are protected by SecureChip technology. Debit card purchases are further protected by either the Interac Zero Liability policy or the Visa Zero Liability policy, both of which help recover lost funds if your card is used to make unauthorized purchases.
All Tangerine Canadian and US savings accounts (including investment savings accounts like GICs, TFSAs and RSPs) are CDIC insured. This means that customers’ deposits are protected up to $100,000 in the unlikely event the bank fails.
Tangerine Bank mobile app reviews summary
The Tangerine app is available for both iOS and Android. App users have generally left positive reviews on both the Apple App and Google Play stores, often mentioning that the app offers a smooth user interface and makes it easy to complete banking tasks. Negative reviews typically discuss app bugs or app features that have been removed from updated versions.
Here’s a snapshot of reviews for the Tangerine app:
| Apple App Store rating | Google Play rating | |
|---|---|---|
| Tangerine Bank app |  4.7 – ★★★★★(65.6K reviews) |  4.7 – ★★★★★(37.7K reviews) |
Reviews last verified on June 25, 2024.
How does Tangerine Bank compare to other banks?
Tangerine Bank offers many competitive features like no monthly fees and better interest rates on savings than traditional banks. However, you may be able to get a Tangerine’s rates tend to be lower than you can get with other digital banks.
That being said, lower rates are beneficial when it comes to credit products. Tangerine’s interest rates on borrowed funds are very competitive compared to the rest of the market.
If you want to further compare your options, there are a number of other digital banks that are similar to Tangerine in Canada. Some of the most common alternatives to Tangerine include EQ Bank and Wealthsimple. You can check out the full list by heading to our digital banks comparison page.
Pros of banking with Tangerine
There are a number of benefits that you can take advantage of when you sign up with Tangerine, including:
- Easy application. It’s easy to open an account in less than 10 minutes using Tangerine Bank’s simple online application.
- No monthly fees. You won’t have to pay fees for any of Tangerine’s financial products.
- Competitive interest rates. You’ll get competitive interest rates with Tangerine’s accounts, credit cards and loans.
- Unlimited free transactions. Tangerine’s bank accounts come with unlimited free transactions, including Interac e-Transfers and ATM withdrawals.
- Many financial products. You can sign up for a number of financial products, including chequing and savings accounts, credit cards, lines of credit, mortgages and RRSP loans.
- Deposit insurance. Any deposits you make will be protected up to $100,000 by the Canada Deposit Insurance Corporation (CDIC).
- Mobile app. You can get easy and secure access to your banking at any time with Tangerine’s mobile app.
Cons of banking with Tangerine
Aside from Tangerine Bank’s many benefits, there are a handful of drawbacks you should be aware of before signing up, including:
- Charges for certain ATMs. You’ll be charged a small fee every time you withdraw cash from an ATM that isn’t on the Scotiabank network.
- Low GIC rates for digital banks. You’ll get lower interest rates on GICs with Tangerine than you would with other digital banks, like EQ Bank.
- No in-person service. You won’t be able to visit a branch in person to get help with your account, except at a Tangerine Café in Toronto, Vancouver or Montreal.
- NSF fees. You’ll be charged a fee of $45 every time you don’t have enough money in your chequing account to cover an automated withdrawal.
- Questionable customer service. There are several complaints online about the level of customer service on offer from Tangerine Bank.
- Poor reviews. There are a number of negative reviews indicating that Tangerine Bank has gone downhill since being taken over by Scotiabank.
Tangerine reviews and complaints
Like most banks in Canada, Tangerine has relatively poor reviews on sites like Trustpilot and the Better Business Bureau from its customers. It has a rating of 1.3 out of 5 stars on Trustpilot and a F rating with the BBB.
Positive reviews praise the competitive interest rates, zero fees and ease of banking. Negative reviews on these sites tend to focus on the general lack of customer service provided by the bank. Many customers indicate that they’ve experienced difficulty getting in touch with Tangerine. Others indicate that even when they do, customer service agents seem to have very little information about how to resolve customer issues.
How can I contact Tangerine Bank?
There are a number of options available for you to connect with Tangerine customer service:
- By phone. You can call into Tangerine’s toll-free number at any time of day or night.
- By mail. Use snail mail to reach out to Tangerine’s head office in Toronto.
- By email. Contact Tangerine by sending an email to its general inbox.
- Chatbot. You can chat with Tangerine’s online chatbot for general information about Tangerine products or for information about your accounts.
Bottom line
Tangerine Bank is a popular digital bank in Canada that offers competitive rates and zero fees for its bank accounts and GICs. It also offers favourable rates for its mortgages and loan products. It’s easy to sign up for this reputable bank online. Tangerine offers a more robust set of financial products and accounts compared to other digital banks in Canada, which makes it a great no-fee banking alternative to the Big Banks.
Frequently asked questions about Tangerine Bank
More resources on Finder
More guides on Finder
-
Tangerine Visa Debit Card Review
Tangerine’s Visa Debit Card comes with unlimited free transactions. It allows users to safely shop online and make purchases while abroad like a credit card wherever Visa is accepted.
-
Tangerine Savings Account review
Learn about Tangerine’s high interest rate savings account. Compare rates, fees, pros, cons and more.
-
Tangerine No-Fee Daily Chequing Account review
Save money on interest and account fees when you sign up for this no-fuss chequing account.