Looking for a new bank? Or wondering if you're getting what you need from Tangerine? We review its most popular products and then some.
Photo created by freepik - www.freepik.com
Tangerine, with its “Forward banking” tagline, is one of the many banking options in Canada. Having a choice is a good thing—but it can be tough to navigate which bank (and its full range of services) is best for you. That’s why, in this complete bank services review, we’re covering all the bases with what Tangerine offers, from chequing to high-interest savings accounts, GICs, TFSAs, RRSPs and much more.
Tangerine, a subsidiary of Scotiabank, is an online bank; meaning it doesn’t operate brick and mortar branches. Or at least they don’t call them branches. Tangerine has five “cafés” in some urban centres; two in Toronto, one in Montreal, another in Vancouver, as well as Calgary. Otherwise, all banking is done online at tangerine.ca, with the Tangerine Mobile Banking App (available on the App Store and Google Play).
The fees, or the lack of, continue to be a big selling point for this bank, which are clearly outlined in an annual schedule. Some of the banking services are free, and the biggest selling point for many is that there are no monthly or annual fees. It’s similar with investments, too. But more about that below.
Tangerine, originally known as ING Direct, launched in Canada in April 1997, introducing the country’s first no-fee, high-interest saving account. Scotiabank acquired the online bank in 2012 for $3.1 billion. And in 2014, the name was changed to Tangerine.
Scotiabank, also known as the Bank of Nova Scotia and Banque Scotia, first opened on August 29, 1832. Scotiabank is a part of the “Big Five,” the five largest banks in Canada, which also includes the RBC, BMO, CIBC and TD Canada Trust.
Tangerine’s No-Fee Daily Chequing Account offers an interest rate of 0.05% to 0.10%, with no daily chequing fees, which is a big plus. Transactions are free and unlimited, so you shouldn’t have any unexpected fees at the end of the month. You can also set up pre-authorized payments and direct deposits for your paycheque, as well as opt in for overdraft protection ($5 per use with opt-in, or a $45 charge for non-sufficient funds without).
Compare Canada’s best chequing accounts*
Tangerine offers five different savings accounts, including its savings, tax-free, U.S.-dollar account, as well as RRSP and RRIF savings.
Tangerine’s Savings Account currently comes with a fixed 0.10% interest rate with a limited-time promotional interest rate of 2.25% for the first five months for the first five months. There are no monthly fees or minimum balances.
Interest rate: 0.10%
Promotional rate: 2.25% for the first five months for first five months
Compare Canada’s best high-interest savings accounts*
The Tax-Free Savings Account from Tangerine gives you what you may expect from a TFSA – earn interest without taxes, if you keep within the contribution limit. A big bonus is that the promotional interest rate offer we just mentioned applies to this account as well. And if your other accounts are with Tangerine, transferring money is easy–no fees.
Interest rate: 0.10%
Promotional rate: 2.25% for the first five months for first five months
Save money for later in life, with the Tangerine Retirement Savings Plan. Again, you’ll notice a pattern by now, there are no monthly fees and a high interest rate at 0.10%. The same promotional offer applies to this account as well.
(Note: Tangerine refers to RRSPs as RSPs, and RRIFs as RIFs.)
Interest rate: 0.10%
Promotional rate: 2.25% for the first five months for first five months
Like an RRSP, the Tangerine RRIF Savings Account allows you to save for retirement, but at a lower tax rate. And the same promotional interest rate mentioned above applies.
Interest rate: 0.10%
Promotional rate:2.25% for the first five months for first five months
The US$ Savings Account from Tangerine is another way to earn high interest (0.20%) on your savings, but with U.S. currency. But you cannot access this account outside of Canada, say for example, when you’re south of the border and need to withdraw cash.
Interest rate: 0.10%
Promotional rate: 2.25% for the first five months for first five months
Tangerine offers five types of GICs: its standard GIC, RRSP, tax-free, U.S. dollar and RRIF. Each offers the interest rate of up to 1.50%, except for the U.S. dollar GIC which is up to 0.70%.
There are no monthly fees for the GICs, and fees are scheduled here. A $125 fee does apply if you transfer funds to another financial institution.
| GIC Term | GIC Interest Rate (%) |
| 90-day term | 0.20% |
| 180-day term | 0.45% |
| 270-day term | 0.50% |
| 1-year term | 0.60% |
| 1.5-year term | 1.05% |
| 2-year term | 1.25% |
| 3-year term | 1.50% |
| 4-year term | 1.70% |
| 5-year term | 1.90% |
Compare Canada’s best GIC rates*
Tangerine’s additional products include credit cards, loans and lines of credit.
Tangerine’s Money-Back Mastercard is a cash back credit card with an unlimited 2% cash back. When you set up the card for cash back, you choose three of the following 10 categories: grocery, furniture, restaurants, hotels, gasoline, bills, drug store, home improvement, entertainment, and public transportation/parking. Being conscious of how you habitually spend money will help. There is no annual fee with this credit card, but the interest rate is 19.95%.
Get more details about the Tangerine Money-Back Credit Card*
The Tangerine World Mastercard offers the same above cash-back deal with no annual fee, and the same interest rate of 19.95%. The difference is, however, in the exclusive key features, such as free Boingo WiFi anywhere in the world, access to Mastercard airport lounges and its travel reward program, insurance (car rental and mobile device), and more. Eligibility is more strict, though, such as gross household income of $100,000 or more and total balances of $250,000 in Tangerine savings or investment accounts.
Tangerine’s line of credit is a way to borrow money to pay off at your discretion, with a low variable interest rate and no annual fee.
Tangerine’s Home Equity Line of Credit lets you borrow against the equity of your home with a 2.35% interest rate. The Fixed Payback Plan of monthly payments is set up so you pay the principal quickly.
With a Tangerine mortgage, you have multiple options for fixed mortgage terms up to 10 years (3.49%) and a five-year variable mortgage (1.35%). It is also penalty-free if you move and take your mortgage with you at the current rate, term and amount.
To make use of your maximum contribution, Tangerine offers a 3.75% interest rate for an RRSP loan, when used for Tangerine for RRSPs. You can choose between a nine- or 12-month repayment term with no early repayment penalties.
When you invest at Tangerine you have five types of investment portfolios to choose from: The Balanced Income, Balanced, Balanced Growth, Dividend and Equity Growth (listed from lowest to highest risk). Each is set up with different allocation models, with varying amounts in Canadian bonds, and Canadian, U.S. and international stocks.
Tangerine offers four different investment accounts: RRSPs, TFSAs, non-registered investments and RRIFs. Tangerine’s low-fee approach applies to each (as outlined above), and you only require $25 to start an investment account, excluding RRIFs.
Tangerine can be ideal for anyone who doesn’t care about visiting a physical bank, but want to support a Canadian-owned business. But the biggest selling point is the low/no fees.
However, if you like personal service from your bank, know that you can contact Tangerine Bank by phone, mail or its bot chat service that responds to key words. The last one isn’t very user friendly, unless you have general inquiries. However, once you’re a client, you have access to a secure chat system when you sign in to your account. It’s managed by both bots and humans, and can access your account information.
Fees and rates are scheduled annually on January 1. So you’ll know what you’re getting into. Also, being a direct bank, Tangerine makes banking easy and convenient and offers options for saving, spending, borrowing and investing. Like most banks in Canada, Tangerine favours clients who have multiple accounts with them, making transactions efficient (and cheaper!).
If you’re digital savvy and don’t mind managing your money via your smartphone, then you can reap the benefits of attractive interest rates and no/low fees on your savings and chequing accounts, as well as investments, credit cards and loans.
If a link has an asterisk (*) at the end of it, that means it's an affiliate link and can sometimes result in a payment to MoneySense (owned by Ratehub Inc.) which helps our website stay free to our users. It's important to note that our editorial content will never be impacted by these links. We are committed to looking at all available products in the market, and where a product ranks in our article or whether or not it's included in the first place is never driven by compensation. For more details read our MoneySense Monetization policy.
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
Birthday money burning a hole? Read our "investing for...
Register free for The MoneyShow Canada Virtual Expo, Nov....
Still want to retire abroad? The pandemic has made...
When are taxes due? Any new tax deductions for...
Every year you think you’ll prepare your tax return...
Stay away. I have been trying for 9 months to have a fraudulent account that was opened in my name using all my personal information closed. Identity theft, plain and simple , I have never done any business with Tangerine. This bank is still lending money out to the fraudulent person and sending me arrears notices, final notices, etc and are now threatening legal action. Even with Trans Union, Equifax and the BBB on board it continues. Maybe it’s time I take legal action.
From what I understand from various sources the USD savings account does work down there it just requires you to add it in settings under client card mapped to other
How do I close an account?
Tangerine bank is to say the least a joke. I had CRA deposit 9500.00 into my partners account. We were able to pull out 3000.00, then Tangerine locked her account on Sept. 5. We have had no access to our direct deposits for 40 days. Tangerine, as a solution, said for myself to go and verify my identification at Canada post and as soon as i did that we would have a joint account immediately. I did that. Then they wanted me verify myself with transunion, and as soon as i did that our account will be a joint account and we would finally have access to our funds. Thmat was another lie. So now we still do not have access to our money. Yet last night. Tangerine found us to be who we said we were and they lifted our restrictions and we were able to pull out 1000.00. Right afterwards our account is blocked again and we have no access. We called and we are told that i couldnt be a client, therefore Sylwia would not get access to the money thats in there for our rent. Its now october 9th we still dont have access but we do unfortunately have an eviction notice. She has an 11 year old child that depends on her to have certain things ie: food and shelter which we are loosing tomorrow . These people are incompetent, and no one knows the process there and its frustrating as hell. Here is my advice stay clear of Tangerine bank if you know whats good for you. I am telling you as a concerned Canadian do not put your funds in this virtual bank you will get screwed over. Dont say you have not been warned.
I went into your chatbot but they couldn’t answer my question.
I would like to attach my daughter who has my Power of Attorney, to my bank account so she can manage my finances in the event of a serious ailment. How do I go about this?
Due to the large volume of comments we receive, we regret that we are unable to respond directly to each one. We invite you to email your question to [email protected], where it will be considered for a future response by one of our expert columnists. For personal advice, we suggest consulting with your financial institution or a qualified advisor.
I have withdrawn all my money from my savings account with Tangerine. Due to advanced
age, I wish to have the account closed. There is NIL balance. Is there any action required
by me.
DO NOT USE this bank. They are a subsidiary of the bank of nova scotia. It is virtually impossible to get in touch with them.. The bank of nova scotia wants nothing to do with you about any concerns you have!!
Will never bank with them again i changed to visa debit as all other banks im with are Visa debit so I had made a purchase on the 13th of January online but shortly after cancelled it as the store was having online issues and it would be days to get my order if I didn’t go into the store to get it and pay at the store but tangerine does not give you your money back for 5 business days they keep it as pending even know it was cancelled shortly after no other visa debit bank account I have do this to there loyal customers so I will not have access to that money my own money for 5 days…..
What a disgrace to Canada. Sadly this garbage bank still exist in Canadian soil. Every person that I spoke to nothing good to say about Tangerine. I never bank with them or even acknowledge their existence until now. Somehow these clowns bought my contact from credit bureaus send me a preapproved credit card offer. When I applied over the phone immediately declined without giving any reason. Three days later I received a saving account opened on my name which I never applied or requested. I called on hold for 3 hours bounced around between departments without any success I hung up. 4th day credit card declined letter stating “we aren’t able to approve your application based, in part, on information contained in your credit bureau report that doesn’t meet our current lending criteria”.
I have a 36 years of stellar credit with score of 842TU and 823 EQ. I haven’t applied for any credit past 4 years. My home fully paid off which is worth over 2.7 million.
I was talking to my 21 year old daughter who is just accepted to medical school when said same happened to her friend that Tangerine opened a saving account when she applied for credit card and declined credit card application. While we were on this subject my ex over heard this conversation she was laughing at us saying same happened to her about a year ago and her score was 822 at that time. So I wonder these clowns even know anything about lending practices or the meaning of credit risk management at all. I am not upset about my credit card application but opening a saving account without my permission. May be the parent company Scotia Bank and their cronies built this rotten culture.
In general, service really SUCKS! first, it’s very tricky when you call the customer service #, it gives you limited options to choose from the main menu, lucky if you finally can find the code to talk to the rep. then it will take you at least 40-45 mins till you can talk to someone, then they might switch you to another apartment (another xx mins waiting); here’s the worst that happened to me, the guy didn’t even think/check my account before he answered my question, twice in a roll, and when I questioned him back, he still tried to BS me then HUNG UP on me simultaneously.
STAY AWAY IS RIGHT!
Please do yourself a favour a find any other bank to support and trust. This was one of the worst banking experiences of my life, they are irresponsible and careless. I opened a account doing everything that they asked online and through their mail protocol. After my account was opened using the methods they told me I recieved my bank card and activated my account. THE VERY FIRST TIME I DEPOSITED MY IN MY OWN ACCOUNT!! They then made the decision to freeze my account with my own money in it. NOT A LOAN, NOT SOME SORT OF CREDIT THEY OFFERED BUT MY OWN MONEY. When I called to ask what was going on, they told me that the needed to verify my Identity once again. Stating that the method THEY told me to open it is not actually guaranteed!!! During this PANDEMIC time my money has been trapped in this account going on a month. They have stopped even contacting me.
I am begging anyone who reads this to STAY AWAY!!
STAY AWAY PLEASE!
Was just reading an interesting article about how Tangerine stole 1600 out of a small business owner’s account. Brutal stuff.
I joined this bank early on, when it was ING Bank. It was excellent back then. Terrific customer service, unbeatable savings rates, cashable GICs, and more. Since it became Tangerine, gradually, the bank has lost ground in all areas. I’m gradually moving my money to other better banking options.
We’ve been banking with Tangerine since 2013. We’ve had no problems that weren’t solved in short order. Like any other on-line entity, trying to contact a human can be frustrating at times but their website and app give you access to just about anything you need. We have automatic transfers set up between internal and eternal accounts and changes and adjustments can be made easily. All in all, the only time we go into a bank is for the rare occasion we need cash.
glad that I read the comments before doing any business with this institution, I will not be doing business with this bank anytime soon.
comments are such a valuable resource for the average person and yes I know they can be manipulated but multiple comments either way good or bad are a good stating point.
Cheers
I’m fed up with Tangerine; their customer service is truly terrible (you could spend hours trying to get through to resolve the smallest issue, and then they transfer you elsewhere, disconnect you, or tell you to go do it yourself), and their rates are bad to lousy, so why bother? This bank “ain’t what it used to be”!
I was a Tangerine client well before they were bought out by Bank of Nova Scotia (BNS) and loved their promise of “no fees”, which was true. They advertised this constantly. Almost immediately after BNS took over, they introduced their first of many fees and reduced savings interest rates. BNS subtly removed the phrase “no fees” from all of Tangerine’s ads. I simply hate the fees the big five banks charge, Tangerine is now part of the big five. I emptied all my Tangerine accounts and moved them to People’s Trust. I do not recommend Tangerine Bank.
Tangerine is a joke. They don’t care for their clients. I was in hospital for two months with Covid and almost died. While I was in there my account incurred two NSF charges. I was in no way able to take care of my finances while in the ICU. I explained that to them. They would only wave one NSF fee which I am thankful for but not for the second one. I just got home a few days ago and have no food. I have already gone two days without food. I wish I died from Covid. Then I wouldn’t have this extra stress. I have enough stress as it is.
Please if you don’t listen to an advise the rest of the year, please listen. Do NOT use this bank. They will screw you over as they did to me, and many others. This is a disgrace to Canaad for sure. Find another bank. Save yourself a headache and take my warning seriously.
Maybe you know….I can’t log into my Tangerine account.
I can’t send them a message or phone them.
For all intents and purposes Tangerine has hijacked my money.
CONCERNED!!
I was with Its predecessor, ING, which was an excellent bank. Since Scotia took it over the service has been terrible. I blew my telephone limit trying to get through to them to reset. Never got through. It’s dependent upon electronic communication so any glitch and your money is locked. Avoid this bank like COVID19.
I’ve been a customer with Tangerine for 3 years now. I’ve had great service. Nothing but positive. Everything that I have needed, I have received.
Bank of Nova Scotia told me not affiliated with Tangerine bank, only allow Tangerine to use there bank machines.
A month ago Tangerine gave a women I know nothing about $998 through interac e transfer out of my bank account, the same day they allowed here to withdraw $1998 and change by lying and saying she knew me.
The bank notified me by email of the $998 after giving it to her but never the $1998, I found out through phoning Tangerine.
It took 2 weeks for Tangerine to put the money back in my account and another week before I can access it. I filed a Police report. During those 3 weeks they would not allow me to withdraw my remaining $2400. After 3 weeks online I paid $2100 on a pay in advance card to get the rest of my money out of their bank. Tangerine never paid the card and blamed the bank I had the card with.
2 weeks later Tangerine put that money back in my account and I have to wait another week to get access to that money, then repay that card.
I will try and contact government fraud department by phone, I tried online and got nowhere.
When I get my remaining money I will put it on my pay in advance card with cash where I don’t have any bank account with.
I did nothing, Tangerine should be charged with dishonest business practices!!!
Wow! So many bad comments… We have been with them since the beginning. We LOVE Tangerine!! Best things in life are “free”..ha ha ha. All services are great. You get access to all great products. I’ve tried them all. The only little problem was changing over my mortgage but it worked out in the end. There were delays and mostly from previous bank. Can’t be prefect. Who goes to the bank anymore anyway?? And has anyone notice how bad it is to get service on the phone etc from anyone anymore? Especially since the covid? Anyways. I think it’s a great bank. Saved thousands in fees and made some money due to less fees in investments and better interest rates for years.
I’m glad I read these reviews as I was contemplating opening an account and transferring some investments. I won’t investigate any further. Thanks folks!
Can I open a joint account with 2 other people and myself?
I’ve been a customer of Tangerine for many years now. I’ve had great service. Nothing but positive. Everything that I have needed, I have received. I really don’t understand all these negative reports. It is true that ING was better, but so were all the other Canadian banks, times change.