Tangerine Bank Canada Review 2021

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The advancement in financial, technological innovations has opened a new channel of banking for Canadians. Digital and online banking have revolutionized the process of saving money and other banking transactions.

One of Canada’s most popular online banks is the Tangerine Bank. With its low fee, high interest and investment account packages, Tangerine Bank is a go-to bank for many Canadians. Unlike the high costs and charges on chequing accounts associated with the big banks, online-only banks like the Tangerine Bank offer cheaper, faster, and convenient banking.

Here are the features of the bank, including its products and services.

About Tangerine Bank

Tangerine Bank is a direct or online-only digital bank operating in Canada. As a branchless or virtual bank, the bank’s customers interact with their bank via online, mobile, and telephone channels.

Unlike the typical brick and mortar banks, Tangerine Bank offers high interest on savings, with no annual charges or fees.

Who Owns Tangerine Bank?

Tangerine Bank was initially founded as ING Direct Canada in 1997 and retained the name until 2012. In November 2012, the online bank was acquired by Scotiabank (The Bank of Nova Scotia), one of the “big five banks” in Canada.

In 2014, the name of the bank was changed from ING Direct to Tangerine Bank. Tangerine Bank’s headquarters is in Toronto, Ontario, where it provides digital and online banking services. 

Company Tangerine Bank
Industry Financial Services
Specialty Banking (online or direct banking)
Website https://www.tangerine.ca
Founded 1997
Former Name ING Direct Canada
Parent Company Scotiabank
Headquarters Toronto, Ontario, Canada.
Products and Services Savings accounts, Chequing account,
Investment accounts, Business accounts,
GIC accounts, Mortgage,
HELOC, Line of Credit,
Loan and Credit Cards

Tangerine Bank Products and Services

Tangerine Bank offers a wide range of banking products and services, including chequing accounts, savings accounts, mortgages, investments, and loan services.

Tangerine Bank Savings Accounts

Tangerine offers five savings account types that provide a great interest rate on customers’ account balance and comes with zero banking fees.

1.     Tangerine Savings Account

The Tangerine savings account is a no-fee account that earns you high interest on your savings. It comes with a standard interest rate of 0.10% and a promotional interest rate of 2.10%.

Features

  • The standard interest rate is 0.10%
  • There’s a promotional interest rate of 2.10% for the first five months.
  • No service charge applies.
  • Zero monthly fees
  • Zero minimum balance.
  • CDIC protected

2.     Tangerine Tax-Free Savings Account (TFSA)

Apart from the regular Tangerine savings account benefits, holders of the Tangerine TFSA enjoy tax-free interests on their savings and withdrawals.

Features

  • The standard interest rate is 0.10%
  • There’s a promotional interest rate of 2.10% for the first five months.
  • No monthly fee required
  • No minimum balance is required.
  • No service charges
  • Tax-free interest and tax-free withdrawals
  • Flexibility in banking
  • CDIC protected

3.     Tangerine RSP Savings Account

The Tangerine RSP savings account is suitable for growing your Retirement Savings Plan (RSP). The RSP savings account comes with a great interest rate of 0.10% and no service charges. You can also set up direct auto-deposit for your retirement plans.

Features

  • The standard interest rate is 0.10%
  • No monthly fees
  • No service charges
  • Automatic savings program for regular savings
  • A promotional interest rate of 2.10% in the first five months of account opening
  • CDIC protected

4.     Tangerine US$ Dollar Savings Account

Tangerine US$ savings account earns you a high-interest rate of 0.10% on your USD funds. With no service charges and no monthly fees or hidden fees, this account is ideal for saving your US dollar at a favourable exchange rate.

Features

  • The standard interest rate is 0.10%
  • There’s a promotional interest rate of 2.10% for the first five months.
  • No monthly fees
  • No minimum balance is required.
  • No service charges

5.     Tangerine RIF Savings Account

The Tangerine RIF savings account gives you the ability to use your retirement funds and enjoy the Tangerine savings account’s full benefits. The Retirement Income Fund (RIF) account comes at a regular interest rate of 0.15% and no minimum balance requirement.

Features

  • The regular interest rate is 0.15%
  • There’s a promotional interest rate of 2.10% for the first five months.
  • No monthly fee
  • No minimum balance is required.
  • No service charges
  • CDIC protection guaranteed

Tangerine Chequing Account

The Tangerine chequing account is a no-fee daily chequing account that offers free daily chequing transactions. You’ll also earn interest on your chequing account balance and unlimited transactions. The Tangerine chequing account offers free Interac e-Transfer and Visa Debit Card access to shop at your favourite online retail stores.

Features

  • The standard interest rate is 0.10%
  • Zero daily chequing fees
  • It comes with visa debit cards for online and in-store purchases at participating retailers.
  • The promotional interest rate is 2.10%
  • Free and unlimited transactions, including debit purchases, bill payments, pre-authorized payments, Tangerine Email money transfers, and Interac e-Transfer transactions
  • Free access to 3,500 Scotiabank ABMs nationwide and 44,000 ABMs worldwide.
  • Overdraft protection available
  • Interac and Visa Debit zero liability protection are available.
  • Free cheque books (up to 50). Other cheques books attract $50 each.

Tangerine Bank Investment Funds

Tangerine Bank offers a great way to diversify your investment portfolio and invest in the future. The Tangerine Bank investment account types include:

  • Tax-Free Savings Account (TFSA) for tax-free growth on your investments.
  • Retirement Savings Plan (RSP) for tax-deferred growth on your investment.
  • Non-Registered Investment Account for flexible investments with no contribution or withdrawal limits.
  • Retirement Income Fund (RIF) for drawing from your retirement savings to grow your assets tax-sheltered until withdrawal.

Tangerine Bank GICs

Tangerine Bank’s customers can explore the profit potentials of the bank’s Guaranteed Investment Certificates (GICs) with guaranteed interest rates on your investment. Each GIC type comes with fixed terms for long-term financial goals. These include:

Guaranteed Investment (GIC)

The Tangerine Bank GIC comes with no fees or service charges and up to a 1.10% interest rate. There’s no monthly fee or hidden costs.

RSP Guaranteed Investment

The Tangerine Bank RSP GIC provides you with guaranteed growth on your retirement savings. It comes with the tax benefit of an RSP, no monthly fee, and up to a 1.10% interest rate.

Tax-Free Guaranteed Investment (GIC)

The tax-Free GIC gives Tangerine customers tax-free and secure growth on their savings. It comes with no monthly fee and up to a 1.10% interest rate.

RIF Guaranteed Investment

The RIF guaranteed investment gives you a combined benefit of the Tangerine GIC and the Retirement Income Fund (RIF). You’ll enjoy up to a 1.10% interest rate and zero monthly fees. It also comes with a promotional offer of a 2.10% interest rate.

US$ GIC

The US$ GIC provides you with guaranteed interest for your US dollar funds. It comes with an interest rate of up to 0.70%

Tangerine Bank Mortgage

Are you looking to buy a new home or refinancing? Tangerine Bank’s mortgage offers borrowing options, including mortgages at a competitive interest rate with flexible repayment options. You also have access to a personalized mortgage account manager.

Tangerine Bank Borrowing and Loans

In addition to the above services, customers of Tangerine Bank enjoy access to specialized services and products, including:

  • Home Equity Line of Credit (HELOC)
  • RSP Loan
  • Line of Credit

Tangerine Bank Credit Card

The Tangerine Bank credit card is of two types, with each offering cardholders the convenience of spending and saving money on everyday purchases.

Tangerine Money-Back Credit Card

The Money-Back credit card is licensed by MasterCard and offers you unlimited monthly money-back rewards. Cardholders enjoy money-back rewards of up to 2% in up to three personalized categories.

Features

  • No annual fee
  • The annual interest rate on purchases is 19.95%
  • The annual interest rate on balance transfer and cash advances is 19.95%
  • It is available only to Canadian permanent residents of the age of majority and clear of bankruptcy in the past seven years.
  • A gross annual income of $12,000 or more.

Tangerine World MasterCard

The Tangerine World MasterCard is a no-fee credit card for earning unlimited and monthly money-back rewards. Other benefits of the World MasterCard include MasterCard Travel Rewards, Boingo Wi-Fi for MasterCard, Rental Car Collision/Loss Damage Insurance, On-Demand and Subscription services, Mobile Device Insurance, etc.

Features

  • No annual fees
  • Money-Back rewards up to 2% in three personalized categories, including groceries, hotels, gas purchases, drug stores, entertainment, public transport, etc.
  • The annual interest rate on purchases is 19.95%
  • The annual interest rate on cash advances and balance transfer is 19.95%
  • A yearly gross income of $60,000 or more, or gross household income of $100,000 or more.
  • It is available to permanent residents of Canada who are of the age of majority and clear of bankruptcies over the past seven years.

How to Open Tangerine Bank Account

Signing up for an account with Tangerine is easy. As a virtual bank, account opening can be done online or on the mobile app using your Social Insurance Number (SIN), employment information, and contact information. You can open a saving, chequing, or investment account with Tangerine to enjoy access to all the bank’s products and services.

Is Tangerine Bank Safe?

Tangerine Bank uses advanced technology to protect the information and funds of its customers safely. As a Scotiabank subsidiary (though independent in service and control) and a member of the Canada deposit insurance corporation (CDIC), you can rest assured that your money and personal information are well protected against unauthorized access. The CDIC covers each customer’s funds up to $100,000.

Tangerine Mobile Banking App

One of the easiest and convenient methods of banking with Tangerine is through its mobile banking app. The Tangerine mobile app is equipped and designed to provide faster, digital, and comprehensive banking solutions. The tangerine mobile app is available for download on the Google Play Store or the App Store for Android and iOS users.

Ways to Bank

Tangerine bank customers can access their account and other banking services through the following channels:

  • Online and Mobile Banking
  • Telephone Banking
  • Tangerine Cafe
  • ABM Locations (Over 3500 ABMs on the Scotiabank network)

Tangerine Customer Service

You can contact the Tangerine Bank customer service (for enquiries, feedback, or any other topical area) through any of the following channels:

Phone: 1-888-826-4374

Online Chat

Mail: Tangerine Bank

3389, Steeles Avenue East

Toronto, Ontario

M2H 0A1

Social Media Platforms: Facebook, Twitter, YouTube, Instagram, or LinkedIn.

Tangerine Fees and Rates

Tangerine US$ Exchange Rate

Variables Rates
Exchange Rate Buying 1.283%
Exchange Rate Selling 1.238%

Tangerine Chequing Account Interest Rate

Variables ($) Rates (%)
$0.00 – $49,999.99 0.01%
$50,000.00 – $99,999.99 0.05%
$100,000.00 or more 0.10%

Tangerine GIC Rate

GIC Terms GIC Interest
Rate (%)
Other GIC
Rates  
US$ GIC
Interest Rate
90 Day0.20   0.20   0.15  
180 Day0.60   0.60   0.15  
270 Day0.65   0.75   0.20  
1 Year 0.65   0.65   0.20  
1.5 Year 0.70   0.70   0.30  
2 Year 0.75   0.75   0.35  
3 Year 0.80   0.80   0.50  
4 Year 1.001.000.60
5 Year 1.101.100.70

Tangerine Mortgage Rate

Term Mortgage Type Interest Rate (%)
5 Year Variable Mortgage1.45  
1 Year Fixed Mortgage 2.79
2 Year Fixed Mortgage   1.78
3 Year Fixed Mortgage 1.74
4 Year Fixed Mortgage 1.74
5 Year Fixed Mortgage   1.89
7 Year Fixed Mortgage   2.49
10 Year Fixed Mortgage 2.84

Editor’s Review

If you love no-fee and online banking services with high-interest rates, you need to consider Tangerine Bank as one of the most suitable options. Tangerine has one of the best interest rates among online and digital banks in Canada.

However, if you prefer to have face-to-face interactions with your banking provider, Tangerine Bank might not be suitable for you. Although Tangerine Bank has about five cafes across Canada, it doesn’t operate a brick-and-mortar bank.

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Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.

Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.