Simplii Financial and Tangerine are two of Canada’s most popular online banks. Both choices offer a range of financial products and services, including chequing and savings accounts, investments, personal loans, mortgage. But which one is better?
We’ll dive into the key differences between Simplii and Tangerine to help you determine which bank best suits your needs. From everyday banking to investment options, we’ll compare Simplii vs. Tangerine across various categories to give you a comprehensive overview of each institution’s offerings.
Tangerine vs. Simplii Financial: A Comparison
| Simplii Financial | Tangerine | |
| Chequing Accounts | No fee, Up to 0.10% interest | No fee, Up to 0.10% interest |
| Savings Accounts | – Tiered interest*: – 0.40% – 5.50% (unregistered), – 0.40% (registered – TFSA and RRSP) | – 0.70% interest (unregistered) – 0.70% – 0.75% (registered – TFSA, RSP, RIF) |
| Investments | – Mutual Funds (~1.25 MER) – GICs (up to 5%) | – Mutual Funds (0.8% – 1% MER) – GICs (up to 5.25%) |
| Mortgages | 2-5 year terms, slightly lower 5-year fixed rate, special programs | 1-10 year terms, competitive rates |
| HELOC | <7.20% interest rate (with existing mortgage), $150 setup fee | 7.70% interest rate |
| Foreign Currency | USD Savings Account (3.05% interest), 5 foreign currency accounts | US$ Savings Account (0.10% interest) |
| Unique Features | International Money Transfers, USD ATMs | Business Banking, Money Rules |
*$1,000,000 deposit is required for the 5.50% interest rate. See Simplii High Interest Savings Account section for more details.
What Does Simplii vs. Tangerine Offer?
Banking
They have similar banking products, with Simplii providing more foreign currency products.
- Simplii: No Fee Chequing Account, High Interest Savings Account, USD Savings Account, Foreign Currency Savings Account, Registered Accounts (TFSA, RRSP)
- Tangerine: No-Fee Daily Chequing Account, Savings Account, US$ Savings Account, Registered Accounts (TFSA, RSP, RIF)
Investments
Both offer mutual funds and GICs, with Tangerine having more selection.
- Simplii: Mutual Funds, Guaranteed Investment Certificates (GICs)
- Tangerine: Mutual Funds (Core Portfolios, Global ETF Portfolios, Socially Responsible Global Portfolios), Guaranteed Investment Certificates (GICs)
Credit Products
They offer the same selection of lending products.
- Both: Mortgage, Home Equity Line of Credit (HELOC), Unsecured Line of Credit, Personal Loan, and more.
Notable Additional Features
- Simplii:Global Money Transfer, USD ATMs
- Tangerine: Business banking, money automation rules
Simplii Banking vs. Tangerine Banking
Simplii
Simplii’s everyday banking options are standard online accounts. Their chequing and savings accounts offer no fees and modest interest rates. Otherwise, Simplii shines with their foreign currency accounts, including a 3.05% interest rate on USD balances.
No Fee Chequing Account
Simplii’s chequing account also offers unlimited transactions without annual fees. This includes withdrawals from CIBC’s ATM network, though slightly smaller than Scotiabank’s. The interest rates align with Tangerine, at up to 0.10%.
High Interest Savings Account
The account has no monthly fees and no minimum balance requirements. While Simplii promotes a 5.50% interest rate, it’s out of reach for most Canadians. You’ll earn 0.40% on deposits below 100,000 – outpaced by Tangerine’s 0.70%.
Simplii also offers two registered savings accounts. This includes a TFSA and RRSP, offering a flat 0.40% interest rate.
USD Savings Account
Simplii’s USD Savings Account is a hidden gem. At 3.05%, the interest rate eclipses even Simplii’s standard High Interest Savings Account. It’s more profitable to keep money in USD rather than CAD. The account also boasts no minimum balance or monthly fees. It’s a better option than Tangerine’s equivalent.
Foreign Currency Savings Accounts
Another unique feature is Simplii’s Foreign Currency Savings Accounts. You can open accounts in Euros (EUR), British Pounds (GBP), Chinese Yuan (CNH), Indian Rupees (INR), and Philippine Pesos (PHP). Simplii is the only Canadian bank offering personal deposit accounts in INR and PHP.
While you won’t earn interest, the account has competitive exchange rates with no monthly fees or minimum balance requirements. It’s perfect for newcomers sending money to family abroad.
Tangerine
Tangerine offers a handful of chequing and savings accounts. Some are designed with students in mind, while others are for those who deal with US funds. However, their most popular offer is the No-Fee Daily Chequing Account. Overall, their chequing and savings accounts are similar to Simplii’s.
No-Fee Daily Chequing Account
Tangerine’s chequing account offers unlimited transactions without fees. The account also provides free access to over 3,500 Scotiabank ATMs nationwide and 44,000 ATMs worldwide through their Global ATM Alliance. The interest rate is relatively low, at up to 0.10%.
Savings Account
The Tangerine Savings Account offers a modest 0.70% interest rate. It’s far from market-leading, though higher than Simplii’s for deposits below $500,000. It has no monthly fees or minimum balance requirements.
Tangerine also offers registered savings accounts (TFSA, RSP, RIF) with up to a 0.75% interest rate.
US$ Savings Account
Tangerine’s US$ Savings Account pales compared to Simplii’s. The interest rate is only 0.10%, though without fees and balance requirements. A neat feature is the ability to automate transactions.
Tangerine Money-Back Credit Card
The Tangerine Money-Back Credit Card has a balanced point system for those who prefer flexibility. You’ll earn 2% on up to three interchangeable categories, aligning rewards to your spending habits.
Tangerine World Mastercard
While still a free card, the Tangerine World Mastercard provides additional perks for higher-income people. You’ll benefit from the same point system, with enhanced insurance coverage and travel perks. The insurance coverage spans rental car collisions and up to $1,000 if your mobile device is lost, stolen, or broken.
The notable travel perks include a DragonPass membership and Bingo Wi-Fi access. The lounge visits aren’t free, costing $32 USD per visit – though the option is excellent for those who occasionally treat themselves. Boingo Wi-Fi adds convenience, offering free premium Wi-Fi at select airports and flights.
Simplii vs. Tangerine: Investments
Simplii
Overall, Simplii also offers a variety of investment offerings, but with slightly lower interest rates than Tangerine. Simplii currently offers a higher interest rate for longer-term GICs.
Mutual Funds
Essentially, Simplii has one fund category with three types of risk profiles. The risk profiles span conservative, balanced, and growth. Simplii’s mutual fund fees are even higher than Tangerine’s – reaching up to 1.26%.
Guaranteed Investment Certificates (GICs)
Simplii offers GICs for unregistered and RRSP accounts. The minimum deposit requirement is higher at $100. Currently, Simplii offers higher interest rates for GICs that have a term of more than one year.
| GIC/RGIC term | APY |
| 1 year | 5.00% |
| 2 year | 4.35% |
| 3 year | 4.25% |
| 4 year | 4.25% |
| 5 year | 4.25% |
Source: Simplii (April, 2024).
Tangerine
Tangerine offers an impressive selection of investment products. You’ll find a mutual fund for any risk tolerance. Though fees are high, certain funds have shown an outstanding one-year performance. Likewise, Tangerine’s GICs have strong interest rates across many account types.
Mutual Funds
Tangerine’s mutual funds are expensive, with their management expense ratio (MER) ranging from around 0.8% to 1.0%. That said, they have impressive returns, with a robust selection across their three variants – Core Portfolios, Global ETF Portfolios, and Socially Responsible Global Portfolios.
Each fund contains four to five variants depending on your risk tolerance. Tangerine recently launched a money market fund, but little information is available. You can invest in any fund with a $25 minimum deposit.
Guaranteed Investment Certificates (GICs)
Tangerine offers an impressive range of GICs, spanning registered, unregistered, and USD options. Their interest rates reach up to 5.25%. There are also no additional fees, increasing profitability. Their registered GICs manifest as an RSP, TFSA, and RIF.
| Term Length | Standard GIC Rate | TFSA GIC Rate | US$ GIC Rate | RIF GIC Rate | RSP GIC Rate |
| 90 Day | 3.50% | 3.50% | 3.30% | 3.50% | 3.50% |
| 180 Day | 5.00% | 5.00% | 4.80% | 5.00% | 5.00% |
| 270 Day | 5.25% | 5.25% | 5.05% | 5.25% | 5.25% |
| 1 Year | 5.20% | 5.20% | 5.00% | 5.20% | 5.20% |
| 1.5 Year | 4.30% | 4.80% | 4.10% | 4.80% | 4.80% |
| 2 Year | 3.60% | 4.10% | 3.40% | 4.10% | 4.10% |
| 3 Year | 3.50% | 4.00% | 3.30% | 4.00% | 4.00% |
| 4 Year | 3.30% | 3.80% | 3.10% | 3.80% | 3.80% |
| 5 Year | 3.25% | 3.75% | 3.05% | 3.75% | 3.75% |
Source: Tangerine (April 2024).
Simplii vs. Tangerine: Credit Products
Simplii
Simplii’s credit products are similar to Tangerine. They stand out for niche mortgages and VIP rates on their HELOC. Otherwise, they both offer a line of credit and personal loans.
Mortgages
Simplii’s mortgages offer fewer term lengths than Tangerine’s. While the interest rates are comparable, Simplii offers a slightly lower five-year fixed-rate mortgage than Tangerine.
Simplii also has a special mortgage program that assists niche borrowers. This makes it a more appealing lender for medical professionals, newcomers, or those looking to buy property on a resort or rural land.
| Fixed | Variable | |
| 2 Year | 6.64% | N/A |
| 3 Year | 5.59% | N/A |
| 4 Year | 5.74% | N/A |
| 5 Year | 5.49% | 6.95% |
Source: Simplii (April, 2024)
Secured Line of Credit
Simplii secures this loan against your home, effectively making it a HELOC. The standard rate can be as low as a CIBC Prime, with even lower rates if you have a mortgage with Simplii.
At the time of writing, this translates to an interest rate of 7.20% or below, beating Tangerine. However, you’ll need to pay an additional $150 setup fee. If you have an existing mortgage with Simplii, their secured line of credit is likely better than Tangerine’s.
Unsecured Loans
Simplii offers both a line of credit and a personal loan. Their personal loan offers a fixed rate, making it a better option for those who prefer predictable payments. Otherwise, Simplii doesn’t charge a set-up or annual fee on personal loans. You’ll also need to find out the interest rate after applying.
Tangerine
Tangerine offers more mortgage terms and generally better rates – though not always. Their HELOC has a higher interest rate than Simplii’s. Tangerine also offers a personal loan and line of credit, though they don’t reveal their rates upfront.
Mortgages
Tangerine shines for its breath of mortgages. Their term lengths span one to ten years, with almost consistently lower rates than Simplii.
| Fixed | Variable | |
| 1 Year | 7.39% | N/A |
| 2 Year | 6.49% | N/A |
| 3 Year | 5.64% | N/A |
| 4 Year | 5.64% | N/A |
| 5 Year | 5.54% | 6.85% |
| 7 Year | 6.15% | N/A |
| 10 Year | 6.55% | N/A |
Source: Tangerine (April, 2024)
Home Equity Line of Credit (HELOC)
Tangerine’s HELOC carries a 7.70% interest rate. It’s a higher rate than Simplii, and they don’t mention discounts to existing mortgage clients.
Unsecured Loans
Tangerine’s loan page exclusively mentions a line of credit, though further research reveals a personal loan. Both loans have no fees, but you’ll generally only figure out your interest rate after applying. That said, Tangerine’s personal loan page promotes a 9.50% interest rate.
Simplii vs. Tangerine: Other Notable Products
- Simplii – Global Money Transfer: This is a cost-effective and secure way to send money abroad. It eliminates transfer fees and provides competitive foreign exchange rates.
- Simplii – USD ATMs: An underrated Simplii feature is the ability to make USD deposits and withdrawals at select Canadian CIBC ATMs. You can use the app to filter for USD ATMs in your area. This avoids the heavy markup imposed by currency dealers.
- Tangerine – Business Banking: Tangerine offers business banking, while Simplii doesn’t. Their products encompass savings accounts and GICs. Both options also have a USD variant.
- Tangerine – Money Rules: These are money management automation. You can create up to ten rules based on specific conditions to move money. For example, excess funds can be transferred from a chequing account to a savings account when the balance exceeds a certain amount.
Final Thoughts
While generally better than big banks, choosing Simplii vs. Tangerine depends on the products you’re looking for. Tangerine offers a broader selection of investment products while Simplii stands out for its foreign currency accounts. Overall, their lending and banking products are comparable.
