Simplii vs. Tangerine 2021 | Comparing Digital Banks

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Simplii vs. Tangerine 2021 | Comparing Digital Banks

Written by Lisa Rennie
Fact-checked by Caitlin Wood

Simplii vs. Tangerine 2021 | Comparing Digital Banks

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Online Banking

Digital banking has become the norm for an increasing number of Canadians, and several online-only banks have emerged over recent years to accommodate this growing practice. 

Simplii Financial and Tangerine are two of the more commonly-used online-only banks in Canada, each of which offers a slew of products and services to meet the banking needs of Canadian consumers.

If you’re looking to make the switch to an online-only bank, should you go with Tangerine or Simplii?

Simplii Vs. Tangerine: Who Are They?

Simplii Financial is an online-only bank that offers digital banking products for consumers who prefer to take their banking completely online. The brand was founded in 2017 after the partnership between CIBC and supermarket chain Loblaw Companies ended. Following this severed partnership, CIBC took over completely. 

Now, Simplii has absorbed all 2 million+ PC Financial customers and offers a wide array of bank accounts and credit cards, all of which can be entirely managed online or through Simplii Financial’s mobile app. 

Tangerine is one of the original online-only banks to have emerged in Canada. Originally named ING DIRECT, the digital bank has since been acquired by Scotiabank and rebranded to its current name. Tangerine rivals traditional banks in terms of the banking products provided. You’ll find a full suite of products available with Tangerine, including checking and savings accounts, credit cards, and mortgages

What Does Simplii Vs. Tangerine Offer?

Both Tangerine and Simplii Financial make excellent choices for online-only banking. To help you determine which financial institution to bank with, you’ll want to compare the products, services, and features they offer to find one that more closely matches your needs.

Simplii FinancialTangerine
Types Of Basic Banking Accounts– High-interest savings account
– Tax-free savings account (TFSA)
– No-fee chequing account
– RRSP savings account
– Savings account 
– Tax-free savings account (TFSA)
– RSP savings account
– US dollar savings account
– RIF savings account
– Children’s savings account
– Business savings account
Types Of Investment Accounts– GICs 
– Mutual fund accounts 
– GICs 
– RIF investment fund accounts
– RSP investment fund accounts
– Non-registered investment accounts
Types Of Loans– Personal loans
– Mortgages
– Lines of credit
– RSP loans
– Mortgages
– Lines of credit
Types Of Credit Cards– Simplii Financial Cash Back Visa Card– Tangerine World Mastercard
– Tangerine Money-Back Credit Card

Benefits Of Banking With Simplii Vs. Tangerine

Both online banks offer a plethora of perks, which is why they are two of the more popular digital banks among Canadian consumers.

Simplii Financial

  • No monthly fees
  • No minimum account balance requirements
  • Unlimited withdrawals
  • Free Interac e-Transfers
  • $200 welcome bonus on new checking accounts
  • High 2% interest rate on savings accounts when you sign up before March 31, 2021 (0.10% after that)
  • Free access to more than 3,400 CIBC ATMs in Canada

Tangerine

  • No monthly fees
  • Unlimited withdrawals
  • Free Interac e-Transfers
  • Free access to more than 3,500 Scotiabank ATMs in Canada
  • High interest rates on GICs
  • 2.10% promotional rate in for your first savings or checking accounts

Drawbacks Of Banking With Simplii Vs. Tangerine

While there are plenty of benefits of banking with either Simplii Financial or Tangerine, there are also a few drawbacks to consider.

Simplii Financial

  • Interest rates on savings accounts are slightly lower than other digital banks
  • Not available in Quebec

Tangerine

  • Interest rates on savings accounts are slightly lower than other digital banks
  • No personal or auto loans available
  • No foreign currency services or international money transfers

Overview Of Simplii Vs. Tangerine

Simplii FinancialTangerine
Monthly Fee$0$0
Transactions limitsUnlimitedUnlimited
Interac e-transferFreeFree
ATM withdrawalsFree at CIBC bank machinesFree at Scotiabank bank machines
Branches availableNoSome Tangerine “cafes” open in select cities in Canada
Overdraft protection $4.97 + 19% of the amount accessed. Only available on chequing accounts.$5 if the balance remains overdrawn by the end of the day.
Auto-depositYesYes
ChequesFreeFirst 50 cheques are free
Types of accounts– High-interest savings account
– Tax-free savings account (TFSA)
– No-fee chequing account
– RRSP savings account
– Guaranteed investment certificates (GICs) 
– Mutual fund accounts 
– Savings account
Tax-free savings account (TFSA)
– RSP savings account
– US dollar savings account
– RIF savings account
– Children’s savings account
– Business savings account
– Guaranteed investment certificates (GICs) 
– RIF investment fund accounts
– RSP investment fund accounts
– Non-registered investment accounts
Sign-up bonus-$200 welcome bonus on new chequing accounts
-2% rate on savings accounts 
2.8% promotional rate in first 5 months on savings accounts
Mobile AppYesYes
International Money TransfersFreeNot available

Is It Safe To Bank With Tangerine And Simplii?

Both digital banks are very safe to bank with. Up to $100,000 deposited with Tangerine and Simplii Financial is insured by the Canada Deposit Insurance Corporation (CDIC). Plus, both banks use encryption features and security systems to protect your personal information from potential hackers. 

Should You Bank With Tangerine Or Simplii? 

Both Tangerine and Simplii Financial are very comparable. If you’re looking for accounts that come with zero monthly fees, unlimited transactions, and the convenience of banking online or via your mobile device, then either bank will do just fine. That said, each bank comes with its own features that you may not find with the other. 

Often bank with your phone? Protect your phone with mobile device insurance.

For instance, if you want foreign currency services or international money transfers, then go with Simplii, as Tangerine does not offer such services. But if you reside in Quebec, then consider banking with Tangerine, as they are available all across Canada. Be sure to assess your needs to help you choose which bank more closely matches what you’re looking for.


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