When it comes to online banking, Tangerine is likely the most well-known, and for good reason. It was one of the first online banks to be brought to Canada as an alternative to traditional banking and originally started operating under the company name ING DIRECT. It was eventually acquired by Scotiabank and became Tangerine in 2012.
The company has certainly played a key role in the trend toward online, branchless banking, and it offers a variety of banking and investing options to consumers. The convenience of banking online and the lower fees and competitive rates it’s able to offer, make it an attractive option for Canadians.
Let’s go more in-depth with Tangerine to help you determine if you should park your capital or invest through this particular online bank.
Tangerine offers a wide variety of products and services, here is a brief breakdown of all the different types of accounts they currently offer.
Check out our review of the Tangerine Tax-Free Savings Account.
When you apply for a Tangerine Money-Back Credit Card by May 2, 2023, you’ll earn an extra 10% back (up at $100) when you spend up to $1000 in everyday purchases within your first 2 months.*
When you apply for a Tangerine World Credit Card by May 2, 2023, you’ll earn an extra 10% back (up to $100) when you spend up to $1000 in everyday purchases within your first 2 months.*
| Feature | Savings Account | Tax-Free Savings Account | RSP Savings Account | US$ Savings Account | RIF Savings Account |
| Monthly Fee | $0 | $0 | $0 | $0 | $0 |
| Minimum Balance | None | None | None | None | None |
| Interest Rate | 1.00% | 1.00% | 1.00% | 0.10% | 1.05% |
| Mobile App Available? | Yes | Yes | Yes | Yes | Yes |
| Feature | Details |
| Daily Fees | $0 |
| Interest Rate | 0.10% |
| Overdraft Protection Available? | Yes |
| Debit Purchases | Unlimited |
| Bill Payments | Unlimited |
| Pre-Authorized Payments | Unlimited |
| Interac e-Transfers | Unlimited |
| Cheques | First 50 free |
| Feature | Money-Back Credit Card | World MasterCard |
| Annual Fee | $0 | $0 |
| Rewards | Up to 2% | Up to 2% |
| Interest Rate | 19.95% | 19.95% |
| Special Features | – Travel rewards – On-demand and subscription services-Rental car collision/loss damage insurance – Mobile device insurance – Mastercard airport experiences |
| Feature | Guaranteed Investment | RSP Guaranteed Investment | Tax-Free Guaranteed Investment | US$ Guaranteed Investment | RIF Guaranteed Investment |
| Interest Rate | 4.85% | 4.85% | 4.85% | 4.75% | 4.85% |
| Feature | Business Savings Account | Business US$ Savings Account | Business Guaranteed Investment | Business US$ Guaranteed Investment |
| Interest Rate | Up to 1.50% | 1.60% | Up to 4.85% | Up to 4.75% |
| Type | Rate |
| 5 Year Variable Mortgage | 5.25% |
| 1 Year Fixed Mortgage | 5.99% |
| 2 Year Fixed Mortgage | 5.84% |
| 3Year Fixed Mortgage | 5.62% |
| 4 Year Fixed Mortgage | 5.61% |
| 5 Year Fixed Mortgage | 5.59% |
| 7 Year Fixed Mortgage | 6.09% |
| 10 Year Fixed Mortgage | 6.49% |
| Feature | Details |
| Interest Rate | 5.35% |
| Special Perks | – 24/7 online access – Regular fixed payments help you pay off the principal sooner |
| Feature | Details |
| Interest Rate | Based on Tangerine’s Prime Rate |
| Special Perks | – No annual fee – Accessible when needed-Quick apply |
Live support at Tangerine is accessible via the following channels:
Signing up with Tangerine and opening an account is easy. Simply choose the account type that you want to open, and click on the “enroll now” button. You’ll be taken to a standard form page that you’ll have to fill out and include information such as the following:
You will have to confirm your identity, which you can do in one of three ways:
Yes, banking with Tangerine is safe. Your funds and investments are secure. Plus, Tangerine has to comply with privacy standards when it comes to online banking, just like all other major financial institutions in Canada and goes the extra step by ensuring secure online PIN reset, encryption, and Secure Socket Layer (SSL) protection.
The online bank also uses DoubleSafe, a technology that requires you to choose a photo and phrase that you will have to type in every time you log in. This adds an extra layer of identification to ensure that imposters don’t try to hack your account. Lastly, Tangerine’s credit cards have SecureChip technology that is less vulnerable to theft compared to magnetic strips.
Tangerine may be best suited for those who like the idea of taking their banking completely online, even though there are a couple of physical locations in Canada. It’s also great for people who appreciate the low fees (and sometimes no fees) associated with their banking products and like the variety of products that the online bank has to offer.
If you’re technologically savvy and are comfortable with managing your banking and financial products on your computer or mobile device, then you might find Tangerine the perfect financial partner for all your banking needs.
Lisa has been working as a personal finance writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same.
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