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 brought to Canada as an alternative to traditional banking, and it originally operated under the name ING DIRECT. It was eventually acquired by Scotiabank and became Tangerine in 2012.
The company has played a key role in the trend toward online, branchless banking, and it offers a wide variety of banking and investing options. The convenience of banking online, along with the lower fees and competitive rates it can offer, makes it an attractive option for Canadians.
Let’s go more in-depth with Tangerine to help you decide whether you should park your cash or invest through this online bank.
Key Points
1. Tangerine is one of Canada’s original online banks (formerly ING DIRECT, acquired by Scotiabank in 2012) and offers chequing, savings, credit cards, GICs, investment funds, and borrowing products.
2. Its standout features are no daily banking fees, no minimum balances, free Interac e-Transfers, and a no-fee cash back credit card.
3. Tangerine updated its GIC rates on August 22, 2026. Registered and non-registered GICs now pay up to 4.00% on a 5-year term, and US dollar GICs pay up to 4.40%.
4. Deposits are CDIC insured, and you get access to thousands of ABMs plus a handful of in-person “cafe” locations.
5. The main trade-offs are a modest base savings rate and no personal or car loans.
What Accounts Does Tangerine Offer?
Tangerine’s lineup is far broader than most online banks and rivals what you would find at a traditional bank. It spans everyday banking, credit cards, investing, borrowing, and business banking, all managed from your phone or computer. Here is a look at each category at a glance, followed by the details.
Everyday Banking
No-fee chequing and five types of savings account, with no minimum balance and free Interac e-Transfers.
Credit Cards
Two no-fee cash back Mastercards that earn up to 2% in the categories you choose.
Investing
GICs paying up to 4.00% (4.40% in US dollars), plus Investment Funds for registered and non-registered accounts.
Borrowing
Mortgages, a Home Equity Line of Credit, and a personal Line of Credit tied to Tangerine’s prime rate.
Business
Business savings and GICs with competitive rates for incorporated and self-employed Canadians.
Everyday Banking
Tangerine’s day-to-day banking is built around no fees and no minimums. The no-fee Chequing Account pays 0.10% interest, includes unlimited debit, bill payments, and free Interac e-Transfers, and gives you your first 50 cheques free, plus overdraft protection and access to thousands of ABMs. On the savings side, you can choose from five accounts depending on your goal.
- Savings Account: 0.30% interest, no minimum balance, and an Automatic Savings Program to automate your goals.
- Tax-Free Savings Account (TFSA): the same features as the Savings Account, with tax-free growth.
- RSP Savings Account: a competitive rate with the tax benefits of an RSP for retirement saving.
- US Savings Account: hold US dollars with no fees or service charges and competitive exchange rates.
- RIF Savings Account: tax-sheltered savings designed to generate retirement income.
- Chequing Account: no daily fees, 0.10% interest, unlimited transactions, free e-Transfers, and overdraft protection.
Credit Cards
Tangerine’s two credit cards are both no-fee cash back Mastercards with a 19.95% purchase rate. What makes them stand out is that you choose the two spending categories where you earn 2% cash back (from a list that includes groceries, restaurants, gas, and more), while everything else earns 0.5%. The World Mastercard adds travel and insurance perks on top of the same cash back structure.
- Money-Back Credit Card: no annual fee, up to 2% cash back in two categories of your choice, and 0.5% on everything else.
- World Mastercard: the same no-fee cash back structure, plus travel rewards, rental car collision and loss damage insurance, mobile device insurance, and Mastercard airport experiences.
Investing
Beyond savings accounts, Tangerine offers two ways to grow your money: guaranteed GICs and managed Investment Funds. GICs give you a fixed, guaranteed return, while Investment Funds put your money in the market for potentially higher (but not guaranteed) growth. Both can be held in registered or non-registered accounts.
- GICs: guaranteed returns of up to 4.00% (up to 4.40% on US dollar GICs), available as Guaranteed, RSP, TFSA, RIF, and US$ GICs. See the full rate ladder below.
- Non-Registered Investment Fund: flexible, with no contribution limits and withdrawals whenever you need them.
- Tax-Free Investment Fund: unused contribution room carries forward, withdrawals are allowed anytime, and gains are tax-free.
- RSP Investment Fund: lower your taxes now, grow tax-deferred, and carry forward unused contributions each year.
- RIF Investment Fund: provides a minimum retirement income each year and can be used to convert your RRSP.
Borrowing
Tangerine also lends, with mortgages and two lines of credit. Note that it does not offer personal or car loans, so its borrowing lineup is focused on home financing.
- Mortgages: variable and fixed terms with flexible prepayment options, a dedicated account manager, and portability if you move. See current rates below.
- Home Equity Line Of Credit (HELOC): borrow against your home equity at 5.95%, with a fixed payback plan and 24/7 online access.
- Line Of Credit: a low-rate personal line of credit tied to Tangerine’s prime rate, with no annual fee and funds you can access when you need them.
Tangerine GIC Rates
Tangerine updated its GIC rates on August 22, 2026. The rates below apply equally to the Guaranteed Investment (GIC), RSP GIC, TFSA GIC, and RIF GIC, since Tangerine offers the same rate across all four. There is no minimum beyond the $10 needed to open the account, and there are no extra fees.
| Term | GIC Interest Rate |
|---|---|
| 3 Month | 2.50% |
| 6 Month | 2.75% |
| 9 Month | 3.10% |
| 1 Year | 3.30% |
| 18 Month | 3.50% |
| 2 Year | 3.65% |
| 3 Year | 3.75% |
| 4 Year | 3.85% |
| 5 Year | 4.00% |
Source: Tangerine, effective August 22, 2026. Rates are subject to change without notice.
Overview Of Tangerine Accounts
Tangerine Savings Accounts
| Feature | Savings | Tax-Free Savings | RSP Savings | US$ Savings | RIF Savings |
|---|---|---|---|---|---|
| Monthly Fee | $0 | $0 | $0 | $0 | $0 |
| Minimum Balance | None | None | None | None | None |
| Interest Rate | 0.30% | 0.30% | 0.30% | 0.10% | 0.30% |
| Mobile App? | Yes | Yes | Yes | Yes | Yes |
Tangerine Chequing Account
| Daily Fees | $0 |
| Interest Rate | 0.10% |
| Overdraft Protection? | Yes |
| Debit Purchases | Unlimited |
| Bill Payments | Unlimited |
| Pre-Authorized Payments | Unlimited |
| Interac e-Transfers | Unlimited |
| Cheques | First 50 free |
Tangerine Credit Cards
| Feature | Money-Back Credit Card | World Mastercard |
|---|---|---|
| Annual Fee | $0 | $0 |
| Rewards | Up to 2% | Up to 2% |
| Interest Rate | 19.95% | 19.95% |
| Special Features | Unlimited cash back, choose your categories | Travel rewards, on-demand and subscription rewards, rental car collision and loss damage insurance, mobile device insurance, Mastercard airport experiences |
Tangerine GICs (Up To 5 Years)
| GIC Type | Top Rate (5 Year) |
|---|---|
| Guaranteed Investment (GIC) | 4.00% |
| RSP Guaranteed Investment | 4.00% |
| Tax-Free Guaranteed Investment | 4.00% |
| RIF Guaranteed Investment | 4.00% |
| US$ Guaranteed Investment | 4.40% |
Tangerine Mortgages
| Type | Rate |
|---|---|
| 5 Year Variable | 4.00% |
| 1 Year Fixed | 5.99% |
| 2 Year Fixed | 5.14% |
| 3 Year Fixed | 4.44% |
| 4 Year Fixed | 4.49% |
| 5 Year Fixed | 4.49% |
| 7 Year Fixed | 5.50% |
| 10 Year Fixed | 5.90% |
Tangerine HELOC And Line Of Credit
| Product | Interest Rate | Perks |
|---|---|---|
| HELOC | 5.95% | 24/7 online access; regular fixed payments help you pay off the principal sooner |
| Line of Credit | Based on Tangerine’s Prime Rate (4.45%) | No annual fee; accessible when needed; quick apply |
Pros And Cons Of Banking With Tangerine
Pros
- No daily fees on chequing: Unlike many big banks, Tangerine does not charge monthly account fees.
- Excellent no-fee credit card: Its cash back cards rival the best cards from the big banks.
- Lots of banking products: Its lineup is far broader than most online banks and comparable to a traditional bank.
- Everything in one place: You can do nearly all your banking from your computer or phone.
- Easy-to-use website and app: The layout is user-friendly, even for beginners.
- Free cheques: Your first 50 cheques are free.
- Interest on chequing: Many banks pay nothing on chequing; Tangerine pays 0.10%.
- In-person cafes: A handful of locations across Canada if you want to meet face-to-face.
Cons
- Base savings rate is not the highest: Some competitors offer higher everyday savings rates.
- No personal or car loans: Tangerine does not offer these lending products.
What Customer Support Does Tangerine Have Available?
Live support at Tangerine is accessible through the following channels:
- By phone: 1-888-826-4374
- Online chat: Weekdays 8 am to 8 pm (EST) and weekends 9 am to 5 pm (EST) for savings and chequing inquiries, and weekdays 8 am to 8 pm (EST) for investment inquiries.
- In person: at a Tangerine cafe located in Downtown Toronto, North Toronto, Vancouver, Montreal, and Calgary.
- By mail: 3389 Steeles Avenue East, Toronto, Ontario, M2H 0A1
How To Open An Account With Tangerine
Signing up with Tangerine and opening an account is easy. Choose the account type you want, then click “enroll now.” You’ll be taken to a form to fill out with information such as the following:
- Your name
- SIN
- Date of birth
- Phone number
- Email address
- Mailing address
- Your occupation
You will then confirm your identity in one of three ways: by visiting a Canada Post outlet, by visiting a Tangerine cafe, or by sending a cheque.
Is It Safe To Bank With Tangerine?
Yes, banking with Tangerine is safe. As a subsidiary of Scotiabank, Tangerine is a CDIC member, so your eligible deposits are insured up to $100,000 per depositor, per category. Tangerine must also comply with the same privacy standards as every major financial institution in Canada, and it goes a step further with secure online PIN reset, encryption, and Secure Socket Layer (SSL) protection.
The online bank also uses DoubleSafe, a technology that asks you to choose a photo and phrase you type in each time you log in, adding an extra layer of identification so imposters can’t easily access your account. Tangerine’s credit cards also use SecureChip technology, which is less vulnerable to theft than magnetic strips.
Who Is Best Suited For Banking Online With Tangerine?
Tangerine may be best suited to people who like the idea of taking their banking completely online, even though there are a couple of physical locations across Canada. It’s also great for those who appreciate the low fees (and sometimes no fees) on its banking products and like the wide variety of products the online bank offers.
If you’re comfortable managing your banking and financial products on your computer or phone, you may find Tangerine the perfect financial partner for all your banking needs.
Bottom Line
Tangerine remains one of the strongest all-around online banks in Canada. It pairs no-fee everyday banking and a genuinely competitive no-fee cash back credit card with a full lineup of savings, GICs, investment funds, and borrowing products, most of which you can manage entirely from your phone. With its GIC rates now reaching 4.00% on a five-year term (and 4.40% in US dollars), it’s worth a look for savers as well as everyday bankers. Just weigh its modest base savings rate and lack of personal or car loans against those strengths.
Tangerine FAQs
Yes. Tangerine is a federally regulated bank and a subsidiary of Scotiabank. It was originally ING DIRECT before rebranding as Tangerine in 2012, and it is a CDIC member.
Tangerine charges no daily fees on its chequing and savings accounts and no annual fee on its credit cards. You also get free Interac e-Transfers and your first 50 cheques free.
As of August 22, 2026, Tangerine’s registered and non-registered GICs pay up to 4.00% on a 5-year term, and its US dollar GIC pays up to 4.40% on a 5-year term.
Yes. Tangerine is a CDIC member, so eligible deposits are insured up to $100,000 per depositor, per insured category.
Tangerine is primarily an online bank, but it operates a handful of in-person cafes in Downtown Toronto, North Toronto, Vancouver, Montreal, and Calgary.
