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.
What Accounts Does Tangerine Offer?
Tangerine offers a wide variety of products and services, here is a brief breakdown of all the different types of accounts they currently offer.
Banking Accounts
Savings Accounts
- High-interest rate
- No daily banking fees
- No minimum balance required
- Earn 1.00% interest
- Automatic Savings Program (ASP) to help you personalize your savings goals
Tax-Free Savings Accounts
- Same benefits as a Tangerine Savings Account
- Earn 1.00% interest
- Money earned is tax-free
Check out our review of the Tangerine Tax-Free Savings Account.
RSP Savings Accounts
- Same benefits as a Tangerine Savings Account
- Earn 1.00% interest
- Tax benefits of an RSP
- Grow your RRSP with a competitive interest rate to save for retirement
US Savings Accounts
- No fees
- No service charges
- Earn 0.10% interest
- Exchange rates: 1.233 to buy, 1.188 to sell
RIF Savings Accounts
- Same benefits as a Tangerine Savings Account
- Earn 1.05% interest
- Interest earned is tax-sheltered
Chequing Accounts
- No daily chequing fees
- Earn up to 0.10% interest earned on every dollar
- No fees for daily transactions
- Free Interac e-transfers
- 50 free cheques
- Free access to 3,500 ABMs
- Overdraft protection option
- Unlimited debit purchases
- Unlimited bill payments
- Unlimited pre-authorized payments
- Track and categorize your spending
- Account alerts through text or email
- Deposit cheques from your mobile device
Credit Cards
Money-Back Credit Card
- No annual fee
- 19.95% interest rate
- Earn up to 2% cash back on 2 categories
- Earn 0.5% cash back on all other purchase
Special Offer
Apply for a Tangerine Money-Back Credit Card by October 31, 2023. If you’re approved, you’ll earn an extra 10% back on up to $1,000 in everyday purchases made within your first 2 months.*”
World Mastercard
- No annual fee
- 19.95% interest rate
- Earn up to 2% cash back on 2 categories
- Earn 0.5% cash back on all other purchase
- On-demand and subscription services
- Rental car collision/loss damage insurance
- Mobile device insurance
- Mastercard airport experiences
Special Offer
Apply for a Tangerine World Mastercard® by October 31, 2023. If you’re approved, you’ll earn an extra 10% back on up to $1,000 in everyday purchases made within your first 2 months.*
Investing
GICs
- Competitive guaranteed interest rate
- Guaranteed Investment (GIC) – Earn up to 4.85%
- RSP Guaranteed Investment (RSP GIC) – Earn up to 4.85%
- Tax-Free Guaranteed Investment – Earn up to 4.85%
- US$ Guaranteed Investment (US$ GIC) – Earn up to 4.75%
- RIF Guaranteed Investment (RIF GIC) – Earn up to 4.85%
Investment Funds
- Non-Registered Investment Fund – Flexible, no contribution limits, and withdraw funds whenever you need them.
- Tax-Free Investment Fund – Unused contributions are carried forward, withdraw funds anytime, and pay no taxes on gains.
- RSP Investment Fund – Pay fewer taxes now, enjoy tax-deferred growth, and carry forward unused contributions each year.
- RIF Investment Fund – Provides a minimum retirement income amount each year, can be tax-sheltered, and can be an option to convert your RRSP.
Borrowing
Mortgages
- Variable and fixed terms available
- Flexible prepayment options
- Dedicated account manager
- Portable
Home Equity Line Of Credit (HELOC)
- Borrow against your home equity
- 5.35% interest rate
- Fixed payback plan
- 24/7 online access
Line Of Credit
- Low-interest rate
- No annual fee
- Access available funds when you need it
- Pay off the balance at your own pace
Business Accounts
- Competitive interest rate on business savings
- Business Savings Account – Earn up to 1.50%
- Business US$ Savings Account – Earn up to 1.60%
- Business Guaranteed Investment – Earn up to 4.85%
- Business US$ Guaranteed Investment – Earn up to 4.75%
Additional Reading
Pros And Cons Of Online Banking At Tangerine
Pros
- No daily fees on chequing accounts. Many big banks charge a small monthly fee, especially if your balance is under the minimum. Tangerine does not charge such fees.
- Excellent no-fee credit card. The credit cards offered by Tangerine rival even the best cards offered by big banks.
- Tons of banking products. Unlike most other online banks, Tangerine’s product offerings are vast and are comparable to what you’d get at a traditional bank.
- All your banking needs are met in one place. You can do all your banking in nearly all facets right from your computer or mobile device.
- Easy-to-use website. Tangerine’s website layout is user-friendly, making it easy even for computer novices to navigate.
- Free cheques. The first 50 cheques you order are free.
- Interest earned on checking accounts. Many other banks don’t offer any interest at all on chequing accounts, but Tangerine offers 0.10%.
- Physical locations if you want to meet face-to-face. Unlike most other online banks, there is the opportunity to go in-person to a Tangerine “cafe,” of which there is a handful across Canada.
Cons
- Interest rate on savings is not the highest.
- No personal or car loans are available.
Overview Of Tangerine Accounts
Tangerine Savings Accounts
| 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 |
Tangerine Chequing Accounts
| 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 |
Tangerine Credit Cards
| Feature | Money-Back Credit Card | World MasterCard |
| Annual Fee | $0 | $0 |
| Rewards | Up to 2% | Up to 2% |
| Interest Rate | 19.95% | 19.95% |
| Special Features | – Travel rewards – On-demand and subscription services-Rental car collision/loss damage insurance – Mobile device insurance – Mastercard airport experiences |
Tangerine GICs
| Feature | Guaranteed Investment | RSP Guaranteed Investment | Tax-Free Guaranteed Investment | US$ Guaranteed Investment | RIF Guaranteed Investment |
| Interest Rate | 4.85% | 4.85% | 4.85% | 4.75% | 4.85% |
Tangerine Business Accounts
| 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% |
Tangerine Mortgages
| 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% |
Tangerine HELOC
| Feature | Details |
| Interest Rate | 5.35% |
| Special Perks | – 24/7 online access – Regular fixed payments help you pay off the principal sooner |
Tangerine Line of Credit
| Feature | Details |
| Interest Rate | Based on Tangerine’s Prime Rate |
| Special Perks | – No annual fee – Accessible when needed-Quick apply |
What Customer Support Does Tangerine Have Available?
Live support at Tangerine is accessible via the following channels:
- By phone: 1-888-826-4374
- Online chat: Weekdays 8 am-8 pm (EST), Weekends 9 am-5 pm (EST) for savings and checking inquiries, and Weekdays 8 am-8 pm (EST) for investment inquiries.
- In-person at a Tangerine cafe located in Downtown Toronto, North Toronto, Vancouver, Montréal, 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. 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:
- Your Name
- SIN
- Date of birth
- Phone number
- Email address
- Mailing address
- Your occupation
You will have to confirm your identity, which you can do in one of three ways:
- By visiting a Canada Post outlet
- By visiting a Tangerine Cafe
- By sending a cheque
Is It Safe To Bank With Tangerine?
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.
Who Is Best Suited For Banking Online With Tangerine?
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.
