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Tangerine Bank review

Enjoy competitive interest rates and pay no monthly fees when you sign up for a number of financial products with this online bank.

Tangerine Bank is a popular online bank in Canada that offers a wide selection of different financial products. These include chequing and savings accounts, guaranteed investment certificates, credit cards, mortgages and lines of credit. It’s easy to sign up for an account and you can get started as soon as your application is approved.

What financial products does Tangerine Bank offer?

Banking and investment accounts

Tangerine Bank offers a wealth of financial products and services. All of Tangerine Bank account products come with no monthly fees.

  • Savings accounts. Get a 0.1% interest rate on your savings. Tangerine savings accounts come as TFSAs, RRSPs, RIFs, US dollar accounts and cash accounts.
  • Chequing accounts. Earn between 0.05% and 0.1%% interest depending on how much money you have in your account. You’ll also get unlimited free transactions, including free Interac e-Transfers, debit card purchases, bill payments and withdrawals from over 3,500 ATMs across Canada.
  • Guaranteed Investment Certificates. Lock in your savings over a set term to earn an interest rate of between 0.50% and 1.25%. The rate you’ll earn will be based on how long you take your GIC out for. These investments can be held in cash, in US dollar accounts or as registered savings.

Credit cards and loans

  • Tangerine Bank credit cards. Sign up for the Tangerine Money-Back Credit Card or the Tangerine World Mastercard to Earn 2% cash back in two categories of your choice (or three categories if you open a Tangerine Savings Account and directly deposit your cash back into the account), and 0.5% cash back on everything else..
  • Lines of credit. Enjoy low rates on a fixed line of credit that you can access whenever you need an injection of funds. Pay it off at your own pace and with no annual fee. You can also borrow against the equity in your home if you need more money.
  • Retirement savings plan loans. Borrow what you need to top up your RRSP contributions and take advantage of the associated tax benefits. There are no fees with these loans.
  • Mortgages. Get a top-notch rate and a flexible mortgage repayment schedule that suits your needs. Tangerine Bank mortgages are also portable and allow for prepayment, which sets them apart from those on offer from other mortgage providers.

How does Tangerine Bank compare to other banks?

Tangerine Bank is competitive among other digital banks, though it doesn’t offer the best interest rates overall. That said, it’s one of the more established and trusted digital banks on the market, which tends to give customers a sense of security when banking online. It also offers a more diverse range of financial products than many other online banks.

When compared to Canada’s Big Five banks, Tangerine Bank regularly comes out on top. This is because it doesn’t charge account fees and it offers much better interest rates than you’ll typically get with bricks and mortar establishments. The main downside of Tangerine is that you won’t be able to do your banking in person, which can be an issue for some customers.

Why should I open an account at Tangerine?

    There are a number of benefits that you can take advantage of when you sign up for one of Tangerine’s accounts or other financial products:

    • Easy application. It’s easy to open an account in less than 10 minutes using Tangerine Bank’s simple online application.
    • No monthly fees. You won’t have to pay fees for any of Tangerine’s financial products.
    • Competitive interest rates. You’ll get competitive interest rates with Tangerine’s accounts, credit cards and loans.
    • Unlimited free transactions. Tangerine’s bank accounts come with unlimited free transactions, including Interac e-Transfers and ATM withdrawals.
    • Many financial products. You can sign up for a number of financial products, including chequing/savings accounts, credit cards, lines of credit, mortgages and RRSP loans.
    • Deposit insurance. Any deposits you make will be protected up to $100,000 by the Canada Deposit Insurance Corporation.
    • Mobile app. You can get easy and secure access to your banking at any time with Tangerine’s mobile app.

    What should I watch out for with a Tangerine bank account?

    Aside from Tangerine Bank’s many benefits, there are a handful of drawbacks you should be aware of before signing up:

    • Charges for certain ATMs. You’ll be charged a small fee every time you withdraw cash from an ATM that isn’t on the Scotiabank network.
    • Low rates for GICs. You’ll get lower interest rates on GICs with Tangerine than you would with other digital banks.
    • No in-person service. You won’t be able to visit a branch in person to get help with your account, except at a Tangerine Café in Toronto, Vancouver or Montreal.
    • NSF fees. You’ll be charged a fee of $$45 every time you don’t have enough money in your account to cover an automated withdrawal.

    How can I contact Tangerine Bank?

    There are a number of options available for you to connect with Tangerine customer service:

    • By phone. You can call into Tangerine’s toll-free number at any time of day or night.
    • By mail. Use snail mail to reach out to Tangerine’s head office in Toronto.
    • By email. Contact Tangerine by sending an email to its general inbox.
    • In person. Visit a Tangerine Café if you live in Toronto, Vancouver or Montreal.

    Bottom line

    Tangerine Bank is a popular online bank in Canada that offers competitive rates and zero fees for its bank accounts and GICs. It also offers favourable rates for its mortgages and loan products. Learn what you need to become a member of this reputable digital bank and then simply apply online.

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