Tangerine No-Fee Daily Chequing Account review

What are the benefits of a Tangerine No-Fee Daily Chequing Account?

If you’re looking for an everyday account that gives you unlimited withdrawals for a $0 monthly fee, you might be interested in a Tangerine No-Fee Daily Chequing Account.

• Earn interest. Though not as high as a savings account interest rate, you’ll earn between 0.01% and 0.1% interest on any balance you keep in your account.
• Unlimited transactions. Make in-store purchases, pay bills and carry out other types of daily transactions with no extra fees.
• Free Interac e-Transfers. Avoid paying fees when you want to send money to family or friends with free Interac e-Transfers.
• Free ABM withdrawals. Get access to free withdrawals at more than 3,500 ABMs across Canada (on the Scotiabank network).
• First chequebook is free. Receive your first 50 cheques for free as part of your welcome package.
• Mobile cheque deposit. Deposit cheques easily into your account without having to go into a branch.
• Overdraft protection. Ask about overdraft protection to save you from non-sufficient funds (NSF) fees if you have to go into the red on your account.
• Special promotions. Special welcome incentives for opening an account may be offered at certain times of the year.

What to watch out for with a Tangerine No-Fee Daily Chequing Account

While Tangerine No-Fee Daily Chequing Accounts are known for offering a wealth of benefits, there are also a couple of potential drawbacks you should be aware of.

• Charges for certain ABMs. You’ll be charged a small fee every time you withdraw cash on an ABM that isn’t on the Scotiabank network.
• Only one free replacement card. You’ll only get one free replacement card per year before you have to pay $15 for each new card.
• 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.
• No wire transfers. You won’t be able to send money overseas with your Tangerine No-Fee Daily Chequing Account.
• Pay for more cheques. After your first 50 cheques, you’ll need to pay $50 for any subsequent book of cheques you order.
• No in-person service. You won’t be able to visit a branch in-person to do your banking, so if you want in-person service, you’ll need to look elsewhere.

Compare with other chequing accounts

What should I know before I apply?

To open a Tangerine No-Fee Daily Chequing Account, you’ll need to meet the following criteria:

• Be a resident of Canada with a valid Social Insurance Number
• Be 16 years of age or older
• Have an email account

How do I open an account?

1. To open a Tangerine No-Fee Daily Chequing Account, you’ll need to fill out a quick and easy online application. Follow these steps to get started:
2. Head to the Tangerine website and select Sign Me Up when you reach the No-Fee Daily Chequing Account page.
3. Complete the application, which includes providing your name, email address, Social Insurance Number and birth date.
4. Review and submit your application.

Bottom line

Tangerine is one of Canada’s largest and most reputable online banks. Its chequing account is well-known for offering $0 monthly account fees and decent interest rates on any money you hold as part of your balance. Find out what you need to qualify for this type of account and learn more about how you can apply online today.