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Simplii vs Tangerine
Find out which of these popular digital banks could be a good fit for your financial situation.Â
Digital banks are very popular these days due to their low fees and easy-to-use online and mobile banking apps. Read our Simplii vs. Tangerine guide below to find out how these banks are similar, which features set them apart from one another, and which one might be the best fit for your unique set of financial needs.
A quick review
Simplii Financial | Tangerine |
|---|---|
| Simplii Financial is a popular digital banking app in Canada that has over 2 million clients. It was founded in 2017 to absorb PC Financial customers after CIBC ended its joint venture with the President’s Choice chain of grocery stores. Simplii offers a range of accounts and credit cards, which can be managed through the Simplii Financial app. Two of its main banking products are a no-fee chequing account and a high-interest savings account. | Tangerine is a strictly-online digital bank that has nearly 2 million clients and over $38 billion in managed assets. It’s a subsidiary of Scotiabank and offers a wide range of financial products such as chequing and savings accounts as well as GICs and mortgages. All of its accounts and products come with low fees and give a decent return on interest when compared to many of their competitors. |
Why should I choose a digital bank?
Digital banks like Simplii and Tangerine operate 100% online, which means they don’t have to pay overhead or personnel costs. These savings then get passed onto customers in the form of fee-free accounts, high interest rates, unlimited withdrawals and free e-transfers (among many other benefits).
The only problem with these types of accounts is that you can’t usually go into a branch to make deposits or get help with any problems you might have. This is why digital banks are only recommended for customers who are tech-savvy and can find their way around an online or mobile app fairly seamlessly.
Tangerine vs Simplii: Comparison of features
Compare some of the main features for bank accounts offered by Simplii vs Tangerine. This should give you a better idea of which one might be the best fit for your financial situation.
Feature | Simplii Financial | Tangerine |
|---|---|---|
Monthly fees | There are no monthly fees | $0 |
Interest rates | 0.05 - 0.15% for chequing 0.4% for savings | 0.1% for chequing 1% for savings |
Debits and withdrawals | Unlimited for free | Unlimited for free |
ATM withdrawals | Free from CIBC ATMs | Free from Scotiabank ATMs |
Interac e-transfers | All are free and unlimited | All are free and unlimited |
Automatic deposits | Yes | Yes |
Overdraft protection | Yes | Yes |
Global money transfers | Yes (and $50 back on your first one) | No |
Foreign currency orders | Yes (and $10 back on your first one) | No |
Mobile app | Yes | Yes |
Branches | No | Yes (in Toronto, Calgary, Montreal and Vancouver) |
Card delivery | Yes | Yes |
Other products | Credit cards, mortgages, loans, GICs, mutual funds, RRSPs, TFSAs and more | Credit cards, mortgages, loans, GICs, mutual funds, RRSPs, TFSAs and more |
Free cheques | Yes (unlimited) | Yes (50 for free) |
Compare account, investment and lending products
Both Simplii and Tangerine offer a full suite of financial products to meet your needs, including:
Simplii Financial
Tangerine
Simplii vs Tangerine: Pros and cons
Simplii Financial
Simplii Financial is owned by CIBC and offers a large network of ATMs (around 4,000 in total). Any account you open comes with no account fees, unlimited withdrawals and free Interac transfers. This digital bank could be the best fit for you if you send money overseas regularly, or you’d like to earn a slightly higher interest rate on your savings in the long-term.
Pros
- There are no monthly fees or minimum balances
- Slightly higher base interest rates for savings accounts (currently at 0.4% compared to Tangerine’s rate of 1%)
- Welcome bonus of up to $200 cash
- Global money transfer and foreign currency services (with rebates)
Cons
- No branches
- No intro offer on savings account
- Interest rates on short-term GICs are generally lower
Tangerine
Tangerine is owned by Scotiabank and offers a reasonable network of ATMs (around 3,500 in total). It doesn’t charge account fees and comes with unlimited withdrawals and free Interac e-transfers, which is a relatively new feature.
This bank could be the best fit for you if you want to earn a promotional rate on your savings account or you’d like to earn a higher interest rate on your short-term GICs. It could also be a good fit if you want the option to visit a physical branch in certain cities.
Pros
- There is no monthly account fee or minimum balance required
- Welcome bonus of up to $200 cash on chequing accounts
- Promotional rate of 1% in first 5 months on savings account
- Branches in Toronto, Calgary, Montreal and Vancouver
- Interest rates on short-term GICs are generally higher
Cons
- Smaller network of ATMs
- Interest rate on savings tends to be lower (currently 1% compared to Simplii’s rate of 0.4%)
- No money transfer or foreign currency services
Simplii vs Tangerine: Which one should I pick?
Simplii and Tangerine are very similar in terms of their product offerings, but there are a couple of differences that could help you decide which one is the best fit for you. These include the following:
Feature | Winner (Tangerine vs Simplii) |
|---|---|
Interest rates | Simplii usually offers a slightly higher base interest rate for its savings account than Tangerine (though chequing accounts are generally on par). |
Promo offers | Tangerine often offers a 5-month promo interest rate on its savings account (while there’s usally no bonus for this type of account with Simplii). |
International money transfers | Simplii provides international money transfers and foreign currency services (while Tangerine doesn’t have these features). |
Physical branches | Tangerine offers a couple of physical branches in major cities while Simplii has no branches at all. |
Network of ATMs | Simplii has a slightly larger network of ATMs than Tangerine does. |
GIC rates | Tangerine tends to provide better short-term rates on its GICs while Simplii usually offers better long-term rates. |
Budgeting tools | Tangerine seems to have more budgeting tools than Simplii. |
Compare other chequing accounts
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Bottom line
For the most part, you’ll get the same results when you bank with Simplii or Tangerine. However, there are some differences that set these two reputable digital banks apart. If having the option to send international money transfers and access to a large international ATM network are priorities for you, then consider going with Simplii. On the other hand if you want the option to visit a brick and mortar building, help with budgeting and access to a substantial promo offer, then Tangerine might be the better option.
The right choice for you will depend on your unique financial situation as well as what you use your account for most often.
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