Tangerine offers a chequing account with competitive interest rates, a $0 fee for daily transactions and a massive network of ATMs nationwide.
With a no-fee chequing account from Tangerine, you can get the benefits offered by the banking services of Canada’s top six banks entirely online.
Tangerine is a subsidiary of Scotiabank and is part of the financial institution’s Global ATM Alliance. Tangerine customers have free access to 3,500 Scotiabank ATMs (or ABMs) across Canada and 44,000 ATMs across the globe.
What banking products does Tangerine offer?
Tangerine offers a range of personal banking services including savings accounts, chequing accounts, business accounts, credit lines and investment products.
Savings accounts: Tangerine offers five different high interest-rate savings accounts, including a traditional Savings Account, a Tax-Free Savings Account (TFSA), a Retirement Savings Plan (RSP) Savings Account, a US Dollar Savings Account and a Registered Income Fund (RIF) Savings Account.
Chequing Account: With a $0-fee daily chequing account you can earn interest on your account balance.
Business accounts: Business owners have the option of choosing a Business Savings Account, a Business US Dollar Savings Account, a Business Guaranteed Investment account or a US Dollar Guaranteed Investment account.
Credit lines: Tangerine offers a range of credit products, including Mortgages, a Home Equity Line of Credit and RSP Loans.
Investment products: Investment options include a Guaranteed Investment Certificates (GICs), RSP Investment Fund, RIF Investment Fund, Non-Registered Investment Fund and Tax-Free Investment Fund.
How does it compare to other banks or services?
Although Tangerine is much smaller than the major banks, it’s a wholly owned subsidiary of Scotiabank, one of Canada’s largest financial institutions. Tangerine is unique in that it offers both high interest rate chequing and savings accounts. Unlike most major banks in Canada, Tangerine doesn’t have a monthly fee on chequing accounts.
Tangerine is able to pass on the savings because it has no physical branches and is almost entirely digital. Customers can access their accounts through online and mobile banking, ATMs and at Tangerine cafes, pop-up locations and kiosks. Currently, the bank operates five cafes with locations in Toronto, Vancouver, Montreal and Calgary.
Why should I open an account at Tangerine?
Some of the main benefits of a Tangerine Chequing Account include:
High interest rates: Earn up to 0.65% interest on your chequing account balance.
Free transactions: You won’t have to pay to use your Tangerine debit card when you shop.
Free ATM withdrawals: As a subsidiary of Scotiabank, Tangerine gives you access to more than 3,500 ATMs in Canada where you can withdraw money for free.
Completely virtual: Do all of your banking online or through the mobile app without having to step foot inside a branch.
Free cheques: As an account holder, your first 50 cheques are free.
What should I look out for?
Some of the disadvantages of a Tangerine Chequing Account include:
Foreign exchange services: Although Tangerine has US$ accounts, foreign exchange services are limited.
No wire transfers: Tangerine doesn’t allow you to send money via wire transfer.
No in-branch locations: With a Tangerine Chequing Account, you won’t have the option of face-to-face meetings with financial advisors or bank tellers since the bank doesn’t offer in-branch services. Currently, there are only five Tangerine cafes.
Tangerine reviews and complaints
Tangerine isn’t accredited by the Better Business Bureau (BBB), but it holds an A rating on the BBB website.
Despite being virtual and self-servicing, Tangerine has received overwhelmingly negative reviews. The most common complaints are poor customer service, holds on deposit and a lack of access to ATMs at rural locations. Most reviews don’t reference the Tangerine Chequing Account specifically but the company as a whole. Keep in mind many people don’t bother to leave positive reviews online, which is why negative reviews are often more common.
Tangerine customer service
Tangerine operates a customer service phone number 24 hours a day, 7 days a week.
Service in English: 1-888-826-4374 or 416-756-2424
Service in French: 1-844-826-4374
In addition to telephone support, the bank operates a live chat from 8am to 8pm (ET) on weekdays and 9am to 5pm on weekends.
Face-to-face meetings are also available at one of its five cafe locations in Toronto, Vancouver, Montreal and Calgary.
Tangerine takes a lot of the hassle away from banking and is suited to digital natives who don’t need much face-to-face time with customer support or financial advisers. Higher-than-average interest rates and a $0-fee for transactions are some of the most attractive features of a Tangerine Chequing Account. However, this comes at a cost. As reviewers have already noted, Tangerine’s customer service needs improving. The lack of in-branch locations may also deter some people from signing up. Check out reviews and assess your banking needs before deciding to open up a chequing account with Tangerine.
Frequently asked questions
Like most banks, Tangerine offers electronic statements sent monthly for savings and investment accounts. There’s also the option to receive quarterly paper statements for active accounts.
Tangerine only has five in-person cafe locations and hasn’t announced any plans for further expansion. If you decide to open an account with Tangerine, make sure you’re comfortable with online and mobile banking.
If you have a Tangerine savings account, you qualify for the maximum interest rate regardless of your balance. For a chequing account, you can earn the maximum interest rate if you have a minimum balance of 0.65%.
Sam Bourgi is a contributing writer to Finder.com, where he specializes in Canadian markets. He has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes.
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