{"id":1085383,"date":"2026-10-31T00:35:32","date_gmt":"2026-10-31T04:35:32","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=1085383"},"modified":"2026-10-31T02:44:38","modified_gmt":"2026-10-31T06:44:38","slug":"tangerine-vs-wealthsimple","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/banking\/tangerine-vs-wealthsimple","title":{"rendered":"Tangerine vs Wealthsimple: Which One Is Right for You?"},"content":{"rendered":"

Tangerine is a digital bank with a long history of disrupting the Canadian banking industry. Wealthsimple has a shorter history but has made plenty of waves of its own, launching in 2014 as an investment platform and then moving into the world of banking.<\/p>

So if you\u2019re looking for a banking or investing platform, who should you choose? Let\u2019s compare Tangerine vs Wealthsimple to find out.<\/p>

Tangerine vs Wealthsimple: A quick comparison<\/h3>
<\/th>Tangerine<\/th>Wealthsimple<\/th><\/tr><\/thead>
Products<\/strong><\/td>
  • Savings accounts<\/li>
  • Chequing accounts<\/li>
  • USD savings accounts<\/li>
  • Credit cards<\/li>
  • Managed investment portfolios<\/li>
  • Mortgages<\/li>
  • HELOCs<\/li>
  • Lines of credit<\/li>
  • RSP loans<\/li><\/ul><\/td>
  • Hybrid chequing\/high-interest savings accounts<\/li>
  • High-interest savings accounts<\/li>
  • USD savings accounts<\/li>
  • Credit cards<\/li>
  • Stock, option and crypto trading<\/li>
  • Managed investment portfolios<\/li>
  • Portfolio lines of credit<\/li><\/ul><\/td><\/tr>
Account interest rates<\/strong><\/td>
  • Tangerine Savings Account: 0.30% (4.50% for the first 5 months)<\/li>
  • Tangerine No-Fee Daily Chequing Account: 0.01% \u2013 0.10%<\/li><\/ul><\/td>
  • Wealthsimple Savings Account: 2.50%<\/li>
  • Wealthsimple Chequing Account: 1.25% \u2013 2.25%<\/li><\/ul><\/td><\/tr>
Monthly fees<\/strong><\/td>$0<\/td>$0<\/td><\/tr>
Purchase card<\/strong><\/td>Debit card<\/td>Prepaid card<\/td><\/tr>
Cash access<\/strong><\/td>Free access to 3,500+ Scotiabank ATMs nationwide and 44,000 ATMs worldwide, $1.50 fee for other ATM withdrawals in Canada<\/td>No Wealthsimple ATM fees, any ATM operator fees charged globally are reimbursed<\/td><\/tr>
Branches<\/strong><\/td>N\/A (online only)<\/td>N\/A (online only)<\/td><\/tr>
CDIC insured?<\/strong><\/td>Yes<\/td>Yes<\/td><\/tr>
Apple App Store rating<\/strong><\/td>4.7\/5 based on 78,000+ ratings<\/td>4.6\/5 based on 130,000+ ratings<\/td><\/tr>
Google Play rating<\/strong><\/td>4.6\/5 based on 53,000+ ratings<\/td>4.1\/5 based on 81,000+ ratings<\/td><\/tr>
Notable differences<\/strong><\/td>
  • Schedule I bank<\/li>
  • Traditional banking products<\/li>
  • Mutual fund investing<\/li><\/ul><\/td>
  • Fintech<\/li>
  • Stock, ETF, option and crypto trading<\/li>
  • Hybrid chequing\/savings account<\/li><\/ul><\/td><\/tr>
Get started<\/strong><\/td>
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What is Tangerine?<\/h3>

Tangerine is a digital bank owned by Scotiabank. It offers many of the products and services you\u2019d expect from a traditional bank, including chequing and savings accounts as well as mortgages, but with one key difference: it doesn\u2019t have any branches.<\/p>

Tangerine was founded in 1997 as ING Direct Canada, but was then acquired by Scotiabank in 2012 and soon rebranded.<\/p>

What is Wealthsimple?<\/h3>

Wealthsimple is a Canadian fintech, not a bank. It offers a platform and mobile app for a variety of financial products, ranging from chequing and savings accounts to a credit card, mortgages, and stock and crypto trading.<\/p>

Wealthsimple was founded in 2014 as a robo-advisor platform, and it has added support for a wide range of products and services in the intervening years.<\/p>

Wealthsimple investing review<\/a><\/p>

Tangerine vs Wealthsimple: Account options<\/h3>

Tangerine offers a No-Fee Daily Chequing Account<\/a>, a Savings Account<\/a> and a US Dollar Savings Account.<\/p>

Wealthsimple has a Chequing Account<\/a>, a Kids Chequing Account, a Savings Account and a USD Account.<\/p>

To find out how they stack up against each other, let\u2019s break down how they perform across a few key categories.<\/p>

Monthly fees<\/h4>

Nothing to see here. Tangerine and Wealthsimple both have $0 monthly fees<\/strong> across their accounts. We\u2019re also pleased to see that both the Tangerine No-Fee Daily Chequing Account and the Wealthsimple Chequing Account support unlimited daily transactions.<\/p>

Interest rates<\/h4>

Plenty to see here. Tangerine stands out for the attractive promo interest rates on its savings accounts, but those juicy rates only apply for the first five months. After that, you only get a much lower standard rate.<\/p>

Meanwhile, Wealthsimple offers a competitive ongoing rate on its CAD and USD savings accounts, with no time limits or other pesky terms and conditions. We also like the fact that Wealthsimple\u2019s Chequing Account provides easy access to your money for day-to-day banking, but at the same time pays the sort of competitive interest you\u2019d expect from a savings account.<\/p>

It\u2019s worth noting that with the Wealthsimple Chequing Account, Generation clients (with $500,000+ in assets qualify for the maximum 2.25%<\/strong> interest rate. Core and Premium clients get 1.25%<\/strong> and 1.75%<\/strong> respectively, but they can qualify for a 0.5% boost when they direct deposit at least $2,000 into their account within a 30-day period.<\/p>

Check the tables below to see how the account interest rates stack up side-by-side.<\/p>
<\/th>Tangerine Savings Account<\/th>Wealthsimple Savings Account<\/th><\/tr><\/thead>
Interest rate<\/strong><\/td>0.30%
(4.50% for first 5 months)<\/td>		2.50%<\/td><\/tr>
Conditions<\/strong><\/td>Promo rate for new clients only on balances up to $1 million<\/td>N\/A<\/td><\/tr><\/tbody><\/table>
<\/th>Tangerine US$ Savings Account<\/th>Wealthsimple USD Account<\/th><\/tr><\/thead>
Interest rate<\/strong><\/td>0.10%
(4.50% for first 5 months)<\/td>		2.5% \u2013 3.5%<\/td><\/tr>
Conditions<\/strong><\/td>Promo rate for new clients only on balances up to $1 million<\/td>Tiered rate structure based on the value of the assets you hold with Wealthsimple<\/td><\/tr><\/tbody><\/table>
<\/th>Tangerine No-Fee Daily Chequing Account<\/th>Wealthsimple Chequing Account<\/th><\/tr><\/thead>
Interest rate<\/strong><\/td>0.01% \u2013 0.10%<\/td>1.25% \u2013 2.25%<\/td><\/tr>
Conditions<\/strong><\/td>Tiered rate structure based on account balance<\/td>Tiered rate structure based on the value of the assets you hold with Wealthsimple<\/td><\/tr><\/tbody><\/table>

Other fees<\/h4>

Let\u2019s take a look at how the two chequing accounts compare in terms of other fees and charges.<\/p>
<\/th>Tangerine No-Fee Daily Chequing Account<\/th>Wealthsimple Chequing Account<\/th><\/tr><\/thead>
Minimum deposit requirement<\/strong><\/td>$0<\/td>$0<\/td><\/tr>
Interac e-Transfer fee<\/strong><\/td>$0<\/td>$0<\/td><\/tr>
FX fee<\/strong><\/td>2.50%<\/td>$0<\/td><\/tr>
Out-of-network ATM withdrawal fee in Canada<\/strong><\/td>$1.50<\/td>$0<\/td><\/tr>
Wire transfer fee<\/strong><\/td>N\/A<\/td>$15<\/td><\/tr>
Overdraft protection fee<\/strong><\/td>$5 per use (charged a maximum of once per month) + 19% interest<\/td>$0 + interest from 3.95%<\/td><\/tr>
NSF fee<\/strong><\/td>$10<\/td>$0<\/td><\/tr>
Account inactivity fee<\/strong><\/td>$10<\/td>$0<\/td><\/tr><\/tbody><\/table>

\"AwardWho\u2019s the winner?<\/h4>

Higher savings interest rates and fewer fees see Wealthsimple<\/strong> take the win here.<\/p>

Tangerine vs Wealthsimple: Credit cards<\/h3>

Tangerine offers a choice of three credit cards to Wealthsimple\u2019s one.<\/p>

Choose from the following:<\/p>

  • Tangerine Money-Back Credit Card.<\/strong> This no-annual-fee card pays unlimited 2% cashback in two spending categories (or three if you also have a savings account), plus 0.5% cashback on everything else.<\/li>
  • Tangerine Money-Back World Mastercard.<\/strong> This card has no annual fee and pays unlimited 2% cashback in two spending categories (or three with a savings account), plus 0.5% cashback on everything else. It also comes with a fuel discount, complimentary data roaming, mobile device insurance, rental car insurance and more perks.<\/li>
  • Tangerine Rewards World Elite Mastercard.<\/strong> This Tangerine Mastercard lets you choose three categories to earn 1.5x Scene+ points on your spending along with 1 Scene+ point per $1 spent on everything else. It comes with a $120 annual fee and also offers fuel savings, lounge passes and a range of insurance covers.<\/li><\/ul>

    Meanwhile, the Wealthsimple Credit Card<\/strong> is available as a Visa Infinite+ or Infinite Privilege card with a wide range of perks. It pays 2% cashback on everything, has no FX fees, and offers free lounge passes along with a variety of travel benefits. The card comes with a $240 annual fee, but this is waived if you meet direct deposit requirements to your Wealthsimple Chequing Account or have $100,000+ in assets with Wealthsimple.<\/p>

    \"AwardWho\u2019s the winner?<\/h4>

    It depends on what you need in a card. Tangerine<\/strong> is a good choice if you want a $0 annual fee and a relatively low minimum income requirement, but Wealthsimple<\/strong> offers more high-end perks.<\/p>

    Tangerine vs Wealthsimple: Investments<\/h3>

    If you want to grow wealth for the future, Tangerine and Wealthsimple take quite different approaches to investing.<\/p>

    Tangerine provides access to non-registered investment accounts as well as registered accounts (TFSAs, RRSPs, RRIFs). It offers a range of mutual funds based on your investment goals and appetite for risk, including its Core Portfolios (Equity Growth, Balanced Growth, Dividend, Balanced or Balanced Income) and global ETF portfolios. You can also invest in GICs with terms ranging from 90 days to 5 years.<\/p>

    But Wealthsimple offers a much broader range of options for self-directed investors. You can use a Wealthsimple Trade account to invest in Canadian and US stocks and ETFs commission-free, while you can also trade options, futures and even invest in physical gold. And unlike traditional brokerage platforms, Wealthsimple also lets you trade crypto.<\/p>

    Wealthsimple still offers managed investing too. The range starts with the Classic portfolio, which invests in ETFs depending on your goals and risk tolerance\u2014Aggressive, Growth, Balanced or Conservative. You can also choose from Income portfolios for dividend income, the Summit portfolio to target high growth, and private credit funds.<\/p>

    \"AwardWho\u2019s the winner?<\/h4>

    Wealthsimple<\/strong> offers more investment choices.<\/p>

    Tangerine vs Wealthsimple: Borrowing<\/h3>

    As the more traditional of the two providers, it\u2019s no surprise that Tangerine offers a traditional range of borrowing options. You can access fixed and variable mortgages from the digital bank along with a home equity line of credit (5.95% interest rate), a line of credit of up to $30,000 and RSP Loans.<\/p>

    Over at Wealthsimple, you can use your investments as collateral to borrow funds with a portfolio line of credit. You can borrow up to 35% of the value of your assets, with interest rates ranging from 3.95% \u2013 4.95% depending on your client tier.<\/p>

    Wealthsimple also operates as a mortgage broker rather than a direct mortgage lender, offering access to a network of over 25 lending partners. Check how the mortgage interest rates of Wealthsimple\u2019s partners compare to Tangerine in the table below.<\/p>
    <\/th>Tangerine<\/th>Wealthsimple<\/th><\/tr><\/thead>
    5-year fixed mortgage rate<\/strong><\/td>4.84%<\/td>4.49%<\/td><\/tr>
    5-year variable mortgage rate<\/strong><\/td>3.90%<\/td>3.45%<\/td><\/tr><\/tbody><\/table>

    \"AwardWho\u2019s the winner?<\/h4>

    Tangerine<\/strong> offers more choice for borrowers.<\/p>

    How do the mobile apps for Tangerine vs Wealthsimple compare?<\/h3>

    As you\u2019d expect from a digital bank and a fintech, Tangerine and Wealthsimple both offer slick mobile apps.<\/p>

    Tangerine offers a clean and uncluttered user interface, so it\u2019s easy to access all your banking products in one place. You can check your account balance and monthly spend, track your progress towards savings goals, and pay bills or send money to people all with a few simple taps. We appreciated the easily accessible selection of money management tools on offer, while features like mobile cheque deposit allow for convenient day-to-day banking.<\/p>

    The Wealthsimple app is just as streamlined. It\u2019s fast, clean and easy to navigate right from your first use, and there\u2019s a lot to be said for being able to access your chequing account, stock trading and crypto wallet in one place. It\u2019s pretty clear based on this seamless user experience that Wealthsimple has been built as a mobile-first financial platform.<\/p>
    <\/th>Tangerine<\/th>Wealthsimple<\/th><\/tr><\/thead>
    Apple App Store<\/strong><\/td>\n\n\n\n\n\n\n\n \n \n4.7<\/strong> \u2013\n\u2605\u2605\u2605\u2605\u2605<\/span>
    \n76K reviews\n<\/span>\n\n