{"id":857977,"date":"2024-11-19T18:52:51","date_gmt":"2024-11-19T23:52:51","guid":{"rendered":""},"modified":"2026-05-19T09:20:41","modified_gmt":"2026-05-19T13:20:41","slug":"simplii-vs-tangerine","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/banking\/simplii-vs-tangerine","title":{"rendered":"Simplii vs Tangerine: Which bank is better?"},"content":{"rendered":"

Simplii Financial and Tangerine are both digital banks. They\u2019re also both owned by Big Five banks\u2014Simplii by CIBC and Tangerine by Scotiabank. The similarities don\u2019t end there, with the two banks offering many of the same financial products and services to Canadians.<\/p>

So, which bank is better\u2014Simplii or Tangerine? Keep reading to compare Simplii vs. Tangerine head-to-head and decide which one is right for you.<\/p>

Simplii vs. Tangerine: An overview<\/h3>
<\/th>Simplii Financial<\/th>Tangerine<\/th><\/tr><\/thead>
Owned by<\/strong><\/td>CIBC<\/td>Scotiabank<\/td><\/tr>
Chequing account monthly fee<\/strong><\/td>$0<\/td>$0<\/td><\/tr>
Savings interest rate<\/strong><\/td>Promo rate: 4.6% for the first 5 months
<\/div>

Ongoing rate:<\/p>

  • $50,000 or less: 0.3%<\/li>
  • $50,000.01 \u2013 $100,000: 0.5%<\/li>
  • $100,000.01 \u2013 $500,000: 0.6%<\/li>
  • $500,000.01 \u2013 $1 million: 0.7%<\/li>
  • Over $1 million: 1%<\/li><\/ul><\/td>
Promo rate: 4.5% for the first 5 months

Ongoing rate: 0.3%<\/p><\/td><\/tr>

Apple App Store rating<\/strong><\/td>4.2\/5 based on 13K reviews<\/td>4.7\/5 based on 76K reviews<\/td><\/tr>
Google Play rating<\/strong><\/td>
4.3\/5 based on 18.3K reviews<\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/td>
4.3\/5 based on 48.8K reviews<\/td><\/tr>
CDIC insured?<\/strong><\/td>Yes<\/td>Yes<\/td><\/tr>
Products summary<\/strong><\/td>
  • No-fee daily chequing account<\/li>
  • Savings account<\/li>
  • USD and foreign currency savings accounts<\/li>
  • Cash back credit card<\/li>
  • Fixed- and variable-rate mortgages<\/li>
  • Personal loans and lines of credit<\/li>
  • GICs<\/li>
  • RRSPs, TFSAs and mutual fund accounts<\/li><\/ul><\/td>
  • No-fee daily chequing account<\/li>
  • Savings account<\/li>
  • USD savings account<\/li>
  • 2 cash back credit cards<\/li>
  • Fixed-rate mortgages<\/li>
  • Personal lines of credit and HELOCs<\/li>
  • GICs<\/li>
  • TFSAs, RSPs, RIFs, mutual funds<\/li>
  • Non-registered investment fund account<\/li><\/ul><\/td><\/tr>
Notable differences<\/strong><\/td>
  • International money transfer service<\/li>
  • Newcomer, student and international student banking programs<\/li><\/ul><\/td>
  • CAD and USD business savings accounts<\/li>
  • CAD and USD business GICs<\/li><\/ul><\/td><\/tr>
Get started<\/b><\/td>Simplii No Fee Chequing Account:
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\r\n \r\n Go to site\r\n <\/a>\r\n\r\n <\/div>\r\n <\/section>Simplii High Interest Savings Account:
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\r\n \r\n Go to site\r\n <\/a>\r\n\r\n <\/div>\r\n <\/section><\/td>
Tangerine No-Fee Daily Chequing Account:
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\r\n \r\n Go to site\r\n <\/a>\r\n\r\n <\/div>\r\n <\/section>Tangerine Savings Account:
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\r\n \r\n Go to site\r\n <\/a>\r\n\r\n <\/div>\r\n <\/section><\/td><\/tr><\/tbody><\/table>

Tangerine and Simplii Financial are two of Canada\u2019s most popular digital banks. Tangerine is the older of the two, having been founded in 1997 as ING Bank of Canada. It was acquired by Scotiabank in 2012 and soon adopted its current name. Simplii Financial was founded in 2017 and is a division of CIBC.<\/p>

These online-only providers don\u2019t have any physical branches, but both offer user-friendly online and mobile banking platforms to make it easy to manage your money. Thanks to their Big Five parent banks, both provide fee-free access to large nationwide ATM networks.<\/p>

Simplii and Tangerine also offer quite a similar range of products and services. Both have no-fee chequing accounts, savings accounts with high promo interest rates, at least one cash back credit card, GICs, mortgages and registered accounts.<\/p>

But there are a few key differences to consider when deciding between Simplii or Tangerine, so let\u2019s break down how they compare across a host of key categories.<\/p>

Simplii vs. Tangerine: Chequing accounts<\/h3>
<\/th>Simplii Financial No Fee Chequing Account<\/th>Tangerine No-Fee Daily Chequing Account<\/th><\/tr><\/thead>
Monthly transactions<\/strong><\/td>unlimited<\/td>unlimited<\/td><\/tr>
Monthly fee<\/strong><\/td>$0<\/td>$0<\/td><\/tr>
Minimum balance<\/strong><\/td>$0<\/td>$0<\/td><\/tr>
Interac e-Transfers<\/strong><\/td>Free<\/td>Free<\/td><\/tr>
Overdraft protection<\/strong><\/td>$4.97 per month when used.
Interest rate of 19% on overdraft balances.
Up to $5,000 protection available.<\/td>		$5 per use.
Interest rate of 19% on overdraft balances.
Up to $5,000 protection available.<\/td><\/tr>
ATM access<\/strong><\/td>Over 3,400 CIBC ATMs<\/td>Over 3,500 Scotiabank ABMs<\/td><\/tr>
Mobile cheque deposit<\/strong><\/td>Yes<\/td>Yes<\/td><\/tr>
Get started<\/b><\/td>Simplii No Fee Chequing Account:
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\r\n \r\n Go to site\r\n <\/a>\r\n\r\n <\/div>\r\n <\/section><\/td>
Tangerine No-Fee Daily Chequing Account:
\r\n
\r\n \r\n Go to site\r\n <\/a>\r\n\r\n <\/div>\r\n <\/section><\/td><\/tr><\/tbody><\/table>

The Simplii Financial No Fee Chequing Account and the Tangerine No-Fee Daily Chequing Account are almost impossible to split. Both support unlimited monthly transactions and have no monthly fee or minimum balance requirement. Both also offer overdraft protection, user-friendly mobile banking apps and handy features like mobile cheque deposits.<\/p>

Ultimately, choosing between these accounts might come down to something as simple as which provider has more ATMs near you or which mobile banking app you find easier to use.<\/p>

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

It\u2019s a tie.<\/strong> Both Simplii and Tangerine offer equally good chequing account options.<\/p>

Tangerine vs. Simplii: Savings accounts<\/h3>
<\/th>Simplii Financial High Interest Savings Account<\/th>Tangerine Savings Account<\/th><\/tr><\/thead>
Standard interest rate<\/strong><\/td>
  • $50,000.01 or less: 0.3%<\/li>
  • $50,000 \u2013 $100,000: 0.5%<\/li>
  • $100,000.01 \u2013 $500,000: 0.6%<\/li>
  • $500,000.01 \u2013 $1 million: 0.7%<\/li>
  • Over $1 million: 1%<\/li><\/ul><\/td>
0.3%<\/td><\/tr>
Promo rate<\/strong><\/td>4.6% for the first 5 months<\/td>4.5% for the first 5 months<\/td><\/tr>
Monthly fee<\/strong><\/td>$0<\/td>$0<\/td><\/tr>
Get started<\/b><\/td>Simplii High Interest Savings Account:
\r\n
\r\n \r\n Go to site\r\n <\/a>\r\n\r\n <\/div>\r\n <\/section><\/td>
Tangerine Savings Account:
\r\n
\r\n \r\n Go to site\r\n <\/a>\r\n\r\n <\/div>\r\n <\/section><\/td><\/tr><\/tbody><\/table>

It\u2019s once again quite difficult to split Simplii vs. Tangerine, this time in terms of savings accounts. But the Simplii High Interest Savings Account offers a slightly higher ongoing interest rate compared to the standard Tangerine savings rate.<\/p>

And with a tiered rate structure that allows you to earn higher rates on larger balances, Simplii takes a narrow win here.<\/p>

\"Award<\/h4>

Who\u2019s the winner?<\/h4>

Simplii Financial<\/strong>. Although it and Tangerine offer competitive promo rates, Simplii\u2019s tiered interest rate structure wins out in the end.<\/p>

Simplii vs. Tangerine: Credit cards<\/h3>
<\/th>Simplii Financial Cash Back Visa<\/th>Tangerine Money-Back Credit Card<\/th>Tangerine World Mastercard<\/th><\/tr><\/thead>
Annual fee<\/strong><\/td>$0<\/td>$0<\/td>$0<\/td><\/tr>
Purchase interest rate<\/strong><\/td>21.99%<\/td>20.95%<\/td>20.95%<\/td><\/tr>
Rewards<\/strong><\/td>Promo for the first 3 months: 20% cash back on eligible restaurants, food delivery and bar purchases (up to $500 spend)
<\/div>

Standard earn rate:<\/p>

  • 4% cash back on eligible restaurant, bar and coffee shop purchases up to $5,000 per year<\/li>
  • 1.5% on eligible gas, groceries, drugstore purchases and pre-authorized payments up to $15,000 per year<\/li>
  • 0.5% on all other credit card purchases (unlimited)<\/li><\/ul><\/td>
Promo for the first 2 months: Bonus 10% cash back up to $100
<\/div>

Standard earn rate:<\/p>

  • Unlimited 2% cash back in 2 spending categories of your choice<\/li>
  • 0.5% cash back on everything else<\/li>
  • Get a third 2% cash back spending category when your cash back rewards are automatically deposited into a Tangerine Savings Account<\/li><\/ul><\/td>
Promo for the first 3 months: Bonus $100, up to $100
<\/div>

Standard earn rate:<\/p>

  • Unlimited cash back in 2 spending categories of your choice<\/li>
  • 0.5% cash back on everything else<\/li>
  • Get a third 2% cash back spending category when your cash back rewards are automatically deposited into a Tangerine Savings Account<\/li><\/ul>

    Other rewards:<\/p>

    • Mobile device and rental car collision\/loss damage insurance<\/li>
    • Mastercard Travel Pass<\/li>
    • Mastercard Travel Rewards<\/li>
    • On-demand and subscription services<\/li><\/ul><\/td><\/tr>
Eligibility<\/strong><\/td>
  • Minimum annual household income of $15,000<\/li>
  • Canadian resident (excluding Quebec)<\/li>
  • Age of majority in your province or territory<\/li>
  • No bankruptcies in the last 7 years<\/li><\/ul><\/td>
  • Gross annual income of $12,000 or more<\/li>
  • Age of majority in your province or territory<\/li>
  • Permanent resident of Canada<\/li>
  • No bankruptcies in the last 7 years<\/li><\/ul><\/td>
  • Gross annual income of $50,000 or more<\/li>
  • Gross household income of $80,000 or more<\/li>
  • Total balances of $250,000 or more in Tangerine Savings Accounts and\/or Investment Fund Accounts<\/li>
  • Age of majority in your province or territory<\/li>
  • Permanent resident of Canada<\/li>
  • No bankruptcies in the last 7 years<\/li><\/ul><\/td><\/tr>
Get started<\/b><\/td>
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\r\n\t\t\t\t\t \r\n\t\t\t\t\t\tRead review\r\n <\/a><\/div>\r\n\t\t\t\t <\/section><\/td>
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\r\n \r\n Go to site\r\n <\/a>\r\n\r\n <\/div>\r\n <\/section><\/td>
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\r\n \r\n Go to site\r\n <\/a>\r\n\r\n <\/div>\r\n <\/section><\/td><\/tr><\/tbody><\/table>

Tangerine has two credit cards, while Simplii Financial only offers one. The cards have virtually identical purchase interest rates and no annual fees, and all offer cash back rewards.<\/p>

The Simplii Cash Back Visa<\/a> offers a higher cash back rate of 20% on restaurant, bar and coffee shop purchases, so it\u2019s well worth a look if you like to dine out regularly. But cash back limits do apply.<\/p>

Over at Tangerine, the maximum cash back rate on your selected spending categories is lower at 2%, but it\u2019s unlimited. And with the freedom to choose between a Money-Back Credit Card<\/a> and the Tangerine World Mastercard<\/a>, Tangerine narrowly comes out on top.<\/p>

\"Award<\/h4>

Who\u2019s the winner?<\/h4>

Tangerine<\/strong>\u2014but there\u2019s plenty to like about the Simplii Cash Back Visa.<\/p>

Tangerine vs. Simplii: Investments<\/h3>

Tangerine investment options<\/h4>
  • GICs<\/li>
  • Mutual funds<\/li>
  • TFSAs<\/li>
  • RSPs<\/li>
  • RIFs<\/li>
  • Non-Registered Investment Fund Accounts<\/li><\/ul><\/div>

    Simplii Financial investment options<\/h4>
    • GICs<\/li>
    • Mutual funds<\/li>
    • TFSAs<\/li>
    • RRSPs<\/li><\/ul><\/div><\/div><\/div><\/article>
      <\/div>

      Tangerine and Simplii offer similar investment options for Canadians, with GICs, mutual funds, tax-free savings accounts and retirement savings plans available from both providers.<\/p>

      But Tangerine also offers a Retirement Income Fund to help you manage your money in retirement and a Non-Registered Investment Fund Account that provides access to passively managed portfolios of stocks, bonds and ETFs.<\/p>

      In terms of savings, Simplii\u2019s RRSP and TFSA provide a slightly higher interest rate (0.4%) than Tangerine\u2019s offerings (0.3%). But if you want to hold a registered GIC in your retirement savings plan, Tangerine offers a higher 1-year rate than Simplii.<\/p>

      Simplii vs. Tangerine: GICs<\/h4>

      If you want to invest some money in a GIC, Tangerine offers more choices than Simplii. While both providers offer 1-, 2-, 3-, 4- and 5-year terms, Tangerine also offers 90-day, 180-day, 270-day and 1.5-year options. Tangerine offers US dollar GICs too, and we found its rates to be slightly higher than those offered by Simplii, at the time of writing.<\/p>

      With a wider range of investment products to choose from and higher GIC rates, Tangerine comes out on top.<\/p>

      \"Award<\/h4>

      Who\u2019s the winner?<\/h4>

      Tangerine<\/strong> wins in the investments category mostly because it offers a wider range of investment options than Simplii.<\/p>

      Tangerine vs. Simplii: Other loan options<\/h3>
      <\/th>Tangerine<\/th>Simplii<\/th><\/tr><\/thead>
      Personal loan<\/strong><\/td>No<\/td>Yes<\/td><\/tr>
      Line of credit<\/strong><\/td>Yes<\/td>Yes<\/td><\/tr>
      HELOC<\/strong><\/td>Yes<\/td>Yes<\/td><\/tr>
      RSP loan<\/strong><\/td>Yes<\/td>No<\/td><\/tr><\/tbody><\/table>

      Tangerine and Simplii both offer unsecured lines of credit, but neither displays interest rates online. Both providers also let you borrow against the equity in your home with a HELOC, but only Tangerine lists its interest rate online.<\/p>

      Beyond that, Tangerine\u2019s and Simplii\u2019s loan offerings differ.<\/p>

      Tangerine offers an RSP loan with terms of 1-5 years, allowing you to borrow to contribute more to an RSP. Simplii provides a personal loan with a choice of a fixed or variable rate plus the freedom to pay back your loan early without penalty. It\u2019s this inclusion of a personal loan among its borrowing options that narrowly makes Simplii the winner.<\/p>

      \"Award<\/h4>

      Who\u2019s the winner?<\/h4>

      Simplii<\/strong> because it offers personal loans and Tangerine doesn\u2019t.<\/p>

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

      Simplii and Tangerine both offer free mobile banking apps for Android and iOS devices. Both apps are user-friendly and allow you to perform day-today banking tasks like:<\/p>

      • Pay bills<\/li>
      • Transfer money<\/li>
      • Send e-Transfers<\/li>
      • Check your balance and transaction history<\/li>
      • Deposit cheques<\/li><\/ul>

        In terms of user ratings, both apps have picked up thousands of positive scores from users across Android and iOS devices. However, Tangerine\u2019s higher average rating on the Apple App Store sees it take the win in this category.<\/p>
        <\/th>Simplii Financial<\/th>Tangerine<\/th><\/tr><\/thead>
        Apple App Store<\/td>\n\n\n\n\n\n\n\n\n \n \n4.2<\/strong> \u2013 \n\u2605\u2605\u2605\u2605\u2605<\/span>
        \n13K reviews\n<\/span>\n\n