Launched back in 1997 as ING Direct Canada, Tangerine bank has evolved into one of the largest online banks in Canada. It was bought by Scotiabank in 2012 and has gone through major rebranding while maintaining customer support, along with a solid product lineup.
Like most online banks, Tangerine doesn't have branch locations and can, therefore, pass the savings onto customers through higher savings account interest rates, better mortgage rates, and attractive no fee banking options. It might not quite qualify as a full-service Canadian bank, but this is about as close as it gets.
Overview
- Backed by Scotiabank, one of the biggest banks in Canada
- Extensive online and mobile banking services
- High-quality debit and credit card options
- Very reasonable mortgage rates
- High customer satisfaction ratings
Rating methodology
Tangerine's overall rating is 3.9 out of a possible 5 stars. This number is an average of all the individual products we've rated so far, which you can find more info on below. Each of these are scored by breaking them down into their main parts, then comparing each feature to similar products on the market.
Tangerine bank accounts: chequing and savings
The Tangerine Chequing Account may be the only personal chequing account available from Tangerine, but it holds its own as one of the best free chequing accounts in Canada. Along with no monthly fee, account holders have unlimited transactions and Interac e-Transfers , access to Scotiabank's ATM network, and excellent built-in budgeting and savings tools via Tangerine's mobile app.
Tangerine has several high-quality savings accounts too. In fact, the Tangerine Savings Account is one of the country's best high interest savings account, thanks to its super high promo interest rate of 4.5%.
Tangerine US Dollar Savings Account
Earn 0.1% interest on every dollar + Keep your USD funds safe with free transactions.
Tangerine Chequing Account
Get unlimited free transactions for no monthly fee + Earn up to 0.1% interest.
Tangerine Children’s Savings Account
Earn 0.4% interest + Your child gets their own client number and login.
Tangerine credit cards
There may only be two of them, but Tangerine Mastercards are high-quality, unique card options that provide valuable earning opportunities for Canadians. They're cash back cards that allow the user to choose which two spending categories will earn rewards – three categories if you deposit your cash back into a Tangerine Savings Account.
The Tangerine Money-Back Mastercard is a particularly attractive student or newcomer credit card option, as it doesn't require extensive credit history. On the other hand, the Tangerine World Mastercard has higher income and credit score requirements, but it also offers more benefits, including the sweet perks of the World Mastercard program.
| Credit Card | Score | Welcome Bonus | Annual Fee | Avg. Rate of Return | Apply | Card |
|---|---|---|---|---|---|---|
Tangerine Money-Back Credit Card  | $106.3 (Terms) | $0 | 1.13% | Apply | ||
Tangerine® Money-Back World Mastercard®*  | $120 (Terms) | $0 | 1.13% | Apply |
Tangerine investing
There aren't many investment products available from Tangerine, just GICs and mutual funds. Still, Tangerine consistently offers competitive GIC rates, and the minimum investment can be as low as $1, making this an attractive option.
Tangerine has a solid selection of investment accounts too, including RRSPs, RRIFs, TFSAs, and a non-registered investment fund account. For those who don't want to go it alone, Tangerine also offers professionally managed portfolios and investment funds.
Tangerine RSP Savings Account
Earn 0.3% interest on every dollar + Get flexible investment options within your account.
Tangerine loans
Along with mortgages and HELOCs, Tangerine offers a variable-rate personal line of credit. Its an unsecured loan, so you don't have to worry about a security deposit or collateral of any kind.
As an online-only institution, applying for a line of credit with Tangerine is a quick and easy process that you can do from any device, at time, wherever you are.
Tangerine mortgages
With some of the best mortgage rates available, Tangerine mortgages are a popular choice as they offer flexible prepayment options and penalty-free porting. Both fixed and variable rate mortgages are available, with fixed terms ranging from one to 10 years.
Tangerine also offers a home equity line of credit, a product that allows homeowners to tap into the equity they've built in their property. With easy online access and rates that stand up against the biggest and best banks in Canada, Tangerine's HELOC is a solid product that's worth considering.
Tangerine Closed Variable Rate Mortgage
Get competitive mortgage rates + Flexible portability and prepayments.
Tangerine Closed Fixed Rate Mortgage
Get competitive mortgage rates + Flexible portability and prepayments.
FAQ
Is Tangerine a reputable bank?
Yes, Tangerine is quite reputable, offering a variety of high-quality products and services to Canadians. It's operated in Canada for nearly 30 years, is backed by Scotiabank, and all accounts are insured for up to $100,000 with CDIC coverage.
Is Tangerine owned by RBC?
No, Tangerine is a wholly-owned subsidiary of Scotiabank, not RBC. It began operating in Canada as ING Direct in 1997, but was bought by Scotiabank in 2012 and rebranded as Tangerine in the spring of 2014.
Is Tangerine bank insured?
Yes, Tangerine is insured with CDIC deposit insurance, as all the big banks and most online banks in Canada. This means that all eligible deposits made with Tangerine are protected, up to a max of $100,000.
Are Tangerine GIC rates any good?
Tangerine offers competitive GIC rates, especially when compared to big banks. While not the very best available, these rates are quite good and are perhaps made better by the fact that the minimum investment requirement is just $1.
What are the disadvantages of Tangerine bank?
The biggest disadvantage of working with Tagnerine bank is the lack of brick-and-mortar branch locations – those who prefer in-person banking will be disappointed by Tangerine's online-only model. Its regular interest rates for savings accounts are also quite low.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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