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Tangerine is a Canadian online bank that offers considerable savings on banking fees. Newcomers to Canada quickly learn that banking fees are almost impossible to avoid.
In fact, traditional Canadian banks generally charge between $17 and $30 a month for their chequing accounts, which adds up to over $200 a year. These fees can be avoided by choosing online banks.
For consumers accustomed to European online banks, Tangerine, formerly known as ING Direct until 2014, is an attractive alternative to traditional Canadian financial institutions.
Tangerine offers a No-fee chequing account with multiple advantages:
Tangerine also offers a savings account. You don’t need a checking account to open one.
The Tangerine savings account is free of banking fees and offers some of the highest interest rates on the market. In addition, a promotional rate is regularly offered for every new dollar deposited into this account.
The Tangerine Money-Back Credit Card has no annual fee and offers cash back.
With this limited-time welcome offer, you can earn an additional 10% cash back (up to $100) when you spend up to $1,000 on everyday purchases during the first 2 months.
You can choose two to three purchase categories that interest you (groceries, gas, home furnishings, renovations, recurring bills, pharmacy, etc.) to earn 2% cash back ! And there’s no annual cash-back limit. It is one of the best credit cards for renovations.
In addition, the Tangerine Mastercard offers several insurance coverages for your purchases :
Finally, during the first 30 days you hold the card, transfer credit card balances and pay only 1.95% interest on these balances for the first 6 months.
If you have an individual income of $60,000 or a household income of $100,000, you can choose the Tangerine Money-Back World Mastercard.
This credit card has no annual fee and offers cashback. With this limited-time welcome offer, you get $120 when you spend $1,500 in the first 3 months.
You can choose up to three spending categories that interest you (groceries, gas, home furnishings, home improvement, recurring bills, pharmacy, etc.) to earn 2% cash back! And there’s no annual cash back limit.
In addition, the Tangerine Money-Back World Mastercard comes with several insurance coverages for your purchases and travel:
Tangerine offers comprehensive digital banking services without the fees associated with traditional financial institutions:
Tangerine is a comprehensive banking solution for Canadians who want to reduce their banking fees while enjoying quality service. The online bank offers a range of products tailored to diverse needs:
Consumers looking for a transparent bank with no hidden fees and powerful digital tools will find Tangerine a serious alternative to traditional Canadian banks.
Yes, Tangerine is a Canadian chartered bank regulated by the Office of the Superintendent of Financial Institutions (OSFI). Deposits are insured by the Canada Deposit Insurance Corporation (CDIC) up to $100,000 per depositor.
Tangerine has been owned by Scotiabank since 2012. This acquisition explains why Tangerine customers have free access to Scotiabank ATMs.
The Tangerine chequing account is completely free. There are no monthly fees and transactions are unlimited.
Tangerine customers can use all Scotiabank ATMs in Canada free of charge. Abroad, withdrawals are free at Global ATM Alliance ATMs. Otherwise, the fee is $3 per withdrawal plus a 2.5% conversion fee.
Both cards offer the same cash back (2% in selected categories). The World Mastercard includes additional travel insurance and requires a minimum income of $60,000 (individual) or $100,000 (family).
Yes, Tangerine offers mortgages with competitive rates. Customers can apply online and receive personalized advice free of charge.
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