How to save on your banking fees with Tangerine?

Updated Aug 12, 2024
Fact checked by
Vincent Morin
Vincent Morin

Vincent Morin

Vincent Morin
Vincent achieved financial independence and retired early (FIRE) at the age of 35. After a career in financial technologies for a large American investment bank, he founded Retraite101, a personal finance site that reaches more than 350,000 unique visitors per year and has more than 30,000 subscribers on social media. Passionate about personal finance, cycling, reading and gardening, he continues to write to inspire and motivate Quebecers to take charge of their finances.
All posts by Vincent Morin
Tangerine
To the point Tangerine is an online bank in Canada that allows you to save on your banking fees.

When I came to Canada more than ten years ago, I was looking for a solution to save on my banking fees, discovering that it is often difficult to avoid them and that they can weigh on the budget.

Used to the principle of online banking with the multiple players on the market in France, I, therefore, naturally turned to ING Direct online banking, which became Tangerine in 2013-2014.

Tangerine Chequing Account

Tangerine offers a no-fee checking account with a host of benefits:

  • No banking fees for all day-to-day transactions (debit purchases, bill payments, pre-authorized payments and Interac money transfers: all free and unlimited).
  • Low bank charges compared with other banks for cash withdrawals abroad: $3 per withdrawal + 2.5% conversion fee
  • Monthly payment of interest earned on every dollar in the chequing account
  • Free access to Scotiabank ABMs
  • The first book of cheques (50) free!

Right now, when you open a Tangerine no-fee chequing account as a new customer, you can get up to $250 in welcome bonus!

What I like most about the Tangerine checking account is the transparency of the bank fees, and they are not hidden in the fine print of a booklet that no one reads.

Tangerine Savings Account

Tangerine also offers a savings account. You can open only this type of account without having a Tangerine chequing account.

The Tangerine savings account has no bank fees and offers one of the highest interest rates on the market. What’s more, from time to time, you can benefit from a promotional interest rate on any new dollars deposited into the account.

Tangerine Credit Cards

Tangerine Money-Back Credit Card

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 categories that interest you (groceries, gas, furniture, home improvement, recurring bills, pharmacy, etc.) to earn 2% cash back! And there is 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 :

  • 90 days purchase insurance
  • One year extended warranty

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.

Tangerine World Mastercard

If you have an individual income of $60,000 or a family income of $100,000, you may want to consider the World Mastercard Tangerine.

This credit card has no annual fee and offers cashback. 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 categories that interest you (groceries, gas, furniture, home improvement, recurring bills, pharmacy, etc.) to earn 2% cash back! And there is no annual cash back limit.

In addition, the Tangerine World Mastercard comes with several insurance coverages for your purchases and travel :

  • 90 days purchase insurance
  • One year extended warranty
  • Mobile Device Insurance
  • Rental Car Collision/Loss Damage Insurance

Finally, during your first 30 days, transfer balances and pay only 1.95% interest on the transferred balance for the first 6 months.

Tangerine Services

Tangerine offers several services that go beyond what you might get from your current financial institution:

  • A highly functional application that was one of the first in Canada to allow instant deposit of cheques by photographing them
  • 24/7 phone support
  • Customizable e-mail alerts (deposits, withdrawals, etc.)
  • Free access to Scotiabank ATMs in Canada, and to nearly 50,000 ATMs worldwide through the ABM Alliance

Bottom Line

I’ve been a big fan of Tangerine Bank for years. Audrey and I each hold :

Come to discuss that topic in our Facebook Group!
Jean-Maximilien Voisine

Jean-Maximilien Voisine

Jean-Maximilien Voisine
Jean-Maximilien, President and Founder of Milesopedia, is a recognized expert in rewards programs, credit cards, and travel in Canada and France. Approaching forty and a father of two, he has travelled to over 100 countries, half of them with his children and his wife, Audrey. Specializing in top loyalty programs like Aeroplan, American Express Membership Rewards, and Marriott Bonvoy, he guides travellers to maximize their benefits across North America and Europe.
All posts by Jean-Maximilien Voisine

Suggested Reading

Receive our newsletter every week!

Savings are here:

Milesopedia