Tangerine is an online bank affiliated with Scotiabank and is a member in good standing of the Canada Deposit Insurance Corporation (CDIC). Since it has no physical office and all financial activities are carried out online, Tangerine makes substantial savings which it can then redistribute to its customers in the form of competitive rates. In this article, we explore the main financial products offered by Tangerine Bank: checking accounts, savings accounts, credit cards and much more.
First, Tangerine offers a chequing account with no monthly fees and no minimum balance. With this account, you get your first cheque book free of charge.
Discover Tangerine’s “Earn More” offer and receive a $250 bonus when you move your payroll.
Enjoy a Tangerine chequing account with no monthly fees, free Interac e-Transfers and free access to 3,500 Scotiabank ABMs. Register online quickly and start saving today.
Tangerine offers a savings account with no monthly fees or minimum balance, and a competitive interest rate compared with other banks.
Opening a Tangerine savings account until March 31, 2025, will earn you an interest rate of 6.00% for five months†!
Here are the main features of the Tangerine savings account:
The promotional rate applies to new deposits, up to a maximum of $1,000,000.
Take advantage of Tangerine Tax-Free Savings Account (TFSA) and save tax-free on accumulated interest or withdrawals.
With no monthly fees, access your money anytime and manage your account easily online or via the mobile app.
Contribute up to $7,000 a year and reach your financial goals faster.
Opt for the Tangerine RSP Savings Account and benefit from an attractive interest rate with no monthly fees and no minimum balance required.
Save for retirement while enjoying tax advantages, with tax-deductible contributions and tax-sheltered savings until withdrawal.
The Tangerine RIF Savings Account offers an attractive interest rate with no monthly fees or minimum balance requirements.
Enjoy the flexibility of withdrawals for your retirement income, while saving tax-free until the time of withdrawal.
Save in U.S. dollars with the Tangerine U.S. Dollar Savings Account.
Benefit from an attractive interest rate with no monthly fees and no minimum balance required.
Make free transfers to and from other Tangerine accounts and manage your finances easily with online and mobile banking.
Tangerine offers two different credit cards, both offering cash back: the Tangerine Money-Back Credit Card and the Tangerine World Mastercard.
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, renovation, 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, in 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 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 :
Finally, during your first 30 days, transfer balances and pay only 1.95% interest on the transferred balance for the first 6 months.
In addition to chequing, savings and credit card accounts, Tangerine offers other financial products such as investment funds, guaranteed investments, mortgages and lines of credit.
Tangerine Bank offers a variety of investment funds for your non-registered, TFSA, RRSP and RRIF accounts. The 3 investment options are :
For each of these investment options, several investment funds are available to suit your investor profile and risk tolerance.
For example, with Mutual Fund Core Portfolios, you can choose from 5 funds, ranging from a balanced portfolio (low risk) to an equity growth portfolio (high risk). Similar choices are available for Global ETF Portfolios and Socially Responsible Portfolios (SRI).
Tangerine offers guaranteed investments in the form of Guaranteed Investment Certificates (GICs). GICs allow you to save your money and earn interest. Your investment is guaranteed for the duration you choose, generally between 90 days and 5 years. Tangerine’s guaranteed investments are available in the following accounts: savings account, U.S. dollar account, TFSA, RRSP and RRIF.
Tangerine Bank offers several borrowing options, including fixed-rate and variable-rate mortgages. Tangerine mortgages stand out for their attractive rates, lump sum prepayment options (up to 25%), mortgage rate hold (for 120 days) and much more.
Tangerine’s home equity line of credit allows you to borrow large sums of money at an attractive interest rate, using the equity in your home. This type of borrowing is generally used for (but not limited to) debt consolidation, home renovations, unexpected expenses and financial support (if you need help covering current expenses without going into debt at higher interest rates). You have 24/7 online access to withdraw funds or make payments.
If you’re not a homeowner and don’t have access to a mortgage line of credit, you can choose a personal line of credit for your financing needs. Here, too, it could be renovations, unforeseen expenses, debt consolidation (at higher interest) or any other expense that wasn’t budgeted for.
In our Review, the Tangerine chequing account is one of the best choices available on the Canadian market. First of all, it differs from other Canadian banks in that there are no monthly fees and no minimum balance requirements. But also by the many free features, such as Interac transfers. However, other online banks also offer attractive chequing accounts. For example:
To compare other chequing accounts, use our bank account comparator.
In our Review, the Tangerine savings account is a good choice. But many other banks have attractive promotional offers. For example:
To compare other savings accounts, use our bank account comparator.
In our opinion, the Tangerine World Mastercard is one of the best no-fee credit cards on the Canadian market. In particular, it allows you to accumulate 2% cash back in 2 or 3 purchase categories that you choose according to your needs. However, other excellent cash-back credit cards with no annual fee are available in Canada. For example:
To compare other credit cards according to your needs, use our credit card comparator.
Tangerine’s investment funds are also interesting. The financial products offered are diversified (mutual funds, exchange-traded funds (ETFs), socially responsible investment funds) and provide exposure to different levels of risk (conservative, balanced, growth).
The management expense ratio (MER) of Tangerine’s investment funds is below the Canadian average, but higher than those of leading providers of index ETFs or asset allocation ETFs. However, these require financial knowledge and self-management of investments on an online brokerage platform such as Questrade or Wealthsimple.
Tangerine Bank offers a comprehensive range of mortgage products. It stands out for its attractive rates, lump sum repayment options (up to 25%) and mortgage rate hold (for 120 days). But in recent years, new players in the mortgage business have emerged to take market share.
Try our home insurance comparison tool to find the best policy for your needs.
Overall, Tangerine Bank’s range of financial products is attractive to Canadians. In our opinion, this online bank’s best financial products are its bank accounts (both checking and savings accounts) and credit cards. Tangerine’s investment funds are also interesting, especially the ETF portfolios.
However, Tangerine is lagging behind its competitors for certain specific products, such as FHSA, which is not yet available. But also hybrid bank accounts (high-interest chequing accounts).
In recent years, competition has been fierce between Canadian financial institutions, both traditional and online. Tangerine must therefore continue to offer competitive products and services that meet the needs of Canadians, while developing new financial products.
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