Tangerine at a Glance
| Feature |
Details |
| Type |
Online bank |
| Owner |
Scotiabank |
| Founded |
1997 (as ING Direct) |
| CDIC insured |
✅ Yes |
| Physical branches |
1 (Toronto cafe) |
| Monthly fees |
$0 |
| ATM network |
Scotiabank + Global |
Account Options
Chequing Account
| Feature |
Details |
| Monthly fee |
$0 |
| Minimum balance |
$0 |
| Free transactions |
Unlimited |
| Free e-Transfers |
✅ Unlimited |
| Free bill pay |
✅ Yes |
| Cheques |
✅ Free first box |
| Debit card |
✅ Yes |
| ATMs |
Scotiabank network free |
| Joint accounts |
✅ Yes |
Savings Account
| Feature |
Details |
| Base interest rate |
~0.5-1.0% |
| Promotional rate |
Up to 5%+ (new clients) |
| Monthly fee |
$0 |
| Minimum balance |
$0 |
| Interest paid |
Monthly |
| TFSA available |
✅ Yes |
| RRSP available |
✅ Yes |
Note: Promotional rates typically last 5-6 months for new deposits.
GICs
| Term |
Typical Rate |
| 1 year |
3.5-4.5% |
| 2 years |
3.0-4.0% |
| 3 years |
3.0-3.8% |
| 5 years |
3.0-3.8% |
GIC rates are decent but often lower than EQ Bank or dedicated GIC providers.
Credit Cards
Tangerine Money-Back Card
| Feature |
Details |
| Annual fee |
$0 |
| Cash back |
2% on 2-3 categories |
| Base cash back |
0.5% on everything else |
| Categories |
Groceries, gas, restaurants, etc. |
| Minimum payout |
$50 (or to account) |
Tangerine World Mastercard
| Feature |
Details |
| Annual fee |
$0 |
| Cash back |
2% on 2-3 categories |
| Minimum income |
$60,000 |
| Travel perks |
Price protection, some insurance |
| Rental car insurance |
✅ Yes |
ATM and Branch Access
Free ATM Network
| Network |
Coverage |
| Scotiabank |
3,500+ ATMs |
| Global Network |
International |
| AllPoint |
US access |
Non-Network ATM Fees
| Transaction |
Fee |
| Withdrawal |
$1.50 + owner fee |
| Balance inquiry |
$0 |
Cafe / Branch
| Location |
Services |
| Toronto Cafe |
In-person help, community events |
| Everywhere else |
Online/phone only |
Tangerine Pros
| Pro |
Details |
| ✅ No-fee chequing |
Zero monthly fee |
| ✅ Scotiabank ATMs |
Large free network |
| ✅ Free credit cards |
2% cash back, no fee |
| ✅ Full banking |
Chequing, savings, investing |
| ✅ CDIC insured |
Big bank backing |
| ✅ Good app |
Modern interface |
| ✅ Joint accounts |
Easy setup |
| ✅ Free cheques |
First cheque book free |
| ✅ Promotional rates |
High for new deposits |
Tangerine Cons
| Con |
Impact |
| ❌ Low base savings rate |
Need promo for good rate |
| ❌ Promo rates expire |
Must move money often |
| ❌ No physical branches |
1 cafe in Toronto only |
| ❌ GIC rates not top |
EQ Bank often better |
| ❌ Customer service waits |
Can be long |
| ❌ Limited hours |
Not 24/7 |
Who Tangerine Is For
| User Type |
Why |
| No-fee seekers |
Free everything |
| Full banking needs |
Chequing, credit cards, savings |
| Scotiabank ATM users |
Large network |
| Cash back fans |
Good credit cards |
| Account consolidators |
All-in-one bank |
Who Should Look Elsewhere
| User Type |
Better Option |
| Highest savings rate |
EQ Bank |
| Branch access needed |
Big bank |
| Best GIC rates |
EQ Bank, credit unions |
| Premium credit cards |
Airlines/hotels cards |
Tangerine vs Simplii
| Feature |
Tangerine |
Simplii |
| Chequing fee |
$0 |
$0 |
| ATM network |
Scotiabank |
CIBC |
| Savings rate |
Lower base |
Lower base |
| Credit cards |
✅ Yes |
✅ Yes |
| Mortgages |
✅ Yes |
✅ Yes |
| Parent bank |
Scotiabank |
CIBC |
Very similar offerings — choose based on ATM preference.
Tangerine vs EQ Bank
| Feature |
Tangerine |
EQ Bank |
| Savings rate |
Lower (except promo) |
Higher |
| GIC rates |
Lower |
Higher |
| Chequing |
Full featured |
Limited |
| ATMs |
Scotiabank network |
None |
| Credit cards |
✅ Yes |
❌ No |
| Best for |
Full banking |
Savings |
Strategy: Use Tangerine for chequing and credit cards, EQ Bank for savings.
Opening a Tangerine Account
Steps
| Step |
Details |
| 1 |
Visit Tangerine website or app |
| 2 |
Choose products |
| 3 |
Provide personal info |
| 4 |
Verify identity (instant or mail) |
| 5 |
Fund account |
| 6 |
Set up payroll, bill pay |
Requirements
| Requirement |
Details |
| Age |
18+ |
| Residence |
Canadian |
| ID |
Valid government ID |
| SIN |
For tax reporting |
| Phase |
Rate |
| Initial promo |
4-6% (new deposits) |
| Duration |
5-6 months typically |
| After promo |
Drops to base rate |
| Strategy |
How |
| Watch for offers |
Target TFSA/RRSP promos |
| New deposit only |
Move money from external bank |
| Rate chase |
Move to next promo after |
Security and Safety
| Protection |
Details |
| CDIC insurance |
$100,000 per category |
| Owner |
Scotiabank (Big 5) |
| 2FA |
✅ Yes |
| Biometric login |
✅ Yes |
| Fraud protection |
✅ Yes |
Our Verdict
| Rating |
Details |
| Best for |
Primary no-fee banking |
| Overall |
Excellent all-around choice |
| Recommended |
✅ Yes |
Tangerine is one of the best options for fee-free full-service banking. Pair it with EQ Bank for savings to get the best of both worlds.