Tangerine Bank Review 2026
Tangerine Bank Review
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Initial Savings Account Teaser Rate
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High Interest Savings Rate
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No Fee Credit Card
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GIC Interest Rate
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Low Bank Fees
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Ease of Use and Customer Service
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Mobile App
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Account Options
Tangerine Bank Review Summary:
Tangerine Bank is a well-rounded Canadian Bank that offers everything from HISAs to mortgages. It can be a one stop shop for all your financial needs, but it might not be for everyone.
For Canadians who value no-fee chequing, and having all of your banking needs under one (digital) roof, Tangerine Bank’s products and services could do the trick. For those who are after top-tier banking experience, you are better off looking elsewhere.
We’ve got a run down of the best online banks in Canada, in which you will see that if you’re looking for the absolute best online bank in Canada, you can’t go wrong with EQ Bank.
Pros
- Attractive introductory savings rate for new clients, plus bonus promo rates for existing clients
- No-fee credit cards and banking
- Excellent online platform and mobile app
- Best all-in-one choice for online banks
- Solid debit and credit card options
Cons
- Much lower interest rates after the promo period
- TFSA and RRSP investment is better at online brokers
- Currently does not offer FHSA
- Some GICs may require a phone call to open
While our EQ Bank Review details why it is our top pick for Canada’s best online bank and high interest savings account, Tangerine is our runner-up in more than one category. The Canadian online banking scene really boils down to a two-horse race between EQ and Tangerine. And seeing as Tangerine is our former top-recommended bank in Canada, we’re clearly fans of both.
In this review we’ll give you the full details about Tangerine’s most popular offerings. We’ll also show you how they compare to EQ Bank, our top-rated bank in Canada. We’ll also give you our take on when Tangerine is the better choice (because in some cases it is).
What is Tangerine Bank
Tangerine started out as ING Direct, a pioneer in the world of “direct” (branchless) banking. In the late 90s, ING Direct offered savings accounts only, but by the time it was acquired by Scotiabank in 2012, it also offered chequing accounts, mortgages, and a range of investment products and accounts.
When Scotiabank took over, ING Direct was renamed Tangerine, and became Scotiabank’s digital-only, lower-fee banking subsidiary. Tangerine continues to offer bank accounts, investment options, and mortgages, as well as two no-fee credit cards.
Despite the changes in both name and ownership, the end goal has remained the same: provide Canadians with a “one-stop-shop” type of online bank with great products and friendly customer service.
Is Tangerine Online Banking Safe?
In a word, Yes. Tangerine prioritizes customer safety with SSL encryption and 2-factor authentication, plus, they are a member of CDIC which means your deposits are insured up to $100,000.
Tangerine Fees
While Tangerine’s bank accounts offer unlimited free transactions and their credit cards have no annual fees, the bank does charge some fees—and they’re open about it.
Tangerine prides themselves on charging fair fees, which means that they’re disclosed and agreed upon in advance and that they’re reasonable based on the value clients receive. You won’t find any hidden fees or price jacking here.
A look at Tangerine’s list of Fee Schedules/Fair Fees reveals amounts that are close to industry standards, such as:
- Canadian bank drafts $10 (big banks charge $9.50-$9.95)
- NSF fee $45 (other banks charge $35-48)
- Non-Scotiabank ATM withdrawals in Canada $1.50 (big bank standard is $2)
Considering that you pay those fees on top of a monthly fee with many big banks, Tangerine is offering valuable savings in comparison.
Tangerine Savings Account
The Tangerine Savings account is a no-fee savings account with a standard interest rate of 0.30%. With no hidden fees or service charges, Tangerine’s savings account is on our list of the Best High Interest Savings Accounts in Canada, just behind EQ Bank, Neo Financial, and Scotiabank (all of which offer higher interest).
However, new clients can benefit from an excellent rate of 4.50% on non-registered, and 4.60% on registered savings deposits for the first 5 months. This offer ends November 30, 2026, and is available to new clients within 60 days of getting a Tangerine Client Number.
Tangerine does not completely leave its existing clients in the dust when it comes to promo rates. Existing clients will regularly receive promo rates ranging from 4.10% to 4.25% when they move money into their account within a 3 month window, so be on the lookout for those when they pop up.
If you are someone who likes to have different pots of savings for different goals, this is where Tangerine’s free savings account can be very helpful, as you can open up to 10 separate savings accounts with zero minimum balance.
Just remember when the promo ends, you’re back to 0.30%, so you may want to check out some of the other top high interest savings accounts in Canada to compare.
Tangerine Chequing Account
The Tangerine No-fee Daily Chequing Account gives clients unlimited free transactions, including Interac purchases, e-transfers, and ATM withdrawals using Scotiabank’s network. Unfortunately, their chequing account interest rates are quite low.
You won’t want to leave money sitting idle in this account! Accounts of less than $49,999.99, as well as accounts of over $500,000.00, earn only 0.01% interest. Accounts of $50,000.00 to 99,999.99 earn 0.05% while accounts of $100,000 to $499,999.99 earn double with 0.10%.
Nevertheless, Tangerine is still our runner up for the Best Joint Bank Account in Canada because their chequing account rates aren’t the only thing they have to offer. Tangerine is currently offering new account holders $250 for moving paycheques to your Tangerine Chequing Account for 2 consecutive months, which is a nice and easy bonus! For CAA-Quebec members, there is currently an additional $300 bonus offer to take advantage of.
Tangerine GICs
Tangerine offers GICs (Guaranteed Investment Certificates) with no fees and a 1-year rate of 3.30%, and a 5-year rate at 4.00%. These rates put Tangerine’s GICs solidly on our list of the Best GIC Rates in Canada for 2026. Tangerine clients can open a GIC online in minutes and start earning higher interest on their savings with these no-risk investment options.
Tangerine RRSPs and TFSAs
Tangerine also offers both RRSPs and TFSAs. In these accounts, you can take their savings account rates, or you can opt for one of their investment portfolios. We will always advocate for ETFs over pricier mutual funds, but it’s worth mentioning that Tangerine does have some investment options. These include ETFs within a mutual fund and some Socially Responsible Global Portfolio options. To learn more about ETFs, check out our Review of the Best ETFs in Canada.
We’re still waiting for them to join the (small) pack of banks offering the new First Home Savings Account (FHSA).
Tangerine Money Back Credit Card
When it comes to free credit cards in Canada, the Tangerine Money Back Credit Card is one of the best options on the market. It’s so good, in fact, that it currently takes 2nd place in our 2026 list of the Best Credit Cards in Canada. And that’s because of the flexibility they’ve built into the card.
Instead of having assigned categories for bonus cashback earnings, customers get to choose up to 3 bonus categories out of a selection of 10 (soon to be 13). These categories earn 2% cashback. This is 4 times the base rate of 0.5% which is the cashback percentage you’ll receive for all your spending outside of your 3 bonus categories. For full details, check out our Tangerine Money-Back Credit Card review or see how it compares to other no fee cashback cards.
Tangerine is currently offering a bonus 10% cashback on up to $1000 in eligible purchases made in the first 2 months if you sign up by September 30, 2026.
Tangerine World Mastercard
The No-Fee Tangerine World Mastercard offers the same earning rates as the Tangerine Money-Back Credit card, but it also has a few more perks and benefits including airport lounge access provided by DragonPass, Mobile Device Insurance, Rental Car Collision/Loss Damage Insurance and more.
While the Tangerine World Mastercard is also free, you do need an annual income of $50,000 (or household income of $80,000) to apply. You can read more about it in our Tangerine World Mastercard review.
The Tangerine World Mastercard is currently offering the same bonus 10% cashback on eligible purchases up to $1000 made in the first 2 months if you sign up by September 30, 2026.
Tangerine Borrowing
In addition to mortgages, Tangerine offers two borrowing options to cover a range of goals.
A home equity line of credit allows clients to use the equity they’ve built up in their home without breaking their mortgage. Tangerine gives clients an interest rate of 5.20% (Tangerine Prime plus 0.5%) and a fixed repayment plan, with no additional fees.
A regular line of credit allows clients to borrow what they need, when they need it. Tangerine offers a variable interest rate (Tangerine Prime plus “an adjustment factor”) and a flexible repayment schedule that lets clients pay off their credit at their own pace.
In the past, Tangerine has also offered RSP loans, which allow clients to borrow money specifically to contribute to their RSPs. Tangerine suspended RSP loan applications back in January 2023 in order to “make some changes,”.
Now, as of 2026, their page on RSP loans is quite vague and uninformative, with a statement, “You can apply for an RSP Loan between November and March. We’re continuing to keep an eye out for news on this front, and we’ll update this review if/when there’s a change.
How to Apply for a Tangerine Loan
Eligibility: In order to apply for any kind of loan from Tangerine, you must be the age of majority in your province of residence, a permanent resident of Canada, and free of bankruptcy for the past 7 years.
Provide Personal Information: Your first step is to complete an application form, either online or over the phone. Tangerine will request your date of birth, SIN, contact information, address, and occupation.
Wait for approval: According to Tangerine’s website, you will receive a response to your application within 1-2 business days.
In the case of a mortgage, you will be assigned a Mortgage Account Manager who will facilitate the process from start to finish.
Tangerine Fees
One of the aspects that makes Tangerine stand out from other banks is the fees. Or rather, the lack thereof. Tangerine’s no-fee chequing and savings accounts make this online bank a stand-out in the Canadian market.
That being said, Tangerine isn’t completely fee-free. Some transactions do have a cost. However, when compared to the fees charged by traditional Canadian banking institutions, Tangerine’s fees are much lower.
Tangerine Customer Service
Tangerine has a reputation for going above and beyond with their customer service. In fact, Tangerine has consistently received the highest ranking in the J.D. Power 2025 Canada Retail Banking Satisfaction Study for the past 14 years straight. They also received another notable award last year: #1 Bank in Canada on the Forbes List of the World’s Best Banks 2025.
While support is available 24/7 via online chat, by phone and even social media, customers have recently reported longer than usual wait times, slow card replacements, and even difficulties when attempting to resolve fraud claims or other more complicated matters.
If you don’t mind having to wait a bit longer, or dealing with the hassle of solving issues that arrive, this might not be a deal breaker. If you value responsive customer service and peace of mind in case things go awry, you might want to weigh other options.
Tangerine Mobile App
The mobile app for Tangerine is easy-to-use and comprehensive. It allows you to complete everyday banking in the palm of your hand: manage accounts, transfer funds, send and receive e-transfers, and review transactions.
Both Apple and Android users are happy with the app, giving it a 4.7 rating on both app stores.
How Does Tangerine Compare To EQ Bank?
So how does Tangerine stack up against our top-recommended bank? We’ve laid it out for easy reference:
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| ATM/Interac transactions? | Yes, for free at POS and from Scotiabank ATMs. | Yes, with the reloadable EQ Bank card. Free withdrawals from any ATM in Canada, plus 0.5% cashback on every purchase. |
| Account transaction fees | $0 |
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| Savings Account Interest Rate | 0.30% base rate although promos currently exist with a short term 5 month teaser rate of 4.50% | 1% + 1.75% with direct deposit for a total of 2.75% |
| GIC 1-Year Interest Rate | 3.30% | 3.40% |
| Sign Up | Visit Tangerine | Visit EQ Bank |
While EQ Bank offers better interest rates and no NSF fees, and their new EQ Bank Card makes purchasing easy, Tangerine is currently the better choice for no-fee credit cards. That said, using EQ Bank in tandem with an elite Canadian credit card is still the best way to get bang for your bucks.
Tangerine Bank Review – FAQ
Is Tangerine Bank The Best For You?
All things considered, Tangerine remains one of the best all around online banks in Canada. Those looking for no-fee daily banking, the perks of cashback on credit card purchases and a seamless app experience, all with the convenience of never having to visit an actual branch, will likely find Tangerine Bank a very good option.
Tangerine’s other products however, such as its RRSP/TFSA and GICs, leave much to be desired. There are better options for low cost or even free ETFs for your investment needs over at Qtrade, and better GIC rates over at EQ Bank. If you’re curious about the absolute best GIC rates in Canada right now, head over to our full article.
Luckily, you can have the best of both worlds: no-fee chequing and great investment products. It’s not uncommon for Canadians to use Tangerine for its chequing and credit card services, while maximizing earnings on investments elsewhere.
Very bad customer service.they never resolved my credit fraud issue it been more then 3 months.customer service are very very bad
TANGERINE SCAMMED ME OUT$ 660.00
Stay away from TANGERINE ,they toke my money away from my deposit, on one of their ABM machines, it gave a receipt saying deposit error, then on the screen showed money has been held. I call the number 1888 826 4374 , over an hour over the phone with untrained attendant , asking me same questions over and over finally she said resolution will be in 3 weeks…!!!!!!!!
I’ve been with Tangerine Banking even before it was Tangerine when it was called ING Direct. I feel like Tangerine went down hill after the take over by the Bank of Nova Scotia. Maybe that was their plan to destroy this banks good friendly, customer service and make banking on a whole more of a monopoly. Right around 2019 when the Covid scare hit the world, Tangerine closed all its branches in Vancouver. Banking with them hit an all time low. I remember calling them Toronto time and waiting 1.5 hours to speak with customer service. During that time I had lost my card and my card had been hacked by one of those touch machines when someone came up behind me(I was unaware) and I had my wallet in my back pocket. Lesson learned…now my cards are all in a metal lined wallet. The problem was when I called them on the phone it took them over 3 months to investigate and reimburse me my money and I had to cancel my card. I had to cancel my old card and it took over a week to receive my new card, there was no express mail. I received the new card they sent me after a week and it was damaged, so I was not able to be activate the card. The second time they sent me a new card it was damaged again. Each time I waited over 5-7 business days to get the new card. Imagine the frustration. Like I said there are no branches I could visit to have this done faster. The wait times on the phone was completely ridiculous. They told me they couldn’t send my card to me express. When I asked them where to activate my card they sent me to closed locations, or they wouldn’t give that’s branches hours, so I would get there and their baking machine door was locked of their machine was down. I have never dealt with such a badly run banking institution in my life. The last straw for me was when I asked to speak to a manager and complain. I was told told they would call me the next day, but no phone call…this happened twice and I felt ignored, so I pulled my money out and never looked back.
My 15 yr old got a job but Tangerine said they wouldnt open an account until she is 16. I had a bank account when I was 12. Not sure whats up with them. Even a joint off us parents would have been fine. Going elsewhere.
Just waited 30mins to buy a Business GIC by telephone. It can’t be done online. However, I can buy GIC with same return (6%) on the personal side easily online w/o the wait. I guess Tangerine assumes business people have more time on their hands, lol
Tangerine recently informed me that they wont mail requested cheque books or lost bank cards to Canadian Non-Residents who reside in Europe, essentially rendering chequing accounts useless. Retirees beware.
Hate this bank! Lost time and my nerves with them. Do not suggest!
I’ve opened a chequing account with Tangerine, and it’s been a complete nightmare. I’ve now been back and forth to a Scotiabank 4 times in order to withdraw funds from my now over $2000 balanced chequing account only to be told there’s an error. Tried to speak with the Scotabank teller at the counter, and told me “listen, we aren’t affiliated with Tangerine at all apart from them making a deal with us to use our atm machines. You’re one of so many people that come here for assistance, and I’m sorry but there’s little to nothing that we can do…” Yhen she added i should just open an account with them instead… Tangerine customer service is terrible, the last woman I spoke to after a long wait assured me that my card was now activated and I shouldn’t have any problems at the machine now. Well guess what, I wasted 10$ in gas to go withdraw funds only to get another message saying I cannot have access to my money. Now I’m in the queue waiting to speak yet again to a representative, and it’s saying that wait times to even speak with someone is 45 minutes… So far the money it’s costed me to deal with these clowns isn’t worth the 15$ I save per month. Totally ridiculous!
Warning! Tangerine has a major short-coming. Tangerine alerts will alert you of almost anything, but they DON”T WARN YOU OF BOUNCED CHEUQUES! If you deposit a cheque and it bounces or has a stop payment on it, you DO NOT GET A TANGERINE ALERT! so, you may be relying on funds to pay your mortgage or car payment etc… and the only time you wil know is when you review your transactions or you realize that you now owe all of the accumulated interest or penalty payments on your mortgage etc.. or your payroll doesn’t go through. I mean, I expect a damn phone call if there is a bounced cheque.. NO, there is NO WARNING AT ALL.
This has been true for the last 6 months at least. This is a pathetic fail. I complained about this when it happened 6 months ago. It just happened again, but they did not fix anything. And they gave a lame excuse saying they did not know the cause of the payment reversal as a reason for not giving me an alert. I tried to explain how important such a notification is, but they seem to be dumb, or just don’t care. This failure could be a major cost. Maybe discount banking is not worth it. at least not with Tangerine.
Do not die with a tangerine account.
I am a lawyer with nearly 50 years of experience in estate work. The client died this year with a Tangerine account. This dealing with Tangerine was the first for me.
Normally it takes one letter to acquire the information necessary to apply for “probate” and one letter after that to obtain the funds from the account.
Dealing with Tangerine was extraordinarily difficult and therefore needlessly expensive. It was also very time-consuming and therefore expensive.
I made a comment to the Estate Trustee asking her to remind me never to have an account with tangerine. She agreed wholeheartedly.