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Tangerine Bank Review 2023

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Tangerine Bank has made a reputation for itself over the last few years as one of the most popular digital banks, with many exciting spending, saving, borrowing, and investing products that run the gamut of financial products available in Canada.

While some may find themselves wondering if it’s too good to be true that a digital bank can provide so many great financial products while operating entirely online, rest assured, Tangerine is the real deal.

In this Tangerine Bank review, we’ll take a look at everything the online-only bank has to offer, how it works, its key features as a bank, and much more.

Tangerine Bank: an overview

Tangerine works like any other bank account, with the exception that no physical branches exist.

Anyone who signs up for a Tangerine Bank account receives a debit card. Customers can access their funds and make daily banking transactions using the Tangerine Mobile app.

Owned by one of Canada’s Big Five, Scotiabank, Tangerine had over 2 million clients and over $40 billion in total assets in 2021. On top of that, all eligible deposits into Tangerine’s savings accounts are CDIC insured.

In this review, we’ll cover the most popular products offered by Tangerine, including:

Tangerine Bank chequing account

No-Fee Daily Chequing Account

This account is perhaps the most popular product offered by Tangerine—and with good reason!

After all, this chequing account is entirely free to use and comes with no minimum balance requirements.

It also allows account holders to reap the benefits of unlimited transactions, which includes unlimited Interac e-Transfers. All of this and much more comes with no minimum balance requirements and no monthly fees.

But that’s not all! Tangerine Bank customers can access 3,500 Scotiabank ATMs nationwide, along with 44,000 Global ATM Network ATMs across the world, at no extra charge and one of the lowest foreign exchange rates available. The chequing account also offers up to 1.00%* interest on deposits of all sizes.

The Global ATM Network ATM allows customers to access affiliated banks worldwide at no additional fee, and usually with a great exchange rate.

Upon sign-up, Tangerine customers will receive a (bright orange) debit card, along with a chequebook containing 50 free cheques.

You can use the Tangerine Bank with Apple Pay, Android Pay, and Samsung Pay, all while having additional access through the banking account.

Tangerine Bank savings accounts

Savings accounts with Tangerine Bank are fruitful, to say the least. The digital bank has no shortage of Registered and Non-Registered savings account options, which include:

  • Savings Account
  • Tax-Free Savings Accounts (TFSAs)
  • Retirement Savings Plan (RSP)
  • Retirement Income Fund (RIF)
  • US$ Savings Accounts

Savings Account

  • Interest rate: 1.00%*

A High-Interest Savings Account (HISA) with Tangerine allows customers to make unlimited contributions and withdrawals. It is an ideal place to earn interest on savings.

Tax-Free Savings Account

    • Interest rate: 1.00%*

A Tangerine Tax-Free Savings Account works like any other Tax-Free Savings Account (TFSA) in Canada. It allows customers to make the contributions and withdrawals that a Canadian citizen can make with their TFSA.

Retirement Savings Accounts (RSP)

    • Interest rate: 1.00%*

Using a Registered Retirement Savings Plan (RRSP) account with Tangerine operates in the same fashion as an RRSP account, with no Tangerine fees or minimum balance requirements.

Retirement Income Fund (RIF)

  • Interest rate: 1.05%*

A Retirement Income Fund (RIF) account with Tangerine allows you to access your retirement savings. There is no minimum investment requirement.

US Dollar Savings Account

    • Interest rate: 0.10%*

A Tangerine US Dollar Savings Account allows you to save and earn on your US funds. Similar to other Tangerine accounts, there are no unnecessary fees or minimum balance required.

Tangerine Bank credit cards

Tangerine offers two credit card options, made available through Mastercard, which are:

  • Tangerine’s Money-Back Credit Card
  • Tangerine’s World Mastercard

Both of these cards come with no annual fees and a reasonable interest rate of 19.95%. They both offer cash back features of up to 2% and a minimum of 0.5% cash back on all eligible purchases.

Here’s a breakdown of each card and what it has to offer Canadians who’re looking for more out of their daily spending.

Tangerine Money-Back Credit Card

Tangerine Money-Back Credit Card

Tangerine Money-Back Credit Card

Rated 3.7/5 stars.

Our Review
  • 2% Earn 2% cash back on certain purchases in your chosen categories.
  • 0.5% Earn 0.5% cash back on all other purchases.

  • Annual fee: None
  • Interest rate: 19.95%
  • Rewards: Up to 2% cashback on three spending categories, 0.5% on regular purchases
  • Minimum annual income requirement: $12,000

Tangerine Money Back Credit Card is a no-frills credit card that grants a major opportunity to earn more cashback on what’s most important to them, with minor qualification requirements.

With the Tangerine Money Back Credit Card*, cardholders can reap the benefits of 2% cashback on two spending categories of their choosing.

Cashback on this card is paid monthly, with the option to contribute to the credit card or to deposit the funds into a Tangerine Savings Account. Choosing the latter allows you to add an extra spending category and receive 2% on three categories.

Purchases outside of the three categories still earn cashback of 0.5%.

Tangerine World Card

Tangerine World Mastercard

Tangerine World Mastercard

Rated 3.7/5 stars.

Our Review
  • 2% Earn 2% cash back in up to three spending categories, when you deposit your rewards to a Tangerine savings account.
  • 0.5% Earn 0.5% cash back on all other purchases.

  • Annual fee: None
  • Interest rate: 19.95%
  • Cashback: 0.5% to 2%
  • Minimum annual income: $60,000 personal or $100,000 household

The Tangerine World Mastercard Credit Card isn’t an average low-interest credit card. It provides an amplified version of the Money Back Card, with more perks than Tangerine’s other credit card option.

Tangerine World Mastercard* offers the same 2% cashback on two to three categories, depending on the cashback payout option selected.

This version of the Tangerine Credit Card comes with additional perks. One of these perks includes access to Boingo Hotspots, a wireless network with over a million hotspots worldwide.

Another perk includes rental car collision and loss damage insurance for up to 31 days.

Tangerine World Mastercard also comes with mobile device insurance in the event of damage, theft, or technical failure.

Tangerine also offers special pricing on subscriptions through this credit card, along with airport lounge access and other perks.

Tangerine Bank mortgage offerings

Tangerine Bank offers both fixed and variable mortgages. Its variable mortgage is available for 5 years at 7.10%* and their fixed mortgages range from 1 – 10 years at 6.49% – 7.89%.* With its mortgages, Tangerine will let you pay up to 25% of your principal annually. You can also increase mortgage payments by 25% to pay back your loan faster. Most banks would charge a fee to pay a large sum towards your principal or increase mortgage payments. We love Tangerine Bank for putting their customers first and offering fair and rewarding benefits.

The bank also offers other loans, including a home equity line of credit (HELOC) at a current rate of 7.70%* (prime rate + 0.5%*), RSP loans for 1-5 years at rates ranging from 7.29%-8.75%*, and a personal line of credit.

Tangerine Bank GIC rates

Tangerine offers all types of GICs, including registered and non-registered options. This allows you to grow your money without tax-free interest.

Tangerine’s GIC investment options include:

  • Traditional GIC Investment
  • Retirement Savings Plan (RSP) GIC
  • Tax-Free Guaranteed Investment (TFSA) GIC
  • Retirement Income Fund (RIF) GIC

Traditional GIC Investment

  • Terms available: 90 days to 5 years
  • Interest rate: 1.50% – 5.55%*
  • Minimum investment: None
  •  Monthly fee: None

Traditional GIC Investments with Tangerine comes with terms ranging from 90 days to five years. Customers can take advantage of terms from 90, 180, and 270 day term GICs, as well as 1.5 year GICs. There is no minimum investment requirement to open a Traditional GIC with Tangerine.

Retirement Savings Plan (RSP) GIC

  • Terms available: 90 days to 5 years
  • Interest rate: 1.50% – 5.55%*
  • Minimum investment: None
  •  Monthly fee: None

Tangerine issues Retirement Savings Plan (RSP) GICs, which are commonly known as an RRSP GICs as well. Terms for RSP GICs with Tangerine range from 90 days to five years, with term options for 180 and 270 day GICs, along with 1.5 year GICs as well. There is no minimum investment required to open a GIC.

Tax-Free Guaranteed Investment (TFSA GIC)

  • Terms available: 90 days to 5 years
  • Interest rate: 1.50% – 5.55%*
  • Minimum investment: None
  •  Monthly fee: None

Tangerine’s Tax-Free Guaranteed Investments, also known as TFSA GICs, offers Canadians who have yet to max out their TFSAs an opportunity to make tax-free gains on term investments.

Tangerine’s Tax-Free Guaranteed Investment offer terms starting at a 90-day minimum and going as long as 5 years in length.

Retirement Income Fund (RRIF GICs)

  • Terms available: 90 days to 5 years
  • Interest rate: 1.50% – 5.55%*
  • Minimum investment: None
  •  Monthly fee: None

A Retirement Income Fund (RIF) GIC allows Canadians under the age of 72 to transfer their RRSPs into an RIF to earn income when they choose to retire.

Terms on RIF GICs issued by Tangerine range between 90 days and 5 years.

There is no minimum investment requirement to open a RIF GIC with Tangerine.

US Dollar Guaranteed Investment (USD GIC)

  • Terms available: 90 days to 5 years
  • Interest rate: 1.50% to 5.55%*
  • Minimum investment: None
  •  Monthly fee: None

US Dollar term investments with Tangerine allow Canadians to invest their American money in a Canadian investing account.

Terms on USD GIC accounts range from 90 days to 5 years. There is no minimum investment required and no monthly fees.

Tangerine Bank mutual funds

Mutual Funds with Tangerine grant new and returning investors grant more opportunities to beat inflation with a mutual fund.

Depending on the type of investment, Canadians can invest in Canadian bonds and stock. U.S. stocks, and International stocks.

As of November 2020, Tangerine charges a management expense ratio of 1.07% for investments.

  • Types of mutual funds: Registered and Non-registered
  • Minimum investment: $25
  • Portfolios available: Balanced Income Portfolio, Balanced Portfolio, Balanced Growth Portfolio, Dividend Portfolio, Equity Growth Portfolio
  • Portfolio investments: Canadian Bonds, Canadian Stocks, US Stocks, International Stocks
  • MER: 1.07%*

What is Tangerine Bank?

Tangerine is a fully-digital Canadian bank. It is the direct-to-consumer banking division of Scotiabank. Tangerine is a member of the Canada Deposit Insurance Corporation (CDIC).

Tangerine is a part of a growing trend of neo-banks, meaning exclusively digital banks offer their products and services exclusively online. This helps Canadians save money on banking fees while improving their banking experience.

Compare Tangerine Bank alternatives

To thoroughly compare Tangerine Bank to other banks, read our extensive comparison reviews:

Below is how Tangerine compares to EQ Bank and Simplii Financial.

Tangerine EQ Bank Simplii Financial
Credit Cards Tangerine Money-Back Credit Card, Tangerine World Mastercard Reloadable Prepaid Card Simplii Financial Cash Back Visa
Savings Account Interest Rate 1.00% 2.50% + 0.50% 0.40% - 5.50%
GIC 1-Year Rate 5.50% 5.75% 5.35%
Mobile App Yes Yes Yes
TFSA Yes Yes Yes
RRSP Yes Yes Yes

Tangerine Bank fees

With a Tangerine Bank account, you won’t pay any monthly, annual, or maintenance fees. Tangerine allows you to bank with both their chequing and savings account free of charge and send e-transfers at no charge.

Using a Scotiabank ATM, withdrawals are also free. With other national ATM fee charges at $1.50 and international ATM fees are $3. There are a few additional charges that Tangerine may make, but overall their fee structure is fair, and users can enjoy no-fee banking with an active account.

Pros and cons of Tangerine

There are several pros and cons that come with any bank, and Tangerine is not exempt. Here are a few advantages and drawbacks of the popular online bank that can help give you some perspective on how the Tangerine Bank is right for you.


  • No annual or monthly fees

  • No translation limits and free Interac e-transfers

  • Low interest rates on borrowing products

  • Scotiabank and Global ATM Network affiliation


  • Low interest rates on saving and investing products

  • No branches

Our final thoughts

For a no-fee banking account with this many products and services, Tangerine is an excellent option for those who see no reason to pay for monthly fees.

While there are no branches, in a world that’s almost entirely online, is this even an issue for many of us?

Tangerine is a safe and legitimate bank, which makes it suitable for anyone who likes to do most of their banking online.

Tangerine works great as an account to receive your money. You can save and invest with Tangerine, while also using external accounts for your advanced saving and investing needs, such as using an online brokerage or robo-advisor.

Learn more about how we rate banks and credit unions by visiting our methodology page.

*Rates as of October 2023

Frequently asked questions

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