Tangerine Bank Review 2023

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.

• 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%.

• 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 Elite 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 is a fully-digital Canadian bank, with only a few physical branches in Canada. 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.

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.

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

• Tangerine vs Wealthsimple
• Tangerine vs EQ Bank
• Tangerine vs Simplii Financial
• Tangerine vs Scotiabank
• Tangerine vs Desjardins
• Tangerine vs RBC
• Tangerine vs PC Financial

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.

Tangerine Bank Mortgages

Tangerine Bank also offers both fixed and variable mortgages. Their variable mortgage is available for 5 years at 6.65%* and their fixed mortgages range from 1 – 10 years at 5.74% – 6.65%.* With their 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.

Tangerine Bank HELOC

Tangerine offers a Home Equity Line of Credit (HELOC) at a current rate of 7.20* (prime rate + 0.5%*). A HELOC can be a great way to borrow money using the equity of your home if you’re in the need for some extra cash. Tangerine allows 24/7 access to your HELOC and the ability to set up a payment plan, which can be extremely helpful in paying back what you owe.

Tangerine Bank RSP Loan

An RSP Loan allows you to contribute to your RRSP even if you don’t have the funds upfront to do so. Contributing to an RRSP can provide tax benefits by lowering your taxable income. Tangerine’s RSP Loan is available for 1-5 years at rates ranging from 7.29%-8.75%* depending on the term length. however there are no early prepayment fees so that you can pay your loan back whenever.

Yes, Tangerine Bank is very safe. Owned by one of Canada’s Big Five, Scotiabank, in 2021 Tangerine had over 2 million clients and over $40 billion in total assets. On top of that, all eligible deposits into Tangerine’s savings accounts are CDIC insured (a full run-down on what CDIC insurance is and how it work can be found here).

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.

*Rates as of April 2023