Tangerine Bank Review

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Last updated on June 17, 2022 Comments: 33

Best Cash Back Card

Tangerine is the most popular direct bank in Canada, offering a range of financial products, including savings and chequing accounts, credit cards, loans, investing and more.

If you’ve been direct banking for awhile, you may remember ING DIRECT, which was Tangerine’s original moniker when it launched back in 1997. ING was one of the first to bring the direct banking trend to Canada, giving Canadians an introduction to what virtual, branchless banking meant as an alternative to the Big Five. The concept caught on, as not having the overhead costs of branch management allowed for accounts with lower fees and better interest rates than Canadians were accustomed to.

Scotiabank acquired ING and in 2012 launched Tangerine as we know it today. Tangerine bank not only introduced Canadians to huge savings by going digital, reducing fees and lowering interest rates, but their financial products are geared towards helping their card/account holders maximize savings and rewards.

Our Rating:

Tangerine Product Breakdown

 StrengthsWeaknesses
Credit CardsUp to three purchase categories that earn 2% cash backLow cashback rate (0.5%) for all other purchases
ChequingEarn interest; no fees on daily transactions; free global Scotia ATM accessInterac e-Transfers cost $1.00
SavingsEarn interest with a regular savings, RSP, TFSA, US dollar, or RIF accountNo in-person teller transactions
RSPsNo minimum deposits or fees; move money seamlessly between investmentsRSP Savings account is half the interest of the RSP GIC account
TFSAsNo tax on interest earned or on withdrawals; same no-fee and no-minimum benefits as Tangerine Savings account$45.00 fee for transferring funds to another bank or institution
GICsInterest rates up to 2.20%; no fees or service chargesFrom 1.5-year GICs the interest rate is the same up to 5-year GICs
InvestingInvest in many ways with the help of a Tangerine investment expertManagement fee of 1.07%
MortgagesUnique flexible repayment lets you pay up to 25.00% of the principal annually with no penaltyLongest term for fixed-rate mortgage is 10 years
HELOCBorrow against your home equity at rates as low as 3.85%Requires at least 35% equity in your home
RSP LoansBorrow to top up your RSP at rates as low as 3.75%Rate increases if you invest in an RSP outside Tangerine

Tangerine Credit Cards

Tangerine currently offers two credit cards. Neither card has an annual fee, but they are aimed at Canadians of different income levels, and accordingly have slightly different features.

Tangerine Money-Back Credit Card

Apply Now

The Tangerine Money-Back Credit Card is available to anyone with a personal annual income of $12,000 or more. It offers 2% in Money-Back Rewards in two purchase categories of your choice, including grocery, furniture, home improvement, gas, restaurants, and others. Those who open a savings account with Tangerine get a third 2% money-back category, provided their Money-Back Rewards are sent to the Tangerine Savings Account directly.

Additional benefits include purchase assurance and extended warranties for items charged to the card, as well as a balance transfer opportunity at 1.95% interest for 6 months available to new cardholders (1% transfer fee applies). The card has an interest rate of 19.95% on purchases and a Cash Advance APR of 19.95%.

  • $0 annual fee
  • Earn 2% Money-Back Rewards in up to 3 selected categories
  • Earn 0.5% everywhere else
  • Switch Money-Back categories whenever you like
  • Special 10% cash back rate on the first $1,000 spent with the card ($100 cash back) in the first two months*, apply by July 31, 2022. 

*Terms and Conditions apply

Tangerine World Mastercard®

Apply Now

The Tangerine World Mastercard® is available to those with a personal annual income of at least $60,000 or combined household income of at least $100,000. It earns unlimited money-back rewards at a standard rate of 2% on purchases in two chosen categories. Like the Money-Back Credit Card, cardholders can open a savings account with Tangerine and get a third chosen category. All other eligible transactions earn 0.5% in money-back rewards.

Unlike the Tangerine Money-Back Credit Card, the Tangerine World Mastercard® offers a number of extra features on top of its cash back. Cardholders get complimentary membership in LoungeKey, which grants entry to over 1,000 international airport lounges for $32 per visit. Additional features include up to $1000 worth of insurance for new mobile devices purchased with the card, as well as purchase protection, extended warranty, and rental car collision and loss damage insurance.

  • No annual fee
  • Unlimited money-back rewards
  • 2% earn rate in up to 3 purchase categories, 0.5% on all other purchases
  • Exclusive Mastercard experiences and travel opportunities
  • Complimentary LoungeKey membership
  • Special 10% cash back rate on the first $1,000 spent with the card ($100 cash back) in the first two months*, apply by July 31, 2022. 

*Terms and Conditions apply

Tangerine Chequing Accounts

Tangerine_chequingThe Tangerine No-Fee Daily Chequing Account offers unlimited daily transactions, no fees, and interest up to 0.65%. The unlimited transactions perk applies to debit purchases, bill payments, preauthorized payments, Interac e-Transfers, and email payments via a Tangerine Email Money Transfer. One downside is that the balance required to reach the account’s impressive (for chequing account standards) 0.65% interest rate is $100,000; the middle tier interest rate of 0.55% requires a balance of at least $50,000; the interest rate for all balances below that is 0.15%.

Accountholders will get one free chequebook when they sign up, but another great bonus is that since Scotia owns Tangerine, transactions at any Scotia ATM in Canada are free. Tangerine’s online agility makes the account very easy to manage and use from a mobile device, no matter what you’re trying to accomplish.

  • No chequing fees
  • Interest in tiers: 0.15% ($0 – $49,999); 0.55% ($49,999 – $100k); 0.65% ($100k+)
  • One free chequebook

Tangerine Savings Accounts

New clients for any of the five savings accounts below can earn 2.25%* interest in their first 5 months, on deposits up to $1 million. The interest rate is then reduced to the regular rate as indicated below.

 Regular Interest RateNotable Feature
Savings Account0.10%No min. balance or fees; automatic contributions
Tax-Free Savings Account0.10%Move money whenever, with no locked-in terms
RSP Savings Account0.10%Spousal RSP offered for retirement income splitting
US$ Savings Account0.10%Exchange rates are live on the website and app
RIF Savings Accounts0.15%Tax-sheltered interest at a higher rate

Savings Account

tangerine Savings AccountThe standard Tangerine Savings offers an interest rate of 0.10% on every dollar, with no minimum balance required. There are no fees, and account holders can utilize Tangerine’s Automated Savings Plan (ASP) to make automatic contributions and reach savings goals faster. 


Tax-Free Savings Account

tangerine TFSA AccountThe Tangerine TFSA is basically the standard Tangerine Savings account with the same benefits—no fees, no minimums—but with a tax-free component. As a TFSA you’ll pay no tax on your collected interest or withdrawals, and Tangerine also applies its 2.10% bonus rate for the first 5 months bonus to its TFSA. Plus, you could earn $150*.


RSP Savings Account

tangerine RSP AccountThe Tangerine RSP is the same as the regular Savings Account, with a 0.10% interest rate, but contributions are tax deductible. Tangerine also helps with Spousal RSPs for couples who want to split their retirement income and offers its 2.10% bonus rate for the first 5 months to all RSP accountholders as well. Plus, you could earn $150*.


US Dollar Savings Account

The US Dollar Savings Account is designed for those who want to hold on to their USD in order to take advantage of a favourable exchange rate or for purchases across the border. The account has a lower-end interest rate of 0.45%, but the same limited-time bonus as the other Tangerine savings accounts. Exchange rates are always live on the Tangerine site.


RIF Savings Accounts

For those who are seeking to stash money away for retirement, Tangerine offers a 0.15% rate, which is higher than its other savings accounts. No minimum balance, no fees, and the 2.25%* for 5 months bonus are all relevant as well. Interest earned is tax-sheltered, and you’ll just pay the income taxes on your annual mandatory payment.

Tangerine RSP Accounts

Tangerine’s RSP accounts offer the benefits of an RSP—tax-deductible contributions and retirement savings—in three formats, including the standard Savings Account described above.

 Interest RateNotable Feature
RSP Savings Account0.10%Spousal RSP offered for retirement income splitting
RSP Guaranteed InvestmentUp to 2.25%*No extra fees or charges
RSP Investment Fund AccountN/AInvest money for retirement with a low management fee

RSP Guaranteed Investment Account

Hold your Guaranteed Investment Certificate inside the Tangerine Retirement Savings Plan and you’ll enjoy guaranteed high interest up to 2.25%* while saving for retirement and avoiding taxes.

Tangerine RSP Investment Fund Account

There’s a nice selection of Investment Funds offered by Tangerine, which can be held in their RSP account for extra tax avoidance and retirement strategizing. With a fee of 1.07% for account management, it’s easy to expose your money to globally diversified investments.

Tangerine TFSA Accounts

Accountholders with any of the following Tax-Free Saving Accounts pay no tax on their collected interest or withdrawals, and there are two options besides the standard Tax-Free Savings Account (see previous entry).

 Interest RateNotable Feature
Tax-Free Savings Account0.10%Move money whenever, no lock-in
Tax-Free Guaranteed Investment (GIC)Up to 2.25%*Capture your rate and keep it, with tax-free earning
Tax-Free Investment Fund AccountN/ATax-free investment choices with global diversification

Tax-Free Guaranteed Investment (GIC)

A rate up to 2.20% requires you to hold the GIC for at least 1.5 years, and the rate doesn’t go up from there even if the GIC term is 5 years. The starting rate is 0.50% (90 days), and there are no extra fees or charges (a Tangerine staple).

Tax-Free Investment Fund Account

Shelter whichever Tangerine Investment Funds you put your money into inside its TFSA and enjoy the low 1.07% management fee. This is ideal for those who wish to take a long-term strategy and want to control their risk exposure.

Tangerine GIC Accounts

Besides the Tangerine RSP Guaranteed Investment and the Tax-Free Guaranteed Investment accounts already covered, customers can also pursue the regular Guaranteed Investment Account or go with two others for USD or RIF accountholders.

 Interest RateNotable Feature
RSP Guaranteed Investment AccountUp to 2.20%No extra fees or charges
Tax-Free Guaranteed Investment AccountUp to 2.20%Capture your rate and keep it, with tax-free earning
Guaranteed Investment AccountUp to 2.20%No-frills GIC with the ability to optimize rate for time
US$ Guaranteed Investment AccountUP to 2.10%Put your USD to work for a guaranteed rate
RIF Guaranteed Investment AccountUp to 2.20%Earn a guaranteed rate and use it as retirement income

Guaranteed Investment Accounts

The standard GIC account lets you lock in your money for a minimum period of time and at a guaranteed rate, starting at 0.50% and capped at 2.20%. Two of the best GICs in terms of maximizing interest or minimizing term length are either the 180 Day or 1.5 Year GICs. Most GIC accounts (including the standard, RIF, TFSA, and RSP) have the same rate schedule, with the outlier being Tangerine’s US Dollar GIC account which has lower rates.

Tangerine GIC Rate Schedule

 Rate for Standard, RIF, TFSA, and RSP GIC AccountsRate for US$ GIC Account
90 Day0.40%0.10%
180 Day0.65%0.10%
270 Day0.95%0.15%
1 Year1.05%0.20%
1.5 Year2.00%0.30%
2 Year1.70%0.35%
3 Year1.95%0.50%
4 Year2.15%0.60%
5 Year2.35%0.70%

Tangerine Investment Accounts

Choose from various index-based Tangerine Investment Funds to invest your money in, and you can hold them inside different Tangerine accounts for benefits concerning taxes, retirement, and more. The management fee for all investment accounts is 1.07%, and each gives access to the full selection portfolios and a licensed expert as well.

 Notable Feature
Investment Fund AccountLow 1.07% fee, several portfolio-like funds with various bond and stock weights
Tax-Free Investment Fund AccountTax-free benefits and investment choices with global diversification
RSP Investment Fund AccountInvest money for retirement with a low management fee
RIF Investment Fund AccountChoose your investment horizon and use your earnings as income after retirement

Investment Fund Portfolios

 Canadian BondsCanadian StocksUS StocksIntl. StocksCanadian Dividend EquityUS Dividend EquityIntl. Dividend Equity
Balanced Income Portfolio70.00%10.00%10.00%10.00%---
Balanced Portfolio40.00%20.00%20.00%20.00%---
Balanced Growth Portfolio25.00%25.00%25.00%25.00%---
Dividend Portfolio----50.00%25.00%25.00%
Equity Growth Portfolio-33.40%33.30%33.30%---

Tangerine Loans

Included in the lending category, Tangerine offers mortgages, home equity lines of credit, and RSP loans.

Mortgages

Tangerine offers mostly fixed terms on mortgages that range from 1 to 10 years in length, as well as a 5-year variable mortgage. A great feature of Tangerine Mortgage is that when you get a quote, the bank will guarantee that rate for 120 days. You’re also free to prepay up to 25.00% of your principal each year without penalties, and also to boost your regular payments by 25.00% of the original payment to accelerate your progress further.

 Type of MortgageInterest Rate
5 YearVariable3.35%
1 YearFixed4.24%
2 YearFixed4.39%
3 YearFixed4.54%
4 YearFixed4.69%
5 YearFixed4.74%
7 YearFixed5.29%
10 YearFixed5.69%

Tangerine Cashback Mortgage: Limited-time Offer

From December 21, 2021 to June 30, 2022, Tangerine Mortgage is offering a cash bonus to new mortgage clients who also have a Tangerine chequing account: $2,000 for a minimum mortgage amount of $350,000, and $5,000** for a minimum $750,000 mortgage. Mortgages must be minimum 5 years, and can be a Closed Fixed or Variable Rate Mortgage, with maximum amortization of 25 years. The mortgage must fund within 120 days of the application submission, and your bonus will be deposited into your Tangerine chequing account within 30 days of mortgage funding.

If you don’t have a Tangerine chequing account, you can open one within 30 days following the funding of a Tangerine mortgage.

Learn more about getting a mortgage with Tangerine.

HELOC

Homeowners can borrow money at a low rate with Tangerine’s Home Equity Line of Credit. Using the equity they’ve built up in the home, if it’s at least 35.00%, HELOC borrowers will pay low monthly interest payments at Tangerine’s Prime Rate – 0.10%. It’s easy to set up a fixed payment plan with a Tangerine representative to make the line of credit manageable.

RSP Loan

Tangerine clients who want to maximize their annual RSP contributions, but who don’t have the cash to do so, can borrow from Tangerine for this purpose on either a 9 or 12-month repayment schedule. The current low rate for borrowing this way is 2.15%, but this rate is reserved for those who borrow to top up a Tangerine RSP specifically. Higher rates apply to loans for RSPs from other banks, but prepayment is possible with no fees or extra charges.

How to Open a Tangerine Account

Using the Tangerine Website

Go to tangerine.ca and click on the Sign Me Up button on the top right-hand side of the page.

You’ll need your Social Insurance Number and employment information handy. Tangerine will take you through four quick pages where you’ll do the following:

  • Enter your email address
  • Create a PIN
  • Enter personal information including your address and employment details
  • Confirm your identity
  • Do a quick review
  • Submit

You can confirm your identity by bringing your ID and proof of address to a Tangerine Café or Canada Post office near you. Tangerine will show you on a map where the nearest location of either is, plus details on what types of documents you can bring to prove your identity and address. If you’re going to Canada Post, then you’ll also need the barcode provided on the same page.

Tangerine Bank website sign up process 1

Using the Tangerine Mobile Application

There’s a way to sign up for Tangerine using a smartphone. Just go to your device’s app store and find the Tangerine Mobile Banking app. Download the application and open it. You’ll then be presented with a box to sign in or a button below where you can press Sign Me Up.

Tangerine Mobile App Signup 2

The next screen will prompt you to prepare your SIN and employment information before proceeding, like the website does.

Enter your email address, choose a PIN, and then proceed to the next page.

Tangerine Mobile App Signup 4

Here, you’ll enter your name, SIN, date of birth, and then some basic information about your employer.

Tangerine Mobile App Signup 5

Tangerine Mobile App Signup 6

Then confirm your identity using the three methods described and review the information you input before you can use your new Tangerine account.

By Calling Tangerine

Tangerine can be reached at 888-826-4374. You’ll be greeted by an automatic voice messaging system and will be prompted to enter your account number, or if you don’t have an account yet, to press #.

Afterward, the menu will prompt you to press 2 to open a new account, and then run through options including credit (press 1), savings (press 2), chequing (press 3) and more. After selecting the relevant option and pressing the number, you’ll be connected with a Tangerine agent who will essentially guide you through the steps described above. You’ll provide him or her with your personal and employment information as well as the information required to complete a bank transfer for proof of identity.

In a Tangerine Café

One possible option for those who want a Tangerine representative to provide in-person guidance is to go to a local Tangerine Café. Here, they’ll direct you how to get through the application and can also confirm your cheque.

Pros and Cons of Tangerine

Pros:

  • Quality financial products with favourable rates and few fees
  • Comprehensive account management online and via mobile
  • Larger selection of financial products relative to other online banks

Cons:

  • Absence of brick-and-mortar branches can frustrate
  • No personal or vehicle loans
  • More basic selection of financial products relative to major banks

Security

Tangerine adheres to the same privacy standards as other major Canadian financial institutions and implements extra precautions such as secure online PIN reset, 128-bit encryption, and Secure Socket Layer (SSL) protection.

Tangerine also utilizes a technology called DoubleSafe, which prompts you to choose a custom picture and phrase that you’ll input when logging in, providing another layer of identification that potential fraudsters can’t get through. Finally, Tangerine’s credit cards all have SecureChip technology and have moved away from magnetic strips, which are more susceptible to theft.

Customer Service

Customer service is one area where Tangerine could improve a bit. They do have customer service by phone (1-888-826-4374), but there’s no way to reach them via email. Live chat is available sometimes on the website but it’s somewhat hard to find. You’ll need to scroll all the way down on any Tangerine page to the footer menu and click on Contact Us. If chat is available the button will show in the following pop up. The hours that chat are available are also shown, and even during live hours there may be a queue that limits availability.

Who Should Bank with Tangerine?

  • Those who are comfortable handling their finances online
  • Those who are willing to sacrifice brick-and-mortar bank branch service for better interest rates and lower fees

Who Shouldn’t Bank with Tangerine?

  • Those who enjoy in-person, face-to-face banking service
  • Those looking for a personal loan or to borrow against equity in their vehicle
  • Those who want a fixed-rate mortgage longer than 10 years

Alternatives to Tangerine

 HISA Interest RateTop Credit Card PerkGIC/RSP/TFSA?Secure Login Method10-Year Fixed Mortgage APR
Tangerine Bank0.10%Choose 2-3 2.00% cash back categoriesYes/Yes/YesDoubleSafe3.09%
Simplii Financial1.50%4.00% cash back at restaurants, bars and cafesYes/Yes/YesFingerprint ID6.25%
EQ Bank1.50%*N/AYes/Yes/Yes2FAN/A

Tangerine is one of the top online-only banks in Canada because it offers nearly the full range of financial products that traditional banks do, combined with rates that are as good (or better) than its competition. Simplii Financial is similar to Tangerine in terms of the number of products it offers, and customers will need to look closely at terms and rates to determine which is ultimately the best. Another online contender, EQ Bank, has a more limited variety of products compared to Tangerine (just savings and GICs), and may therefore be able to cut administrative costs to produce its higher HISA rate. We breakdown the differences between Tangerine and EQ Bank in our in-depth comparison.

* Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.

Author Bio

Nate Siegel
Nathan Siegel has a professional and educational passion for finance, and is a long-time writer for GreedyRates. He follows trends in the Canadian banking sector, compares competing products, and pores over fine print to make personal finance choices easier for Canadian consumers. In his spare time he loves running, swimming, and dogs of all kinds.

Article comments

33 comments
Lem says:

Nate Siegel not sure where you are getting the data to cook up a 5 star rating to Tangerine where no customer service exist. I am sure you are not hiding under a rock when you write this up. How bad Tangerine bank written all over the wall if you would have take the time to done your research. Trust pilot, Google, even right here feed back for your write up.

Daniel from GreedyRates says:

Hi Lem,
Thanks for sharing your thoughts on this. What types of products have you used in the past and how would you rate Tangerine? Customer service should definitely be a primary focus, especially for a digital first bank. Appreciate your candor- always interested in the real world experiences that our readers can factor into their decision making process.

Z. C says:

WORST WORST WORST BANK IN THE WORLD
I LOST MY MONEY BECAUSE THIS BANK BLOCKED MY ACCOUNT AND NOBODY ANSWER

Daniel from GreedyRates says:

Hi Z,
Sounds like a nightmare of an experience. Under what circumstance did your account get blocked? I know hold times are often estimated at over 30 minutes, but try 1‑888‑826‑4374. Here’s hoping their Tangerine Cafe opens up again soon so you can meet with someone in person to resolve your situation.

Dis Gusted says:

WORST EXCUSE FOR A BANK EVER!!!!!!!

Daniel from GreedyRates says:

Hi Dis,
That’s unfortunate to hear. Care to elaborate on your experience?

B. Bagan says:

Before Tangerine became a subsidiary of Scotia Bank it was ING where high interest saving rates were the best features of an online bank. Now the push is in borrowing not in saving as the saving rates are dismal. A quick hook for a six month rate is not good enough. Shop around, there are MUCH better rates out there for those who are genuinely wanting to make money on their money.

Daniel from GreedyRates says:

Hi B. Bagan,
Fair observation. One way banks make a profit is when their lending rates are higher than the rates they pay their customers on savings deposits. When those loan rates drop, financial institutions might drop their savings account rates even lower to continue making money. You’re right- we do, however, have a number of options to choose from. Shopping around is sage advice- always find a service that suits your needs best!

ROSE says:

ABSOLUTELY THE WORST OPERATING ONLINE BANK…. Terrible guest service, staff are rude and incompetent, and will not go the extra mile to ensure client satisfaction. If you have to transfer money from another bank to your tangerine account…don’t hold your breath…it takes hours to deposit or the system “crashes” conveniently. Worst experience with the managers as well, and their start up promo for new clients is completely a sham.

Daniel at GreedyRates says:

Hi Rose,
Thanks for sharing. It’s unfortunate that it was such a poor experience. Given that Tangerine is an online only financial institution, it can be difficult to build relationships with staff that understand your situation and that will go that extra mile to make sure your needs are met. If you do happen to still have a Tangerine account, try sending your self an Interac e-Transfer- those should be available much faster. If not, I hope you find the right bank that suits your needs.

Joodee says:

Tangerine has a long way to go to improve customer service experience and product training. I feel they are an amateur child bank competing with all the professional adult competitors. Without all the lures of cash bonus, they cannot survive and I don’t understand why they are still out in the market for being so poorly trained.

My experience was customer service on the call told me I was qualified for some cash bonus if I set up my pay check. I went through the hustle to change my bank, and in the end, they told me I already got another referral benefit so cannot receive the combined service. However, the point was the customer service agent already knew I received the referral bonus, but still told me if I set up pay check, I was able to get the cash bonus.

I got pissed off at Tangerine not because I didn’t get the cash bonus in the end. It’s because they promised something that they were not able provide in the end, and still enticed me to pay effort. In addition, today when I called their customer service for investigation on this matter, the agent found they only documented what’s beneficial for them, but not the whole picture (that I was told to set up pay check to get cash bonus). In the end, I was the one to blame according to them.

Daniel at GreedyRates says:

Hi Joodee,
Thanks for sharing your frustrating customer service experience. It’s unfortunate that you went through all the effort only to be told something different in the end. It might be worth reaching out to file a formal complaint with Tangerine to address your issue. If your issue is not resolved to your satisfaction, it also might be worth keeping an eye out for other cash bonus offers from other financial institutions. Good luck.

Rex L says:

Don’t sign up with Tangerine. Very shady and rigid bank that tries to compete with other bigger banks but will never succeed. I signed up for their account because my friend “used to” use it, and I inserted the code for $200 credit, as soon as my account was running I setted up BCHydro and phone bill for preauthorized debit. For some reason BCHydro decided to skip a month and deducted money the following month, I then was disqualified since they require you to have 2 preauthorized debit for 3 consecutive months. Nowadays almost no one would have this requirement, and moreover, you have no control of when they will deduct anyway. Tangerine just wants you to sign up, and you have to pay for every etransfer you send, pathetic, period.

Daniel at GreedyRates says:

Hi Rex,
Thanks for sharing your experience. Unfortunately, new account promos typically come with hoops for you to jump through before you see your credit. Sometimes you may only have to deposit a certain amount and other times you’ll have to satisfy specific conditions to qualify- it’s best to read the fine print so you can be sure you’ve checked off all the boxes. Try contacting customer service to explain your situation- at a minimum get a refund for any Interact e-transfer fees you have been charged because those are supposed to be free.

Mr. Dreamer @ VibrantDreamer.com says:

There are so much wrong information here. Considering this article was updated on January 18, 2021, it should have reflected the current updated information! Here example of what I found:
Inteac e-Transfers are FREE (Do not cost $1)
TFSA, RSP, RRIF transfer out is $50 (Not $45)
GICs are up to 1.10 for 5 years (Not 2.2%)
Investing: MER is 1.06% (Not 1.07%)
HELOC: 2.35% (NOT 3.85%)
RSP Loan: 1.49% (NOT 3.75%)
You should do a better job. Very disappointing! I guess the 276 Ads which got blocked by my AdBlock are more important than a reliable article. SAD!

Norman Smith says:

You might as well just transfer your ING/Tangerine to some other bank. Since Scotia bought it, it has become Scotia Bank with none of the previous advantages. Shame. I plan to close my account, depending on how much they charge me to do it.

Aaron Broverman says:

You do you Norman, where do you plan to go next?

JP says:

Hi, Looking to switch mortgage to Tangerine from RBC (due to high penalty). Does anyone know how many DAYS / WEEKS does it take to complete a switch mortgage to Tangerine. I have a conventional mortgage.

I also would like to setup HELOC. I am 3 weeks away from renewal date after that its 50$ day interest on open mortgage.

Also if any idea if they negotiate on rates (1.74 5years fixed and HELOC prime – 0.10 @ 2.35%) or help with switch/discharge/legal fees ?

Aaron Broverman says:

Hi JP,
I called Tangerine for you and they recommend you get in touch with them to switch your mortgage to their bank at least 30 days from your mortgages’ date of maturity so they can ensure they get the paperwork in on time. You need to go to their website and just click apply for a mortgage. The system will ask you if you’re transferring a mortgage from another institution. Once you go through the process online, someone from Tangerine will contact you. It’s at that point you can have a conversation with them, and the representative I spoke to said, you can listen to what their offering and negotiate from there. He couldn’t tell me if they help with legal, switch or discharge fees as mortgages wasn’t his area of expertise. He was just a customer service rep.

Daphne says:

I signed up for the credit card first with the savings account, and opened a chequing account plus others over to them a year or so later. Never had a hold on any pay cheques likely due to proving my credit rating prior to utilizing them as my main bank. And as of 2020 they no longer charge for Interac e-transfers. When RBC made a data entry error so my mortgage payments weren’t coming out of my account, the cs staff were able to tell me exactly what the problem was and how they needed to fix it. They had inverted a couple digits in the account number despite reading it off a cheque that they had in their records.

Aaron Broverman says:

Awesome, way to go Tangerine. All banks should go to bat for their customers when other banks screw up. I love how they are helping you purely for your benefit and not their own (at least in the short-term). This is how all banks should act. I’m really happy for you Daphne.

Denis Gend says:

I have withdraw all my money from my saving account at tangerine , .1% is ridiculous ,I get 1.2% at Alterna . Since scotia bought ING , the service , the paid interest have gone down to the same as any other canadian bank .

Aaron Broverman says:

Hi Denis,
Tangerine is offering a promotional 5 month 2.10% interest rate now on their savings accounts, so that’s quite an improvement (promotional or not) My only concern with Alterna is their ATM network. Since Tangerine is owned by Scotiabank you’ll never struggle finding a home branch ATM and won’t have to pay an ATM fee for a non-native withdrawal. When it comes to Alterna, I’d be concerned you’d have to travel pretty far to make a free ATM withdrawal. Hopefully they offer free interac e-transfers or cheque deposits through an app, so you can avoid ATMs all together. Tangerine does offer free e-transfers and has a 3,500 ATM network. Of course there are probably higher interest savings accounts out there. Check this article for alternatives: https:// www . greedyrates . ca / blog / best – high – interest – savings – account – canada /

Jeremy Koch says:

I am with most of the people in the comments. I recently joined Tangerine, and already I have had to have a 1 hour conversation on the phone with one of their customer service associates. I was painful and I am no longer a customer. Terrible bank.

Aaron Broverman says:

Hi Jeremy,
Aw man, I’m so sorry. Yeah, Tangerine seems really lacking on the customer service based on a lot of this feedback. I guess they get people with all that slick Raptors marketing. Hopefully, things have changed or will change since you just joined them and it would be a bit of a pain to switch banks again.

Karla Kerr says:

Hi- just wondering if you actually have an account there or missed reading the dozens of horrible Google reviews for Tangerine. I’ve been a customer for many years (ING was great!) but started noticing a real decline in customer service about 3 or 4 years ago, possibly when Nova Scotia bought it out. This past week I’d finally had quite enough of the most horrible service I’ve ever experienced and withdrew all my funds. NO interest rate is worth what they put you through – waiting on hold for an hour, two hours – getting cut off – no-one to really deal with your issue is ‘there’ after all that. It has been getting worse and worse the past few years, and they can’t blame it on Covid. I think you need to look more closely – I was so enraged at what transpired last week and many other times and I am a longtime customer with ample funds in their bank. NO LONGER.

Jim says:

Sorry, Nate, but you needed to dig a little deeper for this article. I’ve been with ING/Tangerine for over 15 years. The now legacy personal line of credit account is what keeps me with them. They are mediocre at best for their regular accounts, and lavish with levying their flat $45 penalty if there is a hiccup of any kind.
Try cancelling a transfer – they make you call in (how is this an online bank?), make the change for you, and then you wait…and wait for the 5 or so business days it takes for the system to register the change. As a matter of fact everything seems to take 5 days – business days. Pay a bill? 5 days. Transfer funds to another bank? 5 days. Try to draw on a deposit? They hold for 5 days (or longer).
Nate: 5 star rating? More objective homework needed.

Ray says:

Hello good day to everyone . I just want to let everyone know this bank is cheap and do not open the account with Tangreen. I made the deposit $2000 in scotia bank ATM machine and the machine has not give me any update regarding to my fund and now I called the supervisor of Tangreen bank (Brandon) and they advise me I have to wait for 6 week for invasigation about my money . I’m about buying the business and now my money that I deposited is not available. This absolutely crazy. I will never work with cheap banks like this

Aaron Broverman says:

Hi Ray,
I’m sorry this happened to you. While it’s rare for banks to lose cheques occasionally across the board, it’s not uncommon. What surprises me about your case is that it will take six weeks to recover your money, usually it only takes days to recover a deposited cheque. I would try to speak to someone with more authority than just your run-of-the-mill customer service representative.

Tanisha says:

Been on and off hold and waiting for hours.
I am disabled and they said my support income does not count for the promo (when I opened they said it did or I would have done the two pre-authorised payments instead).So now I have to call back in a month and they will see. This is discriminating the disabled. I also kindly asked if she can make a note about disability and she snapped at me. It made me cry it was really demeaning and uncalled for. As for my partner he had 2 out of 3 months. Now they are saying they might not include CERB. Anyways they said we can call back in a month and it will be reviewed but no guarantee. Ill update everyone and the review if they actually help us. Still very upset how rude she talked to me. PWD should be covered as income. Thats all I get and if not tell me so I can set up my bills. Just not okay.

Aaron Broverman says:

Hi Tanisha,
You should have reported the customer service representative to a manager. She shouldn’t have snapped at you. I would call an organization like plan. They can point you in the direction of disability support income advocates who can clarify whether or not your payment would count towards this promo and why or why not. They can advise you as to what to do in this situation either way. You should call them at https:// plan. ca/ contact / You can also get advice from the Centre for Independent Living in your province.

Monik says:

ARE YOU SERIOUS?!!! NO FEES?! I have more than $90.000 at Tangerine, which I transferred over a week ago. I have not been able to make less than $2,000 transfer to my daughter abroad, in fact, Tangerine charged me $45 in fees for attempting to make the transfer and according to them, they can, at will, withhold my funds and only release a discretionary amount while I build “credit history” with them and gain the right to access my savings…BIG mistake on my part to have moved money into this bank. I don’t think you know what you are talking about.

Aaron Broverman says:

Hi Monik,
I’m sorry you’ve had such a bad experience with Tangerine so far. The article does not say that Tangerine has no fees, just that they have fewer fees than other banks (Of course, it is owned by Scotiabank so it’s part of Canada’s Big 5 banks) Though I don’t know the specifics of your situation, I will say that international money transfers carry some of the highest fees in banking across the board and you cannot transfer large sums of money between international banks for security reasons, so there’s always a limit of how much you can transfer at one time.