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The Tangerine online bank is affiliated with Scotiabank, a member in good standing of the Canada Deposit Insurance Corporation (CDIC). Since it has no physical head office and all financial activities are carried out online, Tangerine makes substantial savings which it can then redistribute to its customers in the form of competitive rates.
In this article, we explore the main financial products offered by Tangerine Bank: chequing accounts, savings accounts, credit cards and much more.
Tangerine offers a savings account with no monthly fees or minimum balance, and a competitive interest rate compared with other banks.
Tangerine offers two different credit cards, both providing cash back: the Tangerine Money-Back Credit Card and the Tangerine® Money-Back World Mastercard®*.
In addition to chequing, savings and credit card accounts, Tangerine offers other financial products such as investment funds, guaranteed investments, mortgages and lines of credit.
Tangerine Bank offers a variety of investment funds for your non-registered, TFSA, RRSP and RRIF accounts. The 3 investment options are:
For each of these investment options, several investment funds are available to suit your investor profile and risk tolerance.
For example, for Mutual Fund Core Portfolios, you can choose from 5 funds, ranging from a balanced portfolio (low risk) to an equity growth portfolio (high risk). Similar choices are available for Global ETF Portfolios and Global Socially Responsible Portfolios (SRI).
Tangerine offers guaranteed investments in the form of Guaranteed Investment Certificates (GICs). GICs allow you to save your money and earn interest. Your investment is guaranteed for the duration you choose, generally between 90 days and 5 years. Tangerine’s guaranteed investments are available in the following accounts: savings account, U.S. dollar account, TFSA, RRSP and RRIF.
Tangerine Bank offers several borrowing options, including fixed-rate and variable-rate mortgages. Tangerine mortgages stand out for their attractive rates, prepayment options (up to 25%), mortgage rate guarantee (for 120 days) and much more.
Tangerine’s home equity line of credit allows you to borrow large sums of money at an attractive interest rate, using the equity in your home. This type of borrowing is typically used for (but not limited to) debt consolidation, home renovations, unexpected expenses and financial support (if you need help covering day-to-day expenses without going into debt at higher interest rates). You have 24/7 online access to withdraw funds or make payments.
If you’re not a homeowner and don’t have access to a mortgage line of credit, you can choose a personal line of credit for your financing needs. Here, too, it could be renovations, unforeseen expenses, debt consolidation (at higher interest) or any other expense that wasn’t budgeted for.
In our Review, the Tangerine chequing account is one of the best choices available on the Canadian market. Firstly, it stands out from other Canadian banks due to the absence of monthly fees and no minimum balance requirement. Also, it offers numerous free features, such as Interac e-Transfers. However, other online banks also offer advantageous checking accounts. For example:
To compare other checking accounts, use our checking account comparator.
In our Review, the Tangerine savings account is a good choice. However, several other banks have enticing promotional offers. For example:
To compare other savings accounts, use our savings account comparator.
In our opinion, the Tangerine® Money-Back World Mastercard®* is one of the best no-fee credit cards on the Canadian market. In particular, it allows you to accumulate 2% cash back in 2 or 3 purchase categories that you choose according to your needs. However, other excellent cash-back credit cards with no annual fee are available in Canada. For example:
To compare other credit cards according to your needs, use our credit card comparator.
Tangerine’s investment funds are also interesting. The financial products offered are diversified (mutual funds, exchange-traded funds (ETFs), socially responsible investment funds) and provide exposure to different levels of risk (conservative, balanced, growth).
The Management Expense Ratio (MER) of Tangerine’s investment funds is below the Canadian average, but higher than those of major providers of index ETFs or asset allocation ETFs. However, the latter require financial knowledge and self-management of investments on an online brokerage platform such as Wealthsimple, Qtrade Investor, or Questrade.
Tangerine Bank offers a comprehensive range of mortgage products. It stands out for its attractive rates, prepayment options (up to 25%) and rate guarantee (for 120 days). However, in recent years, new players in the mortgage sector have emerged and are capturing market share.
Try our home insurance comparison tool to find the best policy for your needs.
Overall, Tangerine Bank’s range of financial products is attractive to Canadians. In our opinion, this online bank’s best financial products are its bank accounts (both checking and savings accounts) and credit cards.
Furthermore, a simple strategy allows you to combine Tangerine offers to maximize your cash back and the interest rate on your savings.
Tangerine’s investment funds are also interesting, especially the ETF portfolios. However, Tangerine lags behind its competitors for certain specific products, such as the FHSA, which is not yet offered.
For several years, competition has been fierce among Canadian financial institutions, whether it be traditional banks or online banks. Tangerine must therefore continue to develop and offer competitive financial products and services that meet the needs of Canadians.
Savings this way:
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