Tangerine has operated as Canada’s most full-featured no-fee bank since its days as ING Direct. Owned by Scotiabank since 2012, it offers no-fee unlimited chequing, access to Scotiabank’s 3,500-ATM network, TFSA and RRSP savings accounts, GICs, mortgages, and one of the better no-fee cash back credit cards in the country — all without a monthly fee. For Canadians who want a complete banking relationship without paying Big Five prices, Tangerine covers every essential.
The limitation is savings rates. Tangerine’s standard savings rate (0.10–1.00%) is competitive only during promotional periods — new clients and new deposits periodically earn 4–6% for five or six months. After the promotional window closes, the rate drops back to the base. EQ Bank pays 3.50–4.25% as its standard ongoing rate, making it consistently superior for savings balances sitting long-term. The practical outcome for most financially attentive Canadians is a two-bank setup: Tangerine for chequing and credit cards, EQ Bank for savings.
At a Glance
| Feature | Details |
|---|---|
| Type | Online bank (Scotiabank subsidiary) |
| Founded | 1997 (as ING Direct Canada) |
| Institution number | 614 |
| Transit number | 80001 |
| Monthly chequing fee | $0 |
| Transactions | Unlimited |
| ATM network | Scotiabank (3,500+ ATMs) |
| Savings rate | 0.10–1.00% standard; 4–6% promotional |
| TFSA / RRSP / RESP | Yes |
| Credit card | Money-Back Mastercard (no fee) |
| CDIC insured | Yes |
| Physical branches | 1 (Toronto cafe) |
Chequing Account
Tangerine’s no-fee chequing account is among the most complete free accounts available from any Canadian bank. There is no monthly fee, no minimum balance requirement, and no limit on transactions — including unlimited Interac e-Transfers. A first box of cheques is free, joint accounts are available, and the account comes with a Debit Mastercard accepted wherever Mastercard is used.
The ATM advantage is the feature that sets Tangerine apart from competitors like EQ Bank. Free withdrawals at any of Scotiabank’s 3,500 Canadian ATMs means Tangerine clients have genuine cash access in virtually every Canadian city without paying fees. EQ Bank has no ATM network of its own. For anyone who handles cash regularly, Tangerine’s Scotiabank ATM access is a meaningful practical benefit.
Big Five unlimited chequing accounts typically cost $10.95–$16.95/month — or require maintaining a $3,500–$6,000 minimum balance to waive the fee. Over a year, that is $131–$203 in fees. Tangerine’s free unlimited account eliminates that cost entirely.
Savings Account
| Feature | Standard | Promotional |
|---|---|---|
| Rate | 0.10–1.00% | 4–6% |
| Duration | Ongoing | 5–6 months (new deposits) |
| Monthly fee | $0 | $0 |
| TFSA available | Yes | Yes |
| RRSP available | Yes | Yes |
The base savings rate is the most honest limitation of banking with Tangerine. On a $20,000 savings balance at 0.10%, annual interest is $20. At EQ Bank’s ongoing 3.75%, the same balance earns $750. That $730 gap is the annual cost of keeping savings in a Tangerine standard savings account rather than an online bank with a permanent high rate.
Promotional rates can close this gap for new deposits — 5% for five months on $20,000 earns approximately $417. But promotional offers expire and require active management. EQ Bank’s 3.50–4.25% requires none of that.
GICs
| Term | Typical Rate |
|---|---|
| 90 days | 3.50–4.00% |
| 1 year | 3.75–4.50% |
| 2 years | 3.25–4.00% |
| 3 years | 3.25–3.75% |
| 5 years | 3.25–3.75% |
Tangerine GIC rates are reasonable but not typically the best available. EQ Bank, Oaken Financial, and credit unions consistently offer higher GIC rates for equivalent terms. The reason to hold a GIC at Tangerine rather than at a dedicated GIC provider is consolidation — if you want everything in one place and the rate difference is small.
Credit Cards
The Tangerine Money-Back Mastercard earns 2% cash back in two spending categories of your choice — selected from groceries, gas, restaurants, recurring bill payments, hotel stays, home improvement, entertainment, and others. Everything else earns 0.5%. Deposit rewards to a Tangerine savings account and you qualify for a third 2% category.
The Tangerine World Mastercard adds rental car insurance, mobile device insurance, and extended warranty coverage at no annual fee, with a minimum personal income requirement of $60,000.
Registered Accounts (TFSA, RRSP, RESP)
Tangerine offers TFSA, RRSP, and RESP accounts — all earning the same savings rates as non-registered accounts, and available as GICs for clients who want locked-in registered savings. This registered account lineup distinguishes Tangerine from Simplii Financial, which does not offer a registered savings account with a competitive ongoing rate.
Tangerine vs Simplii Financial
| Feature | Tangerine | Simplii Financial |
|---|---|---|
| Monthly chequing fee | $0 | $0 |
| ATM network | Scotiabank (3,500+) | CIBC (3,400+) |
| e-Transfers | Unlimited free | Unlimited free |
| TFSA / RRSP savings | Yes | No |
| RESP | Yes | No |
| Credit card | Money-Back Mastercard | Cash Back Visa |
| Top card earn rate | 2% (3 categories) | 4% dining |
| GICs | Yes | Yes |
| Parent bank | Scotiabank | CIBC |
Tangerine vs EQ Bank
| Feature | Tangerine | EQ Bank |
|---|---|---|
| Monthly fee | $0 | $0 |
| Savings rate | 0.10–1.00% standard | 3.50–4.25% ongoing |
| Chequing | Full featured | Interest-bearing (4%+) |
| ATM network | Scotiabank (3,500+) | None |
| Credit card | Yes (no fee, 2% cash back) | No |
| TFSA / RRSP | Yes | Yes |
| RESP | Yes | No |
These two banks complement rather than compete. Use Tangerine for day-to-day chequing, ATM access, and the credit card; use EQ Bank where you want your money earning as much as possible.
Who Tangerine Is For
The everyday no-fee banker who wants a complete chequing-plus-savings-plus-credit-card package without monthly fees or minimum balance requirements.
The Scotiabank ATM user who needs regular cash access in virtually every Canadian city.
The cash back card hunter who doesn’t want to pay an annual fee — the Money-Back Mastercard’s 2% in three flexible categories is among the best no-fee propositions in Canada.
Not the right fit for anyone who needs the highest ongoing savings rate (use EQ Bank), the best GIC rates (compare Oaken Financial, credit unions), or premium travel credit card perks.
Cluster Pages
- Tangerine Routing & Transit Number
- Tangerine ATM Withdrawal Limit
- Tangerine e-Transfer Limit
- Tangerine Mobile Cheque Deposit
- Tangerine Customer Service
- Tangerine Fees