Tangerine Chequing Account Review

Tangerine No-Fee Daily Chequing Account is one of the bank’s strongest offerings.

Features

• No monthly fees
• Unlimited Interac e-Transfers, debit purchases, pre-authorized payments, and bill payments
• Access to the Scotiabank Global ATM Alliance
• Visa Debit card for online and in-store purchases
• Mobile cheque deposit
• Free first 50 cheques(additional books for $50 each)
• Seamless mobile and web banking experience
• Overdraft Protection

Pros

• $0 monthly fees
• Unlimited everyday transactions
• Large ATM network through Scotiabank partnership
• Strong security and fraud protection
• Track and categorize the spendings

Cons

• No physical branches
• No option for bank drafts or certain in-person services
• 2.5% Foreign Exchange (FX) fee when withdrawing in non $CAD
• Expensive bank draft fee ($10)

Tangerine Savings Accounts

Tangerine offers several savings account types that appeal to different goals.

Available accounts

• High-Interest Savings Account (HISA)
• Tax-Free Savings Account (TFSA) Savings
• Registered Retirement Savings Plan (RRSP) Savings
• US Dollar Savings Account

Interest rates

Tangerine frequently offers promotional rates for new clients, often significantly higher than traditional bank rates. Standard rates are competitive for a major online bank.

Pros

• No monthly fees
• Easy to transfer between accounts
• Competitive promotional rates

Cons

• Standard rates may be lower than some niche high-interest fintech banks
• No tiered or loyalty-based interest boosts

Verdict

Suitable for everyday saving and short-term goals. Promotions often make Tangerine’s rates highly appealing for new clients. Explore options like EQ Bank or market investments using Wealthsimple or Questrade.

Tangerine GICs

Tangerine provides Guaranteed Investment Certificates (GICs) with terms from 90 days up to 5 years.

Pros

• RRSP, TFSA, RIF and non-registered (CAD and USD) options
• Safe, insured investments
• Competitive short-term rates

Cons

• Rates may not always top the market
• Limited specialty GIC products

Verdict

Good for conservative investors or those seeking principal protection, though rate shoppers may find higher returns at smaller institutions.

Tangerine Investment Funds

Tangerine offers simple, balanced index-based mutual funds designed for hands-off investors. This includes Core Portfolios (Mutual Fund), Global ETF Portfolios, and Socially Responsible Global Portfolios.

What they offer

• Core (Mutual Fund): Balanced Income, Balanced, Balanced Growth, Dividend, Equity Growth. 1.06 MER fee
• Global ETF: Balanced Income, Balanced, Balanced Growth, and Equity Growth. 1.06 MER fee
• Socially Responsible Global: Balanced Income, Balanced, Balanced Growth, Equity Growth SRI

Pros

• Easy to understand
• Managed portfolios with automatic rebalancing
• Suitable for beginner to intermediate investors

Cons

• Higher fees than DIY ETFs
• Limited investment customization
• $125 transfer-out fee

Verdict

A strong choice for investors wanting simplicity and guidance without high advisory fees, but DIY ETF investors can achieve lower MERs through Questrade or Wealthsimple.

For those who enjoy a totally automatic and hands off investment, Questwealth is a great cheap alternative.

Tangerine Money-Back Mastercard credit card

Annual Fee: $0
Rewards

• 2% cash back in 2-3 chosen categories
• 0.5% on all other purchases

Pros

• No annual fee
• Flexible category selection
• Reliable cashback program
• Minimum $12,000 annual income requirement

Cons

• 0.5% for all other non-chosen categories
• Lower rewards compared to premium cards

Tangerine World Mastercard credit card

Annual fee: $0

Additional benefits

• Mobile device insurance
• Car rental insurance
• Travel benefits (FlexiRoam, Dragonpass)
• Mastercard Airport Experiences

Mobile App & Online Banking Experience

Tangerine’s digital platform is one of the most user-friendly in Canada.

Strengths

• Clean interface
• Real-time notifications
• Easy money transfers
• Strong security tools
• Biometric login support
• Reliable performance

Weaknesses

• Limited in-app investing features
• No advanced budgeting tools compared to some fintechs

Customer Service

Tangerine offers support via phone, chat, and online messaging.

Pros

• 24/7 phone support
• Helpful online resources
• Fast response times during non-peak hours

Cons

• No face-to-face service
• Some users report long wait times during promotions

Overall, customer satisfaction remains above average for digital banks.

Fees at Tangerine Bank

One of Tangerine’s most attractive features is its low fee structure.

No fees for

• Daily chequing transactions
• Interac e-Transfers
• Bill payments
• Account transfers
• Cheque viewing
• First 50 cheques
• Tangerine-to-Tangerine transfers

Fees for

• Non-alliance ATM withdrawals (In Canada $1.5, International $3)
• Bank drafts including courier ($10)
• Foreign currency conversion (2.5%)
• 1-year inactivity ($10)
• NSF (Non-sufficient fee) ($45)
• Subsequent chequebooks ($50)

Overall, Tangerine remains one of the lowest-fee banking options in Canada. Please refer to Tangerine fee schedule.

Other Tangerine’s Services and Products

Line of credit to borrow money to pay off at your discretion, with a low variable interest rate and no annual fee. This can be a great alternative to emergency funds.

Home Equity Line of Credit (HELOC) with a 4.95% loan payback interest rate as of Nov 2025.

Mortgage which is currently 4.49% for a 5 year fixed term or 5.90% for 10 year fixed term. Tangerine offers reasonable mortgage rates in the Canadian market.

RSP Loan is another borrowing option offered by Tangerine. You can choose to repay the loan in 12 payments over 1 year or, if you prefer, wait 3 months, and repay the loan in full over the following 9 months. I don’t recommend using an RSP Loan to contribute to RSP accounts.

Who Should Use Tangerine Bank?

Best for

• Students and young adults
• Budget-conscious customers
• Mobile-first users
• People wanting a simple, low-fee banking experience
• Individuals looking for no-fee credit cards with cashback rewards

Not ideal for

• Customers needing complex financial planning
• Users uncomfortable with digital-only banking
• Investors seeking self-directed trading

Is Tangerine insured? Yes, via Canada Deposit Insurance Corporation (CDIC). The maximum protection for eligible deposits at Tangerine is $100,000 per name registration.

In addition, CDIC provides separate insurance protection for joint deposits ($100,000 collectively), deposits held in RRSPs ($100,000) and TFSA deposits ($100,000).

Final Notes, Summary, and My Verdict

• I recommend Tangerine Chequing account due to its no monthly fees, unlimited Interac transfers, first 50 free cheques, and access to Scotiabank ATMs.
• Tangerine Savings Account is only suitable if there is a special rate offer.
• Tangerine’s investment portfolios can’t compete with low-fee robo advisors in Wealthsimple or Questrade.
• Tangerine World Mastercard or Tangerine Money-Back Mastercard are great free cards with 2% cashback on 3 selected categories.
• Other Tangerine’s products such as Personal LOC, HELOC, and mortgage are based on individual’s needs. I personally have a $25,000 Tangerine’s LOC.

Tangerine is one of the best online banks in Canada. If you value low fees, convenience, and a straightforward banking experience, Tangerine Bank is a top-tier choice.

Is opening an account with Tangerine worth it? Absolutely. Support me and earn up to $250 by clicking here to sign-up for Tangerine.

Note: You can also use my Tangerine referral Orange Key 43640010S1.