Canadians pay an average of $100 per year in banking fees. With so much money bleeding out of their accounts, it’s no surprise that account holders of all ages are looking for alternatives to their current banking situations.
Online financial service providers such as Tangerine bank are drawing an increasing amount of interest. But are they really a good choice? Keep reading for our full Tangerine bank review and everything you need to know about making the switch to online, fee-free banking.
Tangerine Bank was founded in 1997 as ING Direct. It pioneered digital banking and earned a name as one of the best online banks in the business. In 2012, Scotiabank purchased ING Direct and rebranded it as Tangerine.
Today’s customers benefit from the extensive experience and resources of both the ING expertise in online banking and Scotiabank’s physical infrastructure, such as its generous network of ABMs.
Above all else, however, Tangerine is perhaps best known for its no fee daily banking.
No Fee Daily Banking
In addition to its online model, Tangerine bank first earned fame for its no fee banking. It offers:
Unlimited free transactions, including money transfers and ABM withdrawals
Unlimited free bill pay transactions
No minimum balance requirements on chequing accounts
Interest on chequing and savings account balances
Account holders may be charged a small fee for using out-of-network ABMs. But with about 44,000 Scotiabank ABMs around the world, this is likely to be a rare occurrence.
Account holders may also be charged a five dollar overdraft fee no more than once a month, even if they overdraft multiple times. The fee will occur only if their account is overdrawn and no action is taken to correct it for more than 24 hours.
Tangerine’s “Left to Spend” app feature also helps users avoid overdrafts by showing them how much money they have in their account at any given time. The ability to deposit cheques by app also ensures that users aren’t left waiting for money to hit their accounts. This reduces the risk of overdraft.
Users can also set up “Orange Alerts” to notify them when transactions go through or their balances fall below a set amount.
Other fee-free benefits include:
One free “stop payment” on cheques each year
One free replacement debit or credit card per year
Lower-than-average charges on returned items and out-of-network ABM use
Together these policies can help Canadians save thousands of dollars in fees over the life of their accounts.
Tangerine Mobile Banking
When it comes to good banking, today’s customers are looking for more than just no fees. They need banks that understand and accommodate their busy, on-the-go lives. Tangerine recognizes this and meets customers where they are via a robust mobile banking infrastructure.
Tangerine’s mobile app is designed to give account holders a comprehensive, single-point interface for all their banking needs. The app allows users to perform all the same functions they can on the bank’s website.
It also enables users to remotely deposit cheques. Just snap a picture and upload it anytime from anywhere. Users can instantly deposit money whenever it is convenient for them with no runs to a brick-and-mortar bank or waiting in line required.
Users can seamlessly connect their Tangerine accounts to accounts they hold with other banks for quick money transfers. They can also connect their Tangerine accounts to digital wallets and automatic bill-pay systems.
Tangerine keeps a finger on the pulse of modern banking and its cutting-edge features and options reflect that. The bank offers unique options that most Canadians have to download separate apps to enjoy. For example:
A “track your spending” feature allows account holders to label and track their spending for easier money management
A “round up” feature that helps users auto-save tiny sums every time they spend money for big savings over time
Auto-saving functions that make extra deposits into a savings account every time a user-selected event happens, such as their favorite sports team winning a game
These features simplify banking by putting all the functions users need right in their banking app. They can play a key role in helping users achieve their financial goals fuss-free, as well.
Tangerine Chequing Accounts
Many digital banks offer a limited array of services. Tangerine, by contrast, has the kind of range you’d expect from a traditional brick-and-mortar bank. Its offerings include:
Savings accounts (including TFSAs, RRSPs, RIFs, cash accounts, and US dollar accounts)
With so many options, Tangerine makes it easy to consolidate all of your banking and financial needs under one roof. Better yet, Tangerine offers all of its products without monthly fees.
Its chequing accounts are of particular interest to most customers, however. While they come with all the benefits of Tangerine’s no fee daily banking policies, prospective customers often have questions about the logistics of a chequing account when there is no brick-and-mortar bank involved.
Here are the most common questions and their answers.
Yes! Both cashier’s cheques and wire transfers from your Tangerine chequing account can be ordered online. Cashiers cheques will be delivered straight to your door using a secure delivery company and prompt priority shipping.
Tangerine Bank makes money management easy by allowing you to do all your banking in one place. It makes managing your investments doubly easy by providing five simple investment funds to choose from.
Each fund is comprised of a combination of:
The Balanced fund, for example, is:
70% Canadian bonds
10% Canadian stocks
10% US stocks
10% International stocks
The Balanced Growth fund is comprised of 25% each Canadian bonds, Canadian stocks, US stocks, and international stocks. A flat 1.07% expense applies to each of the funds. This makes them much less expensive than standard bank-managed funds.
This model puts investing within reach of every bank account holder. It also provides a low-stress, low-risk way to build wealth.
Tangerine’s guaranteed investment interest rates run from 0.50% to 3.25% depending on the length of the investment. With these high rates and zero fees, they are some of the best investments available.
High Interest Rates
Tangerine’s high-efficiency online model enables it to maintain operating costs far below those of its competitors. The company passes those savings along in the form of high interest rates on accounts.
2% cash-back on credit cards
Up to 0.10% interest on chequing accounts
Introductory 2.1% interest on savings accounts, including RSP, RIF, and US dollar accounts
Long-term 0.10% interest on savings accounts (after the first five months’ introductory rate)
Additional promotional rates and bonuses are regularly available, as well. Even at their lowest, Tangerine’s interest rates are routinely well above the rates their competitors offer for similar financial products.
Easy Account Sign-up and Sign-up Bonuses
Getting started with Tangerine is quick and easy. You can open an account online with your:
Name and contact information
Social Insurance Number
Basic employment information
If you sign up using a referral code, you may qualify for a $50 signing bonus. A $100 signing bonus is available to customers who arrange to direct deposit their pay cheques into a Tangerine account. Another $25 bonus is available to customers who enroll in an automatic savings plan program.
The application is easy to complete and takes less than 10 minutes from start to finish. As enrollment is done online through the website, you can enroll at any time that is convenient for you.
The Cons of Tangerine Bank
No establishment is perfect, of course, and Tangerine does have its downsides.
The biggest, unsurprisingly, is that Tangerine has no brick-and-mortar storefronts. This makes it a poor choice for Canadians who:
Who prefer banking in person
Regularly need cashiers cheques, wire transfers, and other in-person services
Are not comfortable seeking assistance digitally or over the phone
Tangerine does operate cafes, kiosks, and pop-up locations in Toronto, Vancouver, and Montreal. These sites can provide some in-person services to customers in those areas but may be less accessible to others. Customer service for those outside these areas is readily available by phone, by mail, or online, however.
The other primary downside is that Tangerine does not yet support Android Pay.
Is Now the Right Time to Open a Tangerine Bank Account?
There has never been a better time to open a Tangerine Bank account. According to recent surveys, most Canadians:
Choose their banks based on what friends and family use
Keep their bank accounts for an average of at least eight years
Use their chequing accounts the most but do the least research on them and their terms before opening a new account
All of these habits are costing them. Never before have Canadians lost as much money on banking fees across the board as they are right now. On average:
Millennials have already lost $760 in banking fees
Gen-Xers have already lost $2,800 in banking fees
Baby Boomers have already lost $2,200 in banking fees
Despite these already high numbers, most Canadian banks continue to raise fees and lower interest rates on their products. This further burdens account holders. It slows wealth creation and saps financial stability.
This is a very real problem. Government research shows that more than 40% of Canadians are so stressed about their finances that their work performance is declining.
31% of Canadians feel they are carrying too much debt
Only 65% are staying on top of their bills
The number of Canadians behind on their bills has quadrupled since 2014
Nearly 20% of households spend more than they make each month
Nearly 30% of households regularly borrow money to make ends meet
With so much financial pressure already in place, the rewards for switching to financial products that better meet your needs have never been higher. Switching to Tangerine can:
Save you time
Save you thousands of dollars
Lower your financial stress
Improve your awareness and control of your financial status
Help you retool your investment strategies and build wealth
Make all your banking accessible from your digital devices
Unless you absolutely need a physical, local bank for some reason, now is the ideal time to make the switch.
Beyond the Tangerine Bank Review
Exploring what Tangerine can do for you is a great first step toward improving your financial health and growing your wealth. Now, move beyond our Tangerine Bank review and explore other ways to save time and get the best rates on all the financial and insurance products in your life. Visit us today to get started to get started on making even more sound investments for your future!
Insurance products and services are provided by Alliance Income Services Corp.
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Its such a great experience talking to George Solomonov .He explain and answer my questions well with regards to life insurance
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To ensure continued confidence that our long term health needs will be maintained.
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Very quick and formative.
He was so nice to me told so much about it thanks so much
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Make it possible to contact a CSR who doesn't transfer me around 7 times before telling me they can't find their own policy issued to a customer - a policy number taken from their own letterhead!! I will tell everyone I know, in every way, to avoid your company at all costs. If I have to, I will contact CBC W5 or Marketplace. Manulife, you have messed with the wrong estate executor!!
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Thank you so much George for your help , you so quick to respond me back and help me lots everything done so quickly. The best services ever. I will recommend to all my friends . Thank you so much I do really appreciated it..
Very helpful very easy....good job.
It was a pleasure talking with George He was very polite .
It was a pleasure speaking with you today:) Answered all my questions and found the best plan for me to meet my needs at the best price. Thanks again , George!
It was a great working with you George, me and my mom appreciate your services to get our insurance coverages setup quickly. You answered all of our questions and we would recommend you to others. Thanks!!!
It was a pleasure to work with this team. They have answered all of my questions; provided me great quotes which addressed all my needs. Thank you.
It was super easy to get a quote online. Amazing people work there providing you with the best option and customer service.
Thanks George for a great policy:)) I will definitely recommend you guys to my friends.
Was a great pleasure working with George! He was able to get my client home insurance, and provided several different quotes with different options for them. Extremely patient and helpful! Was a fantastic experience and my client was very happy. Thanks again will definitely continue to work together!
Great user experience navigating Insurdinary. Received a quick quote and I will be looking to purchase insurance thanks to their help.
George was very helpful, friendly and patient! He took the time to answer my questions, when I asked for a quote , I get an ema right away with the information , always willing to follow up. Overall good experience
got a quote and applied online in minutes! Got myself a saving of 400$, good stuff!
... Yes ... I am pretty happy and will recommend the people to come with this insurance website ...