Founded in 1997 as ING Direct Canada, a branch of ING Group, Tangerine has always focused on customer satisfaction and providing rewarding financial products. That didn’t change once it became a subsidiary of Scotiabank in 2012 and acquired its new name. It remains one of Canada’s best direct banks, winning yearly awards for customer service excellence. Tangerine offers many banking options, including saving, spending, investing, and borrowing. It offers online and mobile banking and supports mobile wallets for contactless payments.
Although this bank runs all its operations online, it has a wholly-owned subsidiary that sells mutual funds. That’s Tangerine Investment Funds Limited, with headquarters in Toronto, Canada. It also has Tangerine Cafés, where you can get financial advice from Tangerine Associates while enjoying coffee. They can help you choose the right banking option for your needs. Tangerine is a member of the Canada Deposit Insurance Corporation (CDIC), the Canadian Payments Association, Maestro International, Interac®, and Mastercard® Worldwide. This shows that you’ll put your money in safe hands if you choose this bank.
- Tangerine Money-Back Card – is best for those with a credit score above 670 and a minimum gross annual income of $12,000 or more.
- Tangerine World Mastercard is best for applicants with a 740+ credit score and a minimum gross annual income of $60,000 or more.
Tangerine’s Financial Products
Tangerine offers a wide range of personal and commercial financial products, including:
- Checking accounts
- Savings accounts
- Tax-free savings accounts
- Business accounts
- Credit cards
- Lines of credit
- Home equity lines of credit (HELOC)
- Mortgages
- Investment funds
- GICs
- RSP loans
- RIFs
This bank is particularly famous for its no-fee chequing accounts, which come with an unlimited number of transactions, as well as a debit card that you can use for purchases and at ABMs. High-interest savings accounts are another excellent banking option, as they include no fees or any other kind of service charges, as well as no minimum balance. You can start saving a lot of money when you open an account.
Types of Cards Offered at Tangerine
Tangerine offers credit cards for good to excellent credit. There are two different credit card offers to choose from Tangerine Money-Back Credit Card and Tangerine World Mastercard. Both offer unlimited money-back rewards on purchases in various categories, while the World Mastercard® card also comes with other unique perks. These include on-demand and subscription services, free Boingo Wi-Fi everywhere on the planet, mobile device insurance, rental car insurance, and Mastercard® travel rewards, including the card network’s exclusive experiences at its airport lounges.
See: Tangerine World vs Money-Back Credit Card
Tangerine Application Requirements
Since Tangerine offers a wide range of financial products, there’s no one requirement list for applying for its products and services. To sign up for a regular checking account, you need to submit the following: A valid ID (Canadian passport, driver’s license, or a provincial or territorial photo ID card) and Proof of residence (bank statement, utility bill, income tax assessment, vehicle insurance, etc.).
You must be 16 years or older to open a checking account and be a Canadian resident. You also need to have a valid email address since the bank operates on an online-only basis. To open a tax-free savings account, you must be at least 18. Tangerine credit card eligibility criteria are slightly different. To apply for a Tangerine Money-Back Credit Card, you need to:
- Be at least 18 years of age
- Be a permanent Canadian resident
- Have at least $12,000 gross annual income
- Be clear of bankruptcies over the past seven years
- Have a good credit score of at least 670 points
Tangerine World Mastercard’s application requirements are the same, except you need an excellent credit score of at least 740 points. However, there are a few additional eligibility criteria, of which you must meet one. They include Having a gross annual income of at least $60,000 as an individual or at least $100,000 as a household and having at least $250,000 in total balances in your savings and/or investment accounts at the bank.
Application Process
Applying for any of the financial products at Tangerine is pretty straightforward. Since there’s no physical branch to visit, you can complete everything online in minutes. You can do so on the bank’s official website or through its Tangerine Mobile Banking app. While it takes just a couple of minutes to sign up, it will take 5-7 business days for your new account to become active. You’ll need to provide the following information:
- Name
- Date of birth
- A valid, current address
- Email address
- Phone number
- Social security number
- Employment information
What Are the Advantages?
Using Tangerine’s banking services comes with several beneficial advantages.
No Fees for Checking and Savings Accounts. You can open a checking or savings account with no monthly or annual fees. There are also no fees for unlimited daily transactions, and you can use Interac e-Transfer® free of charge (for checking accounts).
High Interest Rates on Savings Accounts. If you open a savings account at this bank, you can earn very high interest rates. Tangerine has one of the highest interest rates on savings accounts.
Cash Rewards and Sign-Up Bonuses. You can earn a sign-up cash bonus when you open a savings or checking account. You also receive a unique Orange Key that you can use to refer friends or family members. You can earn additional cash bonuses if they sign up with Tangerine using your key and make a certain deposit. As mentioned, you can earn cash-back rewards on your purchases if you get any of the two Tangerine credit cards. Depending on the card, you can earn travel rewards and enjoy many other perks of the Mastercard reward program.
Are There Any Disadvantages?
Before using Tangerine’s financial products, consider the following drawbacks.
Online-Only Banking. It’s very convenient not to have to go to a brick-and-mortar bank for every transaction. Tangerine has a very user-friendly mobile app, and you can also sign in to your accounts online via the bank’s website. However, you may prefer to conduct your transactions in person. Lots of people do, primarily because of security concerns. Although Tangerine has always had outstanding security, operating only digitally may be enough to deter some people from using its banking services.
Only the First Book of Cheques Is Free. You get the first checkbook of 50 cheques for free, which is excellent. However, you need to pay for all your future checkbooks, which don’t have a very favorable price.
Daily Withdrawal Limit. Tangerine accounts allow unlimited free transactions, but they have a daily withdrawal limit.
Tangerine Customer Service & Contacts
- Toll-Free Numbers: 1-888-826-4374, 1-416-756-2424
- Hours of Operation: 24/7
- Customer Service by Phone. Mortgages: MON-FRI 10 AM-8 PM (closed on holidays), Investment Funds: MON-FRI 8 AM-8 PM
- Customer Service by Online Chat. Savings & Checking Accounts: MON-FRI 8 AM-8 PM, SAT-SUN 9 AM-5 PM, Investment Funds: MON-FRI 8 AM-8 PM
The Bottom Line
Tangerine has been one of Canada’s most renowned direct banks for decades, and a good reason. It offers excellent savings, borrowing, spending, and investing banking options. If you want to earn significant interest rates on your savings account or have a checking account with no fees, Tangerine may be just what you need. If you have good to excellent credit and want to earn cash-back and other rewards, applying for Tangerine’s credit cards might be significant. But before making any commitments, explore other banks to compare their offerings and make a wise, well-informed decision.