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Tangerine Bank Review: The Best Overall Online Bank?

Tangerine Bank Review: The Best Overall Online Bank?

When it comes to choosing a bank, it’s important to carefully consider the best fit for your situation. The right bank will not only provide you with a place to store your money, but fill other needs as well, such as saving for retirement or getting a mortgage.

One of my favourite players in the Canadian banking space has been Tangerine. If you’re a fan of no-fee banking, competitive yields on savings and low borrowing rates, it makes sense to consider Tangerine.

Here’s what you can expect:

High Interest Savings and Free Chequing

Savings accounts at Tangerine come in a variety of flavours, including a “regular” non-registered savings account, as well as RRSP and TFSA versions. There is also a US dollar account, and for those drawing retirement income, a RIF savings.

Not only are all of these accounts void of monthly fees, but the interest rates offered are very competitive across the Canadian banking landscape.

Tangerine Savings Account Rates

For example, the current rate of interest is 1.10% across all types of savings accounts, with the exception of the Tangerine US account, which is currently at .15%.

This compares favourably to most traditional bank offerings, and is competitive with savings account rates at other online banks, such as Simplii Financial.

While their standard savings rate is attractive, Tangerine has even more to offer new account holders.

Want to earn rates as high as 2.50%, not to mention cash back bonuses when you open a new account? With Tangerine you can, through a number of introductory offers being targeted at new clients.

Let’s take a closer look at some of the current promotions Tangerine has available:

Tangerine Savings Account Promotion

This spring, Tangerine is sweetening the pot with a number of promotional offers. For starters, anyone who opens a new savings account by October 31, 2018, can earn up to 2.75% interest during the first 6 months of account opening. This offer applies to all non-registered, RSP and TFSA accounts.

In addition to the bonus interest offer, clients can unlock up to $50 in cash bonuses on the same applicable account types. To qualify for the initial $25 bonus, you must deposit a minimum of $100 when the account is opened, and before October 31st.

If you contribute at least $100/month to an Automatic Savings Plan (ASP) for 6 consecutive months, you will qualify for the additional $25 cash bonus.

There are no fees and no minimum balances.

Opening A Tangerine Account

If you want to take Tangerine up on their new account offer, you can begin the account opening process anytime using the link below.

I will offer one note of caution. Make sure you read the fine print, and understand the criteria required to qualify for both the interest and cash bonuses. It would be a shame to miss a step and be disqualified from either of these promotions.

Open a Tangerine Savings Account

My wife and I already had our TFSA accounts at Tangerine, and while we were happy with Simplii Financial (formerly PC Financial), we recently decided to move our chequing account over there as well.

Here are a few reasons why:

Tangerine Chequing Account Overview

Chequing accounts at Tangerine also pay interest on every dollar you earn. You don’t have to worry about fees or minimums with a chequing account either. You earn interest as soon as the first dollar is deposited into your account.

You have the option of adding overdraft protection to your account (there is a fee for that), and Tangerine provides your first 50 cheques free of charge.

You can also send money via Interac e-Transfer for a low fee of $1.00, and receive the transfers for free.

A Note About Tangerine e-Transfers

As I mentioned above, Tangerine charges $1.00 for Interac e-Transfers. Many other financial institutions are now providing free e-Transfers, including Simplii Financial.

Tangerine does offer a separate, free email money transfer service, but it’s outside of the Interac system, and not as convenient. It generally takes a couple of days before funds appear in the recipient’s account.

My expectation is that at some point Tangerine will join other FI’s in the move to free Interac e-Transfers, but for now, it’s important to make this distinction.

Other Features

Cheque-In

The Tangerine Cheque-In feature is available on the mobile app, and allows you to deposit cheques into your Tangerine account with ease by snapping a picture of them with your phone.

Just think of the convenience. There’s no need to stop by an ABM, or wait in line at a bank branch.

The Cheque-In feature also makes it possible to complete the account opening process online, without visiting a physical location.

While several banks now offer a mobile cheque deposits service, the technology has levelled the playing field for online banks such as Tangerine, that lack the brick and mortar locations.

Protecting Your Deposits

Similar to traditional banks, your deposits at Tangerine are covered by the Canada Deposit Insurance Corporation. CDIC protects your deposits up to $100,000 per registration.

Cheque Ordering

One knock against Tangerine has been that they don’t offer free cheque orders. Your initial order of 50 cheques is free of charge, but all subsequent orders cost $20.

While some online competitors offer unlimited free cheques, Tangerine’s fee seems very reasonable when compared to traditional banks, where cheque orders often begin north of $50.

Many people only require cheques for the purpose of setting up a payroll deposit through their employer, or to link an automated bill payment to their account.

For those situations, Tangerine allows clients to print a “direct deposit/debit form” from their website, which can be used in place of a void cheque.

You would simply provide your employer or bill provider with the form, and they would enter the relevant account information into their system.

Tangerine Chequing Account Promotion

Tangerine’s introductory offers are not limited to savings accounts.

When you open a Tangerine chequing account by July 2nd, 2018, you could be eligible to receive a $100 cash bonus.

To qualify, Tangerine will want you to link either your payroll direct deposit to the account, or two separate pre-authorized bill payments of at least $50.

These transactions would need to take place prior to August 3rd, 2018, and continue for a minimum of three consecutive months to qualify for the $100 bonus.

If this interests you, you can begin the account opening process using the link below. As I mentioned above, make sure you read the fine print to understand the qualifying criteria. Full details are available at Tangerine online.

Open a Tangerine Chequing Account

Tangerine Credit Cards 

For years, the Tangerine Money Back Credit Card has been one of the top no-fee cards in Canada, offering generous cash back rewards, with the flexibility of personalized spending categories. As of November 2019, Tangerine has taken things to another level, unveiling the all-new Tangerine World Mastercard

The Money Back Credit Card remains unchanged, while the new World Mastercard adds some premium Mastercard benefits, while somehow maintaining its no fee status. I should point out that the World Mastercard does have an annual minimum income requirement of $60,000, or $100,000 per household.

Let’s take a look at each, beginning with the newest product in the Tangerine lineup. 

Tangerine World Mastercard 

The Tangerine World Mastercard offers generous cash back rewards without an annual fee, which will appeal to cost conscious consumers. What’s new is the suite of premium Mastercard benefits, including auto rental collision/loss damage insurance, mobile device insurance, and access to Mastercard Airport Experiences by Loungekey. All of these benefits normally only offered in premium credit cards with a hefty annual fee. 

Apply for the Tangerine World Mastercard

When you open a Tangerine World Mastercard, you’ll receive a promotional offer of 4% cash back on up to 3 spending categories of your choice, for the first 90 days. After that, the rate drops to 2% for the same categories, while all other purchases earn 0.5% cash back. You can choose from the following 10 categories, making it easy to align your rewards to your spending habits. 

  • Groceries
  • Restaurants
  • Furniture stores
  • Hotels
  • Gas purchases
  • Drug stores
  • Recurring bill payments
  • Home improvement
  • Entertainment
  • Public transportation/Parking

All cardholders can choose 2 spending categories for increased cash back, but you unlock a 3rd category if you transfer your rewards into a no-fee Tangerine Savings Account. You also have the option of changing your spending categories at a later date, should your shopping habits change. 

Card Features

  • Welcome offer: 4% cashback on up to 3 categories for the first 90 days
  • 2% cashback on up to 3 personalized categories
  • 0.5% cashback on all other purchases
  • No annual fee
  • Unlimited cashback rewards
  • 19.95% interest
  • Balance transfer interest rate of 1.95% for 6 months
  • Auto rental collision/loss damage insurance
  • Mobile device protection
  • Access to Mastercard Airport Experiences by Loungekey
  • Purchase Assurance & Extended Warranty
  • Minimum annual income of $60,000/$100,000 household

Tangerine Money Back Credit Card 

The original Tangerine Money Back Credit Card remains unchanged, with almost all of the features and benefits of the new World Mastercard. In fact, there are only two distinctions that I can find; the lack of an annual minimum income requirement, and the premium World Mastercard benefits offered by the new card. In other words, the Money Back Credit Card remains the best choice for lower income earners, or anyone who doesn’t require the extra insurance coverages. 

The cash back rewards are identical to the Tangerine World Mastercard; 2% cash back on up to three spending categories, 4% welcome offer, and the ability to change categories at a later date if you notice a shift in your shopping patterns. Here’s a full list of card features: 

Card Features 

  • Welcome offer: 4% cashback on up to 3 categories for the first 90 days
  • 2% cashback on up to 3 personalized categories
  • 0.5% cashback on all other purchases
  • No annual fee
  • Unlimited cashback rewards
  • 19.95% interest
  • Balance transfer interest rate of 1.95% for 6 months
  • Purchase Assurance & Extended Warranty
Apply for the Tangerine Money-Back Credit Card

If you want more information on either of these cards, check out our in-depth Tangerine credit card review.

Mortgage or Line of Credit Options

You have a number of choices when selecting a Tangerine mortgage. You can choose from fixed and variable rates, and there are flexible prepayment options available.

While mortgage interest rates fluctuate regularly, the current advertised rate for a five-year variable mortgage with Tangerine is 3.05%.

Tangerine Mortgage Prepayment Options

Let’s take a closer look at the prepayment options available with the Tangerine mortgage. For starters, you can increase your regular payments by up to 25% of your original payment amount.

In addition, each year you can make lump sum payments of up to 25% of the original mortgage amount. The payment can be applied on any regular payment date.

This is a great way to help you save thousands of dollars in interest over the life of your mortgage.

Home Equity Line Of Credit

A Tangerine Home Equity Line of Credit provides yet another mortgage financing option. You’ll need to have at least 35% equity in your home, but if you do, you can apply a fixed payback plan to work on paying it off as quickly as possible. The current rate on the line of credit is 4.10%.

Investing

Tangerine offers a wide variety of investment options. They have several mutual funds which are relatively low cost, compared to many of the funds available on the Canadian market.

Tangerine relies on an indexing strategy, which I prefer with my own investments. You end up with a lower cost in those cases. Tangerine also offers income and growth portfolios.

They make purchasing investments easy, allowing for an automatic investment plan so that you can take advantage of dollar cost averaging to help you reach your savings goals.

Here are some other ways that you can invest with Tangerine:

  • TFSA Investment Fund: You can get a TFSA account that makes use of investments, rather than only relying on savings. This can be a way to take advantage of the tax breaks offered by these accounts.
  • TFSA GIC: You can earn up to 1.90% on a tax-free GIC through Tangerine. You don’t have to worry about paying taxes, and there are no fees or service charges.
  • RSPs: Use an investment fund account for a higher potential return, or opt for safety with the GIC version of the RSP or the savings account.
  • RIF: Retirees can also take advantage of investment accounts designed for growing wealth while at the same time withdrawing what you need. In addition to fund investments, GIC and savings account versions of the RIF are also available.

Tangerine RSP Loans

If your retirement strategy includes an RSP loan, Tangerine bank has you covered. The interest rate is a paltry 3.75%, providing you invest the funds borrowed into a Tangerine RSP (the rate is much higher if you move the money to an account at another financial institution).

An RSP loan enables you to accelerate your retirement savings while reducing your income tax burden during the year in which you contribute. I should note, there are no restrictions on prepaying a Tangerine RSP loan.

Bank The Way You Want

With Tangerine, online and mobile banking offers the greatest flexibility. But Tangerine understands that their clients want the flexibility to bank in a way that works for them.

Because of this, Tangerine offers a number of great ways to bank.

Tangerine Cafés

You can walk into Tangerine Café locations in Toronto, Vancouver, Montreal, and Calgary, and talk with Associates who can advise you on a number of Tangerine products and services.

Here you can open an account on the spot without having to deposit a cheque from another bank, or apply for a credit card.

Tangerine Pop-ups and Kiosks

If your preference is to set up an account in person, but you don’t live near a physical location, keep an eye out for pop-up locations as Tangerine tours around Canada. Tangerine also offers telephone banking, 24/7.

ABM Banking

You can access your money for free through more than 3,500 ABMs all over the country using the Scotiabank ABM network. Pay attention to where these are located so you can avoid paying ABM fees when you access your own money.

By using the previously mentioned Cheque-In feature, you can open an account online within minutes, and connect that to your mobile device.

Once you are set up this way, you can manage all of your accounts, pay bills, transfer money, and even access mortgage tools.

Summary

In summary, Tangerine offers everything you need in a bank, and does so at a low price. It’s true that you will find similar free chequing accounts at other institutions, and savings accounts with higher interest rates.

But if you are looking for a bank that combines some of the best rates, offers free accounts, along with an abundance of banking options, I think Tangerine is the best overall online bank, and just might be the right choice for you.

Comments

  1. Bernie

    Tangerine is ok but I much prefer PC Financial. They’ve saved me thousands of dollars over the past 15 years when I factor in no fees, superior interest rates, low interest on loans & mortgages and PC points. What is priceless is the friendly service whenever I need telephone assistance.

  2. Rena

    If you have a Tfsa at Tangerine is there a tranfer fee if you change to a different bank?

    • Andrew

      There may be. I was charged a $50 fee by President’s Choice Financial to transfer my TFSA. Ask Tangerine what their fees are, if any.

    • Arthur

      I kept the following message,simple copy and paste done so word for word(Dec 14 2014)
      Tangerine is committed to ensuring that any fees we need to charge our Clients are fair. Effective January 19, 2015, there will be a $45 charge if you decide to move your RSP, TFSA or RIF from Tangerine to another financial institution. Although this is a standard practice, we’ve set our fee lower than what other financial institutions charge, to help make it as fair as possible.

    • Alex

      The best way to do that is make the other bank (Where the money will be transfer) pay the fee in exchange for your banking business, works for me all the time, they want your money to work for them so why pay for the benefit they are going to get from your own money, LET THEM PAY if they want your business.

  3. Dennis Tiplady

    I used to do a lot of business with Tangerine both personal and business accounts but since Nova Nova Scotia took over the rates have really been reduced and we have transferred most of our business to other financial institutions. It’s amazing what rates are out there if you spend some time looking. EQ Bank has an excellent rate…don’t know how long it will last but you should take it for as long as it’s available. I have also switched some fund to various Credit Unions.

  4. Andrew Brooke

    Tom – another great article, but I can’t imagine why you haven’t talked about EQ Bank, the latest player in the virtual bank game. They offer a high interest rate, no fees and five free Interac email transfers a month. I signed up with them a few weeks ago and highly recommend them.

    • Tom Drake

      Hi Andrew, I plan to cover them soon in an article comparing savings accounts. I don’t have an account with them, but they do look good!

      • Carolyn

        EQ is great but so is Oaken!

      • carolyn

        Hopefully you won’t need to phone with any problems – wait time on the phone is about 45 minutes and then you will be lucky if they don’t transfer you to someone else to answer the question for another 10 minute wait.

  5. Blake

    The service from tangerine has decreased tenfold since being bought out by Scotia. However if you don’t want service then I guess it’s not bad.

  6. Alan

    Nice article, Tom, but I would have liked a side by side comparison with PC Financial, as you mention it as your present bank, and it is mine, too.

    Mentioning the ATM machines – isn’t it associated with Scotia Bank (maybe Royal Bank) so that would be the ATM to use. PC Financial is owned by CIBC, so I always go to their ATM machines.

    • Tom Drake

      Hi Alan, I also have an article in the works to compare all the worthwhile chequing accounts. Should be published in a couple weeks!

      And yes, the ABMs are Scotiabank. I’ve updated the article to make it clear.

  7. Terry

    I moved everything away from INGDirect when it became Tangerine. I am with Canadian Direct Financial, the Internet version of Canadian Western Bank (CWB) Group. I moved because their TFSA, RRSP and daily savings rates were better than Tangerine. I was with Tangerine (and still am in a very minor way) since 1998. They did save me a lot of $ in fees but so does CDF now.

  8. Ginette Guy

    The ABMs are Scotiabank and that is a problem. When you deposit cheques and even cash, the money is frozen for 5 business days. After having an account 3 months they will give you $100 from the ABM deposit but that’s all. I commented to Tangerine about this and I was told that since they are a virtual bank they depend on a third party to collect, verify and confirm the deposits to Tangerine. A problem for me, as I get reimbursed for expenses via cheques.

    • Deborah

      They hold my cheques for 10 days on the mobile app – even government ones. They don’t care who the cheque is from and refuse to budge from the 10 days to 5 days – seems to me like they arbitrarily hold for however long they want.

  9. dale

    I was a long time ING customer, and shot time Tangerine customer. rather than give me the posted rate on a TFSA {2%}, The money was all ready in the account. Tangerine chose to close all accounts. Terable management at Tangerine and Scotia Bank.

  10. mary

    My mother has an account with Tangerine. For savings it seemed to be a good idea. However, now that she is no longer managing her finances, it has become very challenging to transfer her funds to another institution. I am her power of attorney, and have found that responding to messages left is slow, and being able to connect personnally with someone is almost impossible.

  11. Gord

    Tangerine has poor customer service compared to Ing Direct. Can’t we get the Dutch to come back?

  12. Fred Ziffel

    You can tell that Tangerine is now under the stewardship of the ever profit-minded ScotiaBank.

    When we opened our children’s accounts, they were paying 0.5% more than a regular savings account. Tangerine has continually trimmed that and as of Dec 1, 2017 the children’s account premium is down to 0.1% Wonder why they even bother?

  13. Robert

    Regarding the cash back credit card, you can add a third category if you have the cash back automatically deposit into a Tangerine account.

  14. James

    ING, was a great bank but once Scotia Bank took it over as Tangerine you could notice the difference, I was with ING for over five years but with Tangerine for only a couple of months as the service declined, rates deminished and it became like Scotia Bank a rip off bank. I switched to EQ and have been impressed with the service and much higher rates on my savings account and GICs. Your recommendation of Tangerine makes me wonder just what kind of a financial writer you are. Obviously getting kick backs to recommend a poor bank like Tangerine. I will now take your advice with a grain of salt to say the least.

    • Tom Drake

      Hi James, you may have missed where I mention I moved my personal accounts from Simplii to Tangerine, though both are great. They’re not paying me to do that, I chose them because I believe they’re the best options for an online bank.

      EQ Bank is a great choice that I’m covering right away as well, but they aren’t a complete bank right now… they offer a savings account and GICs, that’s it. If you need a chequing account, or mortgage, or line of credit, EQ Bank can’t help you, which is why I stated that Tangerine is the best OVERALL online bank.

  15. Dawn

    I have belonged to ING/Tangerine for many years. I really liked it at first. Their interest rates were always competitive. I do not find that to be the case now. I became very dissatisfied when they offered higher rates of interest only to new deposits. At that time they had all of my money.I became angry enough to look around and found better options out there. I move my money around to the higher interest rates and occasionally move back to Tangerine.
    I do find their website extremely user friendly and I do still have some savings with them.
    Customer service has been satisfactory whenever I have required it.

  16. Jack Haman

    Does Tangerine pay simple or compound interests?

  17. Anne Kivari

    Tom Drake I just experienced Tangerine’s poor customer service today when I called to get more information about the 2.75% interest rate on new savings accounts. I just sold my home and would like to put the proceeds into an account that will give me the most return. The Tangerine agent I spoke to never heard of this offer you’ve just wrote about and said there is no such offer. He was rude and I asked to speak to a supervisor and was told I would have a 15 minute wait on the phone to do so. I think I’ll look at EQ as recommended by other posters here.

    • Tom Drake

      Hi Anne, I’m not sure if it’s exclusive to MapleMoney, but if you click on my link you’ll see the offer for 2.75% for six months. It’s possible he didn’t know about it, but if they’re being rude on the phone, then they probably don’t deserve your business!

    • Dan

      When it comes to Tangerine you should ask for french even if you dont as everyone in the company can speak english and odds are you get directed to a Moncton agent. I have been a long time customer and getting their Toronto centre I could never get what I inquire on first call. It always had to be a Moncton agent that would end up fixing it and give me the proper info. And plus you can tell Moncton agents are more caring

  18. John P.

    I wish Tangerine’s Mobile banking app on Android supported 2FA, such as fingerprints, just like CIBC does. Unfortunately 2FA is very lacking on most Canadian financial mobile apps. I have written many feedbacks, reviews, and emails to Tangerine over the last year, all without a response from them. For a truly online bank, they need a solid 2FA solution on Android. They have good 2FA on iPhones but not on the platform that the 90% use.

  19. Margot

    I just called Tangerine & asked about their interest rates. Since some time last year I have been accessing good promo rates for new deposits in the savings account. The last offer ended May 31st. I mentioned this article and said I was investigating whether another promotional interest rate was coming at Tangerine, or did I have to move my business to EQ Bank who was offering 2.3% to open an account. The Tangerine representative, whom I did not have to wait to speak with, offered me 2.0% for 180 days to keep my business.

    Close enough for me.

  20. Kathy

    I was an ING Bank (now Tangerine) customer from the beginning. Once ScotiaBank purchased them, the value diminished. But the biggest negative is the rapid decline in customer service. My relationship with Tangerine has gone from being my primary bank to the place where I have a credit card and a savings account to park the rebates. If customer service and respect matters to you, give Tangerine a pass.

  21. chris

    Terrible customer service! They hold your money without reason!
    Consider another bank!
    They have blocked my account without acceptable reasons.
    They put me 35 min on hold to discover the mistake was on their side. Their only excuse: a computer problem….35 min wait tells with what priority this bank is willing to solve their client problem. I have an excellent credit score, with more than 1/2 million dollar with them, I never complain, but for me this is to much, they have gone too far…!
    My wife was stuck all that time at a cash dispenser with our little children, waiting desesperately that the problem be resolved.

    You dont want bad experiences of that kind: run away and find yourself another bank…

  22. Chris

    Stay away from Tangerine. In fact, stay away from all online banks. The service is just not there when you need it. We all know that all banks have call centers but there is just no way to deal with a human being face to face if you need to. I added a secondary authorized user to my credit card and was harassed with letters from Tangerine for four consecutive months stating that the secondary account holder had to register for foreign tax purposes with the CRA. After calling Tangerine four times over the course of 5 or six months they admitted it was a computer glitch error. Each time the customer service agent stated I could ignore the letter and that the issue would be resolved soon.The last letter took on a particularly nasty tone stating they were contacting the CRA. At that point I had had enough . I spoke to a manager who again insisted it was a computer glitch and that nothing would transpire because there was nothing to report. I felt Tangerine couldn’t care less if they made an error or not. I insisted that they write me a letter stating that they had made an error but they would not do it. They claimed to be an online bank and that they can’t meet this kind of personalized request. Needless to say I cancelled my credit card with them and I am pulling out my investment as soon as they mature. Again stay away from this online bank. I agree that it has gone downhill since being taken over by Scotia.

    • Steven Brovnic

      I don’t bank with tangerine, but I am looking around at different options for no fee, better interest banking. Comments from people whining about petty issues that all banks have isn’t helpful. Especially dumb reviews like this one that says to stay away from this institution because they would not write him a personal letter stating that the error was the fault of the bank. I can’t believe how some people waist time and have so much difficulty with life. The bank told him originally that it was a computer glitch and to let it go and the issue would resolve itself. If I was still concerned about it I would have contacted the CRA and asked about the situation for my personal peace of mind. Sure, you may be inconvienced for a number of minutes ( I just put my phone in speaker and continue with my business when I’m put on hold ) but that’s a minor annoyance and should only be necessary once in a blue moon. How hard is it to be on hold? It’s not like 1980 when you were stuck to a wall with a land line and actually had to take time out of your day to deal with a phone call. I don’t ever reply to comments unless I can offer some knowledge or experience, but I just could not reeist pointing out the uselessness of people whining about situations that could have been dealt with much more efficiently if they had the capacity for unemotional logic, but instead give recommendations like “don’t use this bank” based on some stupid single event that happened, even if it was the banks error. That kind of review or recommendation isn’t helpful and could steer some people away from a service or product that might actually be very beneficial for them. Rant over.

      • chris

        Yeah, until you get multiple nasty letters from Tangerine accusing you for something for which you are not at fault. It was not a rant. The truth is the truth. By the way, there are two Chris’s that posted above. I am not the one complaining about wait times on hold. I resolutely stand by my comment: Stay way from online banks. When you need customer service, they are lacking.

  23. Margaret

    Tangerine has been good to me. The major drawback that I’ve encountered is that Tangerine provides me with a U.S. money account but no way to access the money through ATM’s. If I want to get my money, I have to go to the ONLY Tangerine bank in Montreal, which also happens to be 25 km from where I live and the Scotia network doesn’t offer U.S. money withdrawals.

    May I suggest that both Tangerine and Scotia need to invest in better ATMs if they want to keep their customers happy.

  24. Lynne

    Tangerine fails when it comes to dealing with estates of deceased customers
    Tangerine Bank has refused to release money in an account belonging to a deceased person. The deceased is my mother and I, along with my sister, am co-executor of her estate. A copy of the probated will was provided to Tangerine through registered mail. Telephone conversations have gotten my sister and I nowhere with the bank’s representative who said that the only way to close the account is for my sister and I to become members of Tangerine. I absolutely refuse to do this.
    This is the only financial organization that has refused to close an account and forward the account balance to the estate of my deceased mother.
    I understand the need for caution in these cases, but even with documentation we have been unable to solve this problem.
    All one needs to do is to google Tangerine and up pops headlines of similar stories.

    Lynne

  25. Val

    Unacceptable. The bank accepted 823.75 USD transfer from a reputable crowdfunding campaign and deposited $823.75 to my bank account in Canadian dollars! This is approximately a $250 difference. The bank refused to accept their mistake, kept me on hold for hours and refused to let me speak to a supervisor several times before a supervisor told me that the only way o resolve this situation would be to ask the crowdfunding campaign to request the money back and to deposit it to a US bank account. They later stated that they do not accept transfers in USD. They also lied and insisted that the transfer was in Canadian dollars, when I have documentation that the from the sender that ht funds were deposited in Canadian dollars. When asked to resolve the situation, the bank claimed that they did not accept USD transfers. If that is the case, then they should have rejected the payment, instead of taking the money, failing to contact the client and essentially stealing $250 Canadian + the interest they are earning while the situation is resolved. I have never had such a problem with Simplii financial.

  26. Carolyn

    How did Tangerine Bank get a high rating??? I would give them a minus if possible. If you google it will show 1 star from public on first line.

    I was dealing with ING Direct (which did deserve a high rating) but then Tangerine (or Scotia bank) took over.

    Over a decade of having Saving Accounts, RRSP accounts, TFSA, GIC accounts, I ordered their credit card. I made a mistake setting this up but to make a long story short – Tangerine shut down the card (at a grocers) and charged $18.41 interest after missing the statements due date by 5 days!

    I am in the process of moving my money out.

  27. Cindy

    I switched a few months ago. Overall, I’m more happy with their offerings (I’m only using a chequing account) than with the big 5.

    I do agree customer service could be better and I have had to wait on hold. If you do, use the call back feature, it turned out to be one of the nicest things that every bank should be doing, other than, you know, having enough staff so you don’t have to be on hold.

    The way I use it (and would recommend a lot of people do) is as a side account in conjunction with one of the big five. I have a low fee account (Smart account with CIBC that I pay 4.95 a month for free e transfer etc and I have credit cards, savings, and business with CIBC as well.

    Every month I’ll transfer a set amount to tangerine and use it as a budgeting tool without having to worry about transactions, payments coming out, and all the other stuff.

    If you use it for something like this, they’re great. If you have complicated banking needs, I wouldn’t use them and suck up paying 10-20/mo for a more convenient option with more of a brick and mortar presence.

    If nothing else, with no fees, I’ll support them just to keep Canadian banking more competitive. If everyone lets the big five charge more and more fees, we have no one to blame but ourselves.

  28. Sarah

    Tangerine opened a Savings Account in my name when I applied for Credit Card
    Just received mail from Tangerine which was supposed to be their Money Back Credit Card and now I find they instead opened a Savings Account in my name. I am livid. How is it even possible for them to do that when I did not provide my SIN number in the credit card application (what they legally need to open a Savings Account in Canada) and they have one credit card option which is the one I applied for? I am ready to cancel my credit card which I am guessing has been created but am hesitant knowing that it will temporarily tarnish my credit. I do not know how a financial institution can mess up this hard. I was also considering opening a Savings Account with them in the next few months with a friend’s Orange Pass but definitely do not want to be a customer in any capacity with them going forward.

    • Tom Drake

      Hi Sarah, I know they’ll open a savings account with the credit card if you chose the 3rd category for 2%, “Get your Rewards deposited into your Tangerine Savings Account and get a 3rd 2% Money-Back Category.”

  29. EGon

    The ING days had fair response times. Whenever I’ve had to call Tangerine recently, it’s been the famous “higher than expected call volume” at any hour — like the airlines. An example: left hanging repeatedly 10-20-30 minutes during one day without able to get thru their 2-tier call process to lift a temp credit card block at point of purchase with one of my usual retailers. With other cards, this is a nuisance, but it means a quick 1-8** call to confirm security qs and then put the purchase through. All the staffers themselves seem pleasant (on standard corporate customer service script), so they are not the problem…

  30. Deborah

    Tangerine is simply the WORST online banking company out there. The customer service is non-existent and they are rude, they hold money unnecessarily, block the card when traveling – even when notified and then tell me I still need to wait 2 business days to have it cleared because you can never be transferred to a manager or someone who can actually provide assistance there.

    Simplii is definitely a better option all around. They actually have agents working who will help you and seem happy to do so.

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