Tangerine Bank Review 2025: Still Worth It in Canada?

Tangerine was Canada's original online bank. In 2025, how does it compare to newer fintech challengers like KOHO and Neo Financial?

What Is Tangerine?

Tangerine is an online-only bank and a wholly owned subsidiary of Scotiabank. Originally launched as ING Direct Canada in 1997, Tangerine was rebranded after Scotiabank acquired it in 2012. With over two million customers, Tangerine is one of Canada's most established online banks and a full Schedule I bank — meaning it holds its own banking charter rather than operating through a partner.

This full-bank status means Tangerine deposits are directly CDIC-insured without relying on a partner institution.

Tangerine Products and Fees

Product	Fee	Key Feature
No-Fee Chequing	$0/month	Unlimited transactions
Savings Account	$0	0.10% regular rate (promos up to 5%)
Money-Back Credit Card	$0/year	2% back in 2 categories
World Mastercard	$0/year	2% on all eligible purchases
GICs	$0	Competitive term deposit rates
Mortgage	N/A	Full mortgage products

Tangerine No-Fee Chequing Account

Tangerine's No-Fee Chequing account lives up to its name. There are no monthly fees, no minimum balance requirements, and unlimited debit transactions. It includes free Interac e-Transfers, a debit Mastercard, and access to Scotiabank ATMs at no charge. Online bill payment is free and unlimited.

Tangerine Savings Account

The regular savings rate at Tangerine is low at 0.10%, which is competitive with big banks but well below fintech alternatives like EQ Bank (2.5–3%) or KOHO (up to 5%). However, Tangerine runs frequent promotional savings rates for new customers — sometimes as high as 5% for 5–6 months — making it attractive for those willing to move money around.

Tangerine Money-Back Credit Card

The Tangerine Money-Back Credit Card is one of Canada's best no-fee credit cards. It offers 2% cash back in two spending categories of your choice (from groceries, gas, restaurants, entertainment, hotel-motel, recurring bills, drug stores, home improvement, parking, or public transit) and 0.5% on everything else. A third 2% category is available if you deposit your cash back into a Tangerine savings account.

Tangerine vs. KOHO (2025)

Feature	Tangerine	KOHO (Free)
Monthly Fee	$0	$0
Institution Type	Full bank (Scotiabank subsidiary)	Fintech (via Peoples Bank)
CDIC Insurance	Direct member	Via Peoples Bank
Savings Rate	0.10% (promo up to 5%)	Up to 5%
Cash Back	2% in 2 categories	1% groceries/transit
Mortgages/GICs	Yes	No
Physical ATM Access	Yes (Scotiabank ATMs)	Limited

Who Should Use Tangerine?

Tangerine is best for Canadians who want the reliability and full product suite of a traditional bank without the monthly fees. It's particularly good for people who need a mortgage, GICs, or a credit card alongside their everyday banking. If you're already banking with Scotiabank, Tangerine integrates well into that ecosystem.

For younger Canadians or those focused on maximizing cash back and savings rates, newer fintech options like KOHO offer better everyday rewards. KOHO's free plan pays more on savings and credits cash back immediately. Use referral code 45ET55JSYA to get a $20 welcome bonus with KOHO.

Tangerine: The Bottom Line

Tangerine remains a solid choice for no-fee banking in Canada in 2025. It's a trusted institution with a full product lineup, direct CDIC coverage, and Scotiabank's ATM network. Its savings rates are unimpressive at the regular rate, but promotional offers soften the blow. For pure digital banking with better daily cash back and savings, the newer challengers have the edge.