Tangerine is one of Canada's most established online banks, originally launched as ING Direct Canada in 1997 and acquired by Scotiabank in 2012. Today it operates as a fully independent online bank under the Tangerine brand, offering chequing, savings, credit cards, mortgages, and GICs — all without a physical branch network.
Tangerine's chequing account has no monthly fee, no minimum balance, and unlimited free transactions. You get a debit card, free Interac e-Transfers, and access to over 3,500 Scotiabank ATMs in Canada without fees. This is one of the most functional free chequing accounts available in Canada.
Tangerine's savings account typically offers promotional rates of 4–6% for new clients for a limited time (90–180 days), then reverts to a standard rate that is much lower. This promotional model is worth taking advantage of, but don't count on the high rate to last. EQ Bank's standard rate often beats Tangerine's post-promotional rate.
Tangerine offers cash back credit cards with no annual fee. The Tangerine Money-Back Card lets you choose 2 categories for 2% cash back and earns 0.5% on everything else. It's one of the better no-fee cash back cards in Canada.
Tangerine offers competitive mortgage rates as well as home equity lines of credit (HELOCs) and personal loans. As a Scotiabank subsidiary, it has the backing of a major Canadian bank while maintaining competitive pricing.
Tangerine offers GICs for both registered and non-registered accounts. Rates are competitive but generally not as high as EQ Bank's GIC offerings.
Yes — Tangerine is one of the best options for Canadians who want a full-featured bank account without fees. The free chequing account, Scotiabank ATM access, and no-fee credit card make it a genuinely complete banking solution. Most Canadians can use Tangerine as their primary bank without sacrificing any essential features.
Tangerine is a full bank; KOHO is a prepaid Visa with a savings feature. They serve different purposes. Tangerine is better for Canadians who want a complete replacement for their traditional bank account — including a proper chequing account, credit card, and mortgage options. KOHO is ideal for Canadians who want instant, no-credit-check access to free banking with cash back rewards and spending controls. Many Canadians use both.
KOHO offers free banking with no monthly fees, no minimum balance, and no credit check. Available to all Canadians. Use code 45ET55JSYA for a bonus when you sign up — it takes just minutes to open online.
Open KOHO Free — Use Code 45ET55JSYATangerine remains one of the top online banks in Canada in 2025. Its no-fee chequing account with Scotiabank ATM access is hard to beat for day-to-day banking. For maximum savings interest, pair Tangerine chequing with an EQ Bank savings account. For spending rewards and no fees from day one, KOHO complements Tangerine perfectly.