A full breakdown of fees, bonuses, cash back, savings rates, and which account wins for Canadian residents.
Side-by-Side
Every major feature compared. Green cells indicate the better value.
| Tangerine | RBC | |
|---|---|---|
| Signup Bonus | None (occasional promo rates) | None (occasional $200–$400 promos) |
| Monthly Fee | $0 | $10.95–$30.00/month |
| Cash Back | 2% in 2 chosen categories | Via RBC Avion and Cashback credit cards |
| Credit Check | Soft check for savings, hard check for credit card | Hard credit check |
| Savings Interest | 0.10% standard (promos to 5%+) | 0.01–0.05% standard |
| Credit Building | Yes — via Tangerine credit card | Yes — extensive credit card products |
| Mobile App | ⭐⭐⭐⭐ (4.1 App Store) | ⭐⭐⭐⭐½ (4.5 App Store) |
| CDIC Protected | Yes — CDIC member | Yes — CDIC member |
Deep Dive
The key strengths and weaknesses of each account.
Our Verdict
Tangerine edges ahead for most Canadians because it charges no monthly fees.
Get Started
Compare both options and claim any available signup bonuses below.
FAQ
It depends on what you need. Tangerine (Online bank from Scotiabank with no monthly fees) vs RBC (Canada's largest bank by assets). For a signup bonus, Tangerine offers None (occasional promo rates) while RBC offers None (occasional $200–$400 promos). For monthly fees, Tangerine charges $0 vs RBC's $10.95–$30.00/month. See the full comparison table above for a complete breakdown.
Tangerine signup bonus: None (occasional promo rates). RBC signup bonus: None (occasional $200–$400 promos). If neither offers a cash bonus, consider also opening KOHO (code 45ET55JSYA for $80 free) or Neo Financial (code J4C9H3K5 for $50 free) — the two biggest free bonuses available to Canadians right now.
Tangerine: Yes — CDIC member. RBC: Yes — CDIC member. CDIC coverage protects deposits up to $100,000 per category at member institutions. Always verify current coverage details on the CDIC website.
Yes — there is no rule preventing Canadians from holding multiple bank accounts simultaneously. Many people keep one account for savings and another for spending. You can open both Tangerine and RBC to take advantage of each account's best features.
Tangerine monthly fee: $0. RBC monthly fee: $10.95–$30.00/month. Monthly fees are one of the biggest differences between accounts — even $15/month adds up to $180/year.
Tangerine cash back: 2% in 2 chosen categories. RBC cash back: Via RBC Avion and Cashback credit cards. Cash back rates can vary significantly depending on spending categories. Check each bank's current promotions as rates change.
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