No fee everyday banking
Set up direct deposit and skip the monthly fee. Free to open, and the Easy plan has no monthly fee. Worth doing if you will actually move your pay or your CRA deposits over, not if the card sits unused. Code BREMO2026.
Tangerine is Scotiabank's fully digital bank and one of Canada's most established online banking brands. Originally ING Direct Canada (acquired by Scotiabank in 2012), Tangerine has operated as a standalone digital bank for over a decade. It offers free chequing, competitive savings promotions, and popular cash-back credit cards.
Tangerine's chequing account is free with unlimited transactions and no monthly fee. You get Interac e-Transfers, mobile cheque deposit, and bill payments. Access Scotiabank ATMs for free.
Tangerine runs promotional savings rates for new customers — these promotional rates can be quite competitive for a limited period (typically 5–6 months), then revert to a standard ongoing rate. For new-to-Tangerine savers, the promotional rate provides a strong initial boost.
Tangerine's cash-back credit card is one of Canada's most popular no-fee credit cards. It earns 2% cashback on 2 (or 3 if deposited to Tangerine savings) categories of your choice, and 0.5% on all other purchases. No annual fee. This is a standout product that many Canadians hold even if they don't use Tangerine for primary banking.
Tangerine offers mortgages and HELOCs online at competitive rates. Like Simplii, this makes Tangerine a potential one-stop shop for free banking plus online mortgage.
| Feature | Tangerine | KOHO | Simplii |
|---|---|---|---|
| Monthly fee | $0 | $0 | $0 |
| Cashback card | Yes (credit card) | Yes (prepaid Visa) | No |
| Savings promotion | Strong for new users | Moderate | Moderate |
| Mortgage | Yes | No | Yes |
| ATM network | Scotiabank ATMs | Network fees | CIBC ATMs |
Tangerine is best for:
Tangerine is a mature, reliable free banking option from a major bank subsidiary. The combination of free chequing and the cash-back credit card makes it particularly compelling. For the best ongoing savings rate, EQ Bank is superior — but Tangerine's promotional rates and credit card products make it worth considering as part of a multi-bank strategy.
KOHO offers free banking with no monthly fees and no minimum balance. Use code BREMO2026 for a bonus.
Open KOHO Free — No Fees — Code BREMO2026