Updated: March 2025 • 8 min read

Tangerine Bank Review 2025: Is It Still Worth It?

Our Rating: 3.8 / 5

Tangerine was once the most exciting digital bank in Canada — a genuine disruptor when it launched under the ING Direct brand. Today, as a Scotiabank subsidiary, Tangerine still offers some strong products but has lost ground to newer competitors like EQ Bank and KOHO. Here's our honest 2025 assessment.

Key consideration: Tangerine's savings rates are often promotional (higher for new customers, then dropping to a lower ongoing rate). Always check the current promotional vs. regular rate before opening an account.

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Tangerine Products 2025

Product	Key Feature
No-Fee Daily Chequing	Free chequing, unlimited transactions
Savings Account	Promotional rates for new customers; lower ongoing rate
Money-Back Credit Card	2% cash back on 2 categories of your choice
World Mastercard	2% on 3 categories, travel insurance
GICs	Competitive rates on fixed terms
RSP/TFSA	Savings and GIC options
Mortgage	Digital mortgage application

Tangerine Strengths

No-fee chequing: Unlimited transactions, no monthly fee — still one of the most accessible no-fee accounts in Canada
Money-Back Credit Card: Choose any 2 spending categories for 2% cash back — grocery, gas, restaurants, etc. This is genuinely good value
Scotiabank ATMs: Free access to Scotiabank's ATM network (largest in Canada) and select international ATMs
Established trust: Backed by Scotiabank, fully CDIC insured, long track record
Full banking suite: Mortgage, RSP, TFSA, GICs, chequing, savings — all in one place

Tangerine Weaknesses

Promotional rate trap: High savings rates are often new-customer promotions that drop significantly after the introductory period
Ongoing savings rate: Regular savings rate is often well below EQ Bank's consistent offering
No cash back on debit spending: Unlike KOHO, spending from Tangerine's chequing account earns nothing
Limited budgeting tools: Basic spending insights compared to KOHO
Scotiabank influence: Some feel the acquisition has slowed Tangerine's innovation pace

Tangerine vs. EQ Bank vs. KOHO

Feature	Tangerine	EQ Bank	KOHO
No-fee chequing	Yes	Yes (Savings Plus)	Yes
Savings rate	Promotional / variable	Consistently ~4%+	3–5% (varies by plan)
Cash back on spending	Only on credit card	No	Yes (debit account)
ATM access	Scotiabank network	Visa debit ATMs	Select ATMs
Mortgage	Yes	Yes	No
Credit card	Yes (excellent)	No	Visa prepaid only

Tangerine Money-Back Credit Card: Still Excellent

The Tangerine Money-Back Credit Card remains one of the best no-fee cash back credit cards in Canada. You choose 2 categories (or 3 if you deposit cash back into a Tangerine savings account) to earn 2% cash back. The flexibility to choose your own categories makes it adaptable to your actual spending patterns. This card alone justifies keeping a Tangerine relationship even if you primarily bank elsewhere.

Is Tangerine Worth It in 2025?

Tangerine is worth it primarily for its credit card and as a secondary account with Scotiabank ATM access. For everyday spending with built-in budgeting, KOHO is better. For maximum savings rates, EQ Bank is better. For a competitive no-fee credit card with flexible cash back categories, Tangerine wins. The ideal setup for many Canadians: KOHO for everyday spending, EQ Bank for savings, and a Tangerine credit card for cash back on major spending categories.

Final Verdict

Tangerine has faded from Canada's most exciting digital bank to a solid but no longer leading option. Its credit card remains excellent. Its chequing account is competitive. Its savings rates have lost ground to EQ Bank. Tangerine is worth having in your financial toolkit — particularly for the credit card — but should not be your primary savings vehicle if maximizing interest is your goal.