Tangerine Pros and Cons Pros Free chequing, unlimited transactions No-fee Mastercard (2% cash back) Big promo savings rates periodically Mortgage products available GICs and RSPs available Backed by Scotiabank (Big Six) CDIC insured Joint accounts supported Cons Ongoing savings rate very low (0.75–1%) Promo rates expire — requires active management Higher FX fee (2.5%) than KOHO No credit building feature No cash back on debit spending Scotiabank ATM access (not as widespread as CIBC) App less polished than KOHO or Wealthsimple Who Should Use Tangerine?

Tangerine Review 2026 — Still Worth It for Canadians?

Tangerine at a Glance

Tangerine (owned by Scotiabank since 2012) is Canada's oldest digital bank, originally ING Direct. It offers chequing, savings, GICs, mortgages, and a Mastercard credit card. It serves over 2 million clients.

Product	Rate / Fee
Chequing account	$0/month, unlimited transactions
Savings account (regular)	0.75%–1.00% (check current rate)
Savings account (promotional)	4–6% for 3–5 months (new deposits)
Tangerine Mastercard	$0 annual fee, 2% on 2 categories
GICs (1 year)	~3.80% (varies)
Mortgage	Available (competitive rates)
CDIC insured	Yes (via Scotiabank)

Tangerine's Best Feature: Promotional Savings Rates

Tangerine regularly runs promotional campaigns offering 4–6% interest for new deposits. These promotions attract new clients and reward existing clients who move money in. The strategy works well if you:

Actively monitor Tangerine's promotional schedule
Move funds in before the promotion deadline
Move funds out after the promotion period ends
Repeat as new promotions launch (every 3–6 months typically)

Warning: After the promo ends, Tangerine's regular savings rate drops to 0.75–1.00%. If you forget to move your money, you'll earn far less than you would at EQ Bank or KOHO. Active management is required.

Tangerine Mastercard — No Annual Fee Cash Back

One area where Tangerine genuinely shines: the Tangerine Mastercard. It offers:

2% cash back on your choice of 2 spending categories (groceries, gas, restaurants, transit, recurring payments, and more)
0.50% cash back on all other purchases
No annual fee
Cash back deposited directly to your Tangerine savings account

For Canadians who want a credit card (not a prepaid/debit like KOHO), the Tangerine Mastercard is one of the best no-fee cards in Canada. However, KOHO earns similar cash back without requiring you to carry credit card debt.

Tangerine Pros and Cons

Pros

Free chequing, unlimited transactions
No-fee Mastercard (2% cash back)
Big promo savings rates periodically
Mortgage products available
GICs and RSPs available
Backed by Scotiabank (Big Six)
CDIC insured
Joint accounts supported

Cons

Ongoing savings rate very low (0.75–1%)
Promo rates expire — requires active management
Higher FX fee (2.5%) than KOHO
No credit building feature
No cash back on debit spending
Scotiabank ATM access (not as widespread as CIBC)
App less polished than KOHO or Wealthsimple

Who Should Use Tangerine?

Tangerine is best for:

Canadians who want a no-fee credit card with good ongoing cash back (Tangerine Mastercard)
Those who want full-service banking (mortgage, GICs, chequing) under one brand
Promo hunters who will actively move money to capture periodic high-rate campaigns
Existing Scotiabank customers who want a digital companion

Tangerine is not ideal for those wanting consistently high interest on their balance (KOHO at 5% or EQ Bank at 3% are better), or those wanting cash back on debit spending.

Frequently Asked Questions

Is Tangerine safe?

Yes. Tangerine is owned by Scotiabank, one of Canada's Big Six banks, and is a CDIC member. Deposits are insured up to $100,000 per category. Tangerine has been operating in Canada since 1997 (as ING Direct).

What is Tangerine's current savings rate?

Tangerine's ongoing (non-promotional) savings rate is typically 0.75–1.00%. This is significantly lower than EQ Bank (3%) or KOHO (up to 5%). Always check for a current promotional offer when depositing, as Tangerine's promo rates of 4–6% are far better.

Is Tangerine better than KOHO?

For ongoing everyday banking, KOHO is better: higher interest rate (5% vs. ~1%), cash back on debit spending, and credit building. Tangerine is better if you want a no-fee credit card (Tangerine Mastercard), a mortgage, or to take advantage of periodic promotional savings rates.