Tangerine Bank is owned by Scotiabank and operates as a digital-first bank with no monthly fees, competitive savings rates, and a solid chequing product. Founded as ING Direct Canada and rebranded as Tangerine in 2014, it has built a loyal customer base by undercutting the Big Five banks on fees. But is Tangerine the best no-fee bank in Canada? Our full review covers everything you need to know.
Tangerine at a Glance
Tangerine Bank Products and Rates
| Product | Details | Bremo Take |
|---|---|---|
| No-Fee Chequing | $0/month, unlimited transactions, free Interac e-Transfer | Excellent — best-in-class free chequing |
| Savings Account | Promotional rate for new customers; standard rate after promo period | Good promo; standard rate is low after promo ends |
| RSP Savings | No-fee RRSP savings account | Solid for RRSP savings |
| TFSA Savings | No-fee TFSA account | Good option, but EQ Bank offers higher rates |
| Mortgages | Competitive rates via digital application | Competitive for qualifying borrowers |
| Cash-Back Credit Cards | 2% on select categories, 0.5% everywhere | One of Canada's best no-fee cash-back cards |
| GIC | Competitive GIC rates | Good option for fixed-term savings |
| ATM Access | Free at Scotiabank ATMs | Good network via Scotiabank relationship |
Tangerine No-Fee Chequing Account
Tangerine's chequing account is one of Canada's best. There are no monthly fees, unlimited debit transactions, free Interac e-Transfers, and access to Scotiabank's ATM network without charge. The account comes with a free Visa debit card. For Canadians who want a chequing account that does everything a big bank account does without the $10–$30/month fee, Tangerine delivers.
Savings Rates: Watch the Fine Print
Tangerine regularly offers attractive promotional savings rates for new customers — sometimes 4–6% for 90–180 days. However, after the promotional period, the standard savings rate drops significantly. This "rate bait" approach means Tangerine's savings rate advantage over big banks largely disappears once the promo ends. For consistently high savings rates, EQ Bank (3.75% ongoing) or KOHO (3.0% ongoing) are more reliable long-term options.
Tangerine Cash-Back Credit Card
Tangerine's Money-Back Credit Card is one of the best no-annual-fee cash-back cards in Canada. Cardholders earn 2% cash-back in up to three spending categories of their choice (groceries, gas, restaurants, recurring bills, etc.) and 0.5% on everything else. Cash-back is deposited monthly to a Tangerine Savings Account. For no-fee cash-back, this card is hard to beat.
Tangerine Mortgages
Tangerine offers competitive mortgage rates through a fully online application process. Rates are typically competitive with the Big Five but Tangerine lacks the in-person specialist support of branch banks. For straightforward mortgage scenarios, Tangerine is a solid option. For complex situations (investment properties, self-employed income, renovation mortgages), a full-service bank or mortgage broker may be preferable.
Tangerine Pros and Cons
Tangerine Pros
- $0/month chequing — no fees ever
- Unlimited transactions
- Free Interac e-Transfers
- Excellent cash-back credit card (2% categories)
- Free Scotiabank ATM access across Canada
- Attractive promotional savings rates for new customers
- Competitive mortgage rates
- CDIC insured
- Strong mobile app and digital experience
Tangerine Cons
- Savings rate drops significantly after promo period
- No physical branches
- No in-person financial advice
- Customer service can be slow by phone
- No investment accounts (beyond RSP/TFSA savings)
- Owned by Scotiabank — not truly independent
KOHO: The Best No-Fee Alternative to Tangerine
While Tangerine's savings rate drops after the promo, KOHO pays 3.0% ongoing with no promotional period. Plus get a $100 welcome bonus with code 45ET55JSYA.
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Tangerine vs KOHO: Which is Better?
Tangerine and KOHO are the two most popular no-fee banking alternatives to Canada's Big Five. Here's how they compare:
| Feature | Tangerine | KOHO |
|---|---|---|
| Monthly Fee | $0 | $0 |
| Savings Rate | Promotional (drops after) | 3.0% ongoing |
| Welcome Bonus | None standard | $100 (code 45ET55JSYA) |
| ATM Access | Free at Scotiabank ATMs | Visa — any ATM |
| Cash-Back Card | Yes — 2% categories | Cash-back on all spending |
| CDIC Insured | Yes | Yes (Peoples Bank) |
| Mortgages | Yes | No |
Bremo Verdict: Tangerine 4.6/5
Tangerine is an excellent bank — one of the best traditional no-fee banking options in Canada. The no-fee chequing account and cash-back credit card are genuinely top-tier products. The main weakness is savings rates that only impress during promotional periods. For long-term ongoing savings returns, KOHO (3.0% perpetual) and EQ Bank (3.75%) are better choices. Use Tangerine if you love its cash-back card or need mortgage products in a digital-friendly wrapper. Use KOHO for the best ongoing no-fee banking with a $100 bonus (code 45ET55JSYA).
Frequently Asked Questions — Tangerine Review
Yes — Tangerine is a federally regulated Schedule I bank and a full CDIC member. Eligible deposits are protected up to $100,000 per depositor per insured category. Tangerine is owned by Scotiabank, one of Canada's largest banks, adding an additional layer of corporate stability. Your money at Tangerine is as safe as at any major Canadian bank.
No — Tangerine is a digital-only bank with no retail branches. However, Tangerine customers can access Scotiabank ABM (ATM) machines across Canada for free cash withdrawals. All banking is done through Tangerine's website, mobile app, or telephone banking. For Canadians who need in-person banking, Tangerine is not the right choice.
Tangerine regularly offers promotional savings rates of 4–6% for new customers for 3–6 months. After the promotional period, the standard savings rate is significantly lower — typically around 1.0–2.5% depending on market conditions. Always check Tangerine's website for current rates. For a consistent non-promotional rate, EQ Bank (3.75%) and KOHO (3.0%) are more reliable long-term options.
Tangerine offers competitive mortgage rates through a digital application process. Rates are generally in line with or slightly below the Big Five banks. The main limitation is the absence of in-person specialist support — for straightforward purchases, Tangerine works well. For complex scenarios (self-employed income, investment properties, renovations), a full-service bank or mortgage broker may provide better service.
EQ Bank (3.75% savings) consistently beats Tangerine on savings rates after the promotional period. Tangerine's main advantages over EQ Bank are a more full-featured chequing account with unlimited transactions and the excellent cash-back credit card. EQ Bank has no chequing product — it's primarily a savings and GIC vehicle. Many Canadians use both: Tangerine for chequing and EQ Bank for savings.
Disclosure: Bremo may earn a referral commission if you open a KOHO account using our link. This does not affect our review or ratings. All rates accurate as of March 2026. Not financial advice.