Updated: April 2025  |  bremo.io financial guides

Tangerine Bank Review 2025

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 Products

No-Fee Daily Chequing Account

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.

Savings Account

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 Cash-Back Credit Card

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.

Mortgage and Home Equity Line of Credit

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.

Tangerine vs KOHO vs Simplii

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 Limitations

• Promotional savings rates expire — ongoing standard rates are modest
• No physical branches
• Cash-back credit card (not the chequing account itself) is where the rewards shine
• EQ Bank consistently beats Tangerine for ongoing savings rates

Verdict

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.