Tangerine Bank

About Bank

Tangerine Bank, formerly known as ING Direct Canada, stands as a beacon of innovation in the Canadian banking landscape. Established in April 1997 under the ING Group, it has since evolved into a digital banking powerhouse, revolutionizing traditional banking norms. Acquired by The Bank of Nova Scotia in November 2012, Tangerine Bank continues to operate as a distinct entity, boasting a solid financial foundation with assets exceeding $9 billion. Its commitment to customer-centric banking is evident through its unwavering dedication to simplicity, transparency, and cost-effectiveness.

As a subsidiary of The Bank of Nova Scotia and a member of the Canada Deposit Insurance Corporation (CDIC), Tangerine Bank offers a refreshing approach to everyday banking needs. With over $2 million clients, it has garnered a reputation for award-winning client service, consistently ranking at the top for client satisfaction among midsize personal banks. Tangerine Bank's forward-thinking ethos is reflected in its diverse range of products and services, from savings and chequing accounts to investment funds and credit cards, all designed to empower Canadians to manage their finances efficiently and effectively in the digital age.

Key Features

1. Seamless Digital Experience. Tangerine Bank is an online bank that offers a fully digital banking experience, allowing customers to manage their finances anytime, anywhere, with ease.

2. Diverse Product Range. From savings and chequing accounts to investment funds, credit cards, and GICs, Tangerine Bank provides a comprehensive suite of banking products to meet the diverse needs of its customers.

3. No-Fee Daily Chequing. Benefit from no-fee daily chequing transactions, Interac e-transfers, and Scotiabank’s network of ABMs, ensuring cost-effective banking solutions.

4. High-Interest Savings. Earn competitive interest rates on your savings, allowing you to grow your money and work towards your financial goals effectively.

5. Mobile Banking Convenience. Access banking services conveniently through the Tangerine Mobile Banking app, allowing for fast, secure, and hassle-free banking on the go.

Pros and Cons

Pros

Cons

Tangerine Bank Requirements

1. Identification Documents. To open an account with Tangerine Bank, individuals need to provide valid identification documents. Accepted forms of ID include a Canadian Driver's Licence, Canadian Passport, Provincial or Territorial Photo ID Card, Canadian Secure Certificate of Indian Status, or Canadian Permanent Resident Card. These documents help verify the identity of the applicant and comply with regulatory standards.

2. Proof of Residence. In addition to identification documents, individuals are required to provide proof of residence. Acceptable documents for proof of residence include a bank statement, lease or mortgage statement, insurance policy, utility bill, or government-issued document showing the applicant's current address. This documentation ensures that the applicant's address is accurately recorded for correspondence and regulatory purposes.

3. Minimum Age Requirement. Applicants must meet the minimum age requirement specified by Tangerine Bank to open an account. Typically, individuals must be at least 18 years old to open an account independently. However, there may be provisions for minors to open accounts with parental consent or as joint account holders.

4. Digital Access. As a digital bank, Tangerine requires clients to have access to online and mobile banking platforms. Applicants should be comfortable with managing their accounts, conducting transactions, and accessing banking services digitally. Tangerine's user-friendly online platform and mobile app offer convenient ways to manage finances anywhere, anytime.

Access on the Go

1. Account Access. Tangerine offers a variety of accounts, including savings accounts, chequing accounts, and investment accounts, all accessible online. With no brick-and-mortar branches, clients can manage their accounts conveniently from anywhere with internet access. Tangerine's digital platform allows clients to view account balances, transfer funds, pay bills, and perform other banking transactions with ease.

2. ATM Access. While Tangerine does not operate its own network of ATMs, clients can access their funds through a vast network of Scotiabank ATMs across Canada. With over 3,500 ATMs nationwide, clients can withdraw cash, check balances, and perform other ATM transactions without incurring additional fees when using a Scotiabank ATM. This extensive ATM network enhances the accessibility and convenience of Tangerine banking services for clients across the country.

3. Mobile App. Tangerine's mobile app is a powerful tool that enables clients to manage their finances securely and conveniently from their smartphones or tablets. Available for iOS and Android devices, the app offers a user-friendly interface and a comprehensive range of features. Clients can check account balances, view transaction history, deposit cheques using their mobile devices, transfer funds between accounts, pay bills, and manage their Tangerine credit card—all from the palm of their hand.

Tangerine Bank Products

1. Mortgages. Tangerine offers competitive mortgage rates and flexible repayment options to help clients achieve their homeownership dreams. With features like prepayment privileges and the ability to skip payments, Tangerine mortgages empower clients to manage their mortgage payments in a way that fits their budget and lifestyle.

2. Savings Account. Tangerine offers high-interest savings accounts that help clients grow their money faster. With competitive interest rates and no minimum balance requirements or monthly fees, Tangerine account options provide a convenient way for clients to save for short-term goals, emergencies, or long-term objectives.

3. Chequing Account. Tangerine's no-fee daily chequing accounts offer clients unlimited transactions, free access to a vast network of Scotiabank ATMs, and the ability to manage their finances conveniently online or through the mobile app. With no monthly fees or minimum balance requirements, Tangerine chequing accounts provide flexibility and value for everyday banking needs.

4. Investment Funds. Tangerine Investment Funds offer clients a straightforward way to invest in a diversified portfolio of mutual funds tailored to their risk tolerance and investment objectives. With professionally managed portfolios, automatic rebalancing, and competitive management fees, Tangerine Investment Funds provide a convenient and accessible option for clients looking to grow their wealth over the long term.

5. Credit Cards. Tangerine offers a range of credit cards, including the Tangerine World Mastercard, which provides cashback rewards on everyday purchases, no annual fee, and flexible redemption options. With features like Purchase Assurance and Extended Warranty benefits, Tangerine credit cards offer added value and peace of mind for cardholders.

6. GICs (Guaranteed Investment Certificates). Tangerine's GICs provide clients with a secure and predictable way to earn guaranteed interest on their savings. With a range of terms and competitive interest rates, Tangerine GICs offer flexibility and stability for clients looking to maximize the return on their investments while preserving capital.

7. Lines of Credit. Tangerine offers lines of credit that provide clients with flexible borrowing options at competitive interest rates. Whether clients need funds for unexpected expenses, home renovations, or other financial needs, Tangerine lines of credit offer convenient access to credit when they need it most.

8. Home Equity Lines of Credit (HELOCs). Tangerine also offers home equity lines of credit (HELOCs) that allow homeowners to leverage the equity in their homes to access funds for large expenses, debt consolidation, home renovations, and other financial needs. With competitive interest rates and flexible repayment options, Tangerine HELOCs provide homeowners with a convenient and cost-effective way to borrow against their home equity.

9. Business Account. Tangerine provides business savings accounts tailored to the needs of small business owners, offering competitive interest rates and no monthly fees. With convenient online banking features and access to Tangerine's award-winning client service, Tangerine business accounts support entrepreneurs in managing their finances efficiently and effectively.

Tangerine Bank Services

1. Online Banking. Tangerine Bank is a pioneer in digital banking, offering a robust online banking platform that allows clients to manage their accounts conveniently from anywhere with Internet access. Through online banking, clients can view account balances, monitor transaction history, transfer funds between accounts, pay bills, set up automatic savings plans, and more—all with just a few clicks.

2. Mobile Banking. Tangerine's mobile banking app extends the convenience of online banking to clients' smartphones and tablets. Available for iOS and Android devices, the mobile app offers a user-friendly interface and a comprehensive range of features, including account management, mobile cheque deposit, bill payment, fund transfers, credit card management, and biometric authentication for added security.

3. 24/7 Customer Support. Tangerine prides itself on delivering award-winning client service, with dedicated support available 24 hours a day, seven days a week. Clients can reach Tangerine's customer support team via phone, email, or secure messaging within the online banking platform. Whether clients have questions about their accounts, need assistance with transactions, or require technical support, Tangerine's knowledgeable and responsive customer service representatives are there to help.

4. Fraud Protection. Tangerine employs advanced security measures to protect clients' personal and financial information from unauthorized access and fraudulent activity. These security features include encryption technology, multi-factor authentication, transaction monitoring, and fraud detection algorithms. Additionally, Tangerine provides clients with resources and guidance on how to recognize and prevent common types of fraud and identity theft.

5. Financial Tools and Resources. Tangerine offers a variety of financial tools and resources to help clients make informed decisions about their money. These tools may include budgeting calculators, savings goal trackers, investment planning tools, educational articles, webinars, and interactive learning modules. By empowering clients with knowledge and tools, Tangerine helps them take control of their finances and achieve their financial goals.

Which associations does Tangerine Bank belong to?

1. Canada Deposit Insurance Corporation (CDIC). As a CDIC member, Tangerine Bank provides deposit insurance coverage to its clients, offering protection for eligible deposits up to $100,000 per category in the event of a member institution's failure. This coverage helps instill confidence in clients by ensuring the safety and security of their deposits.

2. Interac Association. Tangerine Bank participates in the Interac Association, Canada's leading payments network, which facilitates secure and efficient electronic transactions, including debit card payments and Interac e-Transfers. By being part of the Interac network, Tangerine ensures seamless interoperability with other financial institutions and payment service providers.

Bank Reliability

Tangerine Bank, as a subsidiary of The Bank of Nova Scotia and a member of the Canada Deposit Insurance Corporation (CDIC), maintains a solid foundation of reliability and stability in the Canadian banking landscape. With total assets exceeding $9 billion and a track record of delivering award-winning client service, Tangerine has earned a reputation for financial strength and dependability. Clients can trust that their deposits are protected by CDIC insurance, providing coverage of up to $100,000 per category, separate from deposits at The Bank of Nova Scotia. This assurance of deposit protection, coupled with Tangerine's commitment to transparency and fairness, instills confidence in clients and reinforces the bank's reliability as a trusted financial institution.

Moreover, Tangerine's innovative approach to banking, characterized by its digital-first model and user-friendly online and mobile platforms, further enhances its reliability and accessibility. By embracing technology and prioritizing convenience, Tangerine empowers clients to manage their finances seamlessly from anywhere, at any time. The bank's 24/7 customer support, comprehensive fraud protection measures, and commitment to industry best practices underscore its dedication to providing a reliable banking experience. Tangerine Bank continues to set the standard for reliability and excellence in the Canadian banking sector with a focus on delivering value, convenience, and peace of mind to its clients.

Editorial Opinion

Additional Resources

• Tangerine Bank Online Banking
• How to PayOff Tangerine Bank Debt
• Tangerine Bank Mobile App
• Tangerine Bank Customer Reviews
• Tangerine Bank Personal Loans for March 2025
• Tangerine Bank Personal Loans Calculator

Sources

• Tangerine Bank Website