About bank
Tangerine Bank is one of Canada's leading digital banks with over 2 million clients and about $40 billion in total assets.
Tangerine provides a simplified, innovative and safe approach to everyday banking with award-winning client service. The bank has earned the top ranking in customer satisfaction among the midsize retail banks for ten years in a row. Tangerine received three awards in the 2020 Financial Service Excellence Awards among all financial institutions.
It has no branches and operates through online banking accounts, online chats, mobile banking apps, by phone, email, Twitter, and in Tangerine locations.
Tangerine bank initially came up as ING Bank which was operating as ING Direct Canada since 1997 and was known as the digital pioneer among Canadian banks. In 2012 it was acquired by Scotiabank, which is also known as The Bank of Nova Scotia, the one of five largest banks in the country.
"Tangerine" is a registered trademark of The Bank of Nova Scotia, used under the license and separate entity from this financial institution. The Tangerine Investment Funds are managed by Tangerine Investment Management Inc.
Since 2018 Tangerine Bank has been headed by Gillian Riley, President & CEO, driving the company to the position of the leading digital bank in Canada.
Tangerine offers a wide range of banking products and services that let clients pay, save, borrow and invest under one roof, online, effectively and safely.
Features
Tangerine is progressive online bank with a new approach to banking services, providing the same services you may expect from traditional banks. Your money is secured by the coverage purchased through Canada Deposit Insurance Corporation (CDIC).
Through the bank's website and mobile application you may use a great variety of resources, tools and products and make any necessary banking operations.
Tangerine as a Scotiabank subsidiary provides a free access to more than 3,500 of its ABMs and 44,000 ABMs worldwide from other banks through Scotiabank’s Global ATM Alliance.
Pros and cons
Let's go through a brief review of Tangerine bank's advantages and disadvantages.
Pros
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Full range of banking products and services available online;
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Award-winning client services;
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Scotiabank's large network of ATMs (since Tangerine is owned by Scotiabank, one can use them as well);
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No fee accounts and no-fee transactions options;
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Simple and understandable products;
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Multichannel support 24/7;
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Easy to use mobile app with a great variety of services.
Tangerine combines new digital technologies, innovative products, experience, and infrastructure. However, there are downsides that are worth considering.
Cons
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No opportunity to bank in person;
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Considerable fees such as NSF fee;
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No personal student loans;
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Limited options for business;
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Bad reviews at Trust Pilot.
Products
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Savings accounts offer competitive rates for various types of savings: tax-free, retirement (RSP and RIF), US$;
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Tangerine savings account with no fee and no minimum balance is the bank's well-known and oldest option to save your cash;
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Chequing Tangerine account with no fee for daily transactions including e-Transfer transactions. It gives a rare for other companies chequing accounts opportunity to spend and earn interest;
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Credit cards with no annual fee, unlimited rewards up to 2%, and customized cashback;
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Affordable Tangerine Money-Back credit card and Tangerine World Mastercard with benefits and insurances included;
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Mortgages with interest rates given up front, flexible prepayment option, online application, and account manager;
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Tangerine Investment portfolio management with a 10 years old history of assisting Canadians and low management fees, proposes Core, Global ETF, and Socially Responsible Global Portfolios. Tangerine Investment Funds are sold only by Tangerine and available through mutual funds accounts;
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Guaranteed Investment Contracts (GICs) are tax-free, retirement, can be in US$, and also regular GIC options with no monthly fee required;
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The Mobile Banking app is a fast, secure and convenient way to become a fully digital banking client.
Services
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Bank accounts for savings, everyday purchases, and investments, for individuals and businesses;
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Credit cards with cashback and Mastercard World Benefits;
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Lending options include mortgages, home equity lines of credit (HELOC) and lines of credit with great rates, online application, and 24/7 support;
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Mortgage Rate Hold allows to secure a favorable borrowing rate within 120 days, without going through a full application process;
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Investing with Tangerine is affordable to any Canadian, it is offered through mutual funds, GICs with no fee for personal and business use, and non-registered investment accounts with no limits;
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The automatic contributions tool allows to invest regularly;
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Business accounts for savings and investment, including US$ accounts;
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Online banking through the Tangerine bank website allows you to apply, pay, transfer and email funds, find ABMs, manage your savings, investment, and chequing accounts from one place and reach the client services easily and quickly.