Tangerine Review: Tangerine Online Banking

Tangerine Bank is the rebranded successor to ING Direct Canada which has today, become one of the top go-to banks for most Canadians. Ever since its being acquired by Scotiabank in 2012, Tangerine bank has grown to become one of Canada best online banking, leading the way in online banking in Canada. Tangerine came into Canada finance industry to rival most big Canadian banks who offer financial services for exorbitant fees.

With various financial service being provided to customers, Tangerine online banking offers no-fee banking, competitive interest rates on savings, low borrowing rate and high-quality financial products for its customers. Using technology, Tangerine online banking looked to revolutionize how we go about our daily to daily financial activities.

To stay relevant in the highly competitive market, Tangerine online banking offers most of what the big Canadian banks offer which includes: savings account, chequing account, mortgages, investments fund RSP loan, home equity line of credit, GICs among other financial services. As an incentive to get more customers, Tangerine is offering up to $200 cash bonus by switching to a Tangerine chequing account.

Tangerine Online Banking

Over the years, Tangerine online banking as revolutionize the banking system in Canada leveraging on high technology. Tangerine online banking offers full-scale banking services from a savings account and chequing account to GICs and credit card, Tangerine bank is giving its customer great flexibility on their finances with competitive interest rates rivaling the already established banks.

Aside from offering great flexibility to customers, Tangerine online banking is also no-fee banking which does not require you to have any minimum balance. Offering online-only banking, Tangerine is making you cut down your cut meaning you’re saving more. Tangerine online banking also allows you to earn more like nowhere else with their high-interest rates.

Services offered by Tangerine online banking are Checking Account, Savings Account, Investment Fund, Mortgages, Home Equity Line of Credit, RSP Loans, GICs, Credit Card among other financial services which are not listed here.

Why Choose Tangerine Online Banking

Using Tangerine online banking, you’ll get to bank the way you want with great flexibility to bank anytime anywhere which is traditional brick and block banks don’t allow.

Competitive High Interest Rate on Savings Account

Most established Canadian banks can’t compete with the juicy interest rate Tangerine offers on their savings account. While Tangerine bank offers no-fee banking which most banks don’t, it also doesn’t require you to have a minimum balance with no service charge. Tangerine often throws a promotional offer of up to 2.75% interest rate for new client for their first six months, this most of their competitors can’t match.

No Fee

If you’re a fan of no-fee banking with an attractive return on savings then it makes sense to consider opting for Tangerine online banking as it offers that and much more. Tangerine as craved a name for its self with the no-fee banking on both their savings and chequing account.

Choosing Tangerine bank which makes you save more while spending less. Though there are certain transactions which Tangerine charge for, however, the fees are generally low compare to what other financial institution will be charging. Either way, using Tangerine online banking will make you save up some big buck.

Fast, Convenient and Easy

The fact that you can bank anywhere at any time as long you have internet access makes Tangerine online banking so convenient for customers. With their online banking, you can do all your banking activities from opening an account, sending money, receiving money, deposit cheques all at the comfort of your home.

Good Customer Service

With little to no physical office to visit, Tangerine has made its name offering high-quality customer service. This is evident in their seven-year consecutively winning the highest ranking in customer satisfaction among midsized banks in Canada, and also best customer satisfaction off all banks in Canada. You can get in touch with Tangerine customer service using their highly responsive Twitter account, or their 24/7 customer service line.

Tangerine Online Banking Services

Tangerine Bank has pride itself among in financial institution in Canada which offers all-round banking services. Below, I will be discussing about most notable banking services offer by Tangerine bank.

Chequing Account

Tangerine Bank as made checking account so convenient and cheaper. Their chequing account comes with no fee meaning customer you can carry out all their transaction without being charge for it. This offer makes chequing account affordable not minding your budget.

As an incentive to customers, Tangerine bank give customers 0,65% interest rate when you open a Tangerine chequing account. This interest is being paid monthly and is calculated by every single dollar in your account.

Offers:

  • No-fee chequing account
  • Protection for overdraft
  • Free access to 3,500 ABMs (44,000 worldwide)

Savings Account

Savings account on Tangerine online banking comes with various offers, including a tax-free savings, RSP, RIF for retirement purpose, they also offer a US$ savings account. Not only that these accounts come with no fee, they also offer a huge interest rate.

The interest rate offered by Tangerine Bank on their respective savings accounts:

Savings Account – 1.20%, 2.4% special offer rate with no required minimum balance and charges no fees.

Tax-Free Savings Account – 1.20%, 2.4% special offer rate

RSP Savings Account – 1.20%, 2.4% special offer rate

US$ Savings Account – 0.70%, with no required minimum balance and charges no fees.

RIF Savings Account – 1.20%, 2.4% special offer rate

Investment Fund

If you have some money to invest and don’t want to go for a risky investment, you can opt for the Tangerine Investment Fund which gives you a guaranteed savings rate of 0.5% to 2%. The TIF comes in a variety of option which is relatively low cost compare to what is obtainable in the market. Tangerine investment fund comes at low cost and with a licensed team of expert to talk to.

Tangerine Bank Current Management Expense Ratio: 1.07%.

Below are other options of investment available for Tangerine customer.

  • Tax-Free Investment Fund Account
  • RSP Investment Fund Account
  • RIF Investment Fund Account

Mortgages

When going for Tangerine mortgage, you have a choice to choose either variable rate or fixed rate mortgage option, and both come with flexible mode of payment. While mortgage interest is particularly not determined by Tangerine, they have a fixed 3.19% interest rate on a variable mortgage for a period of five years.

Tangerine Bank also allows you to make lump sum prepayments up to 25% of your original Mortgage amount, and increase your regular Mortgage payments by up to 25% of your original Mortgage payment. You can do this on any payment date.

Tangerine Bank Mortgage Interest Rate

Duration               Type of Mortgage                    Interest Rate

5 Year                       Variable Mortgage                          3.25%

1 Year                         Fixed Mortgage                               3.49%

2 Year                       Fixed Mortgage                               3.19%

3 Year                       Fixed Mortgage                               3.09%

4 Year                       Fixed Mortgage                               3.24%

5 Year                       Fixed Mortgage                               3.19%

7 Year                        Fixed Mortgage                               3.69%

10 Year                      Fixed Mortgage                               3.79%

Home Equity Line of Credit

The home equity line of credit by Tangerine is another form of mortgage option. With this option, you will get to borrow at a very low interest rate using the equity you’ve built on your home. Though, you’ll be required to have at least 35% equity in your home. The interest rate for this option is 4.60%.

GICs

Guaranteed Investment Certificate as being proven to be a safe and secure way to invest. With Tangerine Bank GICs you don’t have worries of losing your money and it comes with huge interest rate at zero fee and no service charge.

Below are other options of GICs available for Tangerine customer and the interest rate offered on each GICs.

Guaranteed Investment (GIC) – Up to 2.60%, with no fees or service charge.

RSP Guaranteed Investment – Up to 2.60%, with no fees or service charge.

Tax-Free Guaranteed Investment (GIC) – Up to 2.60%, with no fees or service charge.

RIF Guaranteed Investment – Up to 2.60%, with no fees or service charge.

US$ GIC – 3.20%, with no fees or service charge.

Tangerine Bank GICs Interest Rate

90 Day      Guaranteed Investment 0.50%

180 Day    Guaranteed Investment 2.15%

270 Day    Guaranteed Investment 2.40%

1 Year       Guaranteed Investment 2.40%

1.5 Year    Guaranteed Investment 2.50%

2 Year       Guaranteed Investment 2.40%

3 Year       Guaranteed Investment 2.55%

4 Year       Guaranteed Investment 2.50%

5 Year       Guaranteed Investment 2.60%

Business Account

Get to earn a great interest rate on all your business savings using the Tangerine Business Account. With no fee and service charge TBA is one of the best options for business to attain their goals faster.

Interest rate offered by Tangerine Bank on their respective business accounts:

Business Savings – Up to 1.40%

Business US$ Savings Account – 0.70%

Business Guaranteed Investment – Up to 2.60%

Business US$ Guaranteed Investment – Up to 3.00%

Credit Card

Tangerine Bank is one of the big players in credit card offering unlimited money-back credit card that gives 2% rewards on selected categories. Tangerine credit card offers great flexibility as it allows cardholder select two categories to earn 2% cash back reward.

Available credit card categories to earn 2% cash back reward include:

Grocery

Eating places

Furniture

Hotel/motel

Gas Drug store

Recurring bill payments

Home improvement

Entertainment

Public transportation and parking

One good thing about this is that it gives you the control to select categories where you will be spending must of your money. Also, the Tangerine credit card comes with $0 annual fee and unlimited 0.5% cash back reward on all other categories.

Benefits of Tangerine Online Banking

Offering free banking, Tangerine Bank as made a name of itself and with all of these, having a Tangerine online banking comes with some great benefit which is will be discussing below.

Fast and Convenient

The only reason while most people will leave the traditional brick and mortar bank for an online-only bank is if it made things easy and convenient for them of which Tangerine Bank offer. The fact that you can perform all your daily banking activities anywhere anytime make Tangerine online banking fast and convenient.

With just internet access and few clicks on your smartphone or PC you can open an account, deposit cheque, receive money, transfer money, pay bills and also monitor your account all at the comfort of your home with little to no worries about moving from post to post to perform your banking operations.

Safety of Funds

Tangerine Bank is insured by Canada Deposit Insurance Corporation (CDIC) so you have no worry about the safety of your money. Every of your money on savings, chequing, GIC are all secure up to $100,000 per account category.

Bonuses and Referral Program

Tangerine Bank offers bonuses to new customers and also existing customers can take part in their referral program. New clients get a cash reward of up to $50 if they open an account. They also give up to $200 for new customers who open Tangerine chequing account.

Fast Customer Service

With little to no physical office to visit, Tangerine has made its name offering high-quality customer service. This is evidence in their seven-year consecutively winning the highest ranking in customer satisfaction among midsized banks in Canada, and also best customer satisfaction off all banks in Canada. You can get in touch with Tangerine customer service using their highly responsive Twitter account, or their 24/7 customer service line.

Tangerine Online Banking vs Competitors

With more Canadian opting for digital banking, Tangerine online banking at to also fight with its competitors to get the almost two-third of Canadians who are shifting to digital banking. Below I will be discussing how Tangerine online banking stands with its competitors like EQ Bank, Wealthsimple, and Simplii Financial.

While most traditional brick and mortar banks come with huge banking fees, not to forget about ATM fees, NSF, overdraft, account transfer, transaction fees, and so on. It is now a common ground that online only banks like Tangerine at its competitors offer no-fee banking and no-minimum balance chequing account.

Tangerine online banking leads the way in technology and innovative banking, often times bringing in new ideas to make banking easy and convenient. Tangerine online banking on their savings account offers a promotional 2.75% for 6months and 1.20% thereafter while EQ bank also an online only bank offers 2.30% non-promotional interest rate on their savings account.

Being online only bank with no brick and mortar presence, Tangerine bank and its competitors offer online banking but depending on your location if meeting someone in person is what you need, you may find a Tangerine location closer to you.

A standout features Tangerine bank has that their competitors don’t is their referral program for new clients which range from $25 to $50 for their savings account and up to $200 cash bonus for their chequing account.

Conclusion

Like must top traditional brick and mortar banks in Canada, Tangerine offers all round banking services with little to no fee compare to what most bank charges and their savings accounts have higher interest rates.

Get more information on their official website www.tangerine.ca for industry-leading products and services and see why tangerine online banking has become a top choice for most Canadians.

Are you a customer of Tangerine bank and have experience with the bank we would love to hear from you via the comment section below.

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