Online Banking Review – Is Scotiabank’s New “Tangerine” to Your Tastes?

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Now that customers have had a chance to take a bite of out Tangerine for a few years, we thought we’d revisit our initial review of the online bank and see if they’ve lived up to their promises.  The best place to see how Tangerine stacks up against its online-only competitors is our Ultimate Guide to Canada’s Online Banks.

If you want to check out some of the original thoughts we had when ING Direct first morphed into Tangerine, simply scroll down.

Overall, while you can tell by some of the comments at the end of this article that Tangerine has had some trouble spots over the last couple of years, I think it’s fair to say that Scotia has maintained a fairly high quality product.  Their $100 sign up bonus when you open one of their super-flexible chequing accounts is still a market-leader and overall they (along with PC Financial) still lead Canada’s online pack.

Tangerine’s Report Card

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PROMISE: A shiny new credit card option that would blow away the competiton

Tangerine succeeded in making a big splash with their sweet money-back credit card.  Check out our full review here for more information.  This credit card stacks up really well against Canada’s other no-fee cards and it is routinely ranked highly by the experts.  I like the idea that it can be customized to suit your needs, and there is no need to worry about how rewards such as air miles are used.  Just sweet, simple, cash back into your account.  There are some especially good 3-month introductory offers available right now.

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PROMISE: Deposit a cheque by taking a picture & other cool tech stuff

Tangerine was one of the first Canadian companies to embrace this method of banking.  It makes sense given the fact that they don’t have any brick-and-mortar branches to worry about.  Now of course everyone has adapted to this new reality, but it was Tangerine that forced everyone else to come to the table.  Their mobile app is also excellent, and has challenged everyone else to catch up over the last couple of years.

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PROMISE: Great customer service

Tangerine promised that ING’s reputation for excellent customer service would not change.  It’s fairly difficult to determine if this is actually the case.  I’m a pretty vanilla bank user and my Tangerine account has been just fine.  Yet, I’ve read dozens of negative reviews pertaining to Tangerine’s customer service on personal finance blogs over the last couple of years.  I’m not sure if this is primarily due to the phenomenon of online reviewers being much more motivated to leave a negative review than a positive one, or what the mitigating factors are.  I do know that Tangerine continues to give customers a variety of ways to get in touch with them and ranked quite highly in this third-party survey a couple of years ago (couldn’t find anything more recent).  Perhaps it’s simply a case of Canadians not having a ton of options that they’re familiar with, and the entire sector just dropping the customer service ball?

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PROMISE: A continuation of ING’s excellent high interest rates on deposits

While we have been stuck in all-time interest rate lows, Scotia has to take a bit of the blame when it comes to not quite living up to expectations in this area.  ING was nearly always at the top of the list when it came to high-interest savings account rates. (Which you could then “put inside” of a TFSA – BUT are not the same as a TFSA – a common misconception for many Canadians.)  This simply isn’t the case anymore.  New online competitors such as Zag Bank and EQ Bank are setting a pretty high bar, with EQ currently offering interest rates in their high interest savings account of 2.25% – this is almost 3x what Tangerine’s current offer of .8% is!  Now, to be fair, Tangerine often throws out some great promotional offers of 2.4% for someone’s first six months.  Now, it’s important to remember that value doesn’t begin and end with interest rates on high interest savings accounts.  Tangerine offers a slate of services and a $100 sign up bonus that very few of their competitors can match – and obviously there are costs associated with providing those services, so it’s important to take this into consideration as well.

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PROMISE: No new fees

With the introduction of various transfer fees, and the cancellation of the really cool “whoops” overdraft protection, Tangerine has steadily chipped away at some of their user-friendly advantages.  The truth is however, that their fees are generally still much lower than those of major Canadian banks, and similar to their online competitors.

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Teacher Comment:

Overall Tangerine is often a pleasure to work with, but there is room for improvement if they chose to fully apply themselves.  While Tangerine has done a very good job meeting the outcomes related to credit cards and online innovation, they should focus on resolving customer service issues going forward.  If Tangerine wants to fulfill their full potential, I recommend paying attention to pesky fees and long-term interest rates relative to the current one-off promotional rates.  Keep working hard Tangerine!

While you can certainly read evidence that Tangerine has some unhappy customers, I think it’s only fair to point out that they are a massive player in Canada’s free online banking world.  They continue to offer a good value for very few fees, and have really pushed everyone else in the market to up their aesthetic presentation in regards to an online platform that looks good and functions well.  I’d keep my eye on the old rival over at PC Financial, and the new upstarts over at EQ Bank if you’re looking for alternatives going forward, but for now, I don’t think it gets much better than Tangerine.  I think Scotia deserves some dap for not simply phasing the Orange Crush out of existence like RBC did to Ally back in the day.  If rates have come down a bit in order to grab some more profit margin, that seems about par for the course.  Overall it’s tough to deny their consistency when it comes to online banking innovation over the last few years.  Once again, if you want to check out how Tangerine fares against their competition, check out our Complete Guide to Canada’s Online Banks.

Our Thoughts on Tangerine Circa 2014

Now that the former ING Direct has completed its change from Dutch online banking pioneer, to a platform controlled by Scotiabank, we figured that we should take a look and see what – if anything – has changed.  We’ll keep updating this thread as the “Tangerine” brand starts to evolve over 2014, so make sure and keep checking back for updated comparisons to some of the other online options out there.

ING Direct and their main competitor – Ally – were two fashionable choices for financially-conscious Canadians a couple of years ago.  These online banks were able to give great rates on high-interest savings accounts, term deposits, and even mortgages.  The idea was to cut retail costs to the bone by using an online model (bricks and mortar storefronts in prime locations aren’t cheap) and then pass those savings on to customers.

Canadians were immediately attracted to the authoritative/vaguely foreign voice encouraging them to, “Save your money”.  Since 1997 the bank behind the orange website was able to attract almost two million clients.

One Small Step for a Huge Bank, One Huge Loss for Consumers?

If you’re like me, you were sad to see ING bought out by one of Canada’s major banking hegemons.  My skepticism comes from seeing what RBC did to Ally once it bought the former online powerhouse (basically just burned it down after lowering rates in order to synchronize with RBC’s offerings) and the incentives that Scotiabank has to do something similar.  That being said, Scotiabank has been very clear is stating that “Tangerine” will be a stand-alone brand and that it has no plans to shut anything down. 

The CEO of ING Direct, Peter Aceto stated:

“I want to be clear, what we are sharing with you today, is a new name and a new logo. That’s it. Nothing has changed about our core values and what we stand for. We’re keeping everything you love about ING DIRECT. Great interest rates. No fees, and award-winning customer service.”

I really hope this is the case.  I can tell you this much.  Right after signing on the dotted line (for $3.13 billion) Scotiabank immediately shut down residential mortgage broker operations.  While clients can still get a mortgage through the soon-to-be Tangerine, the online bank will no longer aggressively compete for mortgages through mortgage brokers as was the previous norm.  This is a major loss for anyone with a mortgage, since ING was able to bring a significant amount of competition to a Canadian market that often lacks for true competition.  This is supposed to be the only major change that I can see.

It’s an Apples to Oranges Tangerine Comparison

Hopefully they still keep that Dutch dude on as the spokesperson – I kinda liked him.  Gave the whole orange thing a classy feel.  I’m not sure if the company is trying to play off of the whole, “Apple is really popular with young people right now”angle with the Tangerine name, but frankly, I don’t really care what they call it as long as they keep offering great rates and competition in the market.

The guys from Scotia did say that there would be two major initiatives involved with the rollout of Tangerine in 2014:

  1. Access to the Bank of Nova Scotia’s ATM network across Canada.
  2.  A no-fee credit card for Tangerine clients.

Of the two, I consider the first one to be of much more importance to existing ING customers.  There is no doubt that going from almost no ATM presence of any kind, to being able to stop in at over 3,500 machines across Canada, and another 4,500 or so around the rest of the world is a really nice additional feature.  The credit card won’t make much difference to me as I’m quite certain there will be better options out there.

Initial quarterly earnings were bolstered by the deal, as Scotiabank’s Canadian operations made a 13% leap to $590 million for the quarter that finished in November.

Is Tangerine Worth It?

If you are looking to maximize your high-interest savings account options, it may be worth checking out the less well-known options on the Canadian market such as People Trust, Canadian Direct Financial, AcceleRate Financial, Outlook Financial, Achieva Financial, Canadian Tire Financial, Implicitly Financial, and Hubert Financial.  Most of these are credit unions and subsequently are not likely to get bought out by a major banking arm any time soon.

Stay tuned to see if, “We have no plans to make changes” is actually banker-speak for: “We’re just biding our time before we subtly start to shift customers over to our higher-profit-margin model.”

131 Comments

  1. BeachBoy on January 26, 2014 at 8:35 pm

    my girlfriend uses ING direct because it’s the only free checking option without minimum balance, I have an ING direct acocunt but really prefer my CIBC so my ING direct account is unused. The limited ATM really sucks though.
    We both would love to have PC financial as I am with CIBC but it’s unavailable in Quebec, so let’s hope Tangerine will stay the same as ING direct.



  2. Brian So on January 26, 2014 at 11:10 pm

    I hope Scotiabank allows ING to continue to operate independently and not stick their nose into every facet of their business. If they continue to bring new useful features like they did with scanning cheques for deposit, they should be able to win over many new customers.



  3. Robb on January 27, 2014 at 8:39 am

    I think that Scotia and Tangerine will remain separate and distinct. Why bother with this whole charade if Scotia planned to do what RBC did to Ally? Doesn’t make a lot of sense.

    Tangerine deposits strengthen Scotia’s balance sheet and I believe the online bank still has enough of a unique selling proposition to remain competitive and relevant going forward. The ATM integration is huge and a top-end cash back credit card would bolster that niche, which seems to have been left in the dust in the recent travel rewards card race.



  4. Kyle on January 27, 2014 at 4:23 pm

    Great points Robb. Let’s hope for our sake as consumers that you’re right!



  5. Jordann on January 28, 2014 at 8:34 am

    I was at the Tangerine launch event and it really seemed like the name of the game that day was proving that NOTHING is going to change. Based on the content of the actual event, I’d also bet that Scotiabank is using Tangerine to go after a much younger group of consumers – ones that might not be interested in Scotiabank’s product offerings.

    For that reason, I think it makes sense for them to keep things separate and use the two banks to service two completely different customer segments. Hopefully anyway. I’m a big fan of ING Direct for it’s no-fee chequing and other products, but if things change, I won’t hesitate to switch.



  6. Chad on January 28, 2014 at 12:27 pm

    Hi Kyle,

    Just wanted to point out that you can use any existing “exchange network” ATM giving you access to thousands of ATM’s to use for free. I don’t know the exact number, but it’s actually pretty amazing how many when you know what to look for. There will be a welcome addition to be able to use Scotia’s network as well! an additional 3500! amazing.

    There may be only a few actual ING machines, but many many more you can use for free.

    Cheers,



  7. Kyle on January 28, 2014 at 6:21 pm

    Good point Chad! Thanks for the tip.



  8. Kyle on January 28, 2014 at 6:29 pm

    On the other hand, Ally could have been a nice part of RBC too right? I’m sure Scotia learned from that though.



  9. Robb on January 28, 2014 at 8:45 pm

    Ally was different though because RBC was only after its auto loan division. Their deposits were just a drop in the bucket and not worth the trouble of keeping around.

    ING, on the other hand, has a strong foothold in banking and deposits. Like Jordann said, they target a younger demographic and can access a clientele that likely prefers to bank online and avoid the “advisors”.



  10. BeachBoy on January 29, 2014 at 10:36 am

    CIBC allows scanned cheques too.



  11. Charles in Vancouver on February 7, 2014 at 12:51 pm

    In fact the only reason I have a secondary chequing account from ING is because it’s on the Exchange network and has no fees. My main bank is TD but I live on Commercial Drive in Vancouver where TD has no presence. My closest ATM is Vancity but they have no fee-free accounts. Hence I wanted a card I could use with Exchange network ATMs which are plentiful in this city.

    – First I used Citizens Bank (by Vancity itself) to fulfill this role. They they announced their closure.
    – Next I joined HSBC for their no-fee savings account. Their online banking is stuck in the 90’s, and now they have added a physical security device that is required to make transfers from external accounts. So I gave up on them and will be closing the account.
    – Finally I went to my long-mothballed ING login and opened up a chequing account. Their Android app works pretty well so if I withdraw the last few dollars from my card I can initiate a new transfer right from my phone.

    I strongly hope that they will continue to permit use of Exchange ATMs but I have a feeling they won’t. There is a Scotiabank at Commercial/Broadway at least, but it’s a longer walk from my place than the Vancity, and in the wrong direction from the restaurants I frequent.



  12. Justin on February 9, 2014 at 10:58 am

    The “Exchange Network” is good but when I looked up Winnipeg there were only 2 or 3 ATMs that are part of that network…In a city of 700,000. The Scotiabank network will be a big advantage here.



  13. mpars on March 24, 2014 at 7:50 pm

    They are removing the Exchange network access in Sept 2014. But there will be the Scotia network. No sense in keeping both I suppose.



  14. Bill on April 4, 2014 at 1:04 pm

    I have noticed that over the past few months ING/Tangerine have been shaving 0.05%, 0.10% off their savings interest rates. They might think no one is noticing but I am.
    I have also noticed that Meridian is getting a little competitive with investment interest rates. Makes no difference to me which building my cash is sitting in.
    Time will tell.



  15. sylvie on June 16, 2014 at 10:12 pm

    I am a client of Tangerine, and I bemoan the loss of ING. Since Scotia got its hands on ING, service has dropped consistently.

    I wanted to comment about the ATM situation



  16. JR on June 16, 2014 at 10:13 pm

    For those interested, I used an orange key when I signed up with Tangerine, and they gave me $50 for opening a savings account and then another $50 for opening a chequing account



  17. Dale Brown on June 18, 2014 at 5:36 pm

    Tangerine is very difficult to deal with – big comedown from ing. many long holds – thirty minute process on phone



  18. KM on July 18, 2014 at 3:46 pm

    I agree the customer service has dropped big time. I use to be very proud of holding account with ING, now dealing with customer service of tangarine sometimes feels like you are talking to a non-professional, they would provide any BS explaination, hide behind process/procedures in order to full fill a simple request. Disappointed.



  19. nicole on August 17, 2014 at 4:58 pm

    I have recently opened a tangarine savings account and a tangarine chequing account, both did pay $50 on each account which was very nice but there are a few things I would like to mention… Lol… First off.. the referral program with the Orange key… It earns you $25 for each person that u refer.. so shame on u guy to the man listed above with your orange key listed there, if you are gong to explain the benefits also explain that part, you are pretty much just fishing and all accounts get the $50 whether they us an orange key or NOT.
    Tangarine does have some great options and the phone app.. I have Android.. works amazingly well compared to my TD one, but the customer service over the phone does need some work… I give credit to them being honest and saying they are not sure,BUT would I mind holding while they find the correct info.. so while the wait time to speak to someone was LONG and the holds were many.. I have to say they did well. The initial savings rate I got was 2.5% and dropped to 1.3% but I was aware that it was a promo, and the chequing is really low.. .25% I think , but with no fees on the account you can feel like you are actually saving 10-15$ each month so it makes up for it.
    The biggest problem I had is this… I went to deposit cash into my savings at a Scotia machine and it would not let me, Scotia couldn’t explain why and tangarine didn’t know either.. we figured it out as we went along so here it is… IF U HAVE A SAVINGS ACCOUNT PLEASE GET A CHEQUING TOO.. YOU NEED TO DEPOSIT INTO THE CHEQUING THEN TRANSFER INTO THE SAVINGS FROM ATMS. You can transfer from you outside bank or use the phone app to scan a cheque right into savings but if you want to atm cash in u need that crucial chequing account.
    For the most part I think that tangarine is going to live up to its great expectations and I think it’s worth waiting to see just how they resolve the few issues they’ve got. All change brings hiccups…



  20. James on August 22, 2014 at 11:00 pm

    Tangerine Bank’s mortgage process is horrible. I had a variable rate mortgage with ING direct. Through a mortgage broker, I got a good rate. Now I purchased a new house. instead of go to a mortgage broker, I thought I could just deal directly with the bank since i am already their customer. First, I asked to continue the good rate i had to the new house, the rep refused to offer any better rate than the standard they have which is prime. They donot offer any advise or options to you. For example, they register the full value of the house as collateral for the mortgage even though you only borrow a small portion. They don’t tell me you can open a credit line with this arrangement right away, which would save me some interest payment on my bridge loan.

    Despite the whole process started two months ago, the worst was that it took them several rounds to issue the right mortgage paper to me and to my lawyer. Then right at 4:50pm of the last business day before closuing, they issued an amendment with erronous rates. At this moment I am holding my breath waiting for them to send the correct mortgage commitment letter to my lawyer on the CLOSING day so that I can close my purchase.

    They are also sloppy or sneaky, They didn’t tell me that they want to register the bridge loan as a mortgage on my existing house until they issue the paper to my lawyer, which is not standard practice by most tier 1 banks and will cost my more legal fees. I had to push them several times to get them to use the standard way other banks use in this situation.

    The advise, avoid Tangerine Bank at all costs.



  21. Kyle on August 23, 2014 at 8:24 am

    I’m sorry you had a tough time with that James. Thanks for the feedback. I will say that I really bad experiences with a Big 6 bank when it came to mortgages as well. You know where I had a really pleasant experience? My local credit union! I can definitely empathize with your bank not coming through for you in a high stress situation like that. We’ll watch to see if this is a pattern with Tangerine.



  22. Ash on September 1, 2014 at 10:21 am

    We moved our joint account to Tangerine recently and it’s not going well. Our problem is with the actual cards, which are noticibly light/cheap feeling. Mine has twice locked up at our favourite grocery store and then won’t work anywhere. Tangerine says this isn’t common and that I then have to go use an ATM to unlock it. Obviously this isn’t convenient. My spouse’s card wouldn’t let him change the pin the sent, which you do at a Scotia ATM. I like the no-fee option, but I need to be able to actually access the account with a card.



  23. Kyle on September 1, 2014 at 10:18 pm

    That is really weird Ash. Perhaps it’s hiccups with the cards first starting.



  24. laura on September 3, 2014 at 8:25 pm

    I was never put on hold when it was ING – not once. Now that Scotia Bank has taken over the call wait times are your typical nightmare.



  25. Dave on September 9, 2014 at 9:24 am

    Here’s something you savers may be interested in. I have had ING bank for many years and I also deal with PC. I recently was making a large transfer of money from Tangerine to my PC account. Just before I finalized the transaction, on the last screen, a notice came up asking me if I wanted to instead, put the money into a Tangerine 1 year GIC at 2%, rather than transfer it out. 2%????? I don’t see anywhere on their site where they offer 2% on a 1 year GIC!!! It seems if you try to move money from them to another financial institution, they CAN offer you a better interest rate. Kind of sneaky, isn’t it. There is a maximun limit that you can transfer – each day with Tangerine so check that out first. I don’t know if it’s a one time offer only or if you can do it each day subject to your daily maximum transfer limit. i wish I knew about this sooner. Dave



  26. Kyle on September 9, 2014 at 5:53 pm

    Thanks for the sweet tip Dave!



  27. brandy on September 27, 2014 at 1:31 pm

    I’m very upset. I’ve been with Tangerine before the brand name changed. It’s been over a year that ive been with their knowledge and acceptance using my stage/brand without issue until I started using their mobile app. Yesterday after making a deposit using their app I was informed with my now signed cheque the they will no longer accept it or allow it to be re-deposited This is an instant nightmare for me. No warning, no time to prepare and to not even let me deposit my signed cheque! Tangerine has virtually stopped me from banking at tangerine!



  28. Kyle on September 28, 2014 at 10:14 am

    Unfortunately you’re not the first person we’ve now heard from that has had this type of experience Brandy. Looks like the folks behind orange have some work to do.



  29. brandy on September 28, 2014 at 11:27 am

    Frankly tangerine is behaving like a bananna if you get my drift!



  30. Kyle on September 29, 2014 at 7:26 pm

    At least your not comparing oranges to apples 😉



  31. Scout on October 30, 2014 at 10:59 am

    And credit lines are being discontinued. 🙁



  32. Kyle on November 1, 2014 at 6:26 pm

    I couldn’t find this anywhere Scout, mind citing a source?



  33. David on November 13, 2014 at 6:49 pm

    Tangerine formerly INg does indeed suck. Very hard to deal with and claim laws exist when they do not and they want you to close account in order to deal with the account.

    RATING this bank below ZERO.

    AVOID THIS BANK ENTIRELY



  34. Claudia on November 25, 2014 at 6:13 am

    I’ve been banking with ING/Tangerine since 2005-ish. I had an RBC leo account from the age of 2 or 3 and on my 18th birthday without warning I found a massive withdrawal for service charges to switch me over to a regular adult account. Needless to say, that I closed that account and took my money elsewhere. I opened a PC financial account later that week and it was great- at first. I was a responsible banker, no funny business, no overdraft- EVER. But even after 2 years of great banking habits, they refused to raise my withdrawal limit over the $100 before the 5-7 business day hold on cheques (of ANY denomination) and I had a maximum $500 withdrawal limit daily. Period. Kinda hard when rent was $800. Plus PC financial would never make ANY exceptions when I called in emergencies. SO I ditched PC financial and went to CIBC.. Same old bull… only difference was that instead of paying a yearly fee I paid a lot for cheques, debit or atm uses were limited… and their customer service is shoddy. SO in 2005, I finally switched to ING. No fees, free cheques and customer service that was willing to help. One year after opening my account, I was hospitalized and they kindly released extra money for me to buy medication as it coincided with the same day rent was due. AWESOME! a few weeks after that, I was notified that my withdrawal limit after cheque deposit was raised to $500. I never even asked, but thanks! It really did help. By 2009 I was sent another notification that due to my excellent banking history, and as a valued customer, my limit was raised again. Somewhere along the line, I made yet another call to them because I needed a huge rent deposit/first month withdrawal and the customer service rep said, ‘no worries, you are at our highest withdrawal limit of $5000!’- again, something I never asked them to do, but it’s something you can earn by being a responsible spender/banker.

    Last month I earned over $11 in interest in my savings account alone (really, I don’t have THAT much money in there, but Tangerine was running a promotion of some sort).. I have yet to find a prospective user to share my orange key with, but the idea of the BANK giving away money for free to two people, one for setting up a new account and the other for just sharing their information, well….

    One last thing. Tangerine may have a fruity name and a bright orange card, but I’ll say this; when I travel to South Africa or even Europe, I can usually find some national bank that lets me use my card without fee. I usually call Tangerine first to say where I’m going, then I have no issues. World banking made easy and cheap! I’ll probably switch to a new bank when and only when the apocalypse hits.



  35. Kyle on November 26, 2014 at 7:29 pm

    Thanks for the update Claudia. Interesting travelling notes.



  36. Greg on December 18, 2014 at 8:51 pm

    I’ve found the exact same thing. I have been saving with ING for over 10 years and switched to their checking account as soon as it was offered. I never had a single problem with ING Bank of Canada, but I have had a few with Tangerine in just the past month and a half. These include worse customer service and numerous technical problems.

    I just applied for a PC Financial account (checking and savings). At a glance they seem to offer everything that Tangerine does (right down to the app that you can use to deposit cheques) and their locations are more convenient to me.



  37. Chad on January 16, 2015 at 2:14 pm

    It’s strange that neither this article or the comments have any dates for me to figure out how stale it is, but here’s the latest update as of January 2015:

    As of January 19th (according to their correspondence with me, though their website already includes the fine print) they are going to be charging a fee to transfer funds out of your account with them of $45.

    It doesn’t take a savings-savvy person to realize that interest takes loads of time to accrue. If you are the type to transfer out portions of savings when you need it (rainy days do happen), that $45 each time often eats a _humongous_ portion of what you’ve saved over the course of even years.

    Their interest rates have also dropped substantially since it became Tangerine. 1.75% was common before, with special promotions bumping it as high as 2% in some cases. Now the best I see there is 1.3% which is below even the average my local financial institution offers.

    As much as they say that nothing will change, and that nothing has changed… it’s slowly seeming more and more like a regular old bank that wants to take more than they give. There’s no point to saving there if it’s going to cost me more than I’ve earned to get the savings out.



  38. Tanya on January 20, 2015 at 1:08 pm

    I hate scotia bank I hope they close I have been with the one in Orillia for sometime and they cash my customers chqs then holds them for 20 days even when the money has been taken out. They charge extra money for nothing and to send money is ridicules cause you can only send 3000.00 a month like how do you run a business and pay employes through the bank/internet when I have to pay my employees more then I can withdraw from the bank…..STUPID…. I will be leaving Scotia Bank, love the scene points but hate the bank!!!!!



  39. Brian So on January 20, 2015 at 6:26 pm

    It seems like the $45 fee is for transfer of registered accounts only, and not normal savings or chequing accounts.

    See fine print at the bottom of this page:
    www.tangerine.ca/en/sa…index.html

    Lesson being, if you want to open a registered savings account, do it elsewhere.



  40. Donald on January 26, 2015 at 9:09 pm

    Slowly but surely Tangerine is taking away some of the reasons people banked/ saved with them in the first place.

    As mentioned above on Jan 19th they introduced the transfer fee of
    $ 45 for registered accounts.

    Savers who pay attention will have noticed that in July 2014 they changed all their savings accounts to “non cashable” in other words
    once you put it in for a certain term it is locked in. Prior to that date their savings accounts were cashable (at a reduced interest rate) which really gave you an edge in case rates were to skyrocket or you needed to get to your money sooner for an emergency.

    And today Jan 26 2015, I noticed that after the bank of Canada lowered their rates by . 25 % Tangerine lowered their rate for 5 year fixed terms from 2.55 % down to 1.80 % that’s .75 % !!!
    My credit union now gives me a better rate than Tangerine!!

    Give it some more time and you’ll realize that Scotia only bought ING in order to eliminate a competitor



  41. Kyle on January 30, 2015 at 7:30 pm

    For the sake of Canada’s already limited competition I hope not!



  42. Magdalena O! on February 2, 2015 at 9:21 am

    That fee is becoming a standard to move money from TFSAs between institutions. At least I know Scotia charges $50 or so. I also saw BMO does it. I’m assuming simply to withdraw the money into cash is free, no?

    I am with Scotia now, and wanted to start investing with Tangerine, but since Scotia bought it I am nervous, like is it even worth it? Although their mutual fund MERs are low, and i’m a novice so I don’t feel ready (?) to start investing without a bank-mediate portfolio.



  43. Magdalena O! on February 2, 2015 at 9:24 am

    The transfer rate is for TFSAs between financial institutions. Scotiabank has one of about $50 and so does BMO. I assume others do to but I haven’t checked.

    I assume that to withdraw that money in cash is free, no?

    I wanted to start investing with Tangerine but I already have a Scotia, so I am uncertain I should. Although the Tangerine MERs are very competitive. I wish I was ready to start investing without a bank-mediated portfolio.



  44. Kyle on February 2, 2015 at 3:59 pm

    What stopping you Magdalena?



  45. Kyle on February 2, 2015 at 3:59 pm

    If you’re talking about investing options there is a big difference between the mutual funds that Scotia offers and the turn key portfolios that Tangerine offers.



  46. Magdalena O! on February 2, 2015 at 11:21 pm

    Sorry, I thought I lost my comment so I posted twice! What do you mean there’s a big difference between Tangerine and Scotia in their mutual funds? What is a “turn key portfolio”?



  47. Kyle on February 5, 2015 at 8:59 pm

    Check out this page to learn about Tangerine’s turnkey portfolios Magdalena. It’s basically a super quick way to quickly diversify your investment dollar into a variety of low-cost index investments. It costs a bit more than doing your own index investing through a discount broker, but it’s miles ahead of any big bank mutual fund.



  48. Rob on February 26, 2015 at 9:58 am

    I found the sign-up process to be very disjointed and confusing, with the FAQ instructions not matching the actual procedures now in place. Nevertheless, now that I have both a chequing and savings account open, things seem okay so far. The accounts are still relatively new, though, so time will tell.

    One question about the ATMs: can I *only* use Scotiabank ATMs or is it like my RBC bank card where I can use any ATM, but using an ATM from another company costs extra?



  49. Dana on February 26, 2015 at 12:56 pm

    I use it strictly for my TFSA and daily banking. I was sick and tired of my bank charging me a fee to have unlimited access to MY money. And if that wasn’t bad enough the rates just kept rising and rising. I had had enough. As a young professional, Tangerine is perfect for me. I never used an ABM or the teller in the first place (I’m a huge online banker) and with their “cheque-in” feature it ensured I never did have to go to the bank. To date I have never had an issue with them. I welcomed the change to Scotia because for me it was the opposite, I had to drive out of my town to access an ABM on The Exchange Network. I have a Scotia right around the corner so it’s been insanely convenient for me. For people who don’t need to do a lot of complicated banking like seeing a teller or withdrawing large amounts (I also almost never carry cash on me) it’s a great option. However, with that said there have been 2 times where I needed to draw large sums and had to split it up across a few days because I COULDN’T go to a teller. That kind of sucked but they were also not normal transactions for me that would happen regularly. Once my life gets a little more complicated with a mortgage, kids, RRSP’s, RRSP’s etc. I will probably switch to somewhere else so all my banking is in one place.



  50. Rob on March 2, 2015 at 1:23 pm

    I just got the actual card and the letter that came with it answered the question that doesn’t seem to be anywhere on the site itself:

    Yes, as you’d expect, the Tangerine card will work with all major ATMs, not just the Scotiabank network.



  51. Lilit on March 20, 2015 at 9:38 am

    Nice to know that the withdrawal limits for newly deposited cheques is indeed going to increase over time. I just recently opened an account with them and the $100 released from each cheque is pain, especially because I get paid my salary by cheque, and only once a month, so it’s a hefty cheque and it’s annoying to wait a week to have access to that money. I used to bank with RBC and after 10 years with them, they only release $1500 from each deposit, and they say it’s the highest amount they will ever go.

    With RBC though if I have a particularly large cheque (like from selling a car), I can come into a branch and maybe sweet talk them into not placing any holds on it. I wonder if that would work with a Tangerine cafe. Either way, there are already many things I like about Tangerine better, and the bright orange card is totally cool with me 😉



  52. Bruce on March 23, 2015 at 7:09 am

    I join the throngs of people saying Tangerine has gradually migrated to rates and a philosophy akin to the big banks.
    Here are a couple of examples.
    Rates for savings deposits is now 1.3% where I get 1.8% at Oaken.
    I used to be able to convert from $CAN to $US for a 1.5% commission now it is 2.5%, the same as the big banks.
    As mentioned by others, they are now charging a fee to transfer funds out of the TFSA.
    Good bye Tangerine.



  53. Ford Snow on March 26, 2015 at 9:47 am

    Have tax free savings account all cash. Want to change to other forms of investment with-in this tax free account that gives a higher return. What do you suggest? Origial was ING.



  54. Jaimee on March 26, 2015 at 5:18 pm

    Horrible experience with Tangerine. I loved this bank when it was ING. It’s not the same. I was lied to by one of their agents leading to believe that because I referred 3 friends I will receive 100$ in 30 days. The agent even documented the file stating such! All they did was give me 25$ as a compensation… how sad. I spoke so highly for this company and only had good things to say. Now I want to cancel and tell the people I referred to cancel too. I can’t believe they would not own up to their own mistake. The supervisor even stated as a customer you are right. Well where’s my money????? Pathetic. Don’t waste your time with this bank. They changed.



  55. Kyle on April 3, 2015 at 6:19 pm

    Could it be just one unknowledgable employee you dealt with Jaimee?



  56. Kyle on April 3, 2015 at 6:20 pm

    I won’t say what I recommend for anyone specifically without knowing their full financial situation Ford, but I will say I personally use Questrade’s TFSA.



  57. Kyle on April 3, 2015 at 6:25 pm

    Unfortunately it appears the evidence is not good…



  58. Maurice Sabourin on April 9, 2015 at 10:43 am

    I did a cash in envelope deposit at a Bank of Nova Scotia



  59. Kyle on April 14, 2015 at 5:24 pm

    Brutal… Sounds like they still have some kinks to work out.



  60. Maurice Sabourin on April 14, 2015 at 5:30 pm

    Don’t know if it is all the bad reviews i wrote but they did pay 3 days ago without a note.



  61. Kyle on April 14, 2015 at 5:37 pm

    Good to know.



  62. Spooples on April 19, 2015 at 1:33 pm

    That ING had no ATM presence wasn’t true at all. We could use any ATM on the Exchange network. So any credit union, HSBC, Vanc City machines worked. There were far more options than there is now. I found out the hard way that it was changed when I moved to a small town with no Scotia Bank. I was no longer able to deposit pay cheques ANYWHERE without driving three hours to Calgary. I had to open a local credit union account. I’m not keen on this buy out!



  63. Vincent on April 24, 2015 at 11:07 am

    It is now 4/24/2015 and the changes to ING seems to be getting worse for their customer service. HSBC and National Bank ATM machines are no longer available. They were convenient for me a long time. Granted ScotiaBank ATM are now available but not the ones in Shell Gas station (for reason I do not know). I had to call in twice because my account has been locked out and the reps on the phone doesn’t seem to care to keep my business as the reps before. I am looking for an alternative, if anyone has one.



  64. Kyle on April 25, 2015 at 9:48 am

    Have you tried PC Financial at all Vincent? I’d be interested in a comparison for sure.



  65. Andy on April 27, 2015 at 7:47 pm

    Was an early/beta ING customer. Since Tangerine/Scotia, service quality had degraded considerably. I’ve held large sums and always been a good customer, but due to a misspelling on a cheque name that tangerine decided to reverse after allowing to be deposited, and wasting over 45 minutes with a snarky customer service rep and then 10 with an even worse supervisor, I vowed to close all of my accounts with them. I have never been spoken to that way by any bank – sounds like they hired thugs from a collection agency, anyways, never again. Back to brick and mortar and real people for me thanks. A good manager would have resolved this in 5 seconds. Tangerine is awful.



  66. MARK BIRO on May 13, 2015 at 11:31 am

    I WAS CONSIDERING ON LINE BANKING WITH YOUR FIRM UNTIL I STARTED TO SEE THE MOST REPULSIVE AND IDIOTIC ADS THAT YOU KEEP RUNNING. AT WHAT MENTALITY LEVEL DO YOU REALLY THINK THESE ADDS APPEAL TOO.THERE IS NOT ONE SHRED OF IMPORTANT INFORMATION GIVEN IN THESE ADS TO HELP ONE MAKE AN INTELLIGENT DECISION REGARDING BANKING WITH YOUR COMPANY.



  67. Eric on May 21, 2015 at 7:10 am

    Hey Dave, I discovered the same thing! (May 19, 2015) I just opened and Oaken account because their rates are so much better than everybody else, so I was planning to tranfer some of my money. My daily transfer limit at Tangerine is $50K so I entered that amount. Then, as you say, I got a screen that offered me 2% if I kept the money at Tangerine and put it in a 1-year GIC (although it’s non-cashable). When you click the button to accept the offer, you can then enter any amount you want for the GIC (you’re not limited to the amount you initially wanted to transfer). So all you have to do is “pretended” you want to transfer your money out to trigger the promo rate offer. Oaken’s 1-year rate is 1.95% right now so I just decided to leave it at Tangerine for since I was able to get 2%. Not sure if this is a new thing or if they’ll keep it going, adjusting the rate in the future.



  68. Kyle on May 23, 2015 at 12:14 pm

    Very interesting…



  69. Leigh Davies on June 4, 2015 at 1:07 pm

    We’ve been customers of ING and subsequently Tangerine for many years. I had my first experience with a snarky Tangerine customer service rep today. When I explained to her supervisor that I didn’t like being talked down to in a sarcastic tone, she apologized, but then she concluded our conversation with a smirk.
    Time to change online banks!



  70. Leigh Davies on June 6, 2015 at 10:08 am

    I also should add that money requested by electronic funds transfer (EFT) from RBC by Tangerine on May 30th for our Tangerine savings account still has a hold on it today, June 6th. A major criticism of Tangerine is that they promise to move money into or out of your account using EFTs in two business days. It’s been five and counting for us. As I said earlier, we have had a long relationship with ING and then Tangerine. Service with Tangerine is not satisfactory. I will be investigating alternate online banking and credit unions, and withdrawing all our funds from Tangerine.



  71. Leigh Davies on June 8, 2015 at 1:02 pm

    While we have filed a formal complaint with Tangerine, and will be filing a Better Business Bureau complaint, we have decided to sever our relationship with Tangerine. They are worse than the big banks because they promise 1 or 2 day electronic funds transfers to and from your other bank, but actually hold the money far longer. If I had a checking account, these 5 to 8 day “everyone is a potential criminal” holds would not allow me to promptly pay my bills. I also note that they are implementing fees for some services, and this is a complete contradiction to the no-fee policy they promised to continue from ING.
    We have cleared all our accounts out of Tangerine today. Our advice is to stay clear of Tangerine, they are a big bank pretending to be a no-fee online institution.



  72. Kyle on June 8, 2015 at 7:55 pm

    Ouch… Thanks for the update Leigh.



  73. Ann on June 8, 2015 at 8:30 pm

    Yes!! I received $120.00 to have my direct deposit switched there and $50.00 for using an Orange key from a friend for referral. What



  74. Don on June 15, 2015 at 11:30 am

    The Scotiabank takeover has made ATM service worse. The Scotiabank machines are hard to find and often poorly serviced (ie no envelopes). The machines can’t show a balance and will not let you pay bills that you have set to pay out with Tangerine.
    The Exchange network was far superior with most credit unions (large and small), HSBC and National Bank part of the system. You could balances on the Exchange network and denominations other than twenties at HSBC machines. And Scotiabank must have peed off Shell as Shell gave the heave to Scotiabank machines. It was pretty useless anyhow since most Shell kiosks were locked at 10 pm anyhow.
    Sunday was a case in point with how useless Scotiabank is. First stop with two machines. One out of service and the other out of cash. A second stop had the Scotiabank machine locked up behind locked doors in a mall. Third stop, yippee cash but if you wanted to make a deposit, too bad!!! Out of envelopes.



  75. Aman Birgi on June 16, 2015 at 10:11 pm

    Just joined Tangerine a couple months ago and so far it’s great. No monthly fees, very easy to use, transfer money, link external accounts, and deposit cheques via their app + the camera on your smartphone. I just graduated university so I joined to get away from RBC’s pesky monthly fees as RBC has switched to a fee-based account from a previously free student account. Smart move for recent graduates. $50 bonus program going on right now if you signup and deposit a minimum of $100 into the account.



  76. Lindon Harris on August 14, 2015 at 5:44 am

    ING Direct – great while it lasted but with everything else in life, all good things must come to an end. Since being taken over by Scotiabank, there has been subtle and not so subtle changes. The latest change is with overdraft protection. I only ended up being overdrawn once with ING when a preauthorized debit for an insurance company took money out despite the policy not having been renewed. Two days after when I first noticed, I immediately transferred money into the chequing account to nullify the overdraft; no fees/penalties, etc. and I loved ING. This week I kept getting emails about forthcoming overdraft changes with bits of information at a time until finally, the kicker. Yes Penalties and Overdraft Fees have arrived at Tangerine making it appear exactly like a big Canadian bank at its best; gouging the consumer at every opportunity in the name of profit. To date, there has not been a single change for the better benefit of the consumer since Tangerine/Scotiabank has taken over. I have a US account and can’t believe how consumer friendly American banks are versus Canadian banks.



  77. Kyle on August 15, 2015 at 11:17 am

    I got those too Lindon… Have to say it smelled very “big bank-ish” to me.



  78. Ernest Fudpucker on August 23, 2015 at 11:05 am

    August 2015 – The Honeymoon is definitely over. The continuing process of nickeling and diming customers is on a roll with the latest being for overdraft protection. I only ever go into overdraft if a pre-authorized payment is taken from my account when the insurance or other organization didn’t update their info to reflect I was no longer a customer. Although I am reimbursed the withdrawl amount, I end up stuck with the overdraft fee for which I was not penalized for with ING. Now Tangerine applies a $5 fee and if you don’t have e-mail alerts, you will start paying a whopping 19% interest penalty on day 2. Why is it that in Canada, a financial institute and/or bank cannot give the consumer a break like ING? Quite simply, government regulators ensure Canadian banks are amongst the strongest in the world with a goal of all being # 1. Rest assured as Canadians, if it seems to good to be true, it will come to an end. Remember Montreal Trust, Canada Trust, Royal Trust, etc. – yeah, most, if not all have been swallowed up by big banks.



  79. Ernest Fudpucker on August 23, 2015 at 11:06 am

    Couldn’t agree more!



  80. Kyle on August 23, 2015 at 10:17 pm

    If you can’t beat em… invest in em?



  81. SuperSaver on September 4, 2015 at 1:25 pm

    Pretty sweet deal, I got $100 right off the bat then another $50 in savings plus 3% interest on a TFSA. Oh, not to mention the $120 payday bonus. Just can’t go wrong with this bank!



  82. Bruce on November 17, 2015 at 9:47 am

    TFSA try 0.8 %. They entice you in, then rip you off. No fee, take a look at the cost if you try and transfer your TFSA. Also lots of complaints about delay in the process. I thought it was a great bank until BNS took over. I am moving everything out. Employees complain about low pay and lack of opportunity to advance. All in all, a bad deal.



  83. Scott on November 24, 2015 at 1:30 pm

    I would recommended avoid Tangerine if possible. I recently had a very bad experiences with them. I used online banking to change my home address which my wife and I just moved in. Tangerine, at no warning at all, blocked our online banking access because they are not able to verify my address through a third party service (namely TransUnion). This is unacceptable because we just moved in, it is expected the credit service doesn’t have our latest address yet..but does it make them right to block access completely? Now, I can’t access any of my money in Tangerine. There is no physic branch so I can’t prove myself with my own address. OMG…..! Its a dead loop!!!

    AVOID Tangerine.. You can’t image when you running into those situations and without physic branch, how painful it is to deal with them on line or on the phone…



  84. Rob on December 2, 2015 at 8:55 am

    Be aware that Tangerine is NOT what ING was in terms of customer service. The website is so so, mind you not bad for online payments. But long long wait times if you ever have to call in. I’m talking over 30 minutes folks, just so you know. If you really want savings of this type of banking, consider it but look to see if there is an alternative available in your province before signing to this once good company under the ING brand. The sale should never have been allowed in the first place as it has stifled competition in banking in Canada.



  85. Sara on December 10, 2015 at 1:47 pm

    I’m incredibly disappointed with Tangerine. In fact, I am in the process of transferring all my funds to a credit union. I was a long-time customer with ING Direct, opening a savings account and TFS account. Until Scotiabank bought ING Group and rebranded to Tangerine, I had no qualms with the service. Tangerine, on the other hand? Horrible. They put unreasonable holds on my money when I do an EFT deposit to a linked external account. The call centre has hung up on me after waiting 20mins on hold…twice. Their mobile app consistently crashes. And, their interest rates for savings accounts are much lower than what I enjoyed with ING.
    I would also highly recommend staying as far away from Scotiabank as possible (and therefore Tangerine), especially for mortgages. They are notorious for starting foreclosures if you do as much as miss one payment. My friend is experiencing this right now. She has the money in her account, and Scotiabank has refused her money. Her farm and land is now in foreclosure and she has been fighting this for months. You can read all the details here: www.change.org/p/don…take-money



  86. Sara on December 10, 2015 at 1:57 pm

    Hate to break it to you, but Tangerine is no longer a part of the Exchange Network. www.tangerine.ca/en/wa…index.html



  87. Kyle on December 13, 2015 at 9:39 pm

    Thanks for the update Sara. It looks like they still have a pretty good network of ATM/AMBs available though hey?



  88. Kyle on December 13, 2015 at 9:40 pm

    That’s valuable experience for others to learn from Sara. Thanks for sharing! Sad to see though…



  89. Norm on December 16, 2015 at 9:05 pm

    They have become next to unuseable for larger transactions.

    1. they limit online withdrawls to $25,000
    2. If you need to do a larger withdrawl you must call in



  90. norm on December 16, 2015 at 9:10 pm

    3. when you call in it can take almost an hour to do a transaction.

    4. It has gone from a minute to do a transaction to longer and longer times asking dozens of questions then admitting their system is not working properly.
    An example: asking me to verify my account because they claim IT IS FIRST TIME I AM CALLING and I have been client for over 10 years. They claim it is my first large transaction and I read them the dates where I do large transactions almost every month or two.

    MUST FIND ALTERNATIVE AND GET MONEY OUT OF THEIR BEFORE THEY STEAL IT AND WHO NEEDS TO GO TO COURT FOR A WITHDRAWL !!!!!!!



  91. bruce on December 19, 2015 at 7:56 am

    I have followed up on my threat to leave Tangerine. To avoid them dragging their feet and charging a fee, I transferred my TFSA to my savings account, then transferred it over to Oaken where the interest rates are much better. By doing it in December I can reinvest in a TFSA in January with no penalty. There were a couple of trip ropes however. My first attempt to transfer was blocked as they said I exceeded the transfer limit. To find out the limit I had to call which meant a wait of over 20 minutes for an answer. The limit is $25,000.



  92. Norman Archer on December 29, 2015 at 1:38 pm

    BEWARE!!!
    Having been a long-time President’s Choice client, I decided to give Tangerine a try to see how well it compared. Initially, I had no problem. As a physically handicapped person, I make use of the cell phone deposit system. Occasionally, the image is not clear enough and I get an immediate note to re-submit which is no problem. My last deposit was accepted and I received an email to confirm that the amount was in my account. My online balance showed this too. I immediately used some of the funds. Next day, I received an email to say that the image was not clear enough and the full amount of the cheque was deducted from my balance. I was now in arrears and a penalty of $25 was imposed. It is transparently clear what is happening – it is a quick and easy way for Bank to make an “error”then charge me for its mistake and so make money at my expense. So this is a warning – stay away from Tangerine! They are not to be trusted. Use Presidents’s Choice. I have not had a problem in 15 years!



  93. Kyle on December 29, 2015 at 6:52 pm

    That is really crazy Norman. Have you called customer service and told them what happened?



  94. BankScamWatcher on January 4, 2016 at 2:12 pm

    I was an ING Direct customer, then “grandfathered” as Tangerine. Now as Tangerine, the call center wait time is slow as hell. When I call Tangerine’s call center with any problem-and there has been more than one, of their making…like with “THE CHECK-IMAGING” feature, I get left on hold at least 20 minutes, sometimes longer. All that while, I’m irritated to hell as I must listen to a recorded voice that says “your time is important to us…”
    Really Tangerine? Let’s do the math, 20 minutes X 3 wait times = One hour. Your fat-headed management does NOT think I am worth more than $15/hour. There’s an insult I feel right out off the bat.
    Thanks, all sarcasm fully intended. I doubt I can trust that electronic payments from Tangerine would be made to Virgin Mobile on time to avoid late fees incurred if they take 2-3 business days to be action. I am afraid to try.
    I give both Tangerine and TD Canada an “F” in this regard. I believe that they share metadata of a person’s cell phone company without customer consent.
    For these reasons, I think all banks should be sued, and relevant fees reversed to their respective customers.
    This is the year 2016. Fiber optic cables DON’T CARE whether a payments come from a debit or credit card account.
    It’s time the banks stop selling that lie.



  95. CLOVIS JONATHAN GRAVEL BOURNIVAL on January 10, 2016 at 3:23 am

    Beware got my card stolen and they authorized 15000 in empty envolope deposits and withdrawls on my account without notifying me and this took 3 days realised card stolen and that they froze my account now sent me to collections saying I owe them as They cannot proove it is not me so basicly you are guilty unless you have a hard proof that it is impossible that it is you. First of a ll why was I not flagged about this and what kind of bank lets these go unoticed without blocking account and or contacting me as wspeacially this was a new account . Now been fighting with them back and fortth security department always answering machine they never call back eternal wait on the phone when you call and then the go on on how they want to make your dollar go the distance and how much they give b ack to their cx if they are giving away so much and have no hidden fees how is it even possible for them to make 500 illion profit last quarter alone…. I AM NOW FIGHTING FOR MY REPUTATIONM MY NAME I AM ON SICK LEAVE DUE TO STRESS AND MOST OF IT IS TANGERINES DOING they are crooks .



  96. Ruj on January 15, 2016 at 12:53 am

    In Canada, it’s CHEQUING!!



  97. LR on January 16, 2016 at 1:22 pm

    A couple of months ago I signed up for their new Tangerine MasterCard. Love it!! No fee, 1% cash back on EVERYTHING (right from the first dollar spent), plus an additional 1% back on your choice of three spending categories (I chose groceries, gas, and recurring bills). By paying the balance off in full each month, the money back is free cash in the bank, baby!! Ditched my old “money back” credit card with another bank which didn’t pay nearly as much.



  98. Kyle on January 17, 2016 at 7:45 pm

    Glad to hear a positive review for Tangerine’s card LR!



  99. Sandra on January 28, 2016 at 12:56 pm

    No do not use Tangerine they suck and have awful service!



  100. Mark on January 30, 2016 at 8:01 pm

    Right from the start Tangerine has changed how their client cards have worked in the USA for debit purchases.

    Three words…They don’t work!! The end!



  101. Regan Fraser on January 31, 2016 at 10:31 pm

    I am an Artist. I sold a painting to a Hospital Eye Surgeon to decorate his Patient’s waiting room wall. To review, Tangerine’s “payday bonus” of $120 in exchange for employer’s direct deposit is painfully slow. [$10 installments for 12 weeks] plus 2 referral bonuses for $100; in my case amount to $220. That $220 is nullified by the fact that their one and only Tangerine “Branch” at corner of Shuter and Yonge Streets, in Toronto, has surly, unhelpful and incompetent Bank Staff. Only if asked, these Staff claim to not be “legal” Bank Staff. How sociopathic and corporately convenient! In their eagerness to deposit my $1,300 paycheque drawn on HSBC Bank into my account-using check (Oh, yeah this is Canada: cheque?!)-imaging-this false Teller missed the Signer’s error of a missing date. Even though that cheque stock was designed without blank space to write any date! That error-NOT MINE- cost me more than $220. Tangerine Bank has DONE NOTHING to compensate or reimburse my $220 for MY TIME AND MONEY. To add insult to injury, they forced me into an unplanned 3-night stay from a Friday afternoon in Toronto until a Monday to get that cheque signed. Toronto Hotels are NOT cheap! The bill for that was $267.
    I contend that bank error is Tangerine’s not mine. Why? The Staff and even the Tangerine Bank decoration at Yonge and Shuter is false and deceptive. The coffee and orange juice menu on the wall above a glass case filled with fake plastic oranges is an insult to Everyman’s intelligence. The menu says says they offer black coffee served in an orange ceramic cup. They keep a juicer machine in case you choose the healthier option to order “fresh-squeezed orange juice”. Then when you order that, and pay for it only by debit, as they don’t accept cash, these false Bank Tellers tell you, “We don’t serve orange juice in “winter””.
    I’ll be surprised if my review gets posted because someone representing Tangerine Bank will likely prevent that. If it is posted happens and my account is credited $267 for my lost time and money, only then will I help them fix obvious Public Relations problems. Meanwhile, Peter Aceto needs to stop assuming the Canadian Public are uneducated and stupid. I think his required reading list should include a viewing of the documentary film “Manufacturing Consent” by Noam Chomsky. Better yet, read the book, man.



  102. Regan Fraser on January 31, 2016 at 10:58 pm

    Dave,
    Like you, I see the analogy of CIBC: PC Financial as Scotiabank: Tangerine. And it seems to be the only useful one of note on my urban landscape. In that you hold/held sums of money great enough to effect a 2% Interest rate payable by Tangerine ONLY if you planned to transfer it from Tangerine into PC Financial – yet with sneaky Tangerine Bank website software-seems significant information. As a presently low-income Artist on the rise, that could prove useful to me in future. Thank you!



  103. Cam on February 1, 2016 at 1:05 am

    I’ve been a client with ING since 2000. I was part of their initial chequeing account and credit card launch (2010 and 2015). I’ve never had a problem with them. Not once. I’ve used my debit card in the USA, Italy, and UK with no issues. I’ve never had a problem with their customer service or online services.
    With regards to their old “OOOPPS” protection. It was a service that didn’t chard you a fee but you couldn’t use your account after you went into a negative balance, and it was only max $250 in the red. I like the option of the overdraft even with the fee and interest rate because you can still use your account. I just try and watch my balance.

    Overall, no complaints. Even if I did. It beats paying a monthly fee. Since I’ve had the chequeing account I’ve saved over $600 in fees. Not bad.



  104. Kyle on February 1, 2016 at 8:28 am

    Regan – all of your replies that did not include vulgar language or personal insults have been posted. Thanks for your time and commitment to consumer rights in Canada.



  105. Mark on February 1, 2016 at 9:50 pm

    I’m not sure when you used their debits cards at at store in the USA last, but they haven’t worked since they buyout! I called them up and asked after the first few times they stopped working. The only places they do work is with the Global ATM Alliance network . www.scotiabank.com/ca/en/0,,8093,00.html
    Their client card will not work at debit machines in any stores in the USA or for that matter anywhere in the world, only the Bank of America ATMs in the US. What a lousy way to shop, run to the ABM machine, if you can find one, then go shop with a pocketful of cash!! wooohooo!



  106. John on February 18, 2016 at 10:53 pm

    I, for one like Tangerine’s service despite some of the reviews on here. I signed up a little after they changed their name, because my previous bank was ripping me off with monthly fees. For someone like me, who only uses it for simple transactions and doesn’t really care about the interest rates it’s nearly perfect.

    Since I signed up for the money back credit card in December, I’ve gotten around $60 deposited into my savings account. That’s much better a return than what I’d get using one of those dumb airmiles cards, which for someone like me would amount to maybe $10-20 worth of cash miles over the same period.

    I’ve only had 1 problem using the service, which was of my own mistake. I accidentally paid the wrong bill. So I called up their phone support, waited 10 minutes or so, explained what happened and got the problem fixed. I’m sure others have waited more or less to speak to someone, or had more complicated problems; realise though that getting angry at some guy or gal doing phone support ain’t going to help anyone. It’s a rough and exhausting job answering hundreds of calls a day, been there done that years ago. Be patient with the agent on the other line and you’ll probably have a better experience than if you call in foaming from the mouth.

    The pros:
    – It’s free, can’t argue with that
    – Website is mostly well laid out and simple to use for the most part
    – Website has never had any major unplanned outage (that I know of)
    – The phone app is simple and easy to use for quickly checking my balance/depositing cheques

    The neutrals:
    – Phone support: there’s just too many factors here so everyone is going to have a different experience. Mine was good, others had bad experiences. Working in a call centre is a tough job and even the best ones can’t keep everyone happy.
    – No physical branches. If you’re the kind of person that actually needs to be able to deal with your bank in person, Tangerine is not for you. For someone like me who never uses them, it’s a moot point.

    The cons:
    – Some things on the website are difficult to navigate to, for example: Editing an existing Automatic Savings Program (ASP). To get there you have to click on your savings account, under My savings goal, click on “view my savings goal”, scroll down to the bottom of the next page, click on Set up an ASP (reads like you would be creating a new one) which then takes you to that page. Could they not have just put a button under your savings account called “Edit Existing ASP”? This is web-design 101, don’t make things hidden and not obvious how to get to.

    All in all, for an everyday banking service it’s a good choice for someone with basic banking needs. I’ve dealt with slimy major banks before, always trying to find a way to nickel and dime you with sneaking in higher fees and hoping you don’t notice. I have not noticed any of that kind of behaviour with Tangerine since I’ve used them, which is quite refreshing. As long as Tangerine keeps up the level of service I have personally experienced while using them for my daily banking, I’ll be using them for quite a lot more years.



  107. Kyle on February 19, 2016 at 8:45 am

    Thanks for a look at the otherside of the coin John. It appears Tangerine is going through some growing pains, but still offer a better option than most places?



  108. Jane on February 29, 2016 at 4:46 pm

    I love Tangerine! Saved me hundreds of dollars by NOT charging monthly fees (right BMO?) AND paying interest on my money even in Chequing account! Not to mention I got free cheques and free debit transactions… and a $50 bonus for joining by being referred by a friend. So far, I LOVE’EM!



  109. shah on April 18, 2016 at 12:41 pm

    hi, do not trust tangerine at all, I have four account with tangerine over 10 years. recently i figure out the payment from your account to the credit card, dose not go through on time, or nerve goes. tangerine Never give your money back until to called so many time and speak with so money supervisor they have.



  110. BerylB on April 23, 2016 at 2:20 pm

    Search “ripoff report Tangerine Bank”

    Basically Tangerine is legally required to disburse the property (money) of a deceased client to the named beneficiary. But avoids doing so because the beneficiary must first provide proof of claim which they can’t do because Tangerine doesn’t inform them that they are a beneficiary nor provides them with the claim form to submit.

    Conceivably Tangerine has kept millions, if not billions, that was rightfully owed to beneficiaries.



  111. Jolene on May 24, 2016 at 1:38 pm

    Do you like being robbed? Then tangerine is a great option. Because they’re lying hypocrits, they’ll completely shut down YOUR access to your card, and online banking, and withdrawal for absolutely NO reason whatsoever, and then they will give you a ‘number’ to call and leave a voice mail with because they dont care about the fact that your bills are coming out and now you’ll be in arrears because young kids and little old ladies might be frikkin crimimials. I knew i should have switched banks when they switched to tangerine. I used to LOVE every part of banking with ING. Now even scotia bank will be lucky if i walk on the same sidewalk as them! What a traumatizing situation. Having money and being unable to pay your bills because your bank robbed you ( mind you, the snarky manager made sure to make it clear, its because they can, and itll still be days). And it wasnt just the deposit i couldnt get to (which would have been understandable) it was the ENTIRE account. My savings account. With the majority of my cashflow in there. No money for 8 days now!!!! Sickening. Would absolutely not recommend!!



  112. Cass on July 5, 2016 at 6:07 pm

    Tangerine is a horrible bank.

    The biggest problem we have had with them (besides something similar to what Jolene experienced, but they released the hold on my whole account after calling them) is the fact that they hold ALL transfers (done through Tangerine online or through the Scotiabank ATM) for 5 business days. That’s well after my other bank account see the money being transferred, so I can’t quite figure out why or how they are allowed to do this. I am waiting for money to transfer for the down payment on a house (because I used their website like a moron) and now have to wait more than a week for the transfer as we just had the long weekend. They have told me on the phone they aren’t lifting the holds, and didn’t actually answer we I asked about getting the amount held reduced. I believe I read anything over a certain amount may be held, but I have transferred/ deposited varying amounts and they all seem to be held for a ridiculous amount of time (especially for an ‘online bank’ you’d expect them to be more ‘instant’ than 5 business days ?! I can mail a cheque quicker than that, even with the Canada Post strike!



  113. Pascal on July 6, 2016 at 9:38 am

    It is unfortunate but Tangerine is kind of a BIG SCAM… It says taht it is the 21st Century bank.. OK, I’ve got their mortgage and did a bank payment change… guess what! After almost 4 weeks… they are still taking the money from my OLD account. I’ve noticed them multiple times.. but they seems NOT to CARE!

    So 21st century bank… Hummm.. I don’t think so! I’m just looking for an EXIT strategy now. And I wouldn’t recommend this institution for serious people that are LOOKING for responsiveness when managing their money, mortgage or Portfolio!



  114. dale on July 8, 2016 at 6:33 am

    I was a long time ING customer, and shot time Tangerine customer. rather than give me the posted rate on a TFSA {2%}, The money was all ready in the account. Tangerine chose to close all accounts. Terable management at Tangerine and Scotia Bank.



  115. Karin on July 8, 2016 at 11:27 am

    I am closing my accounts with them as well. The hold on my own transferred money stuck in cyberspace for days is one of the reasons. They even put a fancy hold on your savings account if you transfer more than 5000 dollar. Applied for a creditcard after all these years of banking with them but together with an excellent credit score they didn’t think paying your bills on time and never having issues with insufficient funds would be good enough to carry their precious card. Being Dutch, I loved ING. Gave Tangerine a chance although I was disappointed by the takeover. I have PC for daily stuff and Credit Union account for excellent mortgage and that “personal touch” service. I am good . Bye Tangerine



  116. Syl on July 15, 2016 at 2:50 am

    I would suggest recording your conversations with Tangerine: could not communicate to get something written down, was only advise to call… It was to get the end date of my mortgage (my lawyer got different dates), and over the phone with Tangerine, was advised to pay out before my due date, which I informed my lawyer with the same info. Tangerine reviewed the call, but only said that both they and I did not do mistake and still charging me: was left to pay a few days 2 mortgages… Less than 50$ but Tangerine insisted charging me…. ING was much better than Tangerine for service satisfactory, it is definitely an hassle to deal with it, and if you do, as previously, I would recommend recording your calls. For mortgages, rates offered and reliable info, Tangerine is no more worth it!



  117. harrish on August 21, 2016 at 7:18 am

    I had sears master card since many years. Recently I received an mail that Scotia is going to close my account with no reason. When I called to their customer care, service was so bad that they did not even listen to me. This happened multiple times when I received bad service from banks in Canada. Banks have monopoly and government is not able to do anything, they simply suck blood out of common people. I would recommend anyone not to go to SCOTIA. BAD BANK.



  118. Sophia on October 13, 2016 at 10:47 am

    I hope Tangerine, gets the rewards program that Scotia Bank has with the Scene points. I will be more likely to use my Tangerine account.



  119. Jiny on October 24, 2016 at 5:11 pm

    I agree with a lot of the commenters here. Tangerine has good rates compare to my primary bank, TD. For TD I have to keep a minimum in my account to be eligible for a good credit card. The Tangerine credit card is pretty sweet, and it has no strings attached. The only downside about Tangerine is that their customer service needs improvement. It’s nearly impossible to speak to a real person. I have tried calling them a few times. They put you on hold and you have the option of getting a call-back, which is nice. But the thing is they hung up as soon as you pick up the phone. It happened more than once and I think the call center did it on purpose in order to meet some quota. It’s immensely frustrating. For this reason I stick with TD for dependability.



  120. Little Al on October 24, 2016 at 5:29 pm

    “they are going to be charging a fee to transfer funds out of your account with them of $45.”

    Chad, this is for transfers TO ANOTHER BANK.

    As to the dropping interest rates since ING have become Tangerine – rates have been dropping all over Canada.



  121. chamekke on December 2, 2016 at 5:19 am

    I would love to know which, if any, of Canada’s online banks offer JWROS accounts – joint with right of survivorship. Is this something you looked at? Are you aware of anyone who tracks this?

    My understanding is that JWROS is pretty rare in the online banking world. Unfortunately the banks’ sites don’t always mention whether this is available. For my husband and me, this would be a precondition to considering ANY online bank.

    P.S. I like this site, but as someone above said, it’s hard to know how reliable the information is when the articles are undated – even including the comments to them. (FWIW, this comment is being posted on 1-Dec-2016.)



  122. Kyle on December 2, 2016 at 2:09 pm

    Hello Chamekke – I didn’t come across this feature, but couldn’t you simply just list how you want your assets disposed of in your will? Tax-wise it shouldn’t make a difference as far as I’m aware? The problem with putting dates on anything is that no one will read anything more than a month old – even though the information is almost always relevant. Plus, we update these articles on an ongoing basis.



  123. Kate on December 2, 2016 at 4:39 pm

    I’m adding the date here ’cause it’s tough to know whether advice/info people are posting is current — (Dec 2/16) — we’ve been with PC Financial for years now and they are great. No complaints. The only fees I think we ever pay are Interac e-transfers and those are pretty standard. We use the accounts for in and out funds so interest rates don’t really matter. Great for a basic chequing acct to pay the bills!



  124. chamekke on December 3, 2016 at 12:08 am

    @Kyle

    Thanks for asking! High-level explanation: one advantage to a JWROS account is that when one account holder dies, the other has (= continues to have) ongoing access to that account, including the right to withdraw funds any time they like. The account isn’t frozen (as a sole individual’s account would be), it does not have to pass through the estate or go through probate. They are now the sole account holder, and they can dispose of the funds as they like. If your spouse is the other person on the account (my situation), you very much want them to continue to have immediate access to the funds in the event of your death.

    Of course, the catch is that JWROS relies on trust. You expect the other person to be honourable enough not to pull out all the funds on you and flee to Brazil 😉

    Last I heard, most if not all of the online banks didn’t offer JWROS accounts, so I’ve been reluctant to follow up further, but it sounds like it’s time, given how pathetic the interest on “high interest” savings accounts is at the big banks.



  125. Kyle on December 3, 2016 at 7:26 pm

    Ah, this makes sense chamekke – thanks for the info! So it’s not the tax advantage, but simple practicality. Have you tried negotiating this feature into an account? I don’t see why that would be impossible.



  126. Kyle on December 3, 2016 at 7:27 pm

    Thanks for the update Kate!



  127. Lisa on February 26, 2017 at 4:11 pm

    HATE HATE HATE Tangerine!!!! They were fine as long as I didn’t need access to my money, but then we bought a house and needed a deposit in 48 hours. I called to see what the best way to do it would be, happy to drive to the Tangerine Cafe or Scotia Bank (partner) to get a bank draft. I was told by a manager there is no way to access my money in time to make my deposit, but I could access SOME of it in time by email transferring my daily maximum to myself, and also taking cash out of the machine. I did exactly that and they immediately locked my account. I spent hours on the phone trying to get it unlocked, everyone said there was nothing they could do. What kind of a system is that? They lock my account for following their instructions and then there’s nothing they can do?! So we missed the deposit on our house, AND we are STILL (more than 1 month later) missing $3000 that was taken out as an email transfer but locked and not deposited into my account. They say it was deposited. It was NOT. So far I have wasted over 6 hours on the phone/chat with Tangerine with no resolution. Customer service is absolutely no help as nobody is ever able to do anything. How can this even happen??



  128. Kyle on February 28, 2017 at 10:24 am

    That’s a sad story Lisa. I hope by posting your comment here Tangerine will recognize that this is a problem. Did you try tweeting at them just out of curiosity?



  129. Lisa on February 28, 2017 at 3:09 pm

    Hi Kyle, thanks I hope so too. I didn’t try tweeting at them.



  130. Sal on April 10, 2017 at 12:58 pm

    Since Scotiabank took over, Tangerine has become less enticing to consumers. Wait time on the phone to get to customer service is long. Its interest for savings is even lower than some other financial institutions. Most recently, it has reduced the cash back for its credit card to 1/2 percent for most purchases.



  131. philippe on August 18, 2017 at 5:50 pm

    After many years , very pleased with INDIRECT, I am ABSOLUTELY DISCUSSED WITH TANGERINE.
    Spent hours, trying to take some needed money out of my account.
    Tried everything. – it seems all is done to block activity.
    no address – no e-mail. – no answer on the phone….
    what next ?

    real bad ! stay away from tangerine



  132. Ema on October 1, 2017 at 2:03 pm

    Hi guys
    What’s your take on the new Tangerine website? Personally, I hate it.
    More time needed to do what was so much easier before! While the appearance was redesigned…for kids?



  133. Kyle on October 2, 2017 at 1:59 pm

    I haven’t noticed too much difference truth be told Ema. Once I login to my platform hasn’t changed much?



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