We’re revisiting our initial Tangerine vs. Scotiabank review to see if Tangerine has lived up to its promise as Canada’s premier online bank. However, if you’re looking for an in-depth comparison, the best place to see how Tangerine stacks up against its current online-only competitors is our Ultimate Guide to Canada’s Online Banks.
Tangerine MasterCard Blows Away the Competition
Tangerine Money-Back Credit Card
Tangerine has succeeded in making a big splash with its popular no-fee Tangerine Money-Back Credit Card. This credit card stacks up really well against Canada’s other no-fee cards and it is highly ranked by the experts. Check out our full Tangerine Mastercard review for more information.
Here’s how it works: at sign-up, applicants choose two of Tangerine’s money-back categories on which they want to earn 2% back in cash – an automatic monthly reimbursement that is applied directly to either their credit card account or deposited into their Tangerine savings. With the latter choice, users get a bonus third spend category at 2%—and users can change their categories whenever they want. All other purchases earn 0.5% cash back.
Another major bonus: Tangerine has an incredible, limited time welcome offer. New Tangerine Credit Card Account holders can earn 4% Money-Back Rewards on purchases in up to three Money-Back Categories of their choice, for the first three months. Apply before this promo expires on January 31, 2020!
At Young and Thrifty, we love the simplicity and flexibility of this rewards program and how it can be customized to suit your needs. There’s no worrying about rewards expiring or complicated rules about point redemption – it’s just simple, sweet, cash back right into your account.
- Annual Fee: $0
- Income Eligibility: $12,000
- Credit Score Required: Fair-Good
- Welcome Bonus: 4% Money-Back Rewards in up to 3 categories for 3 months when you apply by January 31, 2020.
- Additional Perks: Purchase Assurance and Extended Warranty
- Purchase APR:95% | Cash Advance APR: 19.95%
Excellent High-Interest Rate Savings Accounts
Big banks just can’t compete with Tangerine’s high-interest savings accounts. For one, Tangerine often throws out some great promotional offers, like a 2.75% interest rate for the first 5 months for new clients. After that, it’s a respectable 1.05% — which isn’t the best rate out there, but you can get a much higher rate with a GIC. With no fees, service charges, or minimum balance, Tangerine offers a slate of services that very few of its competitors can match, and once you set up an automated savings account, you’ll really grow your savings.
Tangerine Online Banking is Convenient and Easy
Since the get-go, Tangerine has truly been a leader in providing innovative online banking services to customers. For one, Tangerine’s “Cheque-In” offers an easy and fast way to deposit a cheque: simply snap a photo of the cheque with your smartphone or tablet, type in a few details, and you’re done – the cheque is deposited into your account. No line-ups or listening to annoying elevator music while on hold on the phone.
Tangerine was one of the first Canadian companies to embrace this method of online banking. It makes sense given the fact that they don’t have any brick-and-mortar branches. Instead, you can do all your banking from the comfort of your home or office. Using a computer, tablet or smartphone, you can manage your Tangerine accounts with a click of a button. You can review and categorize transactions, transfer and email funds, deposit cheques, or chat with a Tangerine Associates – all through your device. Its mobile app is also excellent and has challenged the competition to catch up over the last couple of years.
Fantastic Customer Service
While there’s no brick-and-mortar building to visit, Tangerine has earned the highest ranking in customer satisfaction among midsized banks in Canada for seven consecutive years, as well as the highest overall satisfaction ranking of any size bank in Canada. As far as banks go, Tangerine gets top marks for products and fees; communications and advice; account opening, and channel activities (online and mobile).
As mentioned above, there are many ways of getting in contact with a Tangerine Associate, whether it’s through an online chat session, a Twitter DM, or the 24/7 customer service line. If you’re applying for a mortgage, you can even do the entire application online. Getting in touch is that easy – and it doesn’t require queuing in a branch to talk to someone.
Tangerine has made its name for offering no-fee chequing and savings accounts with high-interest rates. They also offer low-fee, diversified investments for those clients with long-term financial goals. Whatever you choose, you’ll be saving big bucks by not paying monthly account fees.
One caveat: there are some charges for certain transactions. However, Tangerine’s fees are generally much lower than other major Canadian banks and similar to its online competitors. It’s not a deal breaker in our books.
Tangerine Bank may not be one of the biggest or best-known names in Canada right now, but they are certainly proving that they can compete with the big brands. Thanks to incredibly competitive credit cards, low fees, and high customer satisfaction, Tangerine Bank is quickly making a name for itself.