What is Tangerine Bank?
Tangerine, a subsidiary of Scotiabank, is an online bank; That said, it does not operate brick and mortar stores. Or at least they don’t call them branches. Tangerine has five “cafes” in some urban centers; two in Toronto, one in Montreal, another in Vancouver and Calgary. Otherwise, all banking transactions take place online at mandarine approx, with the Tangerine Mobile Banking App (available on the Appstore and Google play).
The fees or the lack of fees are still a big selling point for this bank, which are clearly outlined in an annual Time schedule. Some of the banking services are free, and the biggest selling point for many is that it is no monthly or annual fees. It is similar with investments. But more on that below.
Who Owns the Tangerine Bank?
Tangerine, originally known as ING Direct, was launched in Canada in April 1997. Launch of the country’s first high-yield, high-yield savings account. Scotiabank acquired the online bank in 2012 for $ 3.1 billion. And in 2014, the name was changed to tangerine.
Scotiabank, also known as the Bank of Nova Scotia and Banque Scotia, first opened on August 29, 1832. Scotiabank is one of the “Big Five”, the five largest banks in Canada, including the RBC, BMO, CIBC and TD Canada trust.
Tangerine Bank checking account
Mandarins Free daily checking account offers an interest rate of 0.05% to 0.15% with no daily check fees, which is a big plus. The transactions are free and unlimited, so you shouldn’t have any unexpected fees at the end of the month. You can also set up and sign up for pre-authorized payments and direct deposits for your paycheck Overdraft protection ($ 5 per use with opt-in, or $ 45 for insufficient funds without).
- Fees: No monthly or annual fees, but there are Charges for other serviceshow designs
- Number of Transactions: Unlimited
- Number of Interac-e transfers: Unlimited
- Debit card: Yes, unlimited free transactions, and it can be used at ABMs and used for direct debit purchases
- Checkbook: The first 50 checks are free; additional checkbooks are $ 50 each
- ATM network: Mandarin ABMs and Scotiabank’s Global ATM Alliance ABMs
- App: Yes
Compare Canada’s Best Current Accounts *
Tangerine Bank savings accounts
Tangerine offers five different savings accounts, including the savings account, the tax-free US dollar account, and the RRSP and RRIF savings accounts.
Tangerine savings account
Mandarins saving account is currently delivered with a fixed interest rate of 0.10% with a time-limited promotional interest rate of Snippet slug = tangerine-tax-free-savings-account-promo-in-line]for the first five months. There are no monthly fees or minimum credits.