This Tangerine review covers the fees, savings rates, credit cards and the wire-transfer gap that most reviews skip. Tangerine started in 1997 as ING Direct Canada, was bought by Scotiabank in 2012 and took the Tangerine name in 2014; it reports over 2.5 million clients across Canada. By the end you will know whether its no-fee chequing is worth the low posted savings rate and the missing wire service.
This page is general education, not financial advice. Worried about safety? Read Is Tangerine Safe?.
Tangerine review at a glance
| Feature | Fee |
|---|---|
| Chequing monthly fee | $0 (better on this row) |
| Minimum balance | None (better on this row) |
| Interac e-Transfer | free (better on this row) |
| Debit purchases and bill payments | Unlimited, no fee (better on this row) |
| ABM withdrawal (Scotiabank or Global ATM Alliance) | Free (better on this row) |
| ABM withdrawal (other, in Canada) | $1.50 |
| ABM withdrawal (other, US and worldwide) | $3 |
| Foreign currency conversion (debit) | 2.50% |
| Chequebooks | first book of 50 cheques free, then $50 per chequebook |
| Stop payment on a cheque | 1 free per year, then $12.50 each |
| Canadian draft | $10 (courier included) |
| Wire transfer (incoming) | Not offered |
| Wire transfer (outgoing) | Not offered |
| RSP transfer to another institution | $50 |
| Money-Back Credit Card annual fee | $0 (better on this row) |
| Money-Back World Mastercard annual fee | $0 (better on this row) |
Sources: Tangerine Bank Fee Schedule, Tangerine wire-transfer help page and credit card pages, checked October 6, 2026.
YieldMaple checked Tangerine’s fee schedule on October 6, 2026: the Chequing Account has a $0 monthly fee with no minimum balance, and Interac e-Transfers are free. Debit purchases and bill payments are unlimited at no charge. The Money-Back Credit Card and the Money-Back World Mastercard both have a $0 annual fee.
What does Tangerine offer?
Tangerine offers chequing, savings (including TFSA, RSP, RIF, US-dollar and children’s accounts), GICs, mortgages, lines of credit, mutual funds and three credit cards. Few Canadian no-fee banks cover that much:
- Chequing account: no monthly fee, unlimited everyday transactions, free Interac e-Transfers
- Savings accounts: a posted rate of 0.30%, with new-client promotional rates
- GICs: terms from 90 days to 5 years (see Tangerine GIC rates for today’s rates)
- Mortgages, HELOC and lines of credit: applications handled by Tangerine directly
- Tangerine Investment Funds: index-style mutual fund portfolios
- Credit cards: the Money-Back Credit Card, the Money-Back World Mastercard and a Rewards World Elite Mastercard
EQ Bank focuses on savings and GICs, KOHO on spending, and Wealthsimple on investing with banking attached. Tangerine sits closest to a traditional bank without branches.
What fees does Tangerine charge?
Tangerine charges nothing for everyday chequing: no monthly fee, no minimum balance, and free e-Transfers, debit purchases and bill payments. Fees apply only to less common services, listed in the table above.
The fees most people run into are ABM and currency charges. Withdrawals are free free at 3,500+ Scotiabank ABMs in Canada and 44,000 Global ATM Alliance ABMs worldwide. Other ABMs in Canada cost $1.50 per withdrawal, and non-Alliance machines in the US or elsewhere cost $3. Debit purchases in a foreign currency carry a 2.50% conversion fee.
Paper-based services cost extra. Chequebooks are first book of 50 cheques free, then $50 per chequebook, a stop payment on a cheque is 1 free per year, then $12.50 each, and a Canadian draft is $10 (courier included). Moving an RSP to another institution costs $50.
Does Tangerine do wire transfers?
No. Tangerine’s help centre says it does not offer wire transfer services, including sending and receiving, and its fee schedule has no wire fee because the service does not exist. Earlier versions of this review listed wire fees; those rows were wrong and have been removed.
That matters for three common situations: a large payment such as a home closing, money coming from an employer or family abroad, and sending money to another country. Each has a workaround.
How to send a large payment from Tangerine without a wire
Inside Canada, Tangerine’s closest option is a Canadian draft for $10 (courier included). Ask the recipient (for example, a real estate lawyer) whether a draft is accepted and how many days before closing it has to arrive.
The other route is to move the money to a linked external account at a bank that sends wires. In the Tangerine app this is Move Money → Transfer money; on the website it is Transfer Money in the top-right corner. The other bank has to be linked as an external account first. Wealthsimple Chequing, for example, charges $15 per outgoing domestic wire.
Can you receive a wire transfer at Tangerine?
No. Tangerine does not accept incoming wires from inside or outside Canada, so a sender who only offers wires needs different account details. Common options:
- Receive at another bank, then move it. Wealthsimple Chequing charges $0 — incoming wires are free to receive wires. Once the money lands, move it to Tangerine with a linked-account transfer.
- Receive through Wise. Wise gives you local account details to receive money in 22 currencies; receiving a US-dollar wire or Swift payment costs US$6.11 per payment.
- Ask for a different payment method. Canadian payers can often use direct deposit or Interac e-Transfer, and Tangerine typically does not hold direct deposits (such as payroll), Interac e-Transfer transactions and some mailed-in federal government cheques.
Timing matters with money from abroad. Tangerine usually holds cheques, drafts and other instruments for up to 5 business days, and deposits from outside Canada can be held for up to 30 days. Funds on hold still earn interest.
Sending money abroad from a Tangerine account
For international transfers, a service such as Wise pulls money from your Tangerine account and delivers it abroad. Wise’s sending fee is from 0.19% and varies by currency. On a transfer of $5,000, that is a fee from $9.50. Compare that with the 2.50% Tangerine adds when you spend in a foreign currency with its debit card.
| Feature | Tangerine | Wealthsimple Chequing | Wise |
|---|---|---|---|
| Receive a wire | Not offered | $0 — incoming wires are free (better on this row) | US$6.11 per payment (USD wire) |
| Send a domestic wire | Not offered | $15 per outgoing domestic wire | Not a wire service |
| Large domestic payment | $10 (courier included) | $15 per outgoing domestic wire | — |
| Send money abroad | Not offered | — | from 0.19% (better on this row) |
Sources: Tangerine wire-transfer help page and fee schedule; Wealthsimple fee pages; Wise pricing. Checked October 2026.
If wires are a regular need, a second account with an institution that handles them saves the detour. For a side-by-side of the two apps, see Wealthsimple vs Tangerine and Wealthsimple vs Wise.
Is the Tangerine Money-Back Credit Card worth it?
For spending concentrated in a few categories, yes: it pays 2% in two categories you choose (three if rewards go to a Tangerine Savings Account) and 0.5% on everything else with a $0 annual fee.
- Categories to choose from: grocery, restaurants, gas, entertainment, furniture, hotel-motel, drug store, recurring bill payments, home improvement, public transportation and parking, e-games, fitness and sports clubs, and foreign currency spend
- Changing categories: allowed every 90 days
- Cash back paid monthly to the card balance or a Tangerine Savings Account (the savings option unlocks the third 2% category)
- Money-Back World Mastercard: $0 annual fee, adds mobile device insurance (up to $1,000 of coverage) and rental car damage and theft protection
The catch is the 0.5% rate on everything outside your categories. For spending that is spread widely, a flat-rate card earns more; the Wealthsimple credit card, for example, pays 2% on every purchase. The full breakdown is in the Tangerine Money-Back Mastercard review.
Tangerine vs EQ Bank, Simplii and Wealthsimple
| Feature | Tangerine | EQ Bank | Simplii | Wealthsimple |
|---|---|---|---|---|
| Posted savings rate | 0.30% | 1.50% (better on this row) | 0.30% on balances up to $50,000 | 1.25% |
| Higher rate on offer | 4.50% new-client promo | 2.75% with payroll deposits | 4.60% new-client promo | 1.75% with $100,000+ in assets |
| CDIC coverage | up to $100,000 per name registration (principal and interest combined) | $100,000 per insured category, per depositor | a trade name of CIBC, which is a CDIC member | up to $1 million, because funds are spread across up to 10 CDIC member institutions (Wealthsimple itself is not a CDIC member) |
| Wire transfers | Not offered | — | — | Incoming $0 — incoming wires are free |
Sources: provider rate and fee pages as listed in the YieldMaple rate catalog, checked September 2026.
EQ Bank’s base rate of 1.50% is five times Tangerine’s posted 0.30%, and Wealthsimple Chequing pays 1.25%. Simplii’s regular savings rate is 0.30% on balances up to $50,000. Tangerine’s new-client promotion of 4.50% beats all of those everyday rates for 153 days (about 5 months), though Simplii’s own new-client promotion is slightly higher at 4.60%. Wealthsimple is not itself a CDIC member; its Chequing balances are covered up to $1 million, because funds are spread across up to 10 CDIC member institutions (Wealthsimple itself is not a CDIC member). See Tangerine vs Simplii for the closest head-to-head.
What a promotional rate is worth
A worked example on a deposit of $10,000 that qualifies for the full promotion, using simple interest:
- At the 4.50% promo rate for 153 days (about 5 months): about $188.63
- At the posted 0.30% for the same 153 days: about $12.58
After the promotion ends, the money earns the posted rate again. That is why the promo is a sign-up perk rather than a long-term rate.
Where does Tangerine win?
Tangerine wins on no-fee everyday banking backed by a big-bank parent:
- Scotiabank ownership. Tangerine is a CDIC member in its own right (a wholly owned Scotiabank subsidiary).
- Free ABM network. Withdrawals are free free at 3,500+ Scotiabank ABMs in Canada and 44,000 Global ATM Alliance ABMs worldwide, which EQ Bank cannot match.
- Money-Back cards. No annual fee and 2% in two categories you choose (three if rewards go to a Tangerine Savings Account) and 0.5% on everything else.
- Joint accounts. Tangerine allows up to 4 people on a non-registered Savings Account or GIC, and up to 2 on a Chequing Account.
- New-client savings promotions. 4.50% on savings or 5.00% on TFSA, RSP and RIF savings, for new clients whose Client Number is created between July 28 and November 30, 2026.
Where does Tangerine fall short?
Tangerine falls short on its ongoing savings rate, investment fund costs and wire transfers:
- Posted savings rate. Once a promotion ends, money earns 0.30%.
- Investment fund costs. Tangerine’s Core Portfolios charge a 0.80% management fee and the Global ETF Portfolios 0.50%, plus a 0.15% administration fee. Self-directed index ETFs usually cost less each year.
- No wire transfers. Neither incoming nor outgoing, as covered above.
- Foreign deposits wait. Deposits from outside Canada can be held for up to 30 days.
Is there a Tangerine sign-up bonus right now?
Yes, three offers were live on October 6, 2026. New chequing clients can get $250 for switching payroll deposits of at least $200 a month, for new clients whose Client Number is created between May 1, 2024 and October 31, 2026, who open a Tangerine Chequing Account within 60 days and set up payroll direct deposit within 60 days of opening it.
- Money-Back Credit Card: 10% cash back for 2 months (up to $100), for applications by November 30, 2026
- Money-Back World Mastercard: $120 after $1,500 in purchases in the first 3 months, for applications by November 30, 2026
Tangerine can change or cancel these offers at any time, so confirm the terms on tangerine.ca before applying.
Editorial pick
Tangerine
Who is Tangerine a good fit for?
Tangerine fits people who want free everyday chequing from a Scotiabank-owned bank and do not need wires.
Pick Tangerine if:
- You want a CDIC-member bank with no monthly fee and no minimum balance
- Your card spending fits two or three of the Money-Back categories
- Free Scotiabank and Global ATM Alliance ABMs matter to you
- You want banking, a credit card and a mortgage under one login
Pick another bank if:
- You send or receive wire transfers
- A high ongoing savings rate matters more than a short promotion (compare the best high-interest savings accounts in Canada)
- You want low-cost self-directed ETF investing (see our complete Wealthsimple guide)
The verdict
Tangerine is a solid full-service no-fee bank with strong parent backing. Chequing costs $0, e-Transfers are free, and the Money-Back Credit Card is one of the better no-fee cards for category spenders.
The weak spots are the posted savings rate after promotions end and the complete lack of wire transfers. Because the Money-Back card has no annual fee, it can be held alongside savings at a higher-rate bank; the two do not depend on each other.
Read next
- Tangerine vs Simplii: head-to-head no-fee bank comparison
- EQ Bank review: higher everyday savings rate
- Wealthsimple vs Tangerine: investing app vs no-fee bank
- Best Canadian credit cards 2026
- Best high-interest savings account in Canada