Tangerine Review

Is Tangerine’s product lineup truly as great as it seems to be? For many, the answer is yes, but it also depends on what you are looking for. There is no bank or credit union out there that is perfect for everyone, but some, such as Tangerine, can come close for many people with a number of their product offerings.

For an objective view, you can compare Tangerine’s chequing and savings to most other accounts across Canada via this Financial Consumer Agency of Canada account comparison tool. You can also compare Tangerine’s new cash-back MasterCard to those of the competition here in order to find out if it’s truly the best fit for you.

Here are the key features of some of their most popular products:

Tangerine Chequing Accounts:

  • No account fees.
  • No minimum balances to keep in your account (after initially opening one with at least $250 – which also allows you to get a $50 referral bonus by using orange key 16906774S1 when signing up).
  • Once you open an account, you will get your own orange key to refer others and earn $50 per referral.
  • You can get up to a $100 bonus once you transfer your payroll direct deposits to your Tangerine chequing account or set up an automated savings plan.
  • Free unlimited & instant transactions between Tangerine accounts.
  • Free unlimited ATM withdrawals and ATM deposits (at Scotiabank ATMs only).
  • Free unlimited Interac purchases.
  • If you open a chequing account, the first 50 cheques are free ($20 per booklet of 50 cheques thereafter).
  • The chequing account actually pays 0.15%/year (still a very meager rate, but much higher than most other chequing accounts).
  • One free stop-payment per month.
  • Free overdraft protection (as long as you cover any shortfalls by 11:59PM on the day the overdraft occurs: an e-mail notification is sent when an account is in overdraft).

Tangerine Savings Accounts:

  • No account fees.
  • No minimum balances to keep in your account (after initially opening one with at least $100 – which also allows you to get a $50 referral bonus by using orange key 16906774S1 when signing up).
  • Once you open an account, you will get your own orange key to refer others and earn $50 per referral.
  • Free unlimited & instant transactions between Tangerine accounts.
  • Competitive Savings accounts rate (current standard rate 1.20%/year but there are often special rates on new deposits once every few months).
  • New customers get 2.75% annualized for the first 6 months after opening a savings account (or TFSA or RRSP holding cash).

Tangerine Investment Funds:

  • Tangerine offers Mutual Funds with some of the lowest Management Expense Ratios (MERs) on the market (ranging from 1.08%-1.10%; including trading fees).
  • The Tangerine Mutual Funds can be held inside an RRSP, TFSA, RRIF, or a non-registered account.
  • You need at least $100 to first set up a Tangerine Investment Fund.
  • Subsequent deposits can be as little as $25 (either set up automatically on a regular basis or via manual transfers whenever you want).
  • When signing up, a questionnaire will help you choose the right balance & risk profile that best suits your needs.
  • Once you select one of the 5 Tangerine mutual fund portfolios, you “set it and forget it” since:
    • Dividends get automatically re-invested.
    • The portfolio automatically rebalances itself.
    • You can set up an automatic savings plan transferring money from your savings or chequing accounts on a regular basis, so that you keep on investing while focusing on what truly matters to you instead of having to worry about when to buy or sell a given investment.

Tangerine Cash-Back MasterCard:

  • The new Tangerine MasterCard is one of the best standard credit cards in the industry (click here to see how it stacks up to others).
  • Being a Tangerine product, it has no annual fee.
  • Free additional cards for other authorized users on your account.
  • 2% cash-back on up to 3 purchase categories (out of 10 different ones which can be changed once every month to best fit your lifestyle); 0.5% cash-back on everything else.
  • The accumulated cash-back is paid out monthly, no minimum requirements, making this one of the most liquid cash-back rewards cards on the market.
  • There is no annual limit to how much cash-back you can earn.
  • Free extended warranty of up to 1 additional year on purchases made with the Tangerine MasterCard.
  • Free 90-day purchase assurance, which automatically covers loss, theft, or damage, in excess of other insurance of goods purchased with the card.

You can use orange key 16906774S1 to get a $50 referral bonus when you open any new Tangerine account with at least $100 in it.