Tangerine Bank – I am Loving it!

TangerineING Direct Canada has made the transition to Tangerine quite well and I am loving it. All the expectations you had with ING Direct Canada are still met under Tangerine. In fact, on June 2014 you will be able to use your Tangerine card through the ScotiaBank ABM Network to access over 4,000 ABMs. On September 2014, The EXCHANGE Network access will no longer be free. Your chequing account and all the free goodies are still available, you’ll just have to find the new ABMs from ScotiaBank. See Tangerine’s client card information.

Related: Tangerine – My Switch to NO Bank Fees

Some points to highlight!

  • The mobile app has gone through some minor improvements for usability I found. The mobile app inconsistencies have been fixed and it’s easy to use.
  • The web site has a new look but the features are pretty much the same.
  • I have tested the cheque deposit feature using the mobile app and it works quite well. It definitely saves me a trip to the ABM. (Cheques are not dead by the way …)
  • Money transfers between my financial institutions have never been easier. I don’t have to write cheques to myself and deposit them at another bank. I just transfer the money at no fees.
  • All accounts are now prefixed with Tangerine for simplicity
    • Tangerine Chequing Account
    • Tangerine Savings Account
    • Tangerine RSP Savings Account
    • Tangerine Tax-Free Savings Account
    • Tangerine US$ Savings Account
  • The Tangerine savings account still deliver a good 1.30%
  • The Whoops Protection is a great tool, you basically have a $250 overdraft protection for free if you cover it. This is the type of feature that makes me feel Tangerine is there to help me and not take every pennies it can from me.

I have not received my Tangerine bank card yet but I am sure it’s coming soon. After being setup with Tangerine, I started looking at automating my credit card payments. Another automation to simplify my banking. The intention is to have my credit card withdraw money from my Tangerine Chequing Account on the due date! Never have a late fee on your credit card again through automation!

I am curious to see what Tangerine will offer. I did write a post on what my Banking Utopia would be and I must admit that it’s getting close to it now. What I am REALLY REALLY missing from Tangerine to say goodbye to the other banks is a regular line of credit. What’s funny is that over the past few years, I have been moving away from ScotiaBank only to be right back in through the ING Direct acquisition. I move to RBC Direct Investing from ScotiaITrade, and then from ScotiaBank to Tangerine Bankt. Next on my list of decision will be my mortgage renewal. I am curious if Tangerine will compete heavily with ScotiaBank of if we are going to see the same rates and just the same over time …

Related: My Banking Utopia


I am fine with the acquisition, but as soon as I am back with fees, I will move institution again. It’s just plain and simple for me.

Readers: Do you have more than one bank account?

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13 Responses to "Tangerine Bank – I am Loving it!"

  1. Francois says:

    I have two bank accounts, one at Desjardins for all my banking and one at Tangerine that I use only for savings. I set up automatic savings to deposit money in Tangerine every paycheck. In January I transfer $5500 in my Disnat TSFA to buy stocks, and in April when I get my tax return, I transfer money to Disnat in my RRSP to max it out. On top of that, I make sure that some money is left in the Tangerine account in case of hard times (3 months expenses). (Disnat is the discount brokers affiliated with Desjardins).

    One feature that I would like your opinion on is their investment funds. They offer four mutual funds that are based on ETF. On fund would, for example, 40% DEX bond index, 20% TSX60, 20% SP500 and 20% MSCI EAEO. At 1.3% fee, this is lower than regular mutual funds but higher than if you buy ETFs yourself. The advantage I see is that you can automate this as well, and buy a small amount each month or each payday. This is an option that people like on mutual funds, and something you can’t do with ETF in your regular brokerage account (because paying the brokers’ fees of $10 is just too much if you can only save $100 or $200 at a time). I think this offers an option for people who already invest in mutual funds to switch to these lower fees fund.

    I also heard that some ScotiaBank funds or ETF would be available through Tangerine, do you have any news on that?

    And just out of curiosity, altought I find your article fair toward Tangerine, as a blogger, did you get a request from Tangerine, or any payment, to review them?

  2. Alan Wilde says:

    Virtual Brokers has been ranked number 1 two years in a row by the Globe & Mail. one cent per share up to $10 max. I’m trying to convivnce my wife to switch from TD and would like to see you cover this in a future post.

  3. Bernie says:

    I can’t imagine Tangerine being preferable to PC Financial! I’ve been extremely happy with PCF & can’t imagine switching.

  4. That’s cool. I wish we had tangerine bank too here in our country.

  5. Cheques aren’t dead and that Tangerine feature seems cool, although I only write 1 or 2 per year so it’s not a real benefit to switch.

    Money transfers with my bank are simple, they are just bill payments, no fees.

    Good highlights from this institution.


  6. dan says:

    How has your mortgage renewal gone? I have been happy with the customer service with ING/tangerine but I’m surprised at the mortgage rate difference between tangerine and what brokers are promoting.

  7. Simon says:

    I’m thinking of getting a Joint Tangerine Savings Account, but I’d like to understand how do you make transfers from your Dejardins account into you Tangerine Savings? Does Dejardins charge you a fee for moving money to Tangerine?

  8. LuxErus says:

    I am a bit late to the party, but why did you switch from iTrade to RBC direct investing? I currenty have accounts with TD and iTrade and I prefer iTrade. The main reasons are the look, the fact that you can easily transfer money from and to your checking accounts online (with TD you’re limited to TD accounts, otherwise you have to call) and adhere to DRIP online, plus it tracks capital gains (“realized gains” since technically they can’t know if you hold the stocks elsehwere) in a sound manner, all features that TD doesn’t have. I’m thinking of trying RBC since I’m already dealing with them on a few matters and I’d like to simplify my finances; do they do these things iTrade does?


    • @LuxErus

      I agree that ScotiaITrade has a nice interface. It’s Web 2.0 and the others are behind in that matter. The biggest issue with ScotiaITrade is that they don’t have a true USD / CDN dual currency account and they wanted to charge for that. RBC had some tools to compare against indexes and to evaluated sector exposure but that’s just icing on the cake for me.

      All in all, here are my requirements:
      – Dual Currency (MUST HAVE)
      – Low Cost (under $10 per trade, doesn’t have to be lowest)
      – Easy transfer (most bank discount broker want to tie you to their account …)
      – DRIP support

      In the end, over time many discount brokers catch up with each other so little will differentiate them until you need specific features such as options trading, technical indicators and such.

      All the best!

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