ING 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.
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 website 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 penny it can from me.
I have not received my Tangerine bank card yet but I am sure it’s coming soon. After being set up 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 Scotia iTrade, and then from ScotiaBank to Tangerine Bank. Next on my list of decisions 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.