Never A Better Time To Open A Tangerine Bank Account

Tangerine Client CardAs a PC Financial customer for about 15 years now, I've been taking advantage of no-fee virtual banking pretty much since it first became available in Canada.

It's been fantastic.

I've enjoyed no monthly account fees and unlimited free cheques for that entire time along with earning much higher interest rates on savings than what is offered by the big Canadian banks. No complaints here!

All the while there has been another no fee banking competitor out there: ING Direct.

I'd always known about them, but their value proposition was never great enough for me. However, they were acquired by Scotiabank in 2012, changed their name to Tangerine, and upped their value proposition just enough that I took the plunge and opened my first account in 2014.

Here's My Orange Key: More25

Up To $125 In Bonuses + 2.4% Interest For Opening Free Accounts

One of the main reasons I decided to open a Tangerine account was because they were giving away up to $150 in cash bonuses for opening new accounts, as part of their rebranding effort to entice new customers.

Right now, they still have good sign up bonuses with up to $125 in cash bonuses and a great introductory interest rate on savings accounts:

2.4% Interest + $25 With A New Savings Account

If you open one of their free savings accounts and deposit they will give you a whopping 2.4% interest rate for 6 months. If you set up an automatic savings plan (ASP) to automatically transfer a minimum of $100 per month into your savings account for 6 straight months, they will transfer a $25 bonus into your account. You can set up a free EFT link between Tangerine and your existing chequing accounts at any bank if you want to keep using your existing chequing account.

$75 With A New Chequing Account

If you open a free chequing account in addition to a savings account you can get an additional $75 bonus when you switch your payroll direct deposits to Tangerine. If you don't want to keep your payroll going there, you can always switch it back later.

$25 Orange Key Bonus

Finally, if you use the Orange Key of an existing customer you will get an extra $25 bonus.

Once you have an active account, you can then refer your friends, family, and acquaintances for additional bonuses using your own orange key. My Orange Key is More25, if you want to use it to get started.

Open A Savings Account: Click Here

Open A Chequing Account: Click Here

Tangerine vs. PC Financial

I have to admit the sign up bonuses and interest rate promotions didn't hurt, but Tangerine has some other advantages (and disadvantages) over PC Financial.

Access To Scotiabank ATMs

Tangerine has access to the entire network of Scotiabank ATMs. While President Choice Financial's ATMs are located inside Superstore and also share CIBC ATMs.

Free Email Money Transfers

Tangerine has their own system for transferring money by email. This is different than the standard Interac email money transfer, which they also offer for a $1 fee. Both options are very appealing to me because I do often have to send money by email and dropping the fee for that will be nice. Even if I do have to do an Interac EMT for some reason, the $1 fee is still less than the $1.50 that PC Financial and most other banks charge.

Cheque Deposits By Picture

Update: PC Financial now offers mobile cheque deposits as well.

I'm a busy guy and I really hate going into the branch, hence my love for virtual banking. I also hate going to the ATM if I can avoid it. Since I pay for all my purchases using a rewards credit card, I rarely need to withdraw cash. However, I still receive a decent number of cheques which forces me to visit either the branch or an ATM now and then.

Related: Stop Using Your Debit Card Canada!

Tangerine offers mobile cheque deposits simply by snapping a picture of the cheque using their mobile app on your smartphone. What a time saver! Now I can just snap a picture anytime and anywhere and the money will quickly show up in my account. I just have to destroy the cheque when they tell me to by email and I'm all done. Now that's convenience!

Competitive Interest Rates

There are smaller banks and credit unions out there that offer higher interest rates than both Tangerine and PC Financial, but their service typically isn't as convenient. Tangerine's rates are typically as good as or better than PC Financial.

A few years ago, the big banks didn't come anywhere close on savings account rates but they were eventually forced to stop bleeding people completely dry when they started losing customers in droves to virtual banks due to their much higher interest rates. Fortunately, rates are still higher with Tangerine, but the margin is much smaller than it used to be.

Good Mobile App

I'm starting to bank on my phone more and more often. PC Financial has a good mobile app, but, as I already mentioned, the mobile cheque deposit that Tangerine has is definitely a big winner for me.

Easy Account Opening

It's super easy to open an account with Tangerine. I hate going into a branch to sign up for an account and PC Financial even requires you to go into their Pavilion to open a brand new account or wait up to 3 weeks with lots of different steps to get the account approved and opened entirely virtually.

Related: US Dollar Bank Accounts At Canadian Banks

With Tangerine, all you have to do is fill out a simple form online and then use the mobile cheque deposit to make your first deposit from another Canadian financial institution and your account is up and running within a day or two. It actually shocked me how easy it was. I was very pleasantly surprised!

Instant Transfers Between Tangerine Accounts

One annoying feature of PC Interest Plus Savings accounts is that transfers out of your savings to your chequing account aren't instant and require one business day to process. Sometimes you just need access to your money NOW, am I right? With Tangerine, transfers between savings and chequing accounts are instant.

Cheques Aren't Always Free

The biggest disadvantage Tangerine has over PC Financial is that only the first book of cheques is free whereas they are always free with the latter. However, if you do need to reorder cheques, they sell them at a very reasonable price of $12.50 which is much lower than the $40+ that the big banks typically charge.

All Else Is Basically Equal

Everything else is basically the same between the two virtual banks as I outlined in my no-fee banking article. You can check it out if you want to know what else to expect.

My Experience So Far

My experience with Tangerine started off really well with quick account opening process that just blew my socks off because opening accounts is usually such a slow process when done online.

From there I was immediately impressed with the mobile cheque cashing process and the fact that they used it as part of the account opening process. The free email transfers are also really great and the reduced $1 price for Interac transfers is also a nice feature.

The mobile app has been a real time saver. I think I actually like the PC Financial mobile app layout slightly better, but I really like the full disclosure they give in the Tangerine app. They make sure you are aware of any security risks and they provide a very secure process for logging in.

The link created between my PC account and my savings account with Tangerine has been very useful as well. I love that a link is automatically created between the two accounts when you open a new account and you can then transfer funds back and forth between those accounts with a couple of clicks.

If things continue on this way, I'll probably stick with them for quite some time but I'll definitely keep my President's Choice Financial accounts open just in case I want to switch back or a good interest rate promotion comes along.

Update: I've now been with Tangerine for about 2 years and I couldn't be happier. I ended up using the account mostly for business transactions so I could keep them separate from my personal transactions. In addition, I took advantage of higher interest rates on my savings by opting into their regular interest rate promotions. No hiccups yet.

If you want to open your own account - click here.

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Ruth's picture
I'm also a PC customer who opened a Tangerine account for pretty much exactly the same reasons :D I just wanted to let you now that the maximum bonus right now is $150, not $175. I got a 25$ bonus for using someone's orange key, but the bonus for opening a chequing account was reduced down to $25 too. The savings bonus was still $50, and I haven't transferred my pay yet.
April 29, 2014 @ 12:52 pm
Stephen Weyman
Stephen Weyman's picture
Thanks for the heads up Ruth. I checked with Tangerine directly just now and confirmed that you will always get the highest bonus possible if you combine using an Orange Key with a current special promotion, but you will not get the extra $25 I was hoping for. The person referring should still get their $25 bonus so it is still good to use an Orange Key with friends and family in that way. Updated the article to reflect this.
April 29, 2014 @ 7:21 pm
Stephen Weyman
Stephen Weyman's picture

UPDATE: This article has been updated as of 2016. Please keep in mind that some of the older comments - especially the ones discussing specific promotions - may be out of date. All the information in the main article is current though.

March 16, 2016 @ 1:00 pm
Gesundt Haijt
Gesundt Haijt's picture

I've been with Ing/Tangerine since 2008. It was better eight years ago than it is now. I can't seem to get a straight answer from Tangerine whether or not it is still necessary to keep an external account with one of the big five banks. Tangerine, as you've mentioned has chequing accounts now, and just today I ordered my credit card. Its MasterCard instead of Visa, so I will have to see how that goes. Once the card arrives I'd like to close out my 41 year affiliation with the Royal Bank and just go exclusively with Tangerine..That $4 per month fee from the Royal just burns me.

Remember the old TV ads? "Minimum deposit required just for the privilege of getting the best interest rates- are you kidding me?" Well once Ing/Tangerine offered chequing accounts, guess what? There are different rates for different account balances. I think though, that since the takeover by Scotiabank, we will see more and more fees creep in - especially as new services are offered. I think that was the whole idea behind the big bank buying the little bank - to slowly wrap it up and get back to gouging customers for every transaction they make.

April 20, 2016 @ 6:30 pm
Stephen Weyman
Stephen Weyman's picture

They do operate fairly independently, but you are right that they will probably deteriorate slowly over time. I don't see why you would need to keep an account with RBC at all. Can you not open a Tangerine account without having another chequing account already - I haven't actually looked into that.

April 22, 2016 @ 11:12 am
Frank's picture
Nice article Stephen.. A couple quick comments (or complaints) about Tangerine's service: 1) There is no ability to send an international wire transfer 2) For USD-saving accounts, it isn't possible to deposit physical cash into your account. You can only transfer US-dollars in from another bank that is linked So for some us it isn't possible to go virtual completely.. I certainly hope they fix these gaps very soon (especially now they're owned by Scotia, which has a strong global foot-print)
April 29, 2014 @ 5:53 pm
Stephen Weyman
Stephen Weyman's picture
Good information, thanks Frank. These are two things that I don't see myself needing to do very often but I do maintain two no-fee accounts with RBC for whenever I need a real bank. I have a US dollar savings account with them as well as a no-frills Canadian chequing account which I never use.
April 29, 2014 @ 7:23 pm
Gesundt Haijt
Gesundt Haijt's picture

No fee accounts with RBC? I didn't think that was possible.

April 20, 2016 @ 6:34 pm
Stephen Weyman
Stephen Weyman's picture

One is a USD account, which had no fee at the time I opened it. The other is some sort of savings or chequing account that I rarely use. If I use it, the fees start to pile on quick, but if you do minimal or electronic transactions, then there are no fees. Can't really remember the details because I just avoid using it. However, I was surprised it remained with no monthly fee after they announced rate hikes.

April 22, 2016 @ 11:14 am
Don's picture

Hi Frank, so your saying that I can't transfer funds into the Tangerines Chequing account from overseas? By any chance from your knowledge, have they changed this?

Thanks and have a good one!

January 07, 2015 @ 1:26 am
Stephen Weyman
Stephen Weyman's picture

According to what I'm reading online, they used to accept wire transfers and just not let you send one. Now, it appears that they don't allow wire transfers of any sort. You may want to call them to confirm this because I wasn't able to find any reference to this restriction on their site.

January 07, 2015 @ 10:30 am
John's picture
I have had PC forever, Tangerine has nice sign-up bonus but did not see anything other than that to switch. PC ATMs are convenient access for me (CIBC machines) and I have very few cheques to ever deal with. I am only working on my second book of cheques, so reorder cost is minor issue. I live near a border city so the US account would be nice. I have asked PC about it and they say they are not going to offer it because it is only the limited number of border cities that have any demand for it. For US I use CIBC as a savings account for now, 0.75 per withdrawal transaction or free cheque cashing. I basically use it to pay my BMO US credit card, which is $30/year, or $0 if I spend over $1000/year (no problem).
May 02, 2014 @ 9:48 am
Stephen Weyman
Stephen Weyman's picture

Not everyone will want to switch for sure. But the sign up bonuses, interest rate promotions, cheque image cashing and ATMs really close to me was enough.

May 02, 2014 @ 7:16 pm
Chris's picture
In the coming weeks if not already Tangerine is switching to Scotia ABMs, this also grants you access to the Global ATM Alience of which Scotia is a part of. This means no sur charges even using a Bank of America ATM. Tangerine also offers a above average USD exchange rate. Big banks have 6 cent bid/ask spread Tangerine is only 3 cents. While they do not offer USD chequing they do offer USD saving which probably has better rate than CIBC. When ever I send money between accounts at Tangerine it always gives me the option to send in USD if the account supports this. This gives me Tangerine amazing exchange rate.
May 28, 2014 @ 2:05 am
Stephen Weyman
Stephen Weyman's picture
Yes, the exchange rates at the big banks if you don't receive any sort of discount is abysmal. Definitely great to get better rates at Tangerine!
May 28, 2014 @ 9:57 am
Alessandro Zamai
Alessandro Zamai's picture
I have used Tangerine since they first opened the Thrive checking account through ING Direct here are some of the cool features I've noticed: Some big perks for travelers are that you are able to use your debit card anywhere in the world without ANY fees! Whoops Protection ($250 overdraft) is provided free of charge as long as you top your account up to be above $0 before hitting 30 days of being at a negative balance. 1 Free stop payment request per year.
May 02, 2014 @ 10:45 am
Stephen Weyman
Stephen Weyman's picture
Yes, I forgot to mention those things and they are some pretty significant perks as you say. I have overdraft with PC which is reasonably priced, but the fact that Tangerine offers it free is really great. The debit card worldwide with no fee is really nice too. You must have to pay the fee to the foreign bank though still right? I would assume only Tangerine's portion of the fee would be free and you'd have to still pay the foreign bank ... or does Tangerine cover that entire cost. Definitely a money-losing proposition for them if they do!
May 02, 2014 @ 7:18 pm
Peter's picture
Can you provide a link to show where it says the debit card worldwide has no fees? All I see on Tangerine's site, is that it's free to use ABMs as long as it's a Scotiabank or part of the Exchange Network (which I think only exists in Canada?). I can't see where it says ABM fees are free in other parts of the world. From the chequing account page that describes all the features, it says "Other ABM withdraws" are $1 in Canada and $2 in the US/Worldwide.
May 05, 2014 @ 12:46 pm
Stephen Weyman
Stephen Weyman's picture
It appears the comment about no fees at foreign ATMs is incorrect. I found the fees table for the chequing account and it indicates that fees for ATMs not part of Scotia or Exchange are $2. Once exchange goes away later this year, there will be fewer options. Other ABM withdrawals (not a ScotiaBank ABM or part of THE EXCHANGE® Network ) - In Canada $1 Other ABM withdrawals (not part of THE EXCHANGE® Network ) - In the US / Worldwide
May 07, 2014 @ 12:44 pm
Jose Vargas
Jose Vargas's picture (1)Tangerine will waive the International ABM Access Fee and Global ATM Alliance members will waive any terminal convenience or usage fees for any withdrawal transactions performed at Global ATM Alliance machines with your Tangerine Debit Card. “Free Access” does not apply to Scotiabank ABMs in Colombia and Panama.
May 11, 2014 @ 11:35 pm
Stephen Weyman
Stephen Weyman's picture
I stand corrected. Very good to know!
May 12, 2014 @ 1:06 pm
Kim's picture
Another advantage is that Thrive doesn't have an exchange rate surcharge on foreign withdrawals. Most banks (RBC for sure) and credit cards have a 2.5% rate surcharge on all foreign currency transactions. However, today I am annoyed that they don't do international wire transfers.
August 25, 2014 @ 10:35 am
Peter's picture
All the bonuses aside, one promotion that attracted me was the 2.5% interest rate on all new deposits. (It drops back down to 1.3% after June 30th) PC currently has this exact same promotion. However since all my savings was already in PC when the promotion started, that 2.5% didn't really apply to most of my savings. But by opening a new Tangerine savings account, I can move my entire savings over to Tangerine from PC and earn that 2.5% on all of it. I figure, the next time PC holds a 2.5% promotion (and they do do this every now and then) on new deposits, I'll just move the savings back the other way.
May 02, 2014 @ 3:42 pm
Stephen Weyman
Stephen Weyman's picture
Yes, that's an excellent point. I have a post scheduled to be published on Tuesday next week that basically describes word what you've said here exactly (only with a few more words and details). I am going to be executing this very same strategy.
May 02, 2014 @ 7:14 pm
erin c
erin c's picture
Do you know if you have to leave the entire $250 deposit in the account, and if so for how long? thanks!
May 03, 2014 @ 2:59 am
Stephen Weyman
Stephen Weyman's picture
There is no time limit specified in the terms in conditions. It only says that the bonus will be credited within 30 days. I got my bonus within a couple of days. I take that to mean that you are fine to withdraw the funds as soon as you receive your bonus if you have another place you want them to be.
May 03, 2014 @ 2:28 pm
Susan's picture
Hi I opened a savings account on Sat, using your Orange Key, and got a bonus of $25, not the $50 you had suggested would occur. Comments? I plan to open a chequing account too, but disappointed in the lower bonus (though how to complain much about free money!) Thanks,
May 06, 2014 @ 8:59 pm
Stephen Weyman
Stephen Weyman's picture
I originally stated in this article that total bonuses would be $175 if you took advantage of everything and got referred by me. After one of the above comments, I confirmed with Tangerine that you don't get the extra $25 for being referred. So in your case, you will get $25 for being referred and they will credit you with another $25 to make up the total $50 credit. There is likely a short delay on the second $25 credit whereas the referral credit gets credited right away. So you should still get $50 for the savings account. When you open the chequing account, you should get a single $50 bonus for that. Just make sure you deposit the required $250 in all accounts. Hope that helps!
May 07, 2014 @ 10:55 am
Arun's picture
Thanks for the great article. Does anyone have experience ordering a Bank draft or money order with Tangerine? I know that for PC choice it takes about 24 to 48 hours and costs around $30, is Tangerine comparable?
May 12, 2014 @ 10:33 am
Sunny's picture
I have just ordered a bank draft from Tangerine. It was a slow process. The draft itself cost $10. You order it online and then choose to either get it couriered to you or pick it up at a Tangerine Cafe. Both options take at least 2 to 3 business days. The only way to get your bank draft faster is if you happen to live in Toronto and can pick it up at their head office in North York.
May 13, 2014 @ 11:32 pm
em's picture
Yup. To add to that, the closest thing to a "same-day" bank draft is: order online in the morning (I've been advised over the phone to do this *way* before noon), and pick it up between 2pm and 5pm at the head office: 3389 Steeles Ave. East Toronto, Ontario M2H 3S8 Tel: 416-758-5344 Hours of operation: Monday - Friday: 8:00 am - 5:00 pm Saturday: 10:00 am - 3:00 pm Sunday: Closed ref:
June 17, 2014 @ 1:04 pm
Stephen Weyman
Stephen Weyman's picture
Thanks for this extra information. Bank draft has been one of the only things that makes virtual banking a little less convenient than a bricks and mortar bank. Fortunately, planning big purchases ahead of time is usually the norm so with a little planning it doesn't end up being a big issue.
June 18, 2014 @ 2:30 pm
khan's picture
After opening an account How can I switch my payroll to tangerine bank? Please tell me step by step.thanks
May 13, 2014 @ 9:34 pm
Stephen Weyman
Stephen Weyman's picture
The typical process is to take one of your Tangerine cheques and write a big "VOID" on it. This is called a "void cheque". You then take this void cheque to your payroll department and tell them you want to have your pay deposited into this new account. Relatively simple and painless for most people.
May 14, 2014 @ 12:35 pm
Welkie's picture
Actually, you don't even need to wait til you've received your first set of cheques to get direct deposit info. Go to the "Switch to Tangerine Chequing" area of online banking. Here's a URL if you can't find it, go here *after* logging in: Here is what you'll see: Click on the link I've highlighted saying "Print one now!" You'll get a digital void cheque mockup containing your routing info. You can read your info off of this (to submit to CRA My Account etc), email it to an employer, print it out and hand it to an employer, etc. Where I've highlighted on the cheque that's missing my account number that I've removed, you'll see your account number.-
May 15, 2014 @ 8:51 pm
V's picture
Is there a penalty for withdrawing from your savings account? I know the big banks don't let you transfer money directly out (you have to transfer to chequing first)
May 14, 2014 @ 4:36 pm
Stephen Weyman
Stephen Weyman's picture
No, there is no penalty for this. With Tangerine you can ONLY have a savings account if you want. In that case, the only place you could transfer the money would be to an account at another financial institution. This is directly supported via their web interface and there is no fee for doing so.
May 15, 2014 @ 10:09 am
Cody's picture
Hey, I tried opening a Tangerine savings and chequing account, but I am unable to. Sadly, I was unaware you needed to write a cheque out to yourself in order to open an account (the flyer that came in the mail had no such mention). So I have already closed my bank account at BMO, which they said I 'wasn't allowed to do' but I finally was able to close it, so I doubt they will temporarily re-open it so I can write myself a cheque. Bmo charged me $10/month, and an additional $1 whenever I wanted to put money into, or out of, my savings account. Anything I did, had a fee. If I used the teller more than twice a month, it was $5 per visit (even to pay off my credit card!). I'll either sign up to PC or RBC I guess. RBC is $4/month, and I would have 10 transactions per month (unlimited transfers between accounts with online banking). Paying $4 for them to keep my money seems lame, but what can you do. I know PC is pretty much free, but there was a couple things with them I wasn't too sure about. I would appreciate your thoughts and comments :)
May 15, 2014 @ 3:26 pm
Welkie's picture
I would get the help of a friend you trust to simply write you a cheque if you hand them over some cash. It doesn't have to be a cheque written by you, just a cheque made out to you. They recommend simply writing a cheque to yourself because that way you have a lot of control over how much money you want to start off your account with, for example to take advantage of the bonus offers. If you can't find someone in person to write a cheque out to you, you could also use other cheques like a pay cheque or cheque from the government. If you can't get any cheque at all, then yes you'll likely have to go back and open a non-Tangerine bank account just to get this process going. xD The logical recommendation would be PC. If you visit a Pavilion location they can hook you up same day. I've never had to wait to open an account with PC.
May 15, 2014 @ 8:58 pm
Welkie's picture
Actually disregard that post. I think I posted too soon and misunderstood the way their account setup works. It sounds like they are indeed looking for the first cheque deposited to be also *from* you as a way of confirming your identity.
May 16, 2014 @ 2:25 am
Stephen Weyman
Stephen Weyman's picture
Well, if Tangerine is too much of a hassle for you, then I'd definitely go with PC. I've been with them for a really long time and have had no trouble with them. If you absolutely need a teller for some reason rather frequently, then they may not fit the bill, but otherwise they are perfect. If you want the $150 in sign up bonuses, then there is no harm in opening the PC account first and then using it to open the Tangerine account like the previous commenter mentioned. It's actually a good strategy because you can then move money back and forth between the two to take advantage of interest rate promotions.
May 18, 2014 @ 9:42 pm
Gabe's picture
If you open a PC account they're also giving away 150 000 PC points (150 in grocery money). The conditions look pretty similar to the tangerine deal too; chequings, savings with 250, and direct deposit. You could take advantage of them both if you get some sort of secondary direct deposit (maybe pension, or tax credit).
June 01, 2014 @ 12:49 pm
Stephen Weyman
Stephen Weyman's picture
Indeed, I saw that as well. Not sure if it was in direct response to the Tangerine promotion or they had it planned all along. I think the tangerine offer is structured a little simpler and easier but if you want to take advantage of Interest Rate Chasing like I also wrote about, then you'd be well served to have both accounts.
June 06, 2014 @ 11:48 am
Abby's picture
Does anyone know if the transfers between RBC and Tangerine have a charge. I called Tangerine and they said not on their end but it would depend on the other banks policy.... Any help would be appreciated! This would be referring to an electronic funds transfer between my accounts, not and EMT to someone else.
June 05, 2014 @ 10:06 am
Stephen Weyman
Stephen Weyman's picture
I don't know for sure, but I'm pretty sure it will be free. I've done EMTs between PC and RBC before with no charge. You should be good to go. If you have a transaction limit, it may count as a transaction towards that limit.
June 06, 2014 @ 11:46 am
deltatux's picture
If you bridged your account between Tangerine and RBC, when you move your money from RBC to Tangerine using Tangerine's "Move My Money" tool, it's absolutely free. It does however count as 1 transaction with your "regular" bank. Do note that interbank transfer (even if it's from Scotiabank to Tangerine and vice versa, it will take up to 2 business days for the transaction to complete). However, transferring funds from one Tangerine account to another Tangerine account is instant. Hope this helps.
June 11, 2014 @ 1:25 am
Jan Furminger
Jan Furminger's picture
Curious ity got me to open an acct withy own $10 cheque. If I add to this to $250 before the deadline will I get my bonus? Also confused..friend of mine doesn't have an acct but has cheques payable to him. Can he open an account depositing that? Do atm cards chq come Iail automatically? Thx
June 06, 2014 @ 12:31 am
Stephen Weyman
Stephen Weyman's picture
Yes, as long as you up your balance to $250 before the deadline, you should get the bonus. However, I would call them if you want to confirm for 100%. I'm pretty sure you need an account at another financial institution where you can write a cheque to get this to work. There was some confusion in the comments above, but I believe it was settled on actually needing an account where you can write a cheque to yourself for the first deposit.
June 06, 2014 @ 11:51 am
deltatux's picture
The agent who I spoke to said that you have to have $250 within 5-7 business days of your account's creation to get the bonus. Double check with another Tangerine agent to ensure that they're saying the same thing.
June 11, 2014 @ 1:26 am
Stephen Weyman
Stephen Weyman's picture
That makes sense because after re-reading the the terms and conditions it does say "initial deposit" and that the bonus will be applied within the first 30 days of opening the account. That alone isn't proof in itself that the deposit has to be made right away in one lump sum. However, with the CSR confirming that it needs to be in 5-7 business days, it looks like that it definitely needs to be done soon after the account is open.
June 11, 2014 @ 11:11 am
Fred J. Dukes
Fred J. Dukes's picture
Let's say if I wanted to transfer money from an external account to my tangerine account, will I be able to do so solely from the tangerine tangerine website after the link is established?
June 08, 2014 @ 10:20 am
Stephen Weyman
Stephen Weyman's picture
Yes, you can do it both ways solely from the Tangerine website. Very handy.
June 10, 2014 @ 1:01 pm
Rehan's picture
I have opened an account with Tangerine. My initial deposit was less than $250, and they mailed me an "ID Verification Form" that needs to be signed by a accredited professional. I tried to order cheques but they said there was an error, and I need to get the form signed first. Are they making me get the form signed because my account has less than $250. Can I just deposit more money instead of going to a professional to get this form signed.
June 20, 2014 @ 5:48 pm
Stephen Weyman
Stephen Weyman's picture
That sounds like it has more to do with your credit history than the amount of your deposit. I guess they want to verify who you are before they do business with you. You should give them a call to clarify things.
June 21, 2014 @ 9:08 pm
ChemiConscious's picture
Does this mean they run a credit check and can deny you from opening a Tangerine account if you don't meet their credit rating standards?
July 12, 2014 @ 6:38 pm
Angie's picture
Hi, is this promotion of open an account with Tangerine still on?
August 02, 2014 @ 5:48 pm
Stephen Weyman
Stephen Weyman's picture
No, it ended at the end of July but you can still get a bonus for signing up using an orange key but it won't be as large.
August 03, 2014 @ 10:02 am
Eric's picture
PC Cards only work in Canada. ING Direct (Tangerine) cards, I believe use Cirrus, so you can withdrawal cash when travelling outside of canada.
August 13, 2014 @ 5:34 pm
Stephen Weyman
Stephen Weyman's picture
You can make withdrawals at bank machines outside of Canada with PC Financial. Not sure all the details, but they list a charge for doing so on their site so it must be possible. I think it is cheaper to do with Tangerine though as someone else mentioned in the comments.
August 14, 2014 @ 9:33 pm
Sandy's picture
You missed a huge advantage: Free ATM cash withdrawls in other countries, as long as they are part of the Global ATM Alliance. Also, the bonuses for opening an account existed a long time ago, way before Tangerine.
August 13, 2014 @ 6:32 pm
Stephen Weyman
Stephen Weyman's picture
Yes, I think someone else mentioned the foreign withdrawals in the comments. Yes, I know ING Direct had Orange Key and bonuses before for opening accounts but I didn't think they were ever better than the $150 they offered for this promo. If it was better, it wouldn't have been much better I don't think so I believe this was one of the best opportunities to date.
August 14, 2014 @ 9:35 pm
Phil's picture
I have used ING/Tangerine on and off for 14 years. (Some may remember the Canadian and US currency IBG ATMs that were once at Canadian Tore stores?). I recently switched my payroll deposit to them. I have a US acct also and transfer funds to. I use XE Trade. I purchase US dollars from my Canadian acct and transfer the trade into my US acct. 2 step process though. I also like Tangerine's no daily/weekly point of sale purchasing capability. The only issue I am having with Tangerine is the time for funds transfers. With my previous payroll deposit, a deposit was made shortly after midnight. With Tangerine it (inexplicably) is not until 8 am. Also with my last bank, a Monday payroll actually deposited on Saturday...not so Tangerine - 8 am on the Monday. On that same note I am now waiting for an EFT inbound. The deposit was sent yesterday at 4 am (now 27 hours later and no funds yet). This is an aspect that I am still grappling with - as timing to receive funds is very important to me. For the late morning payroll deposits alone I may switch away. I am getting my $10 per week for payroll deposit perk.
September 24, 2014 @ 8:43 am
Stephen Weyman
Stephen Weyman's picture
That's an interesting observation Phil. I've never paid very close attention to the time of EFTs and payroll deposits just thinking they will get there when they get there. It's usually a plus or minus 24 hours kind of thing which has always been good enough for me. For those who need the funds ASAP, this is definitely something to be aware of.
September 24, 2014 @ 9:47 am
Kelly's picture
I have a savings and chequings acct with Tangerine and love them! I am planning a trip to the US and was looking at the US savings acct - but I'm having a hard time wrapping my head around it. Once I put money in there, how would I get it out? Wouldn't I have to transfer it back to my chequings acct and get out Canadian funds? So is the only real purpose of it to take advantage of changing exchange rates to buy/sell US currency at times that earn you money? My main concern is having US cash to spend while on vacation. Is there some way to use the US account for this that I'm missing? If not, can someone let me know which would be a better option - buying US cash from a big branch bank while still in canada, or withdrawing US cash from my tangerine chequings acct once in the states using a Bank of America machine. Thanks!
October 21, 2014 @ 10:39 pm
Richard's picture

Have had CND & USD accounts with Tangerine for several years. Just finished a 3 month trip around USA. You can use your Tangerine debit card to withdraw Cirrus network but up to a maximum of $300 USD at a time. There is no charge by Tangerine & in fact they will cover 2 of the ABM charges of the other bank but you have to call to request this.

There is no doubt that Tangerine has lower Foreign Exchange Fees than big banks but still not as good as using a Sears MasterCard from Chase Canada bank since they charge no FEF's. The card are accepted everywhere. By using it as much as we could we easily got by with the $600 USD cash we got for free through Tangerine. When I did a comparison a few times between the rate I was getting with MC vs. purchasing USD online we were always saving at least 1.5%.

I buy USD online from my CDN savings both with Tangerine. I have that USD account linked to my Royal Bank US account first then move it to our RBC Bank (virtual bank) where we can access USD in cash from the PNC banks in Florida & other parts of the SW USA. So this does involve a few extra transfers but results in best rates & no cost.

December 26, 2014 @ 11:01 am
Stephen Weyman
Stephen Weyman's picture

More great advice Richard! Where do you go to buy your USD online? Do you buy it directly from Tangerine or through a 3rd party. I find there are 3rd parties that will usually give better rates than all the banks. I'm going to write an article on that eventually.

I just found out that the Sears MasterCard has no exchange fees the other day. I already knew of 2 other credit cards that offer the same (I think they are both by Chase as well). I will write an article on that too.

Thanks for all the help you are giving other commenters!

December 31, 2014 @ 2:12 pm
Gopal K Dujari
Gopal K Dujari's picture

There are two major differences and some minor ones between PC & Tangerine:

1. With PC, you can arrange as many pre-authorized debit (PAD) as you wish. Tangerine handicaps you with maximum of
three such arrangements. Imagine the ability to move funds Canadian or US Dollar from any financial institution to any
other financial institution just by routing it through PC.

2. With any interest rate promotions, PC will credit you with regular interest only, at month end, throughout the promotion.
Bonus interest is paid at the end of the promotion, after a week or ten days. Tangerine will pay you regular interest on
the last business day of the month, and bonus interest on the first business day of the next month (just one day apart).
PC is akin to tax withholding at source, and then a fat refund when you file your yearly tax return!!

3. If you have substantial funds PC can be negotiated with for better terms. Tangerine may be able to do the same with
its Scotia buyout. But seems like its a difference in culture between the two.

4. Establishing a pre-authorized debit is much more elaborate procedure with PC requiring a void cheque in one form or
another. Tangerine, on the other hand can do it in a day and a-half, just by putting some small funds into your other
institution account, two times and have you verify their order of deposit and the amounts (usually under 25 cents each).
After lot of complaints from accountholders, PC now does not insist on VOID personalized cheque, which can cost a
bundle at some of the bricks and mortar banks (RBC charges over $50 for a minimum order of 100).

January 15, 2015 @ 11:45 am
Stephen Weyman
Stephen Weyman's picture

Those are some great insights Gopal!

  1. I didn't know there was a cap of 3 with Tangerine. Sounds like you can shuffle them if you need to though because it only takes 1.5 days to add a new one as you say.
  2. I've observed this myself. Feels so much more rewarding with Tangerine to see that bonus interest pile in every month.
  3. I've never really had to negotiate with either of them too much but good to know.
  4. I always hated that process with PC - what a pain. Glad to hear they are finally making it a little bit easier now.
January 15, 2015 @ 3:35 pm
Duhmojo's picture

For those looking at Tangerine Debit cards and travel, this site has been very useful: Google "thrifty nomads best travel credit debit cards" (Anti-spam on this site won't let me post the link!!! Kind of hard to share other sources this way...)

If the ATM in another country is part of the Global ATM Alliance, there's zero fees or currency exchange on Tangerine's side. However the ATM provider may charge a currency exchange fee. Typically its low because in many cases they expect that your ATM and bank will also be charging a similar fee.

Unfortunately I'm travelling to Japan again and there are no Global ATM Alliance ATMs in Japan that I've found. In the past I just used my PC Financial debit card (sparingly) at Citibank ATMs. It worked fine and there was one in my office's lobby. With Tangerine at any ATM I will have to pay currency exchange + ATM exchange fee 1% + Tangerine overseas withdrawal fee $2 + ATM withdrawal fee $3?. BUT I don't have to pay any Tangerine currency exchange fee, which it typically 2.5%.

The key is to withdraw infrequent and large when you do to avoid reoccurring fixed fees. If the ATM owner takes 1% or so for exchange, and there's a fixed cost of $5 per withdrawal, then it's cheaper to take $1000 out than $100 x 10. (you save $50)

February 04, 2015 @ 11:30 am
Stephen Weyman
Stephen Weyman's picture

Thanks for all the great information Duhmojo. Sorry you had trouble posting links. I don't expressively forbid it, as it definitely works sometimes but it depends on the how the spam algorithm analyzes the content being posted. I have to set the spam filter to be aggressive because of the amount of spam I receive.

One time I disabled the spam filter by mistake (I thought it was broken actually) and the spam literally came in faster than I could delete it and I was deleting them 50 at a time!

February 04, 2015 @ 12:00 pm
Bruce's picture

I have been banking with ING/Tangerine for over 5 years. I am very disappointed in the rates recently. For example they have dropped the Savings Account and TFSA down to 1.05%. Oaken Financial, for example offers 1.9%.

They have introduced a charge to transfer funds from a TFSA.

I used to be able to convert from Canadian to US funds for about 1.3%, it is now about 2.5%.

Since the takeover, they have gradually made Tangerine similar to other big banks.

I am preparing to relocate al my accounts.

February 17, 2015 @ 3:53 pm
Stephen Weyman
Stephen Weyman's picture

The rates have dropped at most banks because there was an interest rate adjustment recently by the Bank of Canada. I wouldn't be surprised to see smaller players like Oaken drop their rates some too. That isn't to say that there are higher rates to be found than Tangerine, but I don't know if this rate adjustment is related to the Scotiabank takeover.

I'm still happy with Tangerine for now but thanks for your input. It's definitely interesting to see how they change things going forward now that they are owned by Scotia.

February 23, 2015 @ 10:08 am
Bruce's picture

Take a look again at the interest rates.
Oaken is 1.8% while Tangerine is 0.8%
The gap is still there.
I will deregister my TFSA in late December and transfer all the money to Oaken in January.
This way I avoid their transfer charge (which they said they would never do and did not provide warning) and not have to suffer through the delay others have complained about.
Your continuing support of this institution is unfounded by my experience.

November 17, 2015 @ 12:01 pm
Aman Birgi
Aman Birgi's picture

Just joined Tangerine a couple months ago and so far it's great. No monthly fees, very easy to use, transfer money, link external accounts, and deposit cheques via their app + the camera on your smartphone. I just graduated university so I joined to get away from RBC's pesky monthly fees as RBC has switched to a fee-based account from a previously free student account. Smart move for recent graduates. $50 bonus program going on right now if you signup and deposit a minimum of $100 into the account.

June 17, 2015 @ 12:09 am
wylieblue's picture

Tangerine has been loosing luster since being taken over by Scotia Bank. Recently tried to move funds out to another Bank, (Linked to Tangerine) and received message to call them as I had exceeded my daily limit!!
There was NO daily limit when first transferring in?
I know for sure when I call I will be on hold for ever, based on others experience with same. Recently the Bank of Canada made an interest reduction. Tangerine went well beyond this in lowering their savings account rate!!!

August 05, 2015 @ 5:01 pm
Stephen Weyman
Stephen Weyman's picture

Indeed things have worsened somewhat since Scotia has taken over, but they are still head and shoulders above the Big 5 that's for sure!

August 05, 2015 @ 9:45 pm
Raj's picture

I have same experience. Trying to move money out and received message to call them as I exceeded my daily limit (?). Again after one week when I deposited money that I received through interac transfer (email) ,money was deposited but account was locked without informing me. And they told me this only after one month when I tried to transfer fund in to the account. It didnt work. I called and after 25 min of waiting, explained the situation but she couldnt resolve and transferred the call to Specialist (!). Another 15 min waiting and he couldnt resolve either. He asked me a reason and document to justify the money I got through the interac transfer!!! It was amount less than 1500.00. I gave all info and then instesd of resolving the issue he transferred me to Security where I could only leave a message to MACHINE saying they can get back to me within 24 to 48 hours (solely at their convenience). Great Business. I tried to call them again and this time after waiting of 28 min, I gave up as it was already very late in evening. Only good part - I didnt need to trasnfer the money OUT otherwise I had stuck atleast for 4 days without money.

February 29, 2016 @ 11:13 pm
Stephen Weyman
Stephen Weyman's picture

Thanks for sharing your experience Raj. If you have been a customer for awhile and you expect to exceed your daily limits on a regular basis, I would suggest asking them to increase your limits. As long as you have been a good customer for a while, they would probably agree to do so.

March 04, 2016 @ 11:41 pm
The Dude
The Dude's picture

If a friend is going to be sending me a few payments for something in USD, would it be good to have it done through Tangerine? Really don't wanna pay the big bank xchange rates.

August 14, 2015 @ 10:38 am
Stephen Weyman
Stephen Weyman's picture

Exchange rates are probably similar at Tangerine. I don't think you are going to save any significant money going through them over another bank. There are ways to save money on currency exchange but you have to involve 3rd party companies or negotiate lower rates with the banks if you are transferring a large sum of money.

August 18, 2015 @ 2:59 am
Mac's picture

One disadvantage is that both the Tangerine and Scotia ATM machines do not provide viewing of other accounts you may have with Tangerine. You can only view and act on your chequeing account.

December 19, 2015 @ 11:59 am
Stephen Weyman
Stephen Weyman's picture

That is a little bit strange for sure. With online banking so accessible these days (even on your phone), not much of an issue. But it still would be nice to access that info from the ATM.

March 04, 2016 @ 11:42 pm
Mike's picture

I really enjoyed reading through this article as I do have been a PC Financial customer since 2001 (when TD bank joined with Canada Trust and increased the unlimited chequing account monthly fee from $5/month to $12.95/month, I switched to PC Financial pretty quickly).

I have been happy with PC Financial for the most part and agree that their new website and mobile app bring them on par to the big 5 banks.

I was one of the chosen who got to apply and 'test drive' the new Tangerine credit card back in the fall and agree that it is the best NO-FEE money back card out there. I also have the MBNA Smart Cash World MasterCard and the now grandfathered Capital One World Aspire Cash MasterCard.

Having used Tangerine's website and mobile app more frequently due to the credit card, I too decided to switch to Tangerine as my primary chequing account to take advantage of the $100 'switch' bonus.

PC's new website and mobile app look nicer, but I find that Tangerine's website gives you more flexibility (example : changing your debit card limits and being able to add external accounts without having to send in cheques).

Some additional comments on where PC Financial is better than Tangerine in my opinion:

- PC offers an Interac Flash debit card while Tangerine says they may have an Interac Flash debit card coming soon (according to their customer service department), but it is still unconfirmed.

- PC seems to have much lower wait times to speak with a customer service representative compared to Tangerine.

- PC offers an unsecure personal line of credit banking product whereas Tangerine does not.

- Although CIBC ATM's were removed from Mac's milk convenience store locations recently, I believe CIBC still has the largest ATM network in Canada with machines located in CIBC branches, Loblaws branded stores and Petro-Canada gas stations. TD Canada Trust is up there too with ATM's, but they of course don't offer a virtual bank option.

- PC and CIBC bank machines allow PC customers to have a full range of features at the bank machine including deposits, withdrawals, bill payments, transfers between accounts and you can use CIBC's branch locator to find ATM's that will dispense US dollars. I agree that with Tangerine you can move money and pay bills online or through the mobile app, but it ends up being a two-step process with Tangerine by first depositing the money (assuming it it cash and not a cheque) and then going online to do the rest of your banking. With PC, you can do many things online at the actual bank machine itself.

- Lastly, if you do need to speak to someone in person, PC Financial has some pavilions open late (up to 9PM at some locations) compared to Tangerine's Cafe's which seem to close around dinner time.

A great article and thanks for your dedication to keeping your followers informed.

April 23, 2016 @ 2:26 am
Stephen Weyman
Stephen Weyman's picture

That's some fantastic additional information stemming from your personal experience Mike. I learned a few things that I didn't know about previously, especially the flexibility of the PC ATMs. I prefer to do most of my transactions through online banking, not at the ATM, so I never really explored or compared those options.

If you think PC Financial's website wasn't that great before the recent update, you should see RBCs interface. It still looks the same as it must have in the 90s. They have recently put a little lipstick on it, but you can tell it is still the same ugly beast underneath. I do love the new PC Financial look and functionality though.

In regards to the TangerineMoney-Back MasterCard, I do think it is the best no-fee card for earning the most cash back, but I still think the MBNA Smart Cash World MasterCard is slightly better overall because it has a lot of insurance coverage and perks that the Tangerine card doesn't offer.

April 25, 2016 @ 4:42 pm
BerylB's picture

Search "ripoff report Tangerine Bank"

Basically Tangerine is legally required to disburse the property (money) of a deceased client to the named beneficiary. But avoids doing so because the beneficiary must first provide proof of claim which they can't do because Tangerine doesn't inform them that they are a beneficiary nor provides them with the claim form to submit.

Conceivably Tangerine has kept millions, if not billions, that was rightfully owed to beneficiaries.

April 23, 2016 @ 4:25 pm
Stephen Weyman
Stephen Weyman's picture

I can't see how Tangerine could keep money away from a deceased person's named beneficiaries or estate if they are given proof of death. As long as that beneficiary contacts them, how can they say "no you can't have the money you were promised to receive on this person's death".

I did go read the rip-off report that it appears you yourself wrote. Your story does sound frustrating, but it also sounds like they will give you the money if you go through the process they want you to. If you are unwilling to furnish what they want (the will - I agree I'm not sure why they need it in this case), then you should contact a lawyer to get it straightened out.

April 25, 2016 @ 4:50 pm

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