16 thoughts on “Tangerine Bank Review (2024): No Monthly Fee Banking”

  1. Nice review, thanks. I worked at Tangerine in investments for many years. It’s a great product offering on many fronts. They have big plans on the digital planning. Stuff likely stirring on the investment front as well.

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  2. Good review.

    I’ve been with Tangerine for just under 3 years. I opened up a Savings and TFSA Savings with them. I’ve always gotten their quarterly and now semi-annual promo rates and have kept most of my disposable income there, with the occasional transfer of funds from Tangerine to another FI and back.

    I was aware of the Goals feature, however, I was completely unaware of the Recipes feature. I assume that is only if you have a chequing account with them? I don’t. I need to research this further, I just don’t plan to open a chequing account with them.

    Also, one question. with respect to the US account, you mentioned if you have a US credit card, then having a US account with Tangerine is helpful, can you elaborate? How does having the US account at Tangerine help if you have a US credit card?

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    • @moneyhelp- Thanks! I have two savings accounts within Tangerine and the Recipes feature works for savings accounts too. But it would depend on you stashing more money regularly into ONE savings account for the Recipes to work, I assume.

      For the US dollar account with Tangerine, it is useful because you don’t have to deal with currency conversion for everything that you buy and can pay off a US dollar credit card with your US dollar account.

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  3. You’re completely missing the part where Tangerine doesn’t support wire transfers of any kind – not even incoming ones. Which makes this an unacceptable option for some people.

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    • @A- Ahh, thanks for sharing this! I don’t use wire transfers for my savings accounts (but have done so with my big bank chequing accounts) so it wasn’t even on my radar.

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  4. Once your short promo is over tangerine offers the same horrible rates and service as the 5 Canadian oligarch banks. Since being bought by Scotia it is a horrible banks. In 2023 they claim it takes 5 business days to process a credit card payment or bank transfer. Waiting for 45 minutes to talk to a Person..literally the worst bank I ever dealt with. Was with it since ING and just left.

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    • Or if you are inclined, you can do what many do, myself included, that is to open a savings account at a credit union (I have 2 in Manitoba, Achieva and Hubert) and when my Tangerine Promo Savings rate expires, I just move my money over to one of the 2 credit unions which always offers higher rates than most of the big 5 banks; and then if Tangerine offers me another promo which is higher than the credit unions, I move it back to Tangerine. Easy Peasy.

      The hard part is having to send them in chunks (Multiple daily transfers) to avoid having to wait on the phone (for 45min as you wrote) to allow a full transfer above $25K daily online transfer limit.

      Reply

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