Best Tangerine Chequing Accounts - Comparewise

Best Tangerine Chequing Accounts

Comparing the best Tangerine chequing accounts can help you decide which account best suits your spending needs. Tangerine is a division of Scotiabank that provides credit cards, mortgages, savings, and chequing accounts, GICs, investment products and loans.

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Last Updated: May 23, 2024

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Tangerine No-Fee Daily Chequing Account

$0
Monthly Fee
Unlimited
Transactions
  • No fees for daily transactions
  • Free Interac e-Transfer® transactions
  • Free access to 3,500 A B M'sABMs
Pros & Cons
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Best Tangerine Chequing Accounts

Tangerine provides a no-fee daily chequing account with free ABM access. This chequing account also offers free transfer transactions and overdraft protection.

Holders of chequing accounts earn interest up to 0.10%. On opening an account, first-timers get a 2% promotional rate benefit. This account offers many benefits and features.

This article will explain everything there is to know about the best Tangerine chequing accounts.

What chequing accounts does Tangerine have?

Tangerine provides only one chequing account, the Tangerine No-Fee Daily Chequing Account. This account requires no minimum balance and gives you earnings on your account balance. You can also make bill payments, pre-authorized payments, and withdrawals.

In addition, there’s a free Tangerine email money transfer and unlimited debit purchases. For the first two months of using the Visa debit card for purchases, you’re guaranteed 20% cash back. Regarding interest, the no-fee daily chequing account has a drawback. With $49,999, you get an interest rate of 0.01%.

Features of the Tangerine chequing account

The best Tangerine chequing accounts offer the following features:

  • Up to $400 Welcome Bonus 
  • Fifty free cheques upon opening a chequing account.
  • Unlimited debit and Interac e-Transfer transactions
  • Free withdrawal at any of Tangerine and Scotiabank ATMs in Canada
  • Zero monthly fee
  • CDIC insured
  • A bank draft is available
  • Supports Apple and Google Pay
  • In-person banking services are not available.
  • Overdraft protection on credit approved
  • Visa debit card 
  • Availability of mobile cheque
  • Tracks and organizes your spending habits

Pros and cons of Tangerine chequing accounts

Pros of Tangerine chequing accounts

  • Apple and Google Pay are compatible
  • Zero monthly fee
  • $400 worth of welcome bonus
  • A Visa debit card that allows payment online
  • Zero transaction fees
  • Accessible to Scotiabank’s ATMs

Cons of Tangerine chequing accounts

  • No walk-in branch
  • $15 on card replacement after getting one free
  • Interest on deposits is low
  • No international transfers
  • For every withdrawal on ATMs other than Scotiabank’s, you’ll pay a fee

Fees for Tangerine chequing accounts

Here’s the fee structure you can expect from the Tangerine chequing account

  • Zero monthly fee
  • Non-sufficient funds: $45
  • Scotiabank ABM withdrawal: free
  • ABM withdrawal: $1.50 (excluding Scotiabank ABMs)
  • ABM withdrawal outside the Global ATM alliance: $3
  • $20 for additional chequebooks
  • $10 inactivity fee
  • $10 for bank draft
  • Card replacement is free for the first year but costs $15 afterwards.
  • Annual interest of 19%
  • The currency conversion fee of 2.5%
best tangerine chequing accounts - comparewise

Tangerine chequing accounts eligibility requirements

Before opening this account, you must understand that you must fulfil some prerequisites to be eligible. You must:

  • Be a Canadian resident
  • Have an email account
  • Possess a Social Insurance Number (SIN)
  • Be up to 16 years of age

How to open a Tangerine No-Fee Daily Chequing Account

The following are the different methods to open a Tangerine Chequing account:

  • Using the mobile app
  • Through the website
  • Going to a Tangerine Cafe
  • Putting a call through to Tangerine 

Using the Mobile App

This is one of the ways to open a Tangerine chequing account. What you should do is follow the steps below:

  • On your device, visit the app store and download the Tangerine online banking app.
  • Open the app; you’ll see a “Sign Me Up” button. Click on it.
  • On the next page, input your email and pick a pin.
  • The next page will take you to where you’ll fill in your name, date of birth, SIN, and employer’s information.
  • Verify the information provided, and there you go; your Tangerine Chequing is ready.

Through the Website

Opening a Tangerine No-Fee daily chequing account via the website will require a few simple steps. They are:

  • On the Tangerine website, tangerine.ca, scroll to the no-fee daily chequing account and select “Sign Up”
  • Fill out the application form provided with your name, SIN, date of birth, and email address.
  • Go through the details you provided and click “Apply.”

Going to a Tangerine Cafe

If you prefer someone to help you open this account, you should go to a Tangerine ABM. They’ll provide the help you want, from confirming your cheque to walking you through the whole application process.

Putting a Call Through to Tangerine

888-826-4374 is the number used to contact Tangerine. Once dialled, an automatic system voice will instruct you to input your account number or press “#” if you’re yet to open an account. After that, follow these steps to move forward:

  • Click ‘2’ to create an account
  • From the list of options given, select ‘chequing.’
  • You’ll be directed to a Tangerine agent who will help you. It is compulsory to provide them with your personal information and any other information needed for the application.

Alternatives to Tangerine chequing accounts

Further into this best Tangerine chequing accounts article, we’ll explore some of the alternatives to this chequing account. These alternatives also offer some attractive financial products that are worth considering. They are: 

  • Simplii Financial
  • Manulife
  • Wealthsimple
  • EQ Bank

Tangerine vs Simplii Financial

Tangerine and Simplii are similar regarding product type but differ in other ways. While Tangerine offers interest of 1%, Simplii’s interest rate is 1.50%.

Both banks will work fine if you want something void of monthly fees and convenience. Also, Simplii Financial allows for international transfers.

Tangerine vs Manulife

Manulife also provides a chequing account with no monthly fee attached. Compared to Tangerine, Manulife requires a minimum balance of up to $1000.

They also offer an interest rate of 0.15 on their hybrid chequing account. As an account holder with Manulife, you can access over 3,500 ATMs in Canada.

Tangerine vs Wealthsimple

This is another alternative to the Tangerine chequing account. They offer business accounts, retirement accounts, and hybrid savings/chequing accounts.

It has no minimum account balance and offers low fees on investments. Although Wealthsimple isn’t a bank per se, it provides a variety of outstanding financial products.

Tangerine vs EQ Bank

This is the online version of Equitable Bank, which provides interest benefits of 1.50%. It has no monthly fee or minimum account balance.

Although it has no sign-up bonus, you can perform many transactions for free. While Tangerine doesn’t support international transfers, EQ Bank offers transfers internationally.

Other perks of opening a Tangerine chequing account

Let’s look at some other helpful information as regards the best Tangerine chequing accounts.

Tangerine’s Security

Like other financial institutions in Canada, Tangerine put preventive measures in place regarding privacy standards. This includes:

  • 128-bit encryption
  • secure socket layer
  • Online PIN reset

Tangerine uses “DoubleSafe,” a technology that allows you to select a customized statement or picture when signing in. This ensures double protection, safeguarding you from scammers.

In addition, Tangerines’ credit cards no longer have magnetic strips but are secured with SecureChip technology.

Tangerine’s Customer Service

Although email is difficult, you can contact Tangerine via their customer care line (1-888-826-4374). You can use Live chat on their website, but not always. To find this, navigate downwards on the Tangerine’s page and select “Contact us.” You’ll see the chat pop-up and its duration if available.

Tangerine’s Services

Aside from chequing accounts, Tangerine also provides other services. They include:

  • Savings account
  • RIFs (retirement accounts)
  • Investment options
  • Mortgages
  • Lines of credit
  • Business Accounts
  • Credit card with a cash back policy.

Best Tangerine chequing accounts conclusion

If you’re looking for the best Tangerine chequing accounts, you should go for the no-fee daily chequing account. It helps you skip the daily bank transaction fees.

Plus, you can freely withdraw from any of Scotiabank’s ATMs since it owns the company. This account has many perks that you might find suitable for your financial needs.

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October 25, 2023
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FAQs about the best Tangerine chequing accounts

What Is Tangerine Chequing Account Minimum Balance?

While some banks require a minimum daily balance in your account, Tangerine chequing doesn't require such. There's no required minimum account balance when it comes to Tangerine. You get interest on the amount in your account without paying a monthly fee.

How Do I Open a Tangerine Chequing Account?

Opening a Tangerine chequing account is very easy. Visit the website, follow and fill in the form required, and that's it. To get the tangerine welcome bonus, you'll have to follow a few simple prompts. If you don't want to use the website, you can make a call through or visit any of their local cafes.

What Is the Difference Between a Tangerine Chequing and Savings Account?

The Tangerine chequing account is an account for regular spending. This means you can deposit or withdraw at any time you like. On the other hand, a Tangerine savings account is intended primarily for saving money over an extended period. This account prevents unnecessary spending and accumulates interest.

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