Tangerine Chequing Account Review 2024 (2024)

No-Fee Daily Chequing Account

Tangerine Bank’s No-Fee Daily Chequing Account is one of the few chequing accounts in Canada that offers interest on the balance. You don’t need to maintain a minimum balance to get the rate. Plus, if you open a new Tangerine No-Fee Daily Chequing Account and have your paycheque deposited there for two consecutive months, you’ll receive $250 deposited into your account.

The account has no daily transaction fees, including unlimited transfers, bill payments and Interac e-transfers. Unlike some digital-only accounts, this chequing account does come with a debit card, and its pairing with Visa Debit means that any online or in-app retailers that accept Visa will work with this debit card. To go along with that, Tangerine’s status as a subsidiary of Scotiabank means account holders also get access to Scotiabank’s 3,500 ATMs nationwide and 44,000 ATMs worldwide through Scotiabank’s ATM Global Alliance.

Though there are no daily transaction fees on this account, that doesn’t mean no fees come with this account at all. It costs $50 for an additional chequebook, but the first one is free. You get one free stop payment and then must pay $12.50 for each one thereafter. Canadian bank drafts cost $10, and non-sufficient fees cost $45. Other ATMs outside of Scotiabank’s network in Canada cost $1.50 per withdrawal, and ATMs outside of Canada that don’t belong to Scotiabank’s Global ATM Alliance cost $3 per withdrawal. Foreign transaction conversion fees are the standard 2.5% per transaction.

The only other drawback besides the fact that no fees don’t entirely mean no fees is that you must have a balance of $100,000 to $49,999.99 to get the maximum interest rate of 0.10%. Balances of $50,000 to $99,999.99 only get 0.05%, and the rest of us, with balances of $0.00 to $49,999.99, will get even less at 0.01%.

• Tangerine Savings Account. This savings account comes with no monthly fees or minimum balance and a promotional 6% interest rate on deposits for five months (0.60% regular interest rate)
• Tax-Free Savings Account. Pay no taxes on deposits or withdrawals and get the same 6% interest for five months and the same 0.60% regular interest rate.
• Retirement Savings Account. No tax on deposits, no unfair fees, no minimum balance and 0.60% interest.
• Retirement Income Fund. This is the account for those ready to withdraw from their RRSP by age 71. It gives you no monthly fee, no minimum balance and a 0.65% interest rate.
• US$ Savings Account. This account is for saving U.S. dollars with a 0.10% interest rate and no monthly fee or minimum balance. The exchange rate is just over 1.3% whether you are buying or selling.
• Tangerine World Mastercard. Unlimited 2% cash back in two purchase categories of your choice and 0.5% on everything else. You also get some Mastercard network benefits.
• Tangerine Money-Back Card. Unlimited 2% cash back in two purchase categories of your choice and 0.5% on everything else with 10% cash back in the first two months up to $100.

Learn more: Tangerine Money-Back Card Review

• Guaranteed Investment Certificates. Get from 4.60% to 4.80% in annual interest while your principal is 100% guaranteed. Registered and non-registered GICs are offered.
• Mutual Fund Investments. Environmentally and socially responsible portfolios and a new money market fund.
• Mortgage. Get a guaranteed rate for 120 days of 5.24% (fixed) for five years.
• Home Equity Line Of Credit (HELOC). Get a 7.45% fixed interest rate with 24/7 online access and the ability to make fixed monthly payments.
• Line of Credit. The interest rate is variable and based on the prime rate with no annual fees.

Below are the pros and cons of Tangerine’s No-Fee Daily Chequing Account.

Pros

• Interest earned on the account up to 0.10%
• No monthly fees or minimum balances
• Get a Visa Debit card
• Access to 3,500 free ATMs nationwide and 44,000 free ATMs globally
• Free unlimited transactions and transfers, including Interac e-Transfers
• Earn $250 when you deposit your paycheque in the account for two months

Cons

• Not entirely “no fee”
• Balances between $0.00 and $49,999.99 earn only 0.01% interest
• 2.5% foreign currency conversion fee

Here’s how the Tangerine No-Fee Daily Chequing Account stacks up against its closest competitors.

Tangerine No-Fee Daily Chequing Account vs. Simplii No-Fee Chequing Account

Simplii’s No Fee Chequing Account is almost identical to Tangerine’s No-Fee Daily Chequing Account but has a few slight advantages. You get unlimited free bill payments, withdrawals and debit purchases, just like with the Tangerine account, as well as no monthly fees or minimum balances, which matches Tangerine as well. You also get access to CIBC’s ATM network because Simplii is a subsidiary of CIBC, but it has 100 fewer ATMs in its nationwide network than Scotiabank has as the parent company of Tangerine. The Simplii chequing account makes up for this, though it has a higher account bonus for new customers than its Tangerine counterpart. Simplii gives new account holders $500 when they arrange a direct deposit of at least $100 for three straight months. (Terms apply. Offer ends Oct 31, 2024) Simplii’s account also comes with a Mastercard-branded debit card. If you prefer that over the Visa debit card with Tangerine’s No-Fee Daily Chequing Account. Still, with the higher welcome bonus, Simplii gets the edge.

Tangerine No-Fee Daily Chequing Account vs. EQ Bank Personal Account

The Tangerine No-Fee Daily Chequing Account has a higher introductory interest rate than the EQ Bank Personal Account—another digital-only bank with a bank account that has some functions of a chequing account but earns interest like a savings account. The EQ Bank Personal Account offers 4% interest compared to Tangerine’s 6% interest. EQ Bank is not restricted by a parent bank’s ATM network and allows you to withdraw money from any ATM in Canada for free with your EQ Bank Card, which acts more like a prepaid credit card than a debit card. Just like with Tangerine No-Fee Daily Chequing, the EQ Bank Personal Account has no monthly fees and no fees on daily banking, so bill payments and Interac e-Transfers are unlimited, and no minimum balances. The introductory interest rate of 4.00% lasts longer than Tangerine’s 6% model as long as you make a minimum of $500 in direct deposits every month for 12 months. It should be noted, though, that the EQ Bank Personal Account is a hybrid chequing/savings account, and some prospective account holders may not appreciate the lack of separation. Still, the Personal Account from EQ Bank beats Tangerine’s No-Fee Daily Chequing over the long term

Tangerine No-Fee Daily Chequing Account vs. Manulife Everyday Banking Account

Part of the All-In One Banking Package, the Manulife Everyday Banking Account offers free debit purchases, Interac e-Transfers and withdrawals. It will also rebate the $10 monthly fee if you save $100 monthly. You will also earn a 1.85% interest rate on your typical balance, which is better than what Tangerine offers at 0.01% for balances under $500,000. All ATMs are free if they are part of The Exchange Network of cross-Canada, surcharge-free ATMs. However, these ATMs are not always easy to identify and may be further than your local Scotiabank, so Tangerine has the advantage. Still, with a higher interest rate, the ability to put excess money into your savings account each night, and travel disruption insurance coverage, Manulife tops Tangerine overall, especially if you’re a saver more than a spender.