Tangerine vs Desjardins Review: A Comprehensive Comparison

As two of Canada’s most reputable financial institutions, Tangerine and Desjardins are often neck and neck for the best Canadian bank. 

But, if you’re looking to open an account with either of them, it can be challenging to come to a decision on which one is best. So, we wrote up a comprehensive Tangerine vs Desjardins comparison to help you pick the right bank for you.

Let’s get down to business!

Pros and Cons

Tangerine – Visit Site

tangerine logo


  • No minimum balance requirements
  • Unlimited debit transactions
  • 2% interest rate on savings accounts
  • No-fee chequing account
  • Easy-to-use mobile banking app
  • Helpful customer service representatives


  • No physical branches
  • Longer wait times for some services
  • Mortgage rates are not as competitive as other banks

Desjardins – Visit Site

Desjardins logo


  • Offers a wide variety of products and services
  • High interest rates of 2.40% on savings accounts
  • Bilingual services
  • Lower fees than banks 
  • Member of the EXCHANGE Network
  • Physical branches across Canada


  • No free services
  • Limited service outside of Quebec
  • Higher fees for services


Before we jump into our detailed reviews, let’s check out some of the main features of both banks and see how they compare:

Features Tangerine Desjardins
Annual Fee $0 $0 – $395 depending on the card
APR 3.75% Ranges from 10.90% to 19.90%
Maximum Earn Rate  N/A N/A
Minimum Personal Income Requirement $60,000 for credit card application No income requirements for most cards
Recommended Credit Score 670-850 760-900

Tangerine Overview

Tangerine is a Canadian digital bank that offers a wide range of products and services, including low or no-fee banking options, savings accounts, chequing accounts, and mortgages. 

However, what Tangerine is mainly known for is leading the world of online banking. Since it’s completely run through a website, the company has had to get creative with numerous banking processes to stand out from its brick-and-mortar competitors. And with over 2 million clients and $40 billion in assets, it seems to be doing pretty well. 

Moreover, Tangerine’s no monthly fees, unlimited free transactions, and attractive interest rates do the lion’s share of the work in building up its reputation. 

Desjardins Overview

The Desjardins bank is Canada’s first and oldest credit union, boasting over 7.5 million members and clients. In-house, Dejardins has more than 53,700 employees and 2,500 directors. 

Moreover, Desjardins bank is the financial institution with the most significant regional presence in Quebec, where it’s headquartered, and it also has numerous establishments in Ontario. As a bilingual institution, this company is active in over 30 developing and emerging countries through their program Développment International Desjardins

Desjardins banking offers a full range of financial and insurance services and is a pioneer in Quebec’s online and mobile banking services.

Tangerine vs Desjardins: Banking Features

Now, let’s get into what you came here for, comparing the banks’ features. Does a Tangerine or Desjardins bank account give you more value for your money?  

Loans and Rates

With their loans on home equity and mortgage, Tangerine leaves little to be desired. Here’s what they have to offer.

  • Mortgage loans 
  • Home Equity Line of Credit
  • Line of Credit

Furthermore, Tangerine’s rates for mortgage loans can be fixed or variable. For example, a 5-year variable mortgage has interest rates of 2.10%, while a 5-year fixed mortgage has 3.59%. Moreover, the bank’s home equity rates are 2.60%. Unfortunately, Tangerine doesn’t have car loans, so you might be better off with Desjardins if you need some. 

Desjardins doesn’t fall short on perks for loans, either. Check out their assortment:

  • Personal loans
  • Mortgage loans
  • Vehicle loans
  • RRSP loans

Desjardins’ interest rates are relatively low for the industry, depending on whether the loan is fixed or variable. Therefore, Desjardin’s mortgage rates range from 2.05% to 6.95%. Moreover, the bank’s vehicle loan rates are 6.99%, while RRSP loans can be drastically different depending on the type of loan. 

Types of Accounts

With Tangerine, you gain access to a wide array of accounts, such as:

  • Tangerine No-Fee Chequing Account – with no monthly fees, unlimited debit transactions, and cheque depositing via an app
  • Tangerine Savings Accounts – Tax-free savings account, RSP savings account, US$ savings account, RIF savings account, and Children’s savings account
  • Tangerine Investment Accounts – Tax-Free Investment Funds, RSP Investment Funds, RIF Investment Funds, and Guaranteed Investment Certificates

Meanwhile, there are also many Desjardins accounts you can choose from, like:

  • Desjardins Chequing Accounts – Personal chequing account and $US Build-up account
  • Desjardins Savings Accounts – High-interest savings account, TFSA savings account, Regular savings account, and Enhanced investment account
  • Desjardins Youth and Student Accounts – Youth Profit account and Student STRATEGIC account

Further Reading: How to Switch Banks?

Types of Cards

In terms of credit cards, Tangerine offers two great cards, Tangerine 2% Money-Back Credit Card and Tangerine World Mastercard

Both cards have similar benefits, allowing cardmembers to redeem points and get rewards from everyday purchases, like groceries, gas, bill payments and retail expenses. However, keep in mind that Tangerine has daily limits on its cards, so be careful not to go overboard.

On the other hand, Desjardins has a debit card and credit cards in their assortment. Many feature cashback and travel rewards, while some have no annual fees and even include mobile device insurance. There seems to be a perfect card for everybody, whether you’re a student, want travel perks, or low interest rates. Some members of the selection include:

  • Flexi Visa
  • Desjardins Cash Back
  • Bonus Visa
  • Cash Back World Elite Mastercard
  • Odyssey Gold Visa
  • Odyssey World Elite Mastercard
  • Odyssey Visa Infinite Privilege
  • Desjardins Access Card


Apparently, Tangerine loves to offer discounts to loyal cardmembers. So, every month, the bank comes out with promo and coupon codes that provide a variety of rewards, such as:

  • 25% off first order in selected merchants
  • 25% off the first month
  • 25% off any new plan or sign-up
  • $25 credit towards your first bill
  • $25 referral bonus
  • $50 welcome offer 

Furthermore, this incentive has proven successful, as many people, especially students, appreciate returns for simply applying for a card. 

Similar to Tangerine, Desjardins also doesn’t skimp out on discounts. Therefore, with this bank, you gain access to home insurance, complete with security system discounts and higher deductibles.

Plus, cardholders also get travel discounts, such as three days of travel insurance free of charge, 50% off Emergency Return Trip, and a cumulative discount on other insurances

But we’re not done yet! Desjardins also offers discounts on auto insurance, including:

  • Multi-line discount
  • Winter tire savings
  • Multi-vehicle discount 
  • Loyalty savings
  • Electric or hybrid vehicle savings


Luckily, by possessing a Tangerine Mastercard, cardmembers fulfil the eligibility requirements for a LoungeKey membership and gain exclusive access to numerous Mastercard Airport Experiences, all completely free of charge. 

With this, over 1000 airport lounges across 120 countries become accessible to you whenever you travel. Additionally, you access lovely dining and retail offers and an opportunity to spoil yourself at an airport spa. Tangerine will definitely help you get the most out of your travel!

Interestingly enough, you can become a member of the Desjardins financial services cooperative simply by opening an account. Then, you get numerous advantages ranging from financial products and services to special offers and privileges. Namely, you’ll get many discounts, cashback, attractive rates and promotions on Desjardins’ services.

Moreover, you can get assistance and benefit from tips from experts in emergency events in several areas. 

In addition, by acquiring an AccèsD account, cardmembers can take advantage of the Desjardins’ High-Interest Savings Account, where they’re currently enjoying a rate of 1.25% for a limited time, until March 31, 2022.

However, it seems that Quebec and Ontario residents might be benefiting more from the package than members in other parts of Canada.

Exclusive Offers

Both Tangerine and Desjardins offer unique benefits to attract new clients and persuade them to open accounts

For example, Tangerine has recently implemented a new promo code available to cardmembers after opening a Savings and Chequing Account with the bank.

By signing up and using the code, you could earn a 2.50% rate for five months and get a $300 cash bonus. In addition, new clients can also qualify for Balance Transfer promotions at rates of 1.95% for six months.

Moreover, the Tangerine Overdraft Protection will help you when experiencing shortfalls. Namely, this feature will cover you when you’re short on funds. Therefore, it covers most everyday transactions, pre-authorized payments, cash withdrawals, any type of cheque and debit purchase, up to an approved limit. Say goodbye to declined transactions!

Check out our all-encompassing Tangerine Bank Review for more information on this bank!

On the other side of the coin, Desjardins also provides exclusive offers and privileges to their clients and members, ranging from discounts to complimentary experiences. Here’s what they have had on the radar:

  • Free soup of the day at Benny&Co
  • $130 off annual membership at Nautilus Plus centre
  • 25% off regular-priced cleaning at Daoust Prestige
  • 15% off room accommodations at Fairmont Hotels in Quebec
  • Free 7-day trial for the Énergie Cardio virtual platform
  • 10% off on household cleaning at Daoust/Forget
  • 20% off a complete car detailing package at Ziebart or Uniglass
  • Free 14-day pass and water bottle at Énergie Cardio
  • An exclusive cycling experience at the Grand défu Pierre Lavoie
  • 30% off on subscriptions at La Trousse de l’Enterpreneur
  • 30% more value for buying local with Magis
  • 15% off tickets for the Mario Cyr-Les yeux de la mer show
  • 20% off purchases of $15 or more at Montreal Airport
  • 50% off your first order at Cook It


Now, we’ll investigate the fees that come with the most common transactions in Tangerine and Desjardins. 

As Tangerine prides itself on no-fee banking, it is no surprise that its no-fee chequing account has no monthly or transaction fees. Moreover, Tangerine has free cheques and free Interac e-Transfers. Services like replacing lost cards are also free. 

However, account-holders need to pay some other service fees, like using an out-of-network ABM, which will cost you $1.50. Bank drafts are $10, while NFS fees at Tangerine are $45 for every time your account is overdrawn.

Moreover, both of Tangerine’s credit cards have no annual fees, but they have an annual income requirement of either $12,000 or $60,000.

On the other hand, you can expect to pay more for transactions and services at Desjardins. Their monthly chequing fees range from $3.95 to $21.95, depending on the number of transactions. If you go over your monthly limit, you’ll be charged $1.25 for each new transaction. Moreover, ATM fees range from $0 to $3, depending on several factors. 

However, account-holders can save the monthly fee by maintaining the minimum balance in their account. Additionally, Desjardins offers discounts on many service fees to students and seniors. Regarding savings accounts, this bank offers no costs for transfers to other Desjardins accounts, so moving your money is a piece of cake.

Desjardins’ High-Interest Savings Account also includes no monthly fees and gives you the opportunity to earn interest on your balance. Plus, the bank has at least four credit cards with no annual fees.

User Reviews

Our reviews won’t be comprehensive if we don’t include genuine user opinions. So, while writing this article, we scoured the net to find what people think about these banks, the good and the bad. 

Firstly, we noticed many clients praising the no-fee banking Tangerine offers. Unsurprisingly, people appreciate it when banking fees don’t break the bank.  

Moreover, cardholders are content with Tangerine’s lost card policy, mentioning how readily available and straightforward it is. Specifically, the option to pause your card through the app has saved countless users time and money. 

However, it’s not all rainbows for some users, as they are disappointed that Tangerine doesn’t offer personal loans. But, this complaint isn’t a dealbreaker for many people because they think the pros vastly outweigh the cons. 

Next, we looked at some Desjardins reviews. The ones that first caught our watchful eye were the comments written by satisfied students gushing about the bank never charging them undisclosed fees, giving them great insurance prices, and helping them with their finances. Other clients are also sharing positive experiences with Desjardins’ customer service. 

Nevertheless, nothing is perfect, so neither is this bank. Some unhappy members report issues with its website, saying it’s buggy and confusing. But, if you live close to a Desjardins branch, you might not even need to use their site. 


Customer service can make or break a company. That’s why Tangerine and Desjardins pay mind to their customer support to ensure swift and error-free resolutions. 

First, let’s look at Tangerine’s customer support. Like most banks, Tangerine has a dedicated Contact Us page that has all contact options in one place.

If you don’t want to call them directly, you can visit their comprehensive FAQs page to get answers to top questions or chat with their bot to ask for some general information or specific details about your banking. 

Additionally, the company has a Tax Support Centre where you can receive information on the whereabouts of your tax receipts. Tangerine also has an email address listed for online communication.

Furthermore, for questions about everyday banking, Tangerine’s telephone number is 1‑888‑826‑4374. The same number is also listed as Tangerine’s mortgage contact

Next, we’ll go over Desjardins’ customer support. Like Tangerine, Desjardins has a dedicated Contact Us page on their website, offering assistance for personal or business services and help regarding the Desjardins Group. The company also has a FAQ page and an email address.

Desjardins bank has numbers for different credit unions, mortgage representatives and advisors, so check their page to find information pertaining to you. 

Final Verdict

We’ve finally reached the end of our Tangerine vs Desjardins review! 

So what’s the takeaway? Choosing the best bank for you depends on several factors, as both have their advantages and disadvantages. So, if you’re looking for no-fee banking and enjoy doing everything digitally, Tangerine is the one for you. 

On the other hand, if you value in-person service, live in Quebec or Ontario, and want all your accounts in one place, you’d be better off choosing Desjardins. 


Is Desjardins a bank?

The Desjardins Group (Mouvement Desjardins) is a financial service cooperative in Canada and the largest federation of credit unions in North America.

What is Tangerine’s daily transfer limit?

Tangerine’s daily transfer limit is currently set at $50,000 to external accounts.

What is Tangerine’s e-transfer limit?

Tangerine has a daily e-transfer limit of $3,000 for sending and $10,000 for receiving transfers.


With an early start in journalism and years of work as a technical translator, Marija felt it was natural to blend the two. Passionate about news and research, she enjoys sifting through the data, researching new currents and the constant changes in our technologically and financially driven lives, as well as presenting the stats and facts to the readers so you don’t have to dig deep on your own.

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