Tangerine Bank Review 2021 (Features, Pros, and Cons)

What Do I Need to Know about Tangerine?

Aiming to be the ultimate all-in-one online bank for Canadians, Tangerine is one of the first names you will encounter when searching for an online banking solution. The company started in 1997 as ING DIRECT, one of the first banks to introduce direct banking to Canada’s financial sector.

This Tangerine bank review reveals the appeal was having an alternative to the big five banks. And with low fees and higher interest, the company quickly became a favourite. Scotiabank acquired it in 2012 and rebranded it as Tangerine.

Today, the company offers the widest range of financial products, from chequing and savings accounts to mortgages, RRSP loans, and investing.

We will take a look at the following

✅ Products

✅ Application procedure

✅ Tangerine pros & cons pros and cons of choosing Tangerine as your bank

✅ Tangerine bank customer reviews

✅ FAQ

Let’s dive right in.

Tangerine Services Overview

Chequing and Savings Accounts

The company is best known for its chequing and savings accounts and their excellent terms.
Tangerine bank review interest rates are very competitive on savings accounts. They’re what sets this bank apart from the others, even though Tangerine recorded a drop in recent years.

The thing is:

Tangerine bank Canada reviews point out one of the great benefits of these savings and chequing accounts – no fees.

Tangerine Lending

When it comes to lending money, Tangerine offers mortgages, home equity lines of credit, and RRSP loans available. Keep in mind that making a contribution to your RRSP through a Tangerine loan may help reduce your taxes.

Tangerine World Mastercard

Tangerine Money-Back Credit Card

Tangerine Bank Mortgage Review

When applying for a Tangerine mortgage, there are many options, including fixed mortgage terms of up to ten years at 3.09% and a five-year variable mortgage at 1.35%. Mortgage rates at Tangerine are very competitive and guaranteed for 120 days. This means if the rate drops, you can apply for the lower one.

What’s more:

A mortgage account manager will be available to answer all your questions and provide guidance. You will be able to pay up to 25% of your mortgage during a one-year period or increase the payments by 25% without any penalties.

Tangerine Loan Features

Our 2021 Tangerine bank review found that the bank does not offer personal or car loans, only RRSP loans with a 3.75% interest rate. You have between 9 and 12 months to repay the loan, and there is no prepayment penalty due to the flexible repayment policy.

For this service, there are no monthly payment fees or other service charges. Tangerine RRSP loans come with tax benefits and have a speedy approval process. So, you won’t have to wait too long for the answer or the funds.

Loan Eligibility Criteria

Tangerine bank loan requirements and mortgage and home equity line of credit requirements state that these services are accessible to Canadian residents of legal age.

You will need to confirm all information you have provided is correct. Otherwise, Tangerine may reject or cancel your application.

How To Apply for a Loan with Tangerine

Applying for Tangerine services is straightforward. Once you’re on the website, you will need to do the following:

Step 1:
Choose the type of account that you would like to open.

Step 2:
Click “Enroll Now.”

Step 3:
Fill out the form with your name, SIN, date of birth, phone number, email address, mailing address, and occupation.

*You may need to visit Canada Post to confirm your identity with an ID card*

Step 4:
Apply for the loan on the website

Step 5:
Review the policies, disclosures, and your application.

Step 6:
Wait for a response.

Step 7:
Funds are usually available within a day.

Tangerine Reviews: Pros & Cons

Tangerine Privacy & Security Policy

Tangerine bank Canada reviews find that the Tangerine Privacy code follows the Personal Information Protection and Electronic Documents Act (PIPEDA). The information collected is used in communication with financial partners and service providers and is protected with strict privacy protocols.

Here’s the scoop:

Your accounts, cards, and all banking transactions are safe with Tangerine, protected by secure online PIN reset, encryption, and Secure Socket Layer (SSL) protection.
There is also the DoubleSafe feature, with which you need to choose a photo and phrase every time you log in. All cards have a secure chip instead of a magnetic strip.

Tangerine User Reviews & Feedback

Looking at Tangerine bank reviews and complaints, the bank is often highlighted as a favourite.

Tangerine bank BBB reviews most often criticize the hard-to-reach and inefficient customer service. However, it’s equally praised as well. Tangerine bank ratings are very high, especially when it comes to customer satisfaction. Tangerine customers highlight favourable fee politics and account managing, as well as the guidance and advice from agents.

Tangerine Bank Alternatives

The best alternative that this Tangerine bank review found is EQ Bank. It offers one of the best high-interest and GIC savings options in Canada. If you are not looking for a large number of connected products and only want the top savings option, EQ is best suited for your needs as it offers more stable long-term interest rates.

Wrap Up

This Tangerine bank review reveals that Tangerine is an excellent option for doing all of your banking in one place and for affordable mortgages. An online banking interconnected experience will make everything seem easy – a good app, easy to use the website, even a physical location for those that still aren’t entirely certain in a bank that is run fully online.

Bottom line:

In many ways, Tangerine is similar to a traditional bank and will provide you with quick and easy solutions for most of your banking needs.