The Bank of Nova Scotia, operating as Scotiabank owns Tangerine bank in Canada. Get details on the banking products and services it offers.
Tangerine Bank (operating as Tangerine) is a Canadian direct bank and is a subsidiary of Scotiabank.
What is Tangerine bank?
Tangerine, a subsidiary of Scotiabank, is an online bank; meaning it doesn’t operate brick and mortar branches.
Tangerine has five “cafés” in some urban centres; two in Toronto, one in Montreal, another in Vancouver, as well as Calgary. Otherwise, all banking is done online at tangerine.ca, with the Tangerine Mobile Banking App.
The fees, or the lack of, continue to be a big selling point for this bank, which are clearly outlined in an annual schedule.
Some of the banking services are free, and the biggest selling point for many is that there are no monthly or annual fees. It’s similar with investments, too.
Who owns Tangerine bank?
Tangerine, originally known as ING Direct, launched in Canada in April 1997, introducing the country’s first no-fee, high-interest saving account.
Scotiabank acquired the online bank in 2012 for $3.1 billion. And in 2014, the name was changed to Tangerine.
Scotiabank, also known as the Bank of Nova Scotia and Banque Scotia, first opened on August 29, 1832.
Scotiabank is a part of the “Big Five,” the five largest banks in Canada, which also includes the RBC, BMO, CIBC and TD Canada Trust.
Who Tangerine bank is best for?
The Tangerine bank is best for Canadians who don’t want to worry about how often they’re using their chequing accounts.
Tangerine’s variety of account offerings makes it a fit for most personal banking needs. And the bank’s no monthly transaction fees solidify it as a top choice for Canadians who conduct a lot of chequing account transactions.
Tangerine’s digital approach may also be attractive for people who know they need to bank but don’t necessarily have the same need for actual brick-and-mortar branches.
Tangerine bank in Canada
Tangerine is one of the growing numbers of online-only banks in Canada. Tangerine has developed a reputation for being a no-frills institution that charges low fees for everyday banking. But Tangerine also offers business accounts, investment funds, credit cards and mortgages.