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National Bank of Canada vs Tangerine Bank
A side-by-side comparison of ratings, customer experience, products, fees, and pros & cons to help you choose the right bank.
VS
Tangerine Bank edges ahead on our overall rating (4.2 vs 4.1), but the right pick depends on which products and fees matter most to you.
Overview
The National Bank of Canada, also called National Bank, is one of the biggest banks in Canada, though it is the smallest of the group. Initially, the bank dominated in the province of Quebec, but has since expanded its reach throughout the country. The migration of CWB Financial Group adds to National’s offering, with the integration of its clientele now complete according to the bank's website.
National Bank has a reputable Bank Account for Newcomers program and a range of chequing account options. Its monthly fees remain competitive, and certain groups can get the fee waived, as can those who maintain a minimum account balance. Minimum balance requirements are slightly above the other Big Six, though. In terms of savings accounts, the bank’s main option for Canadian dollar savers is its High Interest Savings Account. The account has a less competitive rate, causing National Bank to fall behind the offerings from the other major banks. Anyone focusing on earning a higher interest rate can find a better return with digital institutions.
Another area where National Bank is more limited is in its credit card offering. The bank does not have Visa cards, instead sticking with Mastercard only. While its choices are narrower compared to some of the other Big Six Canadian banks, it does have a quality selection. For example, the bank has the National Bank World Elite® Mastercard®, which Finly rates highly at a 4.6 out of 5 due to its “generous earn rate.”
For its lending and mortgage products, National Bank boasts a wide variety of fixed and variable-rate mortgages plus personal loans and lines of credit as well as home equity borrowing. As a full-service lender, National Bank is more than just a niche banking option with mortgage and loan options generally in line with the major Canadian banks. It also has promotional rates that offer a competitive edge.
Tangerine Bank, or Tangerine as it’s known, is a subsidiary of Scotiabank, formerly part of ING Direct. Operating with its own coverage from the Canadian Deposit Insurance Corporation (CDIC), Tangerine has a sound reputation. Forbes even ranked the institution as number one in Canada on its list of the World’s Best Banks 2026 for two consecutive years.
The institution has a strong lineup for a digital bank, offering no-fee chequing and savings accounts as well as highly rated credit cards. Tangerine also provides lending services to its customers with mortgages, HELOCs, and lines of credit, and even has business banking, though it’s not a complete offering.
Unlike the major Canadian banks, many of its premium services come from partners or the Scotiabank network, rather than Tangerine itself. For example, the bank has insurance through its partner Sonnet Insurance and free ABM access through Scotiabank and its Global ATM Alliance. Tangerine does, however, have an in-house offering of mortgages and lending services.
Overall rating
4.1
4.2
Customer experience
3.4
3.5
Best for
National Bank is best for Canadians who want full-service banking and access to a major federally regulated bank. It’s particularly suitable for those in Quebec or customers in Western Canada where the bank expanded.
Tangerine is best suited for Canadians who want low-cost digital banking and competitive cashback rewards.
Pros & cons
Pros
Part of THE EXCHANGE ABM network, providing customers with access to almost 2,500 machines
Availability of fee-waiver options
Has a stand-out newcomer program and well-ranked credit card even with a more limited offering
National Bank Direct Brokerage promotes a unique offering of $0 online stock and ETF commissions
More valuable rates and rewards available through periodic promotional pricing
Cons
Smaller branch network versus the other major Canadian banks
Monthly account fees apply to all chequing accounts unless you maintain a minimum account balance or meet other fee-waiver eligibility
Minimum balance waiver is at a higher level in comparison to the other Big Six
Savings account offering is limited
Credit card lineup includes Mastercard only, no Visa or AmEx options
Every credit card has a 2.5% foreign transaction fee
Pros
No fee chequing account with unlimited transactions
Minimum balance not required for savings or chequing accounts
Competitive no-annual-fee credit cards
Attractive promotional rates for eligible customers
Backed by Scotiabank, making it more reliable than standalone digital banks
Free access to over 3,500 Scotiabank ABMs in Canada and 44,000 international machines through Scotiabank’s Global ATM Alliance
Cons
No traditional branch network or in-person service
Ongoing savings rates are relatively lower than competing products from other digital banks
Narrow product lineup compared to the major banks
Mixed customer service reviews
Limited premium rewards
Top chequing accounts
Best for: Newcomers to Canada
OPEN ACCOUNT
on National Bank's website
Welcome Bonus
Earn up to $600 cashback when you open an account for newcomers and meet certain criteria.
Monthly Fee
$15.95 (waivable)
Account Type
Chequing • Personal
Promotion: You could get up to $600 cashback
Start your life in Canada by taking advantage of our welcome offer: A bank account that allows you to earn up to $600 cashback. Here’s how to get the most out of it:
Get $300 cashback when you:
Open a chequing account and meet certain criteria.
- Sign up for online banking.
- Complete 20 eligible transactions.
- Receive 3 eligible automatic deposits of at least $100 each.
Get $100 cashback when you:
Apply for a Mastercard credit card, get approved, and complete 20 purchases with the new card.
Get $100 cashback when you:
Set up pre-authorized, recurring payments for your National Bank mortgage from your new chequing account.
Get $100 cashback when you:
Open a High Interest Savings Account and deposit at least $5,000.
You’re eligible to open a newcomer bank account if you:
- Are 18 years of age or older.
- Plan to move to Canada within 90 days or have been living in Canada for 5 years or less.
- Have permanent or temporary resident status with a valid work or study permit.
A journey that evolves with you over 4 years
Year 1
Get started with no monthly fees
As soon as you arrive, enjoy all the benefits we offer, without any fixed monthly fees.1
Years 2 and 3
Keep your account free by meeting certain conditions*
Maintain a minimum daily balance of $4,500 in your account
OR
Sign up for the following three products and services:
- A credit card
- Electronic bank statements
- Payroll deposit or the electronic payment of at least two bills per month
Year 4
Automatically switch to The Connected
After your newcomer offer ends, your account automatically switches to The Connected® package, which lets you reduce or even eliminate your monthly fees.
Get even more advantages with your account for newcomers
- Unlimited online transactions and Interac e-Transfer® usage within Canada
- Access to over 360 branches and to our network of ABMs across Canada 7
- First cheque order free of charge 4
- Free National Bank ABM and in-branch withdrawals, transfers and bill payments for the first year 5
- Free paper statements by mail for the first year 6
- Cash withdrawals abroad through our network of global partners 8
- Get 12 months of free legal advice through our partner FBA Solutions. 2
- Send transfers to 19 European Union countries, India, the Philippines, and more. 3
Pros
- Unlimited online transactions and Interac e-Transfers in Canada
- Cashback promotional offer
- Free legal assistance
- Online international money transfers
- Monthly fee waivers
Cons
- Tiered monthly fee rebate requirements
- Limited access outside Quebec
- Limited low-fee international transfer locations
Account Fees
Monthly Fee
$15.95
Fee Waiver: Baseline Savings
Full waiver
Baseline savings of $334.92 over three years for the account You’ll save if you meet the following conditions: Open a bank account online before arriving with our secure form or visit a branch upon arrival. Sign up for our offer for newcomers. Savings are based on: First year: no flat monthly fee (savings of $15.95/month for 12 months) Second year: flat monthly fee of $7.98 instead of $15.95 (savings of $7.97/month for 12 months) Third year: flat monthly fee of $11.96 instead of $15.95 (savings of $3.99/month for 12 months)
Fee Waiver: Maximum Savings
$4,500 min. balance
Maximum savings on the account: $574.20 over 3 years In addition to the basic savings conditions, you must: Maintain a minimum daily balance of $4,500 OR Sign up for the following three products and services before the end of the first year and maintain them until the end of the special offer: A Mastercard® personal credit card ; Electronic bank statements ; Payroll deposit to your bank account at one of our branches at least once a month or payment of at least two bills per month electronically from this bank account
Fee Waiver: Maximum Total Savings
$4,500 min. balance
Maximum total savings of the offer: $683.30 over 3 years To reach these savings, you must meet all the conditions for maximum savings on the account (above) and take advantage of the following services: First check order free ($67.10/order) Free paper bank statements for the first year ($42) Please note: The savings depend on meeting all the requirements for the entire duration of the offer (3 years). If you do not meet all the conditions in a given month, your savings will be reduced. If you no longer have the bank account or the Newcomer Package, the savings will no longer apply.
Credit Card Rebate
Up to $100
eStatement
Included
Transactions
Transactions
Unlimited free
Interac e-Transfers
Unlimited free
ATM Fees
Own Network
$0
Canadian ATMs
$2
International & Currency
Foreign Currency Conversion
2.5%
Other Fees
NSF (Non-sufficient Funds)
$10
Overdraft Protection
$5/month
Overdraft Interest
21% annually (if used)
Bank Draft
$9
Best for: Premium Perks and Unlimited Transactions
OPEN ACCOUNT
on National Bank's website
Welcome Bonus
Up to $150 cashback with an eligible credit card
Monthly Fee
$28.95 (waivable)
Account Type
Chequing • Personal
Up to $150 cashback with an eligible credit card7
- Available to new holders of an eligible National Bank Mastercard credit card and a chequing account with The Total® package
- Eligible credit cards include: Echo® Cashback, Syncro, Platinum, World and World Elite®
- Discount only applies once after enrollment
- Bank account must be opened before the credit card account to qualify
- Discount will be applied as a credit to the credit card account statement within a maximum of 90 days after activation of the card
- Online application in a few clicks
- Unlimited use of Interac e-transfer, 1 free of charge
- Unlimited digital 2 and in-person 3 transactions
- An integrated line of credit up to $5,000 4
- Unlimited access to a lawyer by phone or videoconference, in partnership with FBA Solutions. Benefit from estate assistance to draw up your will and protection mandate in anticipation of incapacity, before witnesses, or online 5
- Overdraft protection 6
- Up to $150 cashback with an eligible credit card 7
- Unlimited use of Interac ® & Cirrus® network ABMs in Canada, free of charge
- Access to mobile cheque deposit
- Stop pre-autorized debits or cheques, free of charge
- Mail statements at no extra cost
- 100 cheques per year, 8 free of charge
- Access to THE EXCHANGE® network of ABMs at no additional cost
- Online statements at no extra cost
Pros
- Easy online application
- Unlimited free transactions and e-Transfers
- Integrated line of credit
- Promotional cashback
- Legal Assistance
- Monthly fee rebates
- Overdraft protection
Cons
- Minimum balance required for monthly fee rebates
- Limited branch access
- International transfer fees
Account Fees
Monthly Fee
$28.95
Fee Rebate: 0-17 years old
Partial rebate
0-17 years old Monthly fees (9): $18/month
Fee Waiver: 18-24 years old
$6,000 min. balance
18-24 years old Monthly fees (9): $13/month Reduce your monthly fees* $0 with a balance of $6,000 or more Get an eligible Mastercard credit card (10) and enjoy a $10/month discount
Fee Waiver: 25-59 years old
$6,000 min. balance
25-59 years old Monthly fees (9): $28.95/month Reduce your monthly fees* $0 with a balance of $6,000 or more Get an eligible Mastercard credit card (10) and enjoy a $10/month discount
Fee Waiver: 60 plus
$6,000 min. balance
60 plus Monthly fees (9): $23.95/month Reduce your monthly fees* $0 with a balance of $6,000 or more Get an eligible Mastercard credit card (5) and enjoy a $10/month discount
Credit Card Rebate
Up to $150
eStatement
Included
Transactions
Transactions
Unlimited free
Interac e-Transfers
Unlimited free
ATM Fees
Own Network
$0
Canadian ATMs
$0
International & Currency
International Transaction Fee
$5.95
Foreign Currency Conversion
2.5%
Other Fees
NSF (Non-sufficient Funds)
$10
Overdraft Protection
$5/month
Overdraft Interest
21% annually (if used)
Bank Draft
$0
Best for: No fee everyday banking
GET OFFER
on Tangerine's website
Exclusive · From FinlyWealth$50 rebate
+ Move your pay to earn $250(1)
Welcome Bonus
Move your pay to earn $250(1)
Regular Interest
Up to 0.1%
Monthly Fee
$0
Account Type
Chequing • Personal
Move your pay to earn $2501
- Become a client: sign up in minutes on your phone and get ready to have simple banking at your fingertips.
- Open your Chequing Account: It’s the original no monthly fee digital bank Account, designed to uncomplicate your life.
- Switch your payroll deposits to earn $2501: Move your paycheques to your Tangerine Chequing Account for 2 consecutive months, and we’ll give you $250.
Offer validity: May 1, 2024 - October 31, 2026
No monthly Account fees with no minimum balance
You don’t have to keep a bunch of money in the Account just to avoid a fee. No monthly fee means no monthly fee at all.
Free Interac e-transfer® transactions
Send money securely within Canada, directly from your Account. And when you register for Autodeposit, any money sent to you via Interac e-Transfer is deposited into your Account automatically.
Shop with confidence
With Interac & Visa Debit Zero Liability protection, you’re protected from unauthorized purchases.
Unlimited number of daily transactions
This includes an unlimited number of debit purchases, bill payments, and pre-authorized transactions.
Account Fees
Monthly Fee
$0
eStatement
Included
Transactions
Transactions
Unlimited free
Interac e-Transfers
Unlimited free
ATM Fees
Own Network
$0
Canadian ATMs
$1.5
USA
$3
International
$3
International & Currency
Foreign Currency Conversion
2.5%
Other Fees
NSF (Non-sufficient Funds)
$10
Overdraft Interest
19% annually (if used)
Bank Draft
$10
Top savings account
Best for: Bulking up your savings
OPEN ACCOUNT
on National Bank's website
Welcome Bonus
N/A
Monthly Fee
$0
Benefits at a glance
- 0.55% interest1 paid monthly
- Risk-free saving available at all times
- Free unlimited funds transfers2 between your National Bank ® accounts
- No fixed monthly fees5
Earn interest from the first dollar invested
You will earn interest no matter how much money you have in your account. That means your savings will start growing right away!
Easily access your funds
You can access your savings at any time. With your online bank, transferring funds between your accounts* is fast and easy.
A handy emergency fund
Your savings provide a financial cushion against the unexpected. If needed, you can withdraw funds to face emergencies.
How to open a savings account
Apply
Submit an application online in less than 5 minutes.
Deposit
Transfer funds from your online bank in just a few clicks.
Pros
- Easy access (great for emergency funds)
- CDIC insured
- No monthly maintenance fee
- No minimum balance
Cons
- Relatively low interest rate
- Hefty transaction fee
- no free e-Transfers
Tangerine Savings Account
Tangerine Savings Account
3.7 Our rating
GET OFFER
on Tangerine's website
Exclusive · From FinlyWealth$50 rebate
+ 4.50% rate for 5 months
Welcome Bonus
4.50% rate for 5 months
Regular Interest
0.3%
Monthly Fee
$0
Save with Tangerine at a great 4.50% interest rate for 5 months.2
You’ll earn it in your first Tangerine Savings Account and on other Savings Accounts you open during that time period, too – including TFSA and RSP Accounts.
Offer validity: November 13, 2025 - July 31, 2026
Great rate with no minimum balance
Grow your savings with an interest rate of 0.30%† since September 10, 2024. Earn the same great rate on every dollar in your Account.
No unfair^ fees or service charges
We simply don’t believe in unfair fees. So you won’t have to pay to save with us.
Reach your goals faster
A Tangerine Savings Account comes with tools to make it super simple to reach your goals.
Automate your savings
With an Automatic Savings Program, you can save without even thinking about it.
Top credit card
APPLY NOW
on National Bank's website
Finly Special Offer
Welcome Bonus
Get up to 50,000 bonus points
Annual Fee
$150
Interest Rates
20.99% / 22.49%
RECOMMENDED CREDIT SCORE
300Poor
560Fair
660⁎Good
725⁎Very Good
760⁎Excellent
4.6/5
The National Bank World Elite Mastercard is a strong choice for frequent travelers who value rewards and comprehensive insurance coverage. With a generous earn rate on everyday spending categories like groceries and restaurants, it offers substantial value, especially if you redeem points for travel. The $150 annual travel credit effectively offsets the card's $150 annual fee, making this card almost "fee-free" if fully utilized. Additionally, the card’s airport lounge access, superior purchase protection, and extended warranties make it a great companion for those who prioritize convenience and peace of mind during their travels.
Pros
- High earn rates
- Annual travel credit
- Comprehensive insurance
- Unlimited airport lounge access
Cons
- High income requirements
- Annual fee
Rewards
- Earn up to 5 points per dollar in eligible grocery and restaurant purchases*
- 2 points per dollar in eligible gas and electric vehicle charging purchases, recurring bill payments and À la carteTM travel purchases*
- 1 point per 1 dollar in other purchases
Insurance
Coverage
Purchase Protection*
180 days
Extended Warranty*
Up to 2 years
Travel Medical Insurance (54 & under)
60 daysTravel Medical Insurance (55 to 64)
31 daysTravel Medical Insurance (65 to 75)
15 days
Trip Interruption
$5,000
Trip Cancellation
$2,500
Baggage Delay
$500Flight Delay
$500
Lost or Stolen Baggage
$1,000.svg?dpl=dpl_6xm5FaR6yFNog4jKCkmUjH18M9nN)
Car Rental Damage & Theft
yes
Mobile Device Insurance
$1,000
Benefits
Details
Airport Lounge - National Bank
Unlimited access to the National Bank Lounge at Montréal-Trudeau Airport.svg?dpl=dpl_6xm5FaR6yFNog4jKCkmUjH18M9nN)
Travel Credit
$150 refund per year on travel expenses (seat selection, airport parking, baggage fees, airline ticket upgrades and lounges)
Eligibility
Credit Score
GoodAnnual Income
$80,000 personal or $150,000 household
APPLY NOW
on Tangerine's website
Welcome Bonus
Get $100 with a Tangerine® Money-Back World Mastercard®* and a limited time promo rate on balance transfers
Annual Fee
$0
Interest Rates
20.95%* / 22.95%*
RECOMMENDED CREDIT SCORE
300Poor
560Fair
660⁎Good
725⁎Very Good
760⁎Excellent
4.6/5
While we think Tangerine World Mastercard isn't the best single credit card to own, it's still a valuable card to have in your arsenal for maximizing your rewards. It offers one of the highest cashback rates for pharmacy and recurring bill payments, areas where your other credit cards might not provide significant rewards. For no annual fees
Pros
- Customizable cashback
- No annual fee
- Unique cashback categories available
- High recurring transactions optimization
- High pharmacy purchase optimization
- Airport lounge membership
Cons
- Income requirements
- Low base earn rate
Rewards
- 2% Money-Back Rewards on your choice of two categories from the 13 offered by Tangerine (Grocery, Restaurants, Gas, Entertainment, Furniture, Hotel-Motel, Drug Store, Reccurring Bill Payments, Home Improvement, Public Transportation and Parking and more). Change them up every 90 days to match spending habits.
- Have your Money-Back Rewards deposited into a Tangerine Savings Account and get a third 2% Money-Back Category.
- 0.5% cashback on all other eligible purchases.
Insurance
Coverage
Purchase Protection
90 daysExtended Warranty
1 yearMobile Device Insurance
$1,000Car Rental Damage & Theft
31 days
Benefits
Details
Airport Lounge - Dragon Pass
Pass only. No Complimentary visits!
Wireless Credit
FlexiRoam 1GB Global Data Roaming Plan and 15% off on purchase of Data Plans.
Mastercard On-Demand and Subscription Services
Access 50+ live-stream sports channels and save $30 on your first three months of Fubo (excludes Quebec)
Eligibility
Credit Score
GoodAnnual Income
$50,000 personal or $80,000 household
All products offered
16 products
Chequing
National Bank Bank Account for Newcomers
National Bank The Total Chequing Account
The Connected Chequing Account
National Bank The USD Progress Account
National Bank The Minimalist Chequing Account
Credit cards
National Bank Allure® Mastercard®
National Bank Business Mastercard
National Bank ECHO® Cashback Mastercard
National Bank MC1® Mastercard®
National Bank mycredit Mastercard
National Bank Platinum Business Mastercard
National Bank Platinum Mastercard®
National Bank Syncro™ Mastercard®
National Bank World Elite® Mastercard®
National Bank World Mastercard