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A side-by-side comparison of ratings, customer experience, products, fees, and pros & cons to help you choose the right bank.
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Tangerine Bank edges ahead on our overall rating (4.4 vs 3.9), but the right pick depends on which products and fees matter most to you.
Overview
All products offered
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.
Toronto Dominion, known as TD, delivers a strong all-around banking experience through a broad product lineup and extensive branch networks including 1,100 branches throughout the United States. The bank boasts consistency across many categories with few major weaknesses.
Offering a range of banking products, TD has accounts for Canadian newcomers, youth, students, and even international students. It provides banking starting at a cost of $0 for specific groups up to an “All-Inclusive Banking Plan” with premium features and a much higher price tag. Fee waivers are available for those who maintain a certain balance in their account. Long-term savings rates may be less competitive than online banks and fintechs though.
TD has a smaller credit card offering in comparison to some of the other biggest banks in Canada. It does, however, have some strong products, including the TD® Aeroplan® Visa Infinite Card, which FinlyWealth ranks as the best overall Aeroplan credit card.
With a broad lending offering, TD receives recognition for its Canada-US cross-border services as well as various lending products. Its mortgage and lending breadth is amongst the strongest in Canada, though the bank doesn’t always have the lowest rates.
Overall rating
4.4
3.9
Customer experience
3.5
3.2
Best for
Tangerine is best suited for Canadians who want low-cost digital banking and competitive cashback rewards.
TD Bank is best for Canadians looking for full-service banking with a vast offering of lending products, premium chequing accounts, branch access and cross-border banking support in the US.
Pros & cons
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
Pros
TD Canada’s mobile app ranks well with consumers
Extensive branch network
Availability of premium banking options and fee-waiver options
Stand-out credit cards despite a limited offering
Promotional pricing periodically available for better rates and rewards
Extensive mortgage and lending offerings with flexible products
Strong retail presence in the United States and cross-border support
Cons
Elevated fees compared to fintechs and digital banks (though competitive amongst the Big Six)
Monthly account fees on most chequing accounts unless minimum balance maintained
Minimum balance waiver set at a higher balance compared to the other major banks
Savings accounts have a lower interest rate, even amongst the Big Six
Best for: No fee everyday banking
on Tangerine's website
+ Move your pay to earn $250. Terms and conditions apply.(1)
Limited offer · ends
Welcome Bonus
Move your pay to earn $250. Terms and conditions apply.(1)
Regular Interest
Up to 0.1%
Monthly Fee
$0
Account Type
Chequing • Personal
Move your pay to earn $2501
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
4.8 Our rating
on TD's website
Welcome Bonus
Receive value of up to $560 with a Student Banking Package
Regular Interest
Up to 0.01%
Monthly Fee
$0
Account Type
Chequing • Student
Get as much as $560 in value with a Student Banking Package:
Arrange a recurring direct deposit and receive payment from either your employer or the Government
Initiate or receive an e-Transfer for $30 or more
Use your Visa Debit to make an online purchase
Establish Pre-Authorized Transfer Service or Simply Save Service on your TD Savings Account
Offer expires June 29, 2026
Account Fees
Monthly Fee
$0
eStatement
Included
Transactions
e-Transfer Fee
$0
ATM Fees
Own Network
$0
Canadian ATMs
$2
USA
$3
International
$5
on TD's website
Welcome Bonus
Receive up to $750 in value on new accounts(§)
Regular Interest
Up to 0%
Monthly Fee
$17.95 (waived with $4,000 balance)
Account Type
Chequing • Personal
Earn up to $750 in value for new TD Unlimited Chequing Accounts.
Interest rates
All balances 0%
Account Fees
Monthly Fee
$17.95
Fee Waiver: Full fee rebate if you meet the minimum balance requirement
$4,000 min. balance
eStatement
Included
Transactions
e-Transfer Fee
$0
ATM Fees
Own Network
$0
Canadian ATMs
$0
USA
$3
International
$5
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3.7 Our rating
on Tangerine's website
+ Earn 4.50% for 5 months
Limited offer · ends
Welcome Bonus
Earn 4.50% for 5 months
Regular Interest
0.3%
Monthly Fee
$0
Great rate with no minimum balance
Grow your savings 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.
2.6 Our rating
on TD's website
Welcome Bonus
Earn the Boosted Rate on eligible accounts with balances over $5,000
Regular Interest
Up to 1.5%
Monthly Fee
$0
Earn a Boosted Savings Rate for eligible accounts with balances over $5,0001
on Tangerine's website
Welcome Bonus
Get $120 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
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
Cons
Rewards
Insurance
Coverage
Purchase Protection
Extended Warranty
Mobile Device Insurance
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Car Rental Damage & Theft
Benefits
Details
Airport Lounge - Dragon Pass
Wireless Credit
Mastercard On-Demand and Subscription Services
Eligibility
Credit Score
Annual Income
on TD's website
Welcome Bonus
Earn up to $1,400 in value†, including up to 160,000 TD Rewards Points† and receive an Annual Fee rebate for the first year†.
Annual Fee
$139 $0
Interest Rates
21.99% / 22.99%□
RECOMMENDED CREDIT SCORE
4.7/5
The TD First Class Travel Visa Infinite Card is an excellent option for frequent travelers who book through Expedia For TD and want to maximize rewards on travel purchases. The high welcome bonus and extensive insurance coverage make this card stand out. However, the high income requirements and limited value of TD points may not make it the best fit for everyone.
Pros
Cons
Rewards
Insurance
Coverage
Travel Medical Insurance (64 & under)†
Travel Medical Insurance (65 to 75)†
Trip Cancellation†
Trip Interruption†
Flight Delay†
Baggage Delay†
Lost or Stolen Baggage†
Common Carrier Travel Accident Insurance†
Car Rental Damage & Theft†
Hotel Burglary Insurance†
Purchase Protection†
Extended Warranty†
Mobile Device Insurance†
Benefits
Details
Visa Infinite Exclusive Benefits†
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Concierge Services†
Golf Benefit†
Extra points†
Annual Birthday Bonus†
Car Rental Discount†
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Travel Credit†
Airport Lounge - Dragon Pass†
Eligibility
Credit Score
Annual Income
Credit cards
TD Aeroplan® Visa Infinite* Card
TD Cash Back Visa Infinite* Card
TD Cash Back Visa* Card
TD First Class Travel® Visa Infinite* Card
TD Low Rate Visa* Credit Card
TD Platinum Travel Visa* Card
TD Rewards Visa* Card
TD® Aeroplan® Visa Infinite Privilege* Credit Card
TD® Aeroplan® Visa Platinum* Card
TD® Aeroplan® Visa* Business Card
Elevated mortgage and loan rates in comparison to digital-first lenders
Every credit card charges a foreign transaction fee
Historically extended branch hours were pared back post-Covid
Premium banking benefits available, though they come at a cost or require high account balances
