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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 4.3), 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.
Launching in 2014, Wealthsimple’s goal was “to use technology to give powerful financial tools to many.” Since then, the company has grown to have $124.8 billion in assets under administration and 3.4 million customers as of the end of Q1 2026.
While Wealthsimple began as a digital investment platform, it quickly expanded into banking, offering no-fee chequing accounts that pay interest on every dollar. It is uncommon to find a Canadian chequing account that pays interest, which is part of the reason why FinlyWealth rated the account highly at 4.8 out of 5. Though the institution does not have its own ATMs or branches, you can still deposit cash for your Wealthsimple account at Canada Post and receive reimbursement of any amount covering unlimited ATM fees worldwide. Banking and credit card customers also have access to the company’s spend insights tool, which tracks transactions and category spending.
Wealthsimple’s rewards support its strong rating. It has a competitive credit card offering with 2% in cashback rewards with a simple structure of flat earn rates across all categories. This differs from many institutions, which instead offer cashback on certain categories of spending only. While its credit cards are well-ranked, though few in number, its options for borrowing are limited. The institution has lines of credit, which you can take out against your portfolio, and they also provide mortgages through outside brokers.
Beyond traditional banking, Wealthsimple’s claim to fame is its investing platform, where it offers both managed portfolios and self-directed investments. The firm differentiates itself from the biggest banks in Canada by charging no commissions on DIY trading. Even its options platform has $0 commission on trades.
Today, the institution remains on the cutting edge, having become “Canada’s first regulated crypto platform” and making a recent announcement about soon providing access to the prediction markets through a mobile app called Wealthsimple Predict. Both of these initiatives are unique offerings for a financial institution in Canada.
Overall rating
4.4
4.3
Customer experience
3.5
3.5
Best for
Tangerine is best suited for Canadians who want low-cost digital banking and competitive cashback rewards.
Canadians who want a digital-first financial platform that combines no-monthly-fee banking with $0 commission stock and ETF trading.
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
No-fee chequing account with unlimited transactions
Chequing account earns interest on every dollar
Strong digital investing platform
No minimum balance requirements (interest rates instead increase for those with a higher relationship balance)
Offers both self-directed trading and managed portfolios
$0 commission on stocks and ETF trades, making it more affordable than traditional banks
Cash deposits available through Canada Post
Unlimited reimbursements on ATM fees worldwide which improves access for banking customers
No foreign transaction fee on its credit card
Continuous innovation and rollout of new services
Ability to buy, sell and earn cryptocurrencies on its platform
Cashback earnings can go to any eligible Wealthsimple account
Cons
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
4.6 Our rating
on Wealthsimple's website
Welcome Bonus
$25 bonus when you sign up and fund at least $1*
Regular Interest
Up to 2.25%
Monthly Fee
$0
Account Type
Chequing • Personal
New to Wealthsimple? We'll give you a $25 cash bonus when you open your first Wealthsimple account through this page and fund at least $1 within 30 days*
CHEQUING & SAVINGS:
For everyday spending and saving
Some accounts are good for parking and growing your money, while others are good for avoiding fees and restrictions. Wealthsimple chequing accounts are great for all of those things.
Account Fees
Monthly Fee
$0
eStatement
Included
Transactions
Transactions
Unlimited free
Interac e-Transfers
Unlimited free
ATM Fees
Own Network
$0
Canadian ATMs
$0
USA
$0
International
$0
International & Currency
Foreign Currency Conversion
0%
Other Fees
NSF (Non-sufficient Funds)
$0
Overdraft Interest
0% annually (if used)
Bank Draft
$10
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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.
4.6 Our rating
on Wealthsimple's website
Welcome Bonus
$25 bonus when you sign up and fund at least $1*
Regular Interest
Up to 2.25%
Monthly Fee
$0
New to Wealthsimple? We'll give you a $25 cash bonus when you open your first Wealthsimple account through this page and fund at least $1 within 30 days*
CHEQUING & SAVINGS:
For everyday spending and saving
Some accounts are good for parking and growing your money, while others are good for avoiding fees and restrictions. Wealthsimple chequing accounts are great for all of those things.
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 Wealthsimple's website
Welcome Bonus
Get 5% cash back for the first 30 days (1)
Annual Fee
See Rates
Interest Rates
20.99%* / 22.99%*
RECOMMENDED CREDIT SCORE
4.4/5
The Wealthsimple Cash Back Visa Infinite Privilege offers a no-FX-fee spending solution with a conditional no-fee setup that earns 2% cash back on all purchases without any limits! It's currently the ONLY Visa Infinite Privilege card with an annual fee that can be completely waived. It also lets you grow your rewards—as you can deposit your cashback whenever you want in a high-interest chequing account. Its simplicity and flexibility make it ideal for many Canadians.
Pros
Cons
Rewards
Insurance
Coverage
Mobile Device Insurance
Purchase Protection
Extended Warranty
Travel Medical Insurance (64 & under)*
Trip Cancellation*
Trip Interruption*
Baggage Delay*
Lost or Stolen Baggage*
Car Rental Damage & Theft*
Benefits
Details
No Foreign Transaction Fees*
Visa Infinite Exclusive Benefits*
Airport Lounge - Dragon Pass*
Eligibility
Credit Score
Annual Income
Overdraft protection is only available if you link it to your portfolio and is unavailable for joint chequing and USD accounts
No dedicated ATMs
Mortgages available through partners only, not in-house
No broad insurance offering, unlike some full-service institutions
No branches available for in-person service
Trend of customer service complaints
Customer criticism regarding locked or frozen accounts
Reports of intermittent outages
