Skip to main content

Product Review: Tangerine

** Last Updated: April 2021 **

** This journal is non-profit. You will not find affiliate codes.. nor am I paid by Tangerine or anybody else for my opinions here. Just my two cents. **


#1 Simplii Financial appears to be identical to Tangerine. So everything else on this list should be true of both.


#2 No fees, no minimums, free money transfers, Google/Apple Pay, very user-friendly mobile app. All the normal online stuff you’d expect and it's free.


#3 Tangerine is owned by Scotiabank - meaning it is well stabilized and not poised for takeover or closure. Simplii is owned by CIBC.


#4 While Tangerine appears to be an online-only account, it is still a traditional bank. You get a debit card, cheque book, ATM network and whatnot. While infrastructure is rapidly going digital, it is in my opinion still a good idea to have a fail-safe option. Your phone may go in the fritz or some people just simply want cash for some reason. Having a physical backup is always recommended. It is important to note here that online-only competitors like EQ Bank, PC Money, Wealthsimple Cash and LBC Digital are not equivalent products. Consider these limitations:


  1. EQ Bank cannot be used with Google Pay or any type of point-of-sale transactions. Since it is optimal to use credit cards for purchases anyways, this is a backup that doesn’t exist. You can’t deposit cash either.

  2. PC Money doesn’t accept cash or cheque deposits. 

  3. LBC Digital doesn’t have an app, so cheques must be deposited via ATM. Laurentian Bank (who owns LBC Digital) does have an app with this feature but I cannot tell if the two are compatible. Everything else seems sort of like Tangerine/Simplii but with less convenience (I think?) and no free cheque book.

  4. Wealthsimple Cash can’t really do anything at all except pay friends with e-transfers. However, in their FAQ they have said they will offer very conventional bank stuff, like cheque deposits, a debit card and Google Pay. I’m a huge fan of Wealthsimple so I’ll watch where they take this product and update once it’s a contender (or a bust).


#5 If it's not obvious by now, Tangerine is a solid, well-rounded pick for a bank account. They offer quite literally everything everybody else has to offer and better. Except interest rates (read #6). All other options will almost certainly require a second bank account elsewhere. Why bother?


#6 The interest rate is garbage. However, if you’re looking for great interest rates then you better buy a time machine because none exist. Until we see saving accounts with 4% or higher rates I believe it to be incredibly suboptimal to try and earn money from interest. Canadians are obsessed with interest rates for some reason, so if that’s you go to EQ Bank, LBC Digital or Motive Financial. 


#7 The Orange Key is a decent referral code. If you need to get your family on board with free banking or the topic comes up at your job, get their email and share your Orange Key. You'll both be getting $50 if they open up an account.


#8 While I don’t recommend Tangerine’s other products, their network of products are a somewhat decent 6 out of 10. It might seem less daunting to figure out mortgages or TFSA’s by first checking in with Tangerine’s offerings - and just getting started can be half the battle.

  • I think these offerings are very suboptimal to other solutions I recommend but it might be suitable to somebody with a low risk tolerance and requires plenty of handholding. Plus, the minimalist in me says it’s nice to have everything under one roof but it really is a bad idea. Getting comfortable with something that appears to be much easier (but in reality is only slightly more convenient) is a sunk-cost fallacy waiting to trap you. Just use the chequing account and keep your investments far away, in my humble opinion.

~ Affinity R.M.


Picture: Sharon McCutcheon on Unsplash

Most Popular Posts

Translating VTSAX for Canadians

Photo by  Kelly Sikkema  on  Unsplash Like most of you, I've read The Simple Path to Wealth and thought "Wow! Now to head to Vanguard and set up my account! Hey, WTF??" If you haven't read the book, feel free to read it in blog for m on the authors blog right here . Probably a proper rite of passage for any Canadian pursuing FIRE is to hear about the message from an American blog or podcast and then immediately google VTSAX only to realise that the mutual fund is not offered to Canadians. To add further insult to injury we can't even open a Vanguard account. ....well fuck you too, Vanguard. Just kidding! Vanguard is Canadian-friendly - very much so. They have superb products available for Canadians to buy in the for m of ETF's from the numerous stock exchanges around the globe. This certainly adds complexity to the average Jane or Joe trying to buy their first index fund but not greatly so. In fact, I keep it VERY simple in this blog post called the 7 Simpl

7 Simple Steps to Investing with Vanguard All-in-One Funds

Photo by  Elijah O'Donnell  on  Unsplash You've been thinking about investing for a while but you've been held back by several excuses. Some of these are legitimate (everybody says to do this or that... but is that right?) and some of them are pathetic (I'm not sure right now is a good time to buy.... just look at the news!). I have some very simple advice for you: Fuck the news and fuck the piles of noise everybody is "adding" to the "conversation."  It's simple, you already know you need to invest and you probably have the cash sitting somewhere else collecting a garbage interest rate. The more complex you make it, the more easily these websites, robo advisors, banks and mutual fund companies can profit from you. I have nothing to gain from you - so I have this really easy step process because I haven't been bought to make it more complex or sell you additional garbage. No must-use language from advertisers, no paywall and no book

The Requirements of FIRE

Photo by  Mark Duffel  on  Unsplash I'm here to fix the blurred line between what the FIRE movement is and what is isn't .

Product Review: Public Mobile

** Last Updated: April 2021 ** ** This journal is non-profit. You will not find affiliate codes.. nor am I paid by Public Mobile or anybody else for my opinions here. Just my two cents, as it were. ** Here's a list of why Public Mobile is the best phone plan out there.  #1 They use the Telus network, which is very, very good. Check your phones compatibility here (scroll down) . Public Mobile is simply the "discount brand" of Telus. For reference, I use a Google Pixel 2 XL and my wife uses an iPhone 6.  #2 Yes, you can port your number. #3 Three very cheap plans that should cover 99% of Canadians AND their businesses needs: *Ontario bias but I've checked and most provinces are identical* $15/month - unlimited international text, 100 minutes, unlimited incoming calls, 250mb of data $25/month - unlimited international text, unlimited province-wide calling, 1gb of data $40/month - unlimited international text, unlimited province-wide calling, 5gb of data #4 By using

The Fallout of my FIRE & The End (revised)

Step back, this blog is about to be blown up! Okay, not just yet but you should be a safe distance when it does. If you've liked what I've written here so far, I regret to inform you that this will be my last post. More on that halfway down. Like my Vortex of FIRE post, I'm revisiting a past article and rewriting it from scratch to remove my previous podcaster bias. Since it's my last article, I'm intrigued to see what I come up with. The 3rd and final ending to the Requirements of FIRE: Before we get onto the main entrée that is this blog keeling over and dying, let's first examine one last bit of misconception in the FIRE movement. This little paragraph or two was inspired by friend of the now-deceased blog. Her name is Maria over at Handful of Thoughts , and she owns 3 cars and wants you to know that while it might not be very "FI"of her, she essentially says you can fuck right off. I enjoyed the aggression in the article and wanted to add a point