Canada
activeFeaturedNeobankBusiness banking
- HQ
- London
- Fee
- Free personal
Tangerine
Scotiabank’s digital bank — CDIC, no branches of its own.
Legal entity: Tangerine Bank — wholly-owned subsidiary of The Bank of Nova Scotia. CDIC member in its own right (Tangerine CDIC page), not via Scotia’s membership.
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7.1Solid
AlternativesFive questions
At a glance
Is it a bank?
Yes — Schedule I bank (OSFI). Still read the entity on the statement.
If it fails?
CDIC member in Tangerine Bank’s own right, separate from Bank of Nova Scotia (Tangerine CDIC page). Eligible deposits follow CDIC rules and categories.
Salary?
Canadian chequing at Tangerine Bank can take payroll where Tangerine offers it. Confirm live product.
Open from abroad?
Canadian Schedule I bank brand. Not a non-resident IBAN.
Monthly fee
No monthly on core chequing (conditions apply)
Account number
No IBAN-class local rail on this file.
NeoBankDB Verdict
Licence first · score second
7.1
/10 · Solid
Include Tangerine when Canadians search ‘online bank.’ It is a digital bank, not a fintech wrapper.
What it is
Tangerine is the former ING Direct Canada, owned by Scotiabank. It is a CDIC member Schedule I bank. We list it because the search intent overlaps neobanks even though the parent is a Big Five bank.
Best for: Canadians who want a no-branch bank that is actually a bank.
Last checked 2026-08-01. Not advice.
What it does well
- +CDIC member
- +Big-bank parent
- +Savings rates
What to watch
- −Not a startup
- −FX is ordinary
- −App is fine, not Monzo
Legal entity, not the app icon
Who is behind it
- Legal name
- Tangerine Bank — wholly-owned subsidiary of The Bank of Nova Scotia. CDIC member in its own right (Tangerine CDIC page), not via Scotia’s membership.
- Formerly
- ING Direct Canada
- Parent
- The Bank of Nova Scotia
Who holds the money
The account
- Partner bank
- Tangerine Bank
- Remote open
- Canadian Schedule I bank brand. Not a non-resident IBAN.
- Onboarding
- Canadian KYC.
- Minimum age
- Age of majority unless Tangerine publishes a youth SKU.
- Salary / payroll
- Canadian chequing at Tangerine Bank can take payroll where Tangerine offers it. Confirm live product.
- Local rails
- Canadian EFT / Interac. ATM access via Scotiabank network (catalog; confirm live).
How money actually moves
- Who holds the cash
- Insured bank deposit
- How money moves
- In-app ledger
- Built for
- Personal
- Settlement
- App-ledger instant; bank rails per corridor
- Freeze risk
- Bank-grade; still not freeze-proof
- Card
- Tangerine lists a physical card on mastercard, plus Apple Pay and Google Pay. Confirm the live product in the app — a card is not a current account.
Licence first
Safety
CDIC member in Tangerine Bank’s own right, separate from Bank of Nova Scotia (Tangerine CDIC page). Eligible deposits follow CDIC rules and categories.
Who holds the money: Tangerine Bank
- OSFISchedule I bank · Canada
Fees
- Monthly
- No monthly on core chequing (conditions apply)
- FX markup
- Retail FX — not Wise
- ATM
- Scotiabank ATM network
- Interest
- Savings accounts with promotional rates
Features
- –IBAN
- ✓Fee-free core
- –Multi-currency
- ✓Apple Pay
- ✓Google Pay
- –Virtual card
- ✓Physical card
- –Metal card
- –Crypto
- –Stocks
- –Business
- –Kids
- –Halal
- Chequing and savings
- Credit cards
- GICs
- Mortgages
Before you tap Sign up
How to open
Step 1
Tangerine Bank is the member
Not ING, not a fintech partner. CDIC in Tangerine’s own name.
Step 2
Canadian KYC
Schedule I bank onboarding.
Step 3
Do not merge the Scotia cap
Own-right CDIC member. That is Tangerine’s wording, not a directory merge with Scotia.
Official help: www.tangerine.ca/en/about-us/cdic
Operator documents
Their own papers
These are the operator’s documents. They outrank this review if they disagree.
Score
- Safety25%
- 9.0
- Fees20%
- 7.8
- Features15%
- 6.8
- App15%
- 7.2
- Global15%
- 3.0
- Support10%
- 7.0
Change log
Full logNo dated notes yet. When the licence, fees, or status moves, it lands here.
Available in
Straight answers
FAQ
01Is Tangerine a bank?
Tangerine is filed as Schedule I bank. The named regulator is OSFI. Still read the entity on the statement before you send money.
02What happens to money in Tangerine if it fails?
Tangerine is a Schedule I bank. Eligible deposits are CDIC-insured up to $100,000 per category.
03What does Tangerine charge each month?
The monthly fee on this file is No monthly on core chequing (conditions apply). Fees change — open the operator's pricing page if it is linked.
Ratings and reviews
No published user reviews yet. The NeoBankDB score still comes from licence, fees, and the product — not from an empty star average.
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