Institution profile · Domestic bank (Schedule I)
Tangerine
ActiveTangerine BankCDIC
Tangerine Bank is a branchless Schedule I bank owned by Scotiabank. It began as ING DIRECT Canada and is a separate CDIC member from its parent.
Profile facts checked October 30, 2026
At a glance
- Legal name
- Tangerine Bank
- Type
- Domestic bank (Schedule I)
- Owner / parent
- The Bank of Nova Scotia
- Head office
- Toronto, ON
- Founded
- 1997 — Opened as ING DIRECT Canada in 1997; renamed Tangerine in 2014.
- Regulator
- Office of the Superintendent of Financial Institutions (OSFI) for safety and soundness; Financial Consumer Agency of Canada (FCAC) for consumer protection
- Cheapest everyday account
- Tangerine Chequing Account — $18 a year for the Everyday example
- Best posted savings rate
- 0.3% on $10,000 (Tangerine Savings Account)
- OBSI banking cases
- 75 opened in fiscal 2025 (Nov 1, 2024 – Oct 31, 2025)
- Website
- www.tangerine.ca
Deposit protection
CDIC member in its own right — separate from Scotiabank, so deposits at each have their own limits.
Names CDIC lists for this member: Tangerine.
Our assessment: 65.9/100, #5 of 13 in our bank review
Strongest on everyday cost and app rating. Trails on savings rate and branch and ATM access. Cheapest account for everyday use: $18 a year. No branches; Scotiabank ATMs.
Cost 94 · Access 40 · Savings rate 11 · App rating 87 · Complaints per client 62. How the review works.
Tangerine chequing accounts and what they cost
Tangerine lists 1 chequing account with FCAC. For our “Everyday” example (25 debit purchases, 6 bills, 5 e-Transfers and a $1,000 low balance a month), the cheapest account open to anyone is Tangerine Chequing Account at $18 a year. Accounts limited to a group are marked.
| Account | Monthly fee and waiver | Included | Fees a year |
|---|---|---|---|
| Tangerine Chequing Account | No monthly fee | Unlimited | $18 |
Tangerine savings accounts and posted rates
| Account | Rate at $10,000 | Monthly fee |
|---|---|---|
| RIF Savings AccountRRIF | 0.35% | No monthly fee |
| RSP Savings AccountRRSP | 0.3% | No monthly fee |
| Tangerine - Tax-Free Savings AccountTFSA | 0.3% | No monthly fee |
| Tangerine Savings Account | 0.3% | No monthly fee |
On the official lists
| Legal entity | OSFI list | CDIC member |
|---|---|---|
| Tangerine Bank | OSFI — Schedule I domestic bank | Yes |
Facts, with sources
- Tangerine is a trade name of Tangerine Bank, a wholly owned subsidiary of The Bank of Nova Scotia.Source: tangerine.ca
- ING DIRECT opened in Canada in 1997 as a branchless bank.Source: tangerine.ca
- Scotiabank acquired ING DIRECT Canada in 2012; the bank adopted the Tangerine name in 2014.Source: tangerine.ca
- One of the 14 signatories of the federal low-cost and no-cost account commitment.Source: canada.ca
Your own pattern can change the order. Put your numbers into the true-cost finder to rank Tangerine’s accounts against everyone else’s.
Complaints that reached the ombudsman
OBSI, the ombudsman for banking, opened 75 banking cases about Tangerine Bank in fiscal 2025 (Nov 1, 2024 – Oct 31, 2025), closed 46, and resolved 14 to the complainant’s satisfaction. Across all banks and credit unions, OBSI opened 5,438 banking cases that year (+113% on the year before) and 25% of closed cases ended with money paid.
Counts aren’t adjusted for size, so bigger banks have more cases. A complaint reaches OBSI only after the bank’s own process (up to 56 days). Source: OBSI Annual Report 2025, released March 13, 2026. How to complain.
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