Tangerine - The free online bank in Canada
Tangerine has been around since 1997, has over 2 million customers and is part of Scotiabank.
Key features of Tangerine:
- Free debit card
- Free account forever
- Free Interac e-Transfers
- Free cash withdrawals at all Scotiabank ATMs
- Free Cash Back Mastercard
- No monthly or minimum balance needed
- Interest on your balance in the chequing account, no other “Big Five” Bank offers this
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Free Cashback Credit Card
- Free credit card that pays money when you use it
- Set the two most used categories and get 2% cash back
- On all other categories there is 0.5% cash back
- The cash back is not accumulated as with all other banks and credited once a year, at Tangerine you get it paid monthly into the bank account.
Where is the catch?
There isn’t really a catch. You can open a bank account as a newcomer. There is only a BUT.
In order to open an online bank account at Tangerine, you need to prove Canadian residency. This means you can only apply after you swapped the foreign drivers licence into a Canadian drivers licence.