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
Disclaimer: I will receive a commission if you are using the above affiliate link. This makes it possible to support all Work and Travellers on the Working Holiday Canada adventure. Thanks a lot for the support.
At Simplii you can earn an additional $350 sign up bonus. (Special Promotion)
For this you only need to add a direct deposit to your chequing account for at least $100 for 3 straight months.
Good example: Your pay from your employer.
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 Simplii you need to prove Canadian residency. This means you can only apply after you swapped the foreign drivers licence into a Canadian drivers licence.