Tangerine is a Canadian online bank owned by Scotiabank since 2012. It offers no-fee chequing, savings, GICs, mortgages, and credit cards. The big draw: promotional rates of 4-6% on savings for new clients. The catch: those rates expire after 4-6 months and drop to 0.30-0.70%, well below competitors like EQ Bank (4.00% ongoing) and Wealthsimple Cash (3.75% ongoing).
Tangerine's value proposition reads beautifully on paper: no-fee everyday banking, a strong mobile app, 28 years of operating history, and CDIC insurance protection. As Scotiabank's digital arm, it has the credibility of a Big-6 bank with the cost structure of a fintech. So why are customer review scores brutally low — 1.3 ★ on Trustpilot, F-rating on BBB, 1.6 ★ across review aggregators?
The answer is the bank's relationship with its promotional savings rates. Tangerine's standard Savings Account pays just 0.30% — among the lowest in Canada. To compete, the bank dangles 5-6% promotional rates at new clients for the first 4-6 months. Once the promo period ends, the rate collapses to the posted rate. Customers who don't aggressively rate-shop find themselves earning less than CIBC eSavings (1.20%) or Scotia MomentumPLUS (2.55%) within months. Worse, Tangerine offers cycles of "return-client" promos at lower rates (typically 4.5%), creating an exhausting yearly rate-chasing dance that defeats the point of "set it and forget it" banking. EQ Bank, by contrast, pays 4.00% on every dollar with no promos and no expiration — a fundamentally more honest product structure.
Customer service is the second major complaint. Better Business Bureau lists 108 complaints filed in the last three years, with Tangerine failing to respond to many. PissedConsumer aggregates show a consistent pattern: frozen accounts without explanation, customer service phone holds exceeding 2 hours, fraudulent charge disputes ignored, and accounts closed without notice after 20+ years of customer history. One BBB complaint from 2025 reads: "After 20 years banking with Tangerine, they closed my accounts with no notice and no reason. When I called for explanation, I was told they couldn't tell me anything. My direct deposits bounced and I had no chequing account for a week." This is not an isolated case — similar stories appear across r/PersonalFinanceCanada, Reddit, and Google Reviews.
On the positive side, Tangerine's no-fee chequing account is genuinely good. Unlimited transactions, free Interac e-Transfers, free debit at 3,500+ Scotiabank ATMs, no monthly fees. For someone who keeps a smaller balance and doesn't care about earning meaningful interest, it's competitive with EQ Bank and Simplii. The mobile app is also better than most Big-6 apps and J.D. Power has ranked Tangerine #1 in customer satisfaction among midsize banks for 14 consecutive years (though notably J.D. Power surveys lean heavily on product features, not service complaints).
Tangerine's credit cards are also competitive. The Tangerine Money-Back Visa offers 2% cash back on up to 3 chosen categories with no annual fee — better than most Big-6 no-fee cards. Mortgages are middle-of-the-pack but their commission-free model is more transparent than typical bank mortgage advisors.
For the right user, Tangerine works. For someone who wants honest banking without rate-chasing, look elsewhere. EQ Bank pays 4.00% standing rate on savings with similar no-fee structure and reportedly stronger customer service. Wealthsimple Cash pays 3.75% with FX-free Mastercard. Simplii Financial is CIBC's digital arm with similar product structure but less aggressive rate gaming. If you choose Tangerine, plan to actively shop rates every 4-6 months — and know that customer service problems may bite when you least expect them.
Tangerine's no-fee chequing and Money-Back Visa are genuinely among the best in Canada. But the savings products are a rate-chasing trap that customers consistently regret. Customer service complaints are too numerous and severe to ignore. For savings, use EQ Bank (4.00% ongoing). For chequing, Tangerine is acceptable but Simplii or EQ offer similar features without the customer service horror stories.
Aggregated from Trustpilot, BBB, Reddit (r/PersonalFinanceCanada), and Google Reviews. We pulled the most-helpful reviews — both positive and negative — to give you a balanced picture.
"Banked with Tangerine for 19 years. Got an email two weeks ago saying my account was being closed effective immediately. No reason given. Called customer service for 3 hours, was bounced between departments, and finally told they could not provide a reason. Lost direct deposit, had to scramble."
"Promotional rate of 5.5% expired without warning. My $80,000 savings now earning 0.30% — less than my CIBC eSavings at 1.20%. When I called to ask, was told the rate change was disclosed in the original offer. Felt deceived. Moving to EQ Bank."
"Tangerine Money-Back Visa is decent. The chequing is fine. But never put real savings here — the rates are designed to bait you in, then drop. EQ pays 4% standing. Wealthsimple pays 3.75% standing. Both have better service."
"I've had no issues. App is great, free banking, no complaints in 7 years. Probably depends on what you need from a bank."
"Cleared a fraudulent $4,200 transaction took 6 weeks. Customer service rep told me the fraud team would call me back — they never did. Had to file complaint with OBSI to get attention."
"Account locked after attempted login from a new device. Cannot unlock without a phone call. Phone wait time was 2.5 hours. When I finally got through, they couldn't verify my identity over the phone and asked me to visit a branch. Tangerine has no branches."
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