Tangerine’s No-Fee Daily Chequing Account gives you all the functionality you need for everyday banking – for free. When you open an account, you must link it to an external account so that you can transfer money to it. Then you will receive a debit card by post with which you can make purchases or withdraw money. Transactions take place online, by phone or at one of Scotiabank’s more than 3,600 national ATMs (and 44,000 associated international ATMs) so you don’t have to visit a physical bank. With the No-Fee Chequing Account, you receive unlimited debit transactions and Interac e-Transfers, as well as pre-authorized withdrawals and bill payments.
Tangerine also offers savings accounts (including RRSPs, TFSAs, US Dollars, and Registered Retirement Income Funds (RRIFs)) and investment accounts such as Guaranteed Investment Certificates (GICs). And while it’s an online bank, it offers mortgages, loans, and lines of credit so you can take advantage of having all your accounts with one financial services company. You can even manage a business account through Tangerine – the bank has four accounts that are tailor-made for businesses.
Finally, Tangerine offers one of the best cash back credit cards in Canada. The Tangerine Money-Back Card allows you to earn 2% cash back in up to three spending categories of 10: Groceries, Restaurants, Hotel-Motel, Furniture, Gas, Recurring Bills, Home Improvement, Entertainment, Drugstore or Public Transportation, and Parking. For those earning a minimum income of $60,000 per year (or $100,000 for the household), the World Mastercard adds free Boingo Wi-Fi access, car rental and insurance for mobile devices, and Mastercard Airport Experiences. Neither card charges an annual fee.
What Tangerine has to offer
ATMs3,600+branchs0Bank accounts6Credit cards2Striking productTangerine World MastercardOther productsSavings accounts; business accounts; RRSPs, TFSAs and GICs; mortgages; insurance; loans and credit lines
The best no-fee bank in Canada: Tangerine
Again, Tangerine takes the cake in this category as it charges $0 for the services that most other banks charge. For example, there are no monthly or annual fees and the debit transactions, pre-authorized payments and e-mail transfers are unlimited. While it has no physical branches, you get free access to 3,500 Scotiabank ABMs and 44,000 ABMs worldwide through Scotiabank’s Global ATM Alliance.
Watch: How to find the best online bank account.
The best bank in Canada to save: EQ Bank
EQ Bank is an online-only bank owned by Equitable Bank, the ninth largest bank in Canada, and it stands out for its savings capabilities. It knows its focus is on savings as it doesn’t offer credit cards or checking accounts (the Everyday Savings Plus account also functions as a checking account).
It also offers the US Dollar Savings Account, but the one that stands out for general purpose is the EQ Savings Account Plus. With an interest rate of 1.25%, this account has a higher yield compared to other banks. Exciting news for those who want to park their money in a safe place with no withdrawal restrictions. The EQ Savings Plus Account has no minimum deposit, no daily bank charges and free Interac e-Transfers, wire transfers and bill payments. Each customer is eligible for deposits up to $200,000, and the accounts are set up to be used with a partner as a joint account. In addition, EQ Bank partners with Wise to bring you affordable international money transfers. Deposits are federally insured up to $100,000, just like the major banks, which insure deposits. If you are looking for security, a good interest rate and no volatility, an EQ Bank Savings Plus Account is the best option.
EQ Savings Plus account
Minimum balanceNoTransactions per monthUnlimitedInterac e-TransfersFreeCDIC insuranceUp to $100,000Other featuresBanking app; joint savings; TFSAs; RRSPs; USD Savings
EQ also offers GICs, which are essentially time deposits where you can take advantage of higher interest rates while keeping your principal safe. GICs can be held in registered (for RRSP or TFSA investments) or unregistered accounts, and the amount of interest you earn will depend on the amount of time you commit to. EQ Bank has very competitive GIC rates.
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