Simplii vs Tangerine

Are you looking for a new bank in Canada? With so many options available, it can be overwhelming to choose the right one. That’s where Simplii Financial and Tangerine come in – two online banks gaining popularity in recent years.

Both banks offer competitive interest rates, no monthly fees, and convenient mobile banking options. But which one is the better choice for you? In this article, we’ll compare Simplii Financial and Tangerine regarding their features, fees, and customer service so that you can make an informed decision.

Simplii & Tangerine: Online Banks in Canada

Simplii and Tangerine are online banks that have gained popularity in Canada recently. They offer similar services, but there are some differences between them that customers should consider when choosing which one to use.

Simplii Financial, formerly PC Financial, is a digital bank owned by the Canadian Imperial Bank of Commerce (CIBC). Simplii offers no-fee chequing accounts in Canada and savings accounts, personal loans, mortgages, and investment products.

Simplii has no physical branches, but customers can access their accounts through its website or mobile app. Simplii also offers free access to CIBC ATMs across Canada.

On the other hand, Tangerine is owned by Scotiabank and, before its acquisition, was formerly known as ING Direct. Tangerine offers no-fee chequing, savings accounts, credit cards, mortgages, and investment products.

Tangerine has no physical branches, but customers can access their accounts through its website or mobile app. In addition, tangerine customers can withdraw cash from Scotiabank ATMs across Canada without paying any fees, and they can also use the EXCHANGE Network ATMs across Canada for free.

Features of Tangerine vs Simplii

Simplii and Tangerine offer competitive interest rates on their savings accounts and have user-friendly interfaces for managing accounts online. They also have mobile apps that allow customers to perform various banking tasks on the go, such as depositing cheques using their phone’s camera.

One significant difference is the availability of credit products. For example, Simplii offers personal loans, while Tangerine provides credit cards. Depending on the customer’s needs, one option may be more attractive.

Tangerine and Simplii offer similar online banking services, but there are some differences in the features they provide. Here are some of the critical components of each bank:

Tangerine:

• Credit products: Tangerine offers credit cards, chequing, and savings accounts, while Simplii provides personal loans.
• Investment options: Tangerine offers a range of investment products, including TFSAs, RRSPs, and GICs, while Simplii provides a limited selection of investment products.
• Tangerine Money-Back Credit Card: Tangerine’s credit card allows customers to earn cash back on their purchases and select their spending categories for higher cash-back rewards.
• Early Payroll: Tangerine offers an Early Payroll feature, which allows customers to access their paycheques up to 3 days early.
• Referral bonuses: Tangerine offers referral bonuses to customers who refer friends or family members who open new accounts with the bank.

Simplii:

• No-fee banking: Simplii offers no-fee chequing and savings accounts, unlimited transactions, e-Transfers, and bill payments.
• CIBC ATM access: Simplii customers can withdraw cash for free from any CIBC ATM across Canada.
• Competitive interest rates: Simplii offers competitive interest rates on its savings accounts and GICs.
• Foreign currency exchange: Simplii offers competitive foreign currency exchange rates for over 50 currencies.
• Personal finance management tools: Simplii offers a variety of personal finance management tools, including spending trackers and budgeting tools.

Simplii Banking Fees vs Tangerine Bank Fees

Both Simplii and Tangerine offer no-fee chequing and savings accounts, meaning they do not charge monthly account fees or transaction fees for everyday banking activities. This is a significant advantage over traditional banks that often charge fees for such services.

However, other fees may be associated with specific services not included in the standard banking fees. Let’s take a closer look at the fees charged by each bank:

Simplii Financial:

• No-fee chequing and savings accounts
• No fees for unlimited transactions, e-Transfers, and bill payments
• Overdraft protection: $4 per month, plus interest charged on the overdraft amount
• Non-CIBC ATM withdrawal fee: $2 per transaction in Canada, $3 per transaction outside Canada
• International ATM withdrawal fee: $3 per transaction
• Dishonoured payment fee: $45 per item
• Stop payment fee: $10 per request
• Replacement debit card fee: $10 per card

Tangerine:

• No-fee chequing and savings accounts
• No fees for unlimited transactions, e-Transfers, and bill payments
• Overdraft protection: $5 per month, plus interest charged on the overdraft amount
• Non-Scotiabank ATM withdrawal fee: $1.50 per transaction in Canada, $3 per transaction outside Canada
• International ATM withdrawal fee: $3 per transaction
• Dishonoured payment fee: $40 per item
• Stop payment fee: $20 per request
• Replacement debit card fee: $15 per card

Simplii and Tangerine offer competitive pricing and are considered more affordable than traditional brick-and-mortar banks in Canada.

e-Transfer limits for Simplii and Tangerine

Simplii Financial:

• Incoming e-Transfers: no limit on the number or amount of incoming e-Transfers.
• Outgoing e-Transfers: up to $30,000 per day or $10,000 per transaction.

Tangerine:

• Incoming e-Transfers: no limit on the number or amount of incoming e-Transfers.
• Outgoing e-Transfers: up to $10,000 per day or $3,000 per transaction.

Customer Service

One difference between the two banks is their approach to customer service. Simplii offers customer support via phone and chat, while Tangerine provides phone, chat, and email support. Some customers may prefer the option to reach out to Tangerine via email for non-urgent inquiries.

Which should you choose between Simplii and Tangerine Bank?

Aside from banking fees and access to generally universal investments, here are some key factors to make your choice easier.

• Credit products: If you’re interested in a credit card, Tangerine may be a better option, as they offer a cashback credit card with customizable rewards categories.
• ATM access: Simplii allows customers to withdraw cash for free from any CIBC ATM, while Tangerine has a smaller network of ATMs, which could be a consideration if you frequently withdraw money.
• Personal finance management tools: If you value personal finance management tools, Simplii may be a better option for you, as they offer a variety of tools to help customers track their spending and budget.

Both Simplii and Tangerine are reputable online banks that offer competitive pricing and are considered more affordable options than traditional brick-and-mortar banks in Canada.

Consider all the abovementioned factors in our article and choose the bank that best meets your financial needs and preferences.