Simplii and Tangerine are pretty similar when it comes to their digital banking product offerings. Still, some differences may help you determine the best option for you. Read our Simplii vs. Tangerine guide below to see how these banks are similar, what features separate them, and which might be a better match for your unique financial needs. To make things more complicated, Canada has a lot of different banks, all of which have various accounts with varying features.
simplii financial vs tangerine bank accounts
Simplii Financial(TM) and Tangerine are the two most widely used online-only banks in Canada, and they both offer an array of products and services that cater to Canadian consumers’ banking needs. Simplii Financial(TM) provides a wide range of bank accounts and credit cards, all managed completely online or via the Simplii Financials mobile app. Tangerine and Simplii Financial work similarly, offering similar services for Canadians looking for lower-cost banking options. However, when compared to Simplii Financial, Tangerine does have a few extra offerings, like a premium Tangerine credit card called The World MasterCard and its account offerings for businesses.
If you are in the market for a digital business account or are interested in a premium credit card, I would recommend Tangerine. However, I should note that Tangerine offers a little more interest per dollar on checking accounts than Simplii.
Chequing and Savings Account Options
Both Simplii Financial and Tangerine provide high-interest savings accounts, routinely featured in lists of best savings accounts in Canada. Tangerines savings accounts also have no minimum deposits, no account fees on most transactions, and unlimited free bill payments and Interac e-Transfer(r). Tangerine allows users to set up goals, also called sub-savings accounts, to assist with facilitating savings towards a specific goal. Simplii Financial customers can conduct automated banking transactions at CIBC ATMs, while Tangerine customers can withdraw cash at Scotiabank ATMs.
Simplii Financial(TM) Tangerine Monthly fee $0 $0 Transaction limits Unlimited unlimited e-transfers to Interac No fees ATM withdrawals Free at CIBC Bank machines Free at Scotiabank Bank machines Branch locations Available No Some Tangerine coffee shops Open in selected cities across Canada Overdraft fee $4.97 + 19% of amount accessed.
Tangerine charges a based percentage fee for foreign ATM, spend, and foreign exchange transactions, but ATM withdrawals also will be charged a $3 fee when not made at Visa Plus or the Global ATM Alliance Network.
Chequing account only: Should I choose Tangerine or simplii financial?
Unlike EQ Bank, Tangerine offers new promotions with a bonus interest rate (which typically never lasts longer than six months). After the promotional period is up, rates fall off considerably. I also need to get the best interest rates…that is what is saving me money, so I feel You cannot beat Tangerines mortgage rates.
In addition to its reasonably good features, the online bank sends out real-time spend notifications and automatically classifies transactions under specific spend categories, giving users a more granular view of how their money is being spent and on what. It is worth noting, too, that Tangerine is currently the only Canadian online bank offering kid’s accounts to anyone interested. First, Tangerine is the only online bank we have reviewed that offers an option to open an account in a different currency than Canadian dollars, specifically U.S. dollars.
mobile app or online bank only
Online-only banks typically offer all of the benefits of traditional accounts but with no steep monthly fees. Whether you are looking for a checking or savings account, a credit card, a mortgage, or registered or unregistered investments, either bank offers competitive rates and some appealing benefits to attract you. I want to preface by saying I think both banks provide great value, and I use both for my banking. There are already plenty of resources about EQ Bank here at Wealth Awesome, so you may be familiar with the fact that we are huge fans of the interest rate they offer in their savings accounts.
Renowned for high-interest savings accounts, fair fees, and the ease of use of digital-only alternative banks, EQ Bank and Tangerine are leading competitors to become Canada’s best alternative banks.
Simplii vs Tangerine Comparison
This bank may be a better option for you if you are looking to get an aggressive interest rate for a savings account or you want a higher rate for a short-term GIC. Promo Offers Tangerine typically offers a five-month promo rate on Tangerine savings accounts (whereas Simplii usually does not have any bonuses on these types of accounts). As a result, you will likely receive a slightly higher interest rate for savings accounts with Simplii Financial (currently 0.1%, compared with the 0.1% rate at Tangerine), but that may be compensated for by taking advantage of the higher promo interest rate at Tangerine in the first five months. Feature winner (Tangerine vs Simplii) Interest rates Simplii typically offers a slightly higher introductory interest rate on savings accounts from Simplii than Tangerine (although checking accounts are usually tied).
Tangerine’s standard 0.10% interest rate is slightly better than what is offered by the big five banks, although EQ Bank outperforms it. It is also worth noting that, unlike EQ Bank, Tangerine does indeed provide a chequing account. However, interest rates are extremely low (as low as 0.01%, depending on how much money is held in the account). However, it provides customers with a way to immediately take out cash using Scotiabank-affiliated ATMs. Tangerine also waives ATM fees if a user withdraws from one of Tangerine/Scotsbanks 3,500 ATMs. Tangerine also waives ATM fees provided users withdraw from Tangerine/Scotiabanks 3500 ATMs across Canada.
Also, check out the best no-fee banking in Canada or KOHO vs Tangerine online bank.