Traditional banks have always been the reliable choice for most Canadians. They’re stable and have long-established reputations, so it’s no wonder why the big five banks dominate. But times have changed as technology evolves – and so have our needs.
Online banking is now stepping into the spotlight. And while online banks are not quite as popular as the big ones yet, they offer convenience and support that’s hard to ignore. Two of the most notable online banks include Simplii Financial and Tangerine.
Waiting in long lines is finally over. Both Simplii Financial and Tangerine let you handle your finances anytime and anywhere. There’s no more need to rush to the bank before it closes. Opening an account just takes a few days, quicker than the 80% of traditional banks that drag for more than a week.
If you’re finally considering going digital, Simplii Financial and Tangerine are both popular options. But which one is the right fit for you? Let’s break it down. Here’s our ultimate comparison to help you make the best banking choice.
Overview of Simplii Financial vs Tangerine
Online banks have changed how we manage our money, giving us more possibilities to handle our finances.
Unlike traditional banks with physical branches, online banks operate mainly through mobile apps and websites. But this also means that you have the flexibility to bank wherever and whenever you want.
Both Simplii Financial and Tangerine include easy-to-use mobile apps and online platforms. And you really can’t go wrong with either. You won’t have to worry about outrageous fees either – there are no charges for daily banking operations. Both of them are also CDIC-insured, so your deposits are kept safe.
Choosing one will depend on which specific features you need. Check out what each of these banks offers.
Source: Simplii Financial
What Does Simplii Financial Offer?
Simplii Financial is a subsidiary of CIBC. It was previously known as PC Financial before rebranding in 2017. Their philosophy was to give Canadians a simpler way to bank, borrow, and invest.
With Simplii, your money is always within reach, whether you’re using your phone or logging in online. Over two million people currently bank with them. Customers also get access to over 3,400 CIBC ATMs across Canada for easy withdrawals.
Here’s a breakdown of Simplii’s key offerings:
- Accounts: No Fee Chequing Account, High-Interest Savings Account, USD Savings Account, Foreign Currency Savings Account, Registered Accounts (TFSA, RRSP)
- Investments: Mutual Funds, Guaranteed Investment Certificates (GICs)
- Other Services: Mortgage, Home Equity Line of Credit (HELOC), Unsecured Line of Credit, Personal Loan, Global Money Transfer, USD ATMs
If you’re looking to save, invest, or manage your mortgage, Simplii Financial has a comprehensive suite of products you’ll be impressed with.
Source: Tangerine
What Does Tangerine Offer?
Tangerine is another major player in the online banking world. This bank was originally founded in 1997 as ING Direct Canada. Its name was changed to Tangerine after being acquired by Scotiabank in 2014.
Similar to Simplii, Tangerine has around two million users. You also get to experience seamless banking through the Tangerine website and mobile app. And customers can access over 3,000 ATMs through Scotiabank’s network without paying a fee. While it’s not a physical bank, Tangerine has a few cafes and pop-ups around the country.
Here’s a breakdown of what Tangerine offers:
- Accounts: No-Fee Daily Chequing Account, Savings Account, US$ Savings Account, Registered Accounts (TFSA, RSP, RIF)
- Investments: Mutual Funds (Core Portfolios, Global ETF Portfolios, Socially Responsible Global Portfolios), Guaranteed Investment Certificates (GICs)
- Other Services: Business banking and money automation rules that help you effortlessly move, manage, and save money
With its user-friendly platform and no-fee solutions, Tangerine is a great option for simple, efficient banking – all done online.
Simplii Banking vs Tangerine: Chequing Accounts
Both Simplii Financial and Tangerine have strong chequing accounts with unlimited transactions. You won’t pay a dime for everyday debit purchases, bill payments, or withdrawals.
Automation is a breeze – both banks allow you to set up direct payroll deposits and pre-authorized bill payments. And if you need it, overdraft protection is available.
Simplii charges $4.97 for overdraft usage, with a fixed interest rate of 19%. The Simplii chequing account also provides unlimited transactions without annual fees, including free withdrawals at CIBC ATMs.
CIBC’s network is slightly smaller than Scotiabank’s, making Simplii’s interest rates match Tangerine’s at up to 0.10%. If you open a no-fee Simplii chequing account, you could earn up to $500 (terms apply) in a limited-time promo until October 31, 2024.
On the other hand, Tangerine charges $5 for overdraft protection. This is just $0.03 more than Simplii and with the same 19% interest rate. Tangerine’s chequing account provides free access to over 3,500 Scotiabank ATMs nationwide and 44,000 worldwide through their Global ATM Alliance.
Like Simplii, Tangerine’s chequing account has no monthly fees and offers unlimited transactions. If you open a Tangerine no-fee chequing account alongside a savings or investment account, you can earn up to $500 and enjoy a 6.00% savings rate for five months.
Simplii Banking vs Tangerine: Savings Accounts
When it comes to savings, both Simplii and Tangerine have competitive high-interest rates with no fees or minimum balance requirements. High-interest savings accounts are also great for emergency funds since they offer a safe place to grow your money without taking on too much risk.
Simplii’s High-Interest Savings Account gives you interest on every dollar. The account works well with Simplii’s chequing account, providing a much higher interest rate on savings. For balances over $1 million, you can earn up to 5.50% interest. Balances below $1 million max out at 1.00%.
Simplii’s USD Savings Account is another strong option. This has a 3.05% interest rate and no monthly fees. You can even deposit USD cheques and transfer funds using competitive foreign exchange rates. Simplii also lets you open a TFSA with a 0.40% interest rate on cash balances.
Meanwhile, Tangerine’s Savings Account comes with a 0.70% interest rate. Like Simplii, there are no fees or minimum balance requirements. Tangerine also provides registered savings accounts (TFSA, RSP, RIF) with up to a 0.75% interest rate. The platform makes transferring funds between Tangerine’s chequing and savings accounts easy.
Tangerine’s USD Savings Account has a 0.10% interest rate – lower than Simplii’s. However, Tangerine does have USD Guaranteed Investment Certificates (GICs). With interest rates up to 5.20%, it’s great for those looking to earn more from their US dollars.
Simplii Banking vs Tangerine: Credit Products
Simplii and Tangerine offer a range of credit products. We can say, however, that Simplii’s selection is a bit more limited.
Simplii’s credit card is pretty straightforward. The Simplii Financial Cash Back Visa Card is a no-fee card with cashback rewards. This requires a minimum household income of $15,000 annually.
Simplii also provides mortgages with fewer term lengths than Tangerine, though its five-year fixed-rate mortgage is slightly lower. Simplii provides both lines of credit and personal loans, with no setup or annual fees on personal loans. The interest rate for loans is determined after applying.
Tangerine has two credit card offerings: the Tangerine World Mastercard and the Tangerine Money-Back Credit Card. Both cards come with no annual fees and unlimited cashback rewards. These allow you to earn up to 2% cashback in up to three spending categories.
Source: Unsplash
Simplii Banking vs Tangerine: Investment Options
With Simplii and Tangerine, you can pick an investment option that fits your risk level and financial goals. While Simplii offers a wide range of GICs, Tangerine’s mutual funds overall provide better long-term performance.
Simplii’s investment options include GICs and index mutual funds for both registered and non-registered accounts. However, Simplii’s mutual fund fees can be high, with some reaching up to 1.26%. GICs are available for unregistered accounts and RRSPs. These have higher interest rates for longer-term investments.
Tangerine generally has a more robust range of mutual funds – with options for TFSA, RRSP, and non-registered accounts. These include Core Portfolios, Global ETF Portfolios, and Socially Responsible Global Portfolios. Management fees range from 0.8% to 1.0%.
Tangerine also provides a solid range of GICs, with interest rates up to 5.25%. Their GICs come in registered and non-registered varieties, including options for USD accounts.
Simplii Banking vs Tangerine: Other Notable Comparisons
Simplii has a few unique features that set it apart from Tangerine. One of these is its Global Money Transfer service. This feature allows you to send money abroad without transfer fees and with competitive exchange rates. Simplii also has USD ATMs so that you can deposit and withdraw US dollars at select Canadian CIBC ATMs.
Tangerine, on the other hand, provides Business Banking. This offers savings accounts and GICs for business customers. They also come in a USD variant of both products.
Another useful feature is Tangerine’s Money Rules, a tool for automating your finances. You can set up rules to automatically transfer funds based on specific conditions. For example, saving excess funds when your chequing balance gets too high.
Final Thoughts
With Simplii Financial vs Tangerine head-to-head, the winner really depends on your personal banking needs.
If you prioritize access to USD services or need a hassle-free way to send money abroad, Simplii is your go-to. Tangerine’s broader range of investment options and international ATM network make it an attractive choice for those who value convenience and growth potential.
Both banks provide modern, fee-free banking that keeps pace with the modern bank. And they’re excellent alternatives to traditional banks. No matter which you pick, you’ll be joining the growing number of Canadians embracing the simplicity and convenience of online banking.
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