The bank operates strictly online, and they have no brick-and-mortar branches you can walk into. Free and unlimited debit transactions, bill payments, and pre-authorized payments.ĮQ Bank is the online-only arm of Equitable bank – a Schedule I bank with total assets of approximately $61 billion.Interest earned on chequing account balance (up to 0.10%).The general features you can expect on Tangerine’s chequing account include the following: You can hold these GICs in both registered and non-registered accountsģ) Spending: A no-Fee Chequing Account and Tangerine 2% Money-Back Credit Card that’s one of the best cash back credit cards in Canada.Ĥ) Investing: You can hold Tangerine Investment Funds in TFSA, RRSP, RRIF, and non-registered investment accounts.ĥ) Borrowing: Mortgage, HELOC, and RRSP Loans are available. Tangerine Bank offers a suite of financial products, including:ġ) Savings: Multiple savings accounts are provided for personal and business clients.Ģ) GICs: Tangerine GICs are available with terms ranging from 90 days to 5 years. It does not have branches however, in addition to having access to a 24/7 call centre, you can walk into the few Tangerine pop-up locations and cafes around the country if you must speak to someone in person.Īs a customer, you also have access to over 44,000 ATMs worldwide through Scotiabank’s Global ATM Alliance. Tangerine is a subsidiary of Scotiabank and was formerly known as ING DIRECT. In this post, I compare EQ Bank vs Tangerine, including their financial products, fees, pros, cons, and everything else you need to make an informed choice. Some of the major online-only banks present in Canada today include EQ Bank, Tangerine, Wealthsimple, and Simplii Financial. They also offer very little in the way of in-person assistance. One differentiating feature between them and traditional banks is that they usually offer a no-fee, no-minimum balance chequing account and/or a high-interest savings account. Online-only banks come with their own pros and cons. Canadians pay more than $200 per year on average in banking fees! I am simply unable to rationalize paying to keep money in my account when the bank is already making money off of it. What usually irks me is the monthly chequing account maintenance fees. Forget about ATM fees, NSF, overdrafts, account transfers, transaction fees, etc. Not many people like to pay the ever-increasing banking fees charged by traditional brick-and-mortar banks. This increasing adoption of online banking is a boon to relatively newer entrants into the banking industry, i.e. More Canadians are choosing to go digital with their banking, with recent stats showing that more than three-quarters of Canadians now use online and mobile interfaces for conducting their banking transactions. EQ Bank and Tangerine are two of the most popular online-only banks in Canada.
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