FinTech Profile: Canadian challenger bank Tangerine
FinTech magazine continues to run profiles on the most prominent challenger banks of 2019. Here, we take a look at Canadian challenger bank, Tangerine.
History
Tangerine Bank, a subsidiary of ScotiaBank (the third-largest financial institution in Canada), was acquired in 2012, making it one of the oldest digital banks to reach prominence in the last few years. With the backing of a larger bank, Tangerine offers users a wider range of services than the traditionally specialised offerings from independent banks.
Five key features of Tangerine:
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Smooth wallet integration: Tangerine Client Card and Money-Back Credit Card can be added to a customer’s Apple Pay, Google Pay, and Samsung Pay mobile wallets to be used where contactless payments are accepted.
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High interest savings and free chequing: Tangerine's savings account comes in several variations: a regular savings account, RRSP and TFSA versions, RIF accounts and a US$ account. Its Chequing account offers interest from the first dollar submitted into the account onwards.
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Easy deposit of cheques: Instead of going to a bank, cheques can be submitted by taking a picture within the section on the app called “Cheque-in”.
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Access to ABM: Tangerine clients receive free access to Scotiabank's 3,500+ location ABM network. The Tangerine website also provides a search engine on where to find these locations.
SEE MORE:
- FinTech Profile: What makes Challenger Bank N26 tick?
- FinTech Profile: Starling is a household name
- FinTech Profile: Gusto - the all in one people platform
- Read the latest issue of FinTech Magazine, here
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MoneyBack credit card: This credit card offers 2% back on two of the following categories: groceries, dining, furniture, accommodation, fuel, medication, recurring bills, entertainment and transport.
It should be noted that Tangerine takes a fee of $1 for e-transactions, while many other companies such as Monzo, Starling and N26 do not.
Did you know?
Tangerine has cafe locations across Canada in Downtown Toronto, Toronto North, Vancouver, Montreal and Calgary, where customers can go and speak to specialists with any queries or issues.
For more information on all topics for FinTech, please take a look at the latest edition of FinTech magazine.
