Tangerine is a Canadian direct bank and a subsidiary of Scotiabank. It offers no-fee chequing and savings accounts, guaranteed investment certificates, mortgages, and mutual funds. Many savings and investment products are eligible for registration under a Tax-Free Savings Account, Registered Retirement Savings Plan, or Registered Retirement Income Fund.
The predecessor of Tangerine, ING Direct was founded in April 1997 and operated as a telephone banking service offering savings accounts. It was the first test market for ING Group’s direct banking business model, where the aim was to offer more favourable rates to customers by avoiding the costs of running a network of branches.