When looking for banking options in Canada, you will come across Tangerine Bank. It provides services and products to clients. But how does Tangerine bank make money today
For a bank that prides itself by having no fees for a number of it’s services.
With such kind of a model, it is interesting to know and find out how Tangerine bank makes money.
Online banks are leading the way in offering affordable banking solutions.
Tangerine is one of those banks. It is an online bank with cafe for in-person banking.
If you are interested in knowing how an online bank like Tangerine makes money, then you are in luck today.
In this article, you will learn and understand how Tangerine Bank makes money, its products or services and the bank’s business model.
How Does Tangerine Bank Make Money?
Tangerine bank makes most of the money from fees on some of their products and services.
Some of the products or services that generate money for the bank include;
- Saving Account
- Chequing Account
- Mutual Funds
- Retirement Products
It is important to note that Tangerine bank has two credit cards you can use. The two credit cards are; Tangerine Money Cash-Back Credit Card and the Tangerine World Mastercard
The bank also leverages Tangerine banking app, which is available to customers through IOS, Android or Windows mobile.
Such a banking app allows customers to check and view their account balances, transactions, make transfers find ABMs and deposit cheques by taking a picture.
Tangerine Bank is a subsidiary of Scotiabank, which it bought from ING Group in 2012.
The bank’s mutual bank funds are based on an indexing strategy, each tracking a weighted combination of three or four equity and/or bond indices.
Credit cards and high-interest saving accounts are the bank’s most popular products.
Tangerine Bank has two credit cards; Tangerine Money Cash-Back Credit Card and the Tangerine World Mastercard.