Tangerine Bank (operating as Tangerine) is a Canadian direct bank that is a subsidiary of Scotiabank. It offers no-fee chequing and savings accounts, guaranteed investment certificates (GICs), mortgages and mutual funds (through a subsidiary). Many savings and investment products are eligible for registration under a tax-free savings account (TFSA), registered retirement savings plan (RRSP) or registered retirement income fund (RRIF).[1]
The bank was founded by ING Group in April 1997 as ING Bank of Canada (operating as ING Direct).[2] In November 2012, it was acquired by Scotiabank. The new name for the bank was revealed in November 2013, and the Tangerine branding was rolled out beginning in April 2014.[3]
Although now wholly owned by Scotiabank, Tangerine remains a separate legal entity and thus kept its unique Institution Number (614), with all accounts being under a single transit number (00152).