A full breakdown of fees, bonuses, cash back, savings rates, and which account wins for Canadian residents.
Side-by-Side
Every major feature compared. Green cells indicate the better value.
| Tangerine | Manulife Bank | |
|---|---|---|
| Signup Bonus | None (occasional promo rates) | None |
| Monthly Fee | $0 | $0 (with minimum balance) |
| Cash Back | 2% in 2 chosen categories | None on chequing |
| Credit Check | Soft check for savings, hard check for credit card | Soft check for savings, hard for credit |
| Savings Interest | 0.10% standard (promos to 5%+) | 0.50–1.50% depending on product |
| Credit Building | Yes — via Tangerine credit card | Yes — via Manulife One mortgage product |
| Mobile App | ⭐⭐⭐⭐ (4.1 App Store) | ⭐⭐⭐ (3.3 App Store) |
| CDIC Protected | Yes — CDIC member | Yes — CDIC member |
Deep Dive
The key strengths and weaknesses of each account.
Our Verdict
Both Tangerine and Manulife Bank have their strengths. Tangerine is the better fit for most Canadians, but your choice depends on your specific needs.
Get Started
Compare both options and claim any available signup bonuses below.
FAQ
It depends on what you need. Tangerine (Online bank from Scotiabank with no monthly fees) vs Manulife Bank (All-in-one banking and mortgage offset accounts). For a signup bonus, Tangerine offers None (occasional promo rates) while Manulife Bank offers None. For monthly fees, Tangerine charges $0 vs Manulife Bank's $0 (with minimum balance). See the full comparison table above for a complete breakdown.
Tangerine signup bonus: None (occasional promo rates). Manulife Bank signup bonus: None. If neither offers a cash bonus, consider also opening KOHO (code 45ET55JSYA for $80 free) or Neo Financial (code J4C9H3K5 for $50 free) — the two biggest free bonuses available to Canadians right now.
Tangerine: Yes — CDIC member. Manulife Bank: Yes — CDIC member. CDIC coverage protects deposits up to $100,000 per category at member institutions. Always verify current coverage details on the CDIC website.
Yes — there is no rule preventing Canadians from holding multiple bank accounts simultaneously. Many people keep one account for savings and another for spending. You can open both Tangerine and Manulife Bank to take advantage of each account's best features.
Tangerine monthly fee: $0. Manulife Bank monthly fee: $0 (with minimum balance). Monthly fees are one of the biggest differences between accounts — even $15/month adds up to $180/year.
Tangerine cash back: 2% in 2 chosen categories. Manulife Bank cash back: None on chequing. Cash back rates can vary significantly depending on spending categories. Check each bank's current promotions as rates change.
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