Retirement 101 eBook - 3D

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. His writing has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, Credit Canada, MSN Money, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

10 thoughts on “Simplii vs. Tangerine 2021: How Do They Compare?”

  1. Thanks for the great comparison Enoch! question: are both the Tangerine and Simplii debit cards usable abroad? Tangerine I believe uses the Scotiabank’s Global ATM Alliance (so can be found in multiple countries and free in those machines), but what about Simplii’s debit card?

    I’m planning to travel to multiple countries, so the above is a consideration. Although I really plan to use my STACK Prepaid Mastercard to get cash out through the Cirrus network. The Simplii/Tangerine card would be the backup option. But because of using STACK, I have to also consider the Interact e-transfer fee (to fill up the card), because STACK no longer offers Visa Debit 🙁

    • @Pylin:

      Good question. I was unable to find any reference to potential free ATMs outside of Canada when you use the Simplii debit card. From their FAQs;

      “Can I withdraw money outside Canada?
      Yes, you can withdraw money from most ATMs outside Canada displaying the Interac® or PLUS* signs. Additional costs may apply, including any fees from the owner of the other machine.
      For foreign currency withdrawals, a converted Canadian dollar amount will be posted to your account based on the conversion rate CIBC pays on the date of conversion. The currency conversion may not happen on the date of your withdrawal. Administrative fees also apply. We can’t guarantee access to your Simplii Financial accounts through ATMs outside Canada for a few reasons:

      – Some ATMs may not recognize accounts called “Other” and “Savings”
      – Some ATMs may have withdrawal limits that prevent you from withdrawing the amount you request
      – You may exceed the daily maximum on the account because of foreign exchange rates.”

      To confirm for sure, you can probably give them a call at 1-888-236-6398.

  2. I’m tired of paying $11.95/month (reduced rate) at TD and have been looking into alternatives. A few questions:
    1) How can I withdraw US$ or EURO when I travel?
    2) How long & how difficult is the process of transferring over my paycheque & bill payments to a new online account? Any tips?
    3) My mortgage and LOC is with TD (currently). Do you think there would be any issues if I closed my TD chequing account?
    4) Do you think TD would waive their fees to keep my custom?
    5) and finally… I have 3 TFSA accounts with Tangerine (savings/investments) already so I doubt I would be entitled to receive a new account bonus. Is it better in this case to choose Simplii for the $200? Or maybe suggest to Tangerine to sweeten the deal to have me switch?
    I’ve been reading you for awhile after coming across a post on Pinterest. Your website is now saved in my favourites! I learned a lot about TD e-series from you after reading about index funds in several library books. It was great advice & I changed over my MFs to eSeries (but with a lot of hassle). Thanks! 🙂

    • @Anita: A few answers:

      1) Not sure. Simplii now has a foreign cash service, however, it appears you can only order within Canada.
      2) Usually not that difficult. You may need to pay an account closure fee in some cases to your current bank.
      3) There should be no problems with your mortgage. They will require you set up another means of payment for your mortgage payments.
      4) I would say give it a shot…if you also have a mortgage with them, they may be willing to budge…just a little.
      5) I would go with Tangerine so you can at least consolidate your accounts in one place…easier to manage.

      Glad you found my posts on TD e-series useful.

      Cheers!

      • Apparently Simplii does not charge for Interac e-transfers but Tangerine does. Surprised this isn’t mentioned.

        • Tangerine doesnt charge Etransfer fee anymore.

          • @Tushar: Thanks for bringing my attention to this!

          • Tangerine does NOT charge for etransfers so I have no idea what your talking about

  3. Needs more comparison and info on their credit cards and perks or limitations that come with it the credit cards. E.g. Tangerine comes with the car insurance on the world car. That car insurance was previously only available on Scotiabank gold card, so it’s a pretty good perk.itol

  4. Also, Simplii doesn’t offer any USD account. Tangerine does offer Savings USD. Not a full checking account and no longer withdrawals possible since Tangerine took down their last USD ATM machine.

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