On November 15, 2012, Scotiabank (also known as the Bank of Nova Scotia) purchased ING DIRECT Canada from ING Group, its previous parent company. Here's a bit more information about the relationship:
Let's begin with some details about who Tangerine is. Tangerine is the operating name of Tangerine Bank, a chartered bank regulated by the Office of the Superintendent of Financial Institutions (OSFI). We are a member of Canada Deposit Insurance Corporation (CDIC).
Since 1997, Tangerine has been helping Canadians live better lives by providing a different way of banking – one that is based on giving Clients value for their hard-earned money. We do this through excellent service and simple, transparent, innovative products.
Now that Tangerine and its subsidiaries are wholly owned by the Bank of Nova Scotia, we are no longer affiliated with ING Groep N.V. (the legal name of ING Group). We are an independently operated subsidiary of Scotiabank. However, our values and our commitment to Canadians remains the same as always.
Your banking experience with Tangerine is distinct and separate from Scotiabank, as the two banks operate independently.
"Scotiabank is committed to preserving everything that Tangerine's customers have come to love about it."
– Anatol von Hahn, Group Head of Canadian Banking at Scotiabank
"Tangerine has proven success in meeting the needs of those Canadians who choose other banking options to best meet their needs. We recognize that success and are committed to keeping this unique platform."
– Rick Waugh, President and CEO of Scotiabank.
Yes. Tangerine is a Canadian bank so we follow the same rules, are monitored by the same regulator, and have the same capital and other limits that all other Canadian banks share. Your savings and investments stay right here in Canada. Tangerine has a local Board of Directors, local employees and premises in Vancouver, Calgary, Toronto and Montreal. Also, we are members of the Canada Deposit Insurance Corporation which means you're eligible for up to $100,000 of coverage per account registration.
You can have many accounts, but only $100,000 total of your single accounts, $100,000 total of your RSP Accounts, $100,000 total of your TFSA Accounts and $100,000 of your joint accounts at Tangerine are eligible for CDIC coverage.
For more information on CDIC, please visit their website at http://www.cdic.ca
Our Transit/Branch number is: 00152
Our Institution number is: 614