{"id":44206,"date":"2024-04-16T15:08:30","date_gmt":"2024-04-16T19:08:30","guid":{"rendered":"https:\/\/hardbacon.ca\/non-classifiee\/koho-vs-tangerine\/"},"modified":"2024-04-19T12:23:55","modified_gmt":"2024-04-19T16:23:55","slug":"koho-vs-tangerine","status":"publish","type":"post","link":"https:\/\/hardbacon.ca\/en\/credit-cards\/koho-vs-tangerine\/","title":{"rendered":"KOHO VS Tangerine: Which One is Best for You?"},"content":{"rendered":"\n

Tangerine isn\u2019t usually the first name that comes to mind when one thinks of KOHO<\/a> competitors. KOHO is mainly known for offering a prepaid card<\/a>, whereas Tangerine is mostly popular for its high interest savings accounts<\/a>. However, it does offer a Visa debit card that can be used in a similar way as a prepaid card. Moreover, the two companies have a lot more in common. They’re both Canadian organizations with thousands of users. But, which is the better option? If you’re looking for a prepaid card to help you keep control of your money, KOHO is definitely your best option. However, if you are planning on withdrawing money often at ATMs or fully replace your existing bank, go with Tangerine.<\/p>\n\n\n\n

Introduction to KOHO and Tangerine<\/h2>\n\n\n\n\t\t
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Founded in 2014, KOHO<\/a> is marketed as a banking alternative and offers a variety of banking services. However, since it isn’t a bank, the organization has joined hands with Peoples Trust to be able to offer these products and services. Their prepaid card is very easy to get. Moreover, you can improve your credit with KOHO’s Credit Building service which costs $5-$10 per month.<\/p>\n\n\n\n

Unlike KOHO, Tangerine is a digital bank that is also a subsidiary of Scotiabank. Being associated with such a big name makes Tangerine reliable. It offers a variety of banking services including mortgages<\/a>, investment products, no-fee accounts, and debit and credit cards<\/a>. Founded in 1997 and originally known as ING Direct Canada, Tangerine was acquired by Scotiabank in 2012. Tangerine makes it possible for you to use Scotibank ATMs for free.<\/p>\n\n\n\n

Saving with KOHO versus Tangerine<\/h2>\n\n\n\n

Canadians really embraced KOHO’s savings features since very few prepaid card providers pay interest on deposits AND offer budgeting and savings tools. KOHO pays 5% interest on your balance. This might not sound much but it’s higher than what most traditional banks in Canada offer their clients. KOHO pays interest on everything that enters or leaves your account. <\/p>\n\n\n\n

Just like KOHO, a Tangerine’s Savings Account<\/a> also pays interest on deposits but it is only at 0.70% on a regular savings account. The interest rate pales in comparison! Tangerine gives users a variety of savings accounts to choose from including:<\/p>\n\n\n\n