Scotiabank Review October 2026

9.3

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via Scotiabank Preferred Package

9.3

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9.3

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9.5

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9.4

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8.9

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via Scotiabank Preferred Package

Scotiabank Preferred Package

BestMoney.ca's take: The Scotiabank Preferred Package is an everyday chequing account that offers unlimited banking transactions, rewards, fee waivers, and premium perks designed to make daily banking more flexible and rewarding.

Scotiabank Features

Unlimited Everyday Banking

Unlimited debit and Interac e-Transfers included.

Monthly Fee Waiver

Waive monthly fees with a $4,000 balance.

Earn Scene+ Rewards

Earn Scene+ points on eligible purchases.

Premium Banking Perks

Get credit card rebates and free iTRADE trades.

Scotiabank is one of Canada’s Big Five banks, and there’s a good chance you’ve walked past one of their red-signed branches recently. But choosing a bank goes beyond seeing it on every corner. You need to know what it actually costs, what perks you’ll get, and where it falls short.

That’s where this Scotiabank review comes in. The goal is simple. Are you a newcomer, a student, or a Canadian shopping around? We’ll help you decide if Scotiabank is the right fit for your money. Let’s get into it.

Scotiabank overview

Scotiabank is officially known as The Bank of Nova Scotia. It was founded in Halifax in 1832, making it one of the oldest banks in Canada. The bank’s head office is now in Toronto, but the name “Nova Scotia” stuck.

Scotiabank is part of Canada’s Big Five banks, alongside RBC, TD, BMO, and CIBC. Together, these five banks hold most of the country’s banking assets. Scotiabank has around 900 branches and 4,000 ATMs across Canada.

International footprint

Scotiabank operates in more than 25 countries, with a strong focus on Latin America. You’ll find Scotiabank branches in Mexico, Chile, Peru, Colombia, and parts of the Caribbean.

This matters for two reasons. First, if you travel often, Scotiabank’s Global ATM Alliance lets you withdraw cash overseas with no surcharges. Second, newcomers from these countries may find Scotiabank easier to transition to. The bank already understands their home banking systems. This Scotiabank review found that’s a real advantage in your first months in Canada.

Products offered

Scotiabank offers the full range of personal banking products. This includes chequing and savings accounts, credit cards, mortgages, loans, lines of credit, and investments. They also offer insurance products and wealth management for higher-net-worth clients.

You can self-direct your investments through Scotia iTRADE, or get guided investing through Scotia Smart Investor. They also have the Scene+ rewards program, which lets you earn points on debit and credit card purchases.

For this Scotiabank review, we’ll focus mainly on the everyday banking products. These are the accounts, fees, and features most Canadians will actually use day-to-day.

Who Scotiabank is for

Scotiabank tends to work best for three types of customers. First, people who value branch access and in-person service. Second, newcomers to Canada who need help building credit. Third, people who want to bundle banking with investing and credit cards under one roof.

We’ll cover each of these use cases throughout this Scotiabank review.

Scotiabank by the numbers

To put Scotiabank’s size in perspective, the bank serves around 25 million customers worldwide. It employs roughly 90,000 people across Canada and its international markets. Scotiabank trades on the Toronto Stock Exchange and the New York Stock Exchange under the ticker symbol BNS.

Like all major Canadian banks, Scotiabank is a member of the Canada Deposit Insurance Corporation (CDIC). This means eligible deposits are protected up to $100,000 per insured category in case the bank ever fails. This protection applies to every account discussed in this Scotiabank review.

Scotiabank accounts overview

Scotiabank’s account lineup is one of the broader ones among the Big Five. They have options for everyday banking, student banking, newcomer banking, and saving in foreign currencies.

The main personal accounts fall into four categories:

• Chequing accounts: for everyday banking, bill payments, and direct deposits
• Savings accounts: for setting money aside and earning interest
• Student and newcomer accounts: with fee waivers and special perks
• Foreign currency accounts: for holding U.S. dollars or Euros

In total, Scotiabank offers five main chequing accounts and four to five savings accounts. The right pick depends mostly on your monthly transaction needs and your balance.

Scotiabank chequing accounts

Scotiabank has five main chequing accounts. They range from a basic account at $3.95 a month to a premium package with credit card annual fee rebates and free Scotia iTRADE equity trades. 

Ultimate Package

The Ultimate Package is Scotiabank’s premium chequing account. It costs $30.95 per month, but the fee is waived several ways. You can keep a $6,000 minimum daily balance, or maintain a $100,000 Total Relationship Balance across eligible Scotiabank accounts. A combined $30,000 across your Ultimate Package and MomentumPLUS Savings Account also waives the fee.

It’s the most loaded chequing package among the Big Five. You get unlimited debit and Interac e-Transfer transactions. There’s an ongoing annual fee rebate of up to $150 on a Scotiabank credit card. The account also includes 10 free Scotia iTRADE equity trades in your first year. You also get unlimited free non-Scotiabank ABM withdrawals worldwide and free Canadian and U.S. dollar drafts.

Preferred Package

The Preferred Package is Scotiabank’s most popular chequing account. It costs $16.95 per month, waived with a $4,000 daily closing balance. This is the account most working Canadians end up choosing.

You get unlimited debit and Interac e-Transfer transactions. You also get a first-year annual fee rebate of up to $150 on a Scotiabank credit card. Scotia iTRADE clients with this account get one free trade for every paid trade through the mobile app. There’s also one free non-Scotiabank ABM withdrawal in Canada per month.

Preferred Package for Students and Youth

This is the student version of the Preferred Package. It costs nothing each month if you’re under 23 or enrolled full-time at a Canadian or U.S. post-secondary school.

You get unlimited debit and Interac e-Transfer transactions, just like the regular Preferred Package. The big extra is full commission waivers on Scotia iTRADE trades. You also earn Scene+ points on your debit purchases.

Basic Plus Bank Account

The Basic Plus Bank Account costs $11.95 per month, waived with a $3,000 daily balance. It gives you up to 25 free debit transactions per month, which is enough for most everyday spending.

Interac e-Transfers are free with this account. International money transfers cost $1.99 per transfer, which is competitive among the Big Five. The trade-off is no unlimited transactions like the Preferred Package.

Basic Bank Account

The Basic Bank Account is Scotiabank’s entry-level offering at $3.95 per month. This fee is not waivable by maintaining a balance. You get 18 free transactions per month, with Interac e-Transfers included free.

This is the cheapest Scotiabank chequing account by monthly fee. But the per-month cost adds up over time. After a year, you’ve paid $47.40 just to have a chequing account.

Quick comparison of Scotiabank chequing accounts

Here’s a quick snapshot to help you pick the right account in this Scotiabank review:

The Scotiabank review verdict on chequing accounts is simple. If you can keep $4,000 in the bank, the Preferred Package gives you the best mix of fee waiver and unlimited transactions. If not, the Basic Bank Account at $3.95 is the cheapest option.

Scotiabank savings accounts

Scotiabank offers four main savings accounts plus two foreign currency options. None of them charge a monthly fee, but the way they earn interest varies a lot. Here’s what to know about each one.

Scotia High Interest Savings Account (HISA)

The Scotia HISA pays tiered interest based on your Total Relationship Balance with Scotiabank. The more you hold across eligible Scotiabank accounts, the higher the interest rate on your HISA balance. Scotiabank also runs promotional welcome rates for new HISA clients in their first few months.

There’s no monthly fee and no minimum balance required to open it. You also get free unlimited self-service transfers between your Scotiabank accounts. The catch is no ABM or point-of-sale access. The Scotiabank review takeaway on the HISA is that this is a pure savings vehicle, not for everyday spending.

MomentumPLUS Savings Account

The MomentumPLUS Savings Account is built around saving longer for higher returns. You get a base rate plus premium bonuses for committing your money to specific savings periods. The longer you commit, the higher the bonus interest.

There’s no monthly fee, no minimum balance, and unlimited self-service transfers. It also works with Scotiabank’s smart savings tools like Bank the Rest and Pay Yourself First, which automate your savings habits.

Money Master Savings Account

The Money Master Savings Account is the simplest of Scotiabank’s options. It’s a flexible savings account with no monthly fee, no minimum balance, and access to your money at any time. The interest rate is lower than the HISA or MomentumPLUS, so this is more about flexibility than maximizing returns.

This account is part of Scotiabank’s bundle offer. Bundling a new Preferred or Ultimate Package with a new Money Master Savings Account earns you an extra $100 cash bonus.

Savings Accelerator Account

The Savings Accelerator Account is designed to sit alongside a registered or non-registered investment plan. It pays competitive interest and has no monthly fee, no minimum balance, and unlimited self-service transfers between Scotiabank accounts.

Foreign currency savings accounts

Scotiabank also offers the U.S. Dollar Daily Interest Account and the Euro Savings Account. Both are free if you keep a minimum balance ($200 USD or €200) or if you’re 60 or older. They make sense if you regularly receive or spend in those currencies.

Compared to online banks

Scotiabank’s everyday savings interest rates are lower than what you’d get at EQ Bank, Wealthsimple Cash, or other digital banks. EQ Bank pays around 2.75% on every dollar with no minimum balance. Scotiabank’s regular rates can’t match that.

The Scotia HISA can compete on rate, but only if you have large balances elsewhere with Scotiabank. For pure rate hunters, a separate online savings account makes more sense. If saving is your top priority, Scotiabank is not the best home for your money.

The smart approach is to keep everyday chequing at Scotiabank for the branch access and features. Then park your real savings at a high-interest online bank. This Scotiabank review explores that hybrid strategy in the alternatives section below.

Scotiabank fees explained

This is where most reviews fall short. They list the monthly account fees and call it a day. But the real cost of any bank is the smaller fees that add up across the year. This part of our Scotiabank review breaks them down.

Monthly account fees

Here’s the standard monthly fee on each Scotiabank chequing account, before any waivers. This Scotiabank review highlights the fees most likely to catch new clients off guard:

• Ultimate Package: $30.95 (waived with $6,000+ daily balance)
• Preferred Package: $16.95 (waived with $4,000+ daily balance)
• Basic Plus Bank Account: $11.95 (waived with $3,000+ daily balance)
• Basic Bank Account: $3.95 (no waiver available)
• Preferred Package for Students and Youth: $0 if eligible

If you can’t maintain the minimum daily balance, you’re paying $143 to $371 a year just to have a chequing account.

Overdraft fees

Scotiabank charges $5 per month for the Overdraft Protection Plan. Or $5 per use under the Pay-per-Use Plan (this plan isn’t available in Quebec). On top of that, you pay 21% annual interest on any overdraft balance. The monthly fee is waived for Ultimate Package holders.

If your account goes over the authorized overdraft limit, there’s an additional $5 handling fee per item paid while overdrawn. This can add up fast if you’re hit with multiple debits at once.

ATM fees

Using a Scotiabank ATM is always free for Scotiabank account holders. Using another bank’s ATM in Canada costs $2 per Interac withdrawal. The fee jumps to $3 for U.S. bank ATMs and $5 for ATMs outside Canada and the U.S.

The Preferred Package gives you one free non-Scotiabank ATM withdrawal per month in Canada. The Ultimate Package gives you unlimited free non-Scotiabank ATM withdrawals globally. Scotiabank’s Global ATM Alliance also lets you skip the surcharge at partner banks in many countries.

Foreign exchange fees

Most Scotiabank credit and debit cards charge a 2.5% foreign transaction fee on purchases in non-Canadian currencies. The exception is the Scotiabank Passport Visa Infinite Card, which has no foreign transaction fees at all. Scotiabank is the only major Canadian bank offering a major credit card with this perk.

For international wire transfers, in-branch wires cost around $40 per transfer at most banks. Scotiabank charges $1.99 per international transfer through the mobile app or online banking on select accounts. Ultimate Package and StartRight clients get these international transfers for free.

Other fees worth knowing

A few smaller fees can catch you off guard if you’re not paying attention:

• NSF fee: $10 if a cheque or pre-authorized debit bounces
• Certified cheque: $15 for you, $25 for a non-Scotiabank recipient
• Stop payment: $30 assisted, $0 if you do it yourself online
• Account closing fee: $20 if you close within 90 days of opening
• Incoming wire transfer: $15 CAD or USD per transfer
• Account balance transfer to another bank: $20

None of these are massive, but they’re worth knowing before you sign up.

How to avoid Scotiabank fees

Two simple habits save you the most money. First, maintain the minimum daily balance to waive your monthly fee. Second, use only Scotiabank ATMs or Global ATM Alliance partner ATMs to avoid the $2 to $5 withdrawal fees.

Scotiabank credit cards overview

Scotiabank has one of the better credit card lineups among the Big Five. The cards earn points through the Scene+ rewards program. Scene+ works at Cineplex theatres, Empire grocery stores like Sobeys and IGA, Home Hardware, Recipe restaurants, and more. Here are the key cards we examined for this Scotiabank review.

Scene+ rewards program

Scene+ is Scotiabank’s loyalty program, run in partnership with Cineplex and Empire Company. You earn points on Scotiabank debit and credit card purchases, with extra points at participating retailers.

Points can be redeemed for travel, groceries, movies, dining, or even direct credit on your statement. The flexibility makes Scene+ one of the more usable rewards programs in Canada.

Entry-level credit cards

The Scotiabank Scene+ Visa Card has a $0 annual fee. You earn 2 Scene+ points per dollar at Sobeys-family stores, Cineplex, and select dining and entertainment partners. You earn 1 Scene+ point per dollar on all other eligible purchases. It’s a solid starter card for newcomers and students. Many readers of this Scotiabank review start with this card before moving up to a paid card.

The Scotiabank Value Visa is a low-interest card with a $29 annual fee (waived in the first year). The interest rate is 13.99%, which is lower than most cards. It’s useful if you sometimes carry a balance.

Cash back and rewards cards

The Scotia Momentum Visa Infinite earns up to 4% cash back on groceries and recurring bills. It has a $120 annual fee, often waived in the first year. You’ll find the current welcome bonus offer on Scotiabank’s website.

The Scotiabank Gold American Express Card earns 6 Scene+ points per dollar at grocery stores, restaurants, and entertainment. It also has no foreign transaction fees. The annual fee is $120, often waived in the first year for new clients.

Travel cards

The Scotiabank Passport Visa Infinite Card is one of Canada’s standout travel cards. It charges no foreign transaction fees, which saves you the typical 2.5% markup on every overseas purchase. It includes six free airport lounge passes through the Visa Airport Companion Program and comprehensive travel insurance. The annual fee is $150.

For frequent travellers, this card pairs well with the Ultimate Package chequing account, which rebates the $150 annual fee every year.

Newcomer approvals

Through the StartRight program, newcomers can qualify for Scotiabank credit cards with no Canadian credit history. Credit limits go up to $15,000, even for first-year newcomers. We cover this in more detail in the next section of this Scotiabank review.

Scotiabank for newcomers to Canada

The StartRight program is one of the strongest reasons newcomers consider Scotiabank. This Scotiabank review found it consistently ranks among the best newcomer banking offers in Canada. It’s specifically built for permanent residents, foreign workers, and international students in their first five years in Canada.

Newcomer banking package

The flagship offer pairs the Preferred Package chequing account with newcomer perks. Scotiabank waives the $16.95 monthly fee for 12 months. You get unlimited free Scotia International Money Transfers, which alone can save around $280 a year compared to in-branch wires.

You also qualify for the Scotiabank Passport Visa Infinite Card with no Canadian credit history required. Credit limits can reach $15,000, which is rare for someone newly arrived in Canada. The card’s no-foreign-transaction-fee perk is especially useful for newcomers who shop on home country websites.

Credit building with Nova Credit

Scotiabank partners with Nova Credit to let newcomers transfer their home country credit history. This applies to clients from 15 countries: Australia, Austria, Dominican Republic, India, Kenya, Mexico, Nigeria, Philippines, South Africa, South Korea, Spain, Switzerland, the UK, the USA, and Ukraine. Transferring your credit history can qualify you for higher credit limits right from the start.

This is a real differentiator for Scotiabank. Most banks make newcomers wait years to build Canadian credit from zero. Nova Credit shortens that wait significantly, and this Scotiabank review section confirms it as one of Scotiabank’s most valuable newcomer features.

Cash bonuses and promotional offers

Scotiabank periodically runs a cash bundle offer worth up to $700 for new clients. The $500 chequing portion goes to new Preferred or Ultimate Package clients who set up direct deposit and complete qualifying actions. Bundling with a Money Master Savings Account and a registered account adds another $100 each.

Conditions apply to each bonus tier, and the exact offer period changes. Always check Scotiabank’s current promotion page when applying. 

Pros and cons of Scotiabank

Every bank has trade-offs. Here’s what stood out as we worked through this Scotiabank review. 

Pros of Scotiabank:

• Extensive branch network across Canada with around 900 locations
• Strongest international footprint of any Canadian bank, with operations in 25+ countries
• Wide range of products under one roof (chequing, savings, credit, mortgages, investments)
• StartRight program for newcomers with Nova Credit integration
• Scotiabank Passport Visa Infinite has no foreign transaction fees
• Scene+ rewards work at Cineplex, Empire grocery stores, Home Hardware, and more
• Global ATM Alliance gives free overseas ATM access at partner banks
• Up to $150 annual fee rebate on Scotia credit cards with Ultimate Package
• Up to $700 in periodic cash bundle bonuses for new clients

Cons of Scotiabank:

• Monthly fees on most chequing accounts ($16.95 to $30.95)
• Minimum daily balance requirements to waive fees ($3,000 to $6,000+)
• Savings interest rates are lower than online banks for everyday accounts
• Newcomer fee waiver only lasts 12 months (BMO and CIBC offer 24 months)
• Customer service experiences vary by branch and channel
• Basic Bank Account fee at $3.95 cannot be waived
• Foreign exchange spread applies on top of stated transaction fees

Scotiabank vs other big banks

Here’s how Scotiabank compares to the other Big Five Canadian banks across the dimensions that matter most.

Scotiabank vs RBC

RBC has the largest combined branch and ATM network in Canada and offers service in up to 200 languages. Scotiabank has a smaller domestic footprint but a bigger international one. RBC charges $12.95 a month for its Advantage Banking, slightly less than Scotiabank’s Preferred Package at $16.95. For everyday Canadians, RBC has a slight edge on price. For international banking and travel, Scotiabank wins. Our Scotiabank review found that the choice really comes down to whether you need branch access or international features.

Scotiabank vs TD

TD is known for the longest branch hours of any Canadian bank, with around 1,000 branches. TD Unlimited Chequing costs $17.95 a month, which is slightly more than Scotiabank’s Preferred Package. TD’s newcomer cash bonus is a flat $500 with simple qualifying actions, while Scotiabank’s $700 bundle requires multiple accounts to maximize. TD wins on branch hours and bonus simplicity. The takeaway here is that Scotiabank wins on credit-building for newcomers, while TD wins on simpler cash claims.

Scotiabank vs BMO and CIBC

BMO and CIBC both waive monthly fees for two full years for newcomers, compared to Scotiabank’s 12 months. BMO offers the largest single newcomer cash bonus at $800 (with conditions). CIBC’s Smart Account has $0 international transfer fees to over 130 countries and includes Skip+ membership and Canoo Cultural Pass. For pure newcomer cost savings, BMO and CIBC are stronger than Scotiabank.

That said, this Scotiabank review found Scotiabank still leads on credit-building through Nova Credit and the Passport Visa Infinite Card. So if access to higher credit limits and a strong travel card are your top priorities, Scotiabank wins.

Which bank is best overall?

There’s no single best bank for everyone. RBC wins on branch network and language support. TD wins on branch hours and simple cash bonuses. BMO and CIBC win on fee waiver length. Scotiabank wins on international banking and newcomer credit access. Your priorities decide the winner.

Who should choose Scotiabank?

This Scotiabank review wouldn’t be complete without a clear breakdown on who Scotiabank suits best and who should look elsewhere. Use the breakdown below as a quick decision guide.

Best for

• Newcomers to Canada. The StartRight program with Nova Credit integration is one of the best newcomer banking offers in Canada. If you arrived with a strong credit history from your home country, Scotiabank can leverage it for higher credit limits in Canada.
• In-branch banking users. With around 900 branches across Canada, Scotiabank is easy to find in most cities. If you value face-to-face service or need to deposit cash regularly, branch access matters.
• Credit card bundling customers. The Ultimate Package’s annual fee rebate of up to $150 makes a premium credit card almost free. Pair it with the Passport Visa Infinite, and you’re getting one of Canada’s best travel cards at no annual cost.
• Frequent international travellers and shoppers. No foreign transaction fees on the Passport Visa Infinite, plus free Global ATM Alliance withdrawals at partner banks, make Scotiabank a strong pick for people who spend in other currencies.

Not ideal for

• Fee-sensitive users. If you can’t maintain a $4,000 to $6,000 daily balance, you’ll pay $143 to $371 a year in monthly fees. A no-fee online bank like Simplii or Tangerine costs nothing forever.
• High-interest savings seekers. The Scotia HISA pays competitive rates only at very high balance tiers. For most savers, online banks like EQ Bank or Wealthsimple Cash offer better rates on smaller balances with no minimum.
• Light users. If you only use your account for a handful of transactions a month, the Basic Bank Account at $3.95 monthly still costs more than free alternatives.

Alternatives to Scotiabank

If Scotiabank doesn’t feel like the right fit after reading this Scotiabank review, here are your other options. None of these are perfect, but they cover the main gaps Scotiabank has on fees and savings interest.

Online banks

Simplii Financial (a CIBC division) and Tangerine (owned by Scotiabank itself) both offer no-fee chequing accounts forever. EQ Bank pays one of the highest non-promotional interest rates in Canada on its everyday account. 

These banks have no monthly fees, no minimum balances, and free Interac e-Transfers. The trade-off is no physical branches. If you handle cash often or prefer in-person service, online banks may not suit your needs. 

Credit unions

Credit unions like Vancity, Meridian, and Coast Capital are member-owned alternatives to Scotiabank. They often have lower fees and better service ratings. The downside is smaller branch networks, usually within a single province.”

Final thoughts

Scotiabank is a solid choice for newcomers, international travellers, and people who want a strong credit card paired with their chequing account. Its weak point is everyday savings interest, where online banks clearly win.

If you can maintain the balance, the Preferred Package or Ultimate Package gives you the best mix of features. If you’re a newcomer, the StartRight program is genuinely competitive. Pay attention to the small features like credit card rebates, free international transfers, and ATM access. These are where Scotiabank either earns its higher fees or doesn’t. Always check Scotiabank’s official site for current rates and offers before applying.