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Published January 5, 2024
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6 minutes

Scotiabank Review

Scotiabank is one of Canada’s Big Six banks. It offers online and in-person services that include personal, corporate and investment banking as well as mortgages and wealth management.

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Scotiabank at a glance

Scotiabank was founded in 1832 and is one of Canada’s Big Six banks.

  • Scotiabank account options
    Visa, Mastercard and AmEx credit cards
  • Other Scotiabank services
    Loans and lines of credit
    Wealth management
    Small business banking
    Portfolio management solutions

Scotiabank overview

Founded in Halifax in 1832, Scotiabank is one of Canada’s oldest and largest banks, a more or less permanent member of the country’s Big Six financial institutions. In addition to providing a full range of banking services for individuals and businesses in Canada, Scotiabank also operates in the U.S., Mexico, the Caribbean, and parts of Central America, South America, Europe and Asia. As of January 2024, Scotiabank employed more than 89,000 workers and held assets worth approximately $1.4 trillion.

Online banking capabilities at Scotiabank

In addition to operating 900 branches across Canada, Scotiabank also offers its customers the ability to bank digitally.

Scotiabank’s online banking portal allows customers to pay bills and transfer money, check their credit score, monitor investments and receive alerts about account activity. 

Customers can also do their banking by way of a mobile app, which allows them to check their account balances, deposit cheques, move money and get quick answers to common questions from a cell phone or tablet.

Scotiabank’s digital footprint also includes Tangerine, a online bank the institution purchased in 2012.

Is your money safe at Scotiabank?

Scotiabank is a member of Canada Deposit Insurance Corporation, or CDIC, which means deposits under the bank’s care are protected in the unlikely event it becomes insolvent. 

Deposits in chequing and savings accounts, tax-free savings accounts, non-registered accounts, and registered accounts such as retirement, education and disability savings plans are all insured at Scotiabank via the CDIC.

Scotiabank account types

Scotiabank savings accounts

Scotiabank chequing accounts

Scotiabank credit cards

Scotiabank offers a wide variety of Visa, Mastercard and American Express credit cards in Canada, including:

Scotiabank investing accounts

» MORE: Read our Scotiabank TFSA review

Other Scotiabank services

Scotiabank fees

Banking fees can vary based on the accounts you have and how you use them. Here are some of the common fees you may encounter using Scotiabank’s financial products and services:

Who Scotiabank is best for

Canadians who want to bank with a globally-known institution and don’t mind paying some monthly fees.

As a full-service financial institution, Scotiabank has products and services for any consumer. It could be an especially good fit if you plan to scale up your banking needs over the years. The relationship you build as a new customer could help you down the road. 

Pros and cons of Scotiabank

There’s plenty to like about Scotiabank, but no bank or credit union is without its drawbacks. Here’s what to consider before you open an account with this banking giant.

Pros of Scotiabank

Cons of Scotiabank

How Scotiabank compares to other big banks

ATMs and branchesAre deposits insured?
RBCATMs: 4,000+
Branches: 1,100+
Yes, by the Canada Deposit Insurance Corporation.
National Bank of CanadaATMs: 2,200+
Branches: 360+
Yes, by the Canada Deposit Insurance Corporation.
TD BankATMs: 3,400+
Branches: 1,000+
Yes, by the Canada Deposit Insurance Corporation.
BMOATMs: 3,200+
Branches: 800+
Yes, by the Canada Deposit Insurance Corporation.
CIBCATMs: 2,900+
Branches: 1,000+
Yes, by the Canada Deposit Insurance Corporation.
ScotiabankATMs: 3,500+
Branches: 900+
Yes, by the Canada Deposit Insurance Corporation.

» MORE: Check out our Banking reviews of other Big Banks, credit unions and online-only banks.

Scotiabank frequently asked questions

Is Scotiabank a Canadian bank?

Even though Scotiabank offers services in many countries, including the U.S., China and Peru, it is indeed a Canadian bank. It was founded in Halifax in 1832 and is headquartered in Toronto.

What makes Scotiabank unique?

Because it operates in so many different places, Scotiabank is considered Canada’s most international bank. While it doesn’t offer a full range of services in every country, Scotiabank and its affiliates can be found throughout North America and in parts of Central and South America, the Caribbean, Asia and Europe.


Best Scotiabank GIC Rates

Best Scotiabank GIC Rates

Scotiabank offers redeemable, non-redeemable and market-linked GICs with competitive interest rates and terms starting at 1 year.

How Does an Online Bank Work?

How Does an Online Bank Work?

Online banks typically charge lower fees and deliver better interest rates on savings than traditional brick-and-mortar financial institutions, but may lack certain products and services.

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Scotiabank Mortgage Rates

Find the right Scotiabank mortgage rate for your home buying needs.

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