Scotiabank Review 2025
Scotiabank overview
🏦 Scotiabank was founded in 1832 and is one of Canada’s Big Six banks.
SCOTIABANK ACCOUNT OPTIONS
Savings
Chequing
Visa, Mastercard and AmEx credit cards
Investing
OTHER SCOTIABANK SERVICES
Mortgages
Loans and lines of credit
Wealth management
Small business banking
Insurance
Portfolio management solutions
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
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
- Ability to bank online or in person.
- A wide variety of accounts, including specialized products for immigrants, students and seniors.
- Some low-fee chequing accounts.
- No-fee chequing accounts for youth and seniors.
Cons
- A slightly higher insufficient funds fee than some other banks.
- Interest rates for savings accounts may not be as high as those from online-only banks.
- Avoiding monthly fees on chequing accounts requires minimum daily balances some customers may have difficulty maintaining.
Scotiabank full review
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 October 2024, Scotiabank employed more than 89,000 workers and held assets worth approximately $1.4 trillion.
WHAT ONLINE BANKING FEATURES DOES SCOTIABANK OFFER?
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 TransUnion credit score, monitor investments and receive alerts about account activity.
Customers can also do their banking using the Scotiabank mobile app, which allows them to check their account balances, deposit cheques, move money, send transfers and get quick answers to common questions from a cell phone or tablet.
Scotiabank’s digital footprint also includes Tangerine, an online-only bank the institution purchased in 2012.
IS MY 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.
🚩 Customer ratings
We gather consumer feedback to understand how users feel about banking with Scotiabank. While the bank performs well on mobile app stores, its score remains below average on the consumer review platforms and forums.
As of this writing, Scotiabank had the following ratings:
4.7 stars on the Apple App Store and 4.6 stars on the Google Play Store.
1.1 out of 5 possible stars, based on more than 1,200 customer reviews on Trustpilot.
1.19 out of 5 possible stars, based on over 70 customer reviews on the Better Business Bureau’s website.
What Reddit users are saying
Reddit threads comparing big banks generally spark unfavourable views of Scotiabank. While users acknowledge the convenience of branch access, most say the cost is not worth it. Some even suggest switching to credit unions or online banks as better alternatives.
Reddit discussions include:
Note: Consumer review platforms tend to reflect a higher volume of negative feedback as satisfied users are less likely to leave comments. Additionally, individual reviews may not reflect the full experience of these users. That said, public forums can offer a helpful starting point for understanding how the financial institution handles account issues, customer service and overall support.
Scotiabank account types
As one of Canada’s biggest banks, Scotiabank offers a wide selection of accounts for you to choose from. NerdWallet's picks for best banking products include:
NerdWallet's take
NerdWallet's take
Product details
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Product detailsScotiabank savings accounts
🤓 OUR TAKE
Scotiabank savings accounts earn modest base interest rates, often ranging from 0.01% to 0.55% based on your balance tier. New account holders could take advantage of the bonus rates to boost their savings over the limited offer period.
Explore Scotiabank savings accounts
MomentumPLUS Savings Account: Earn interest with no monthly account fees or minimum balance requirement.
Money Master Savings Account: Free self-serve transfers between Scotiabank accounts and no monthly account fees.
Scotia U.S. Dollar Daily Interest Account: Competitive exchange rates and no monthly account fees with a minimum US$200 balance, or if the account holder is 60 or older.
Scotia Euro Daily Interest Savings Account: Competitive exchange rates and no monthly account fees with a minimum 200 euro balance, or if the account holder is 60 or older.
Scotiabank chequing accounts
🤓 OUR TAKE
Like many Big banks, Scotiabank’s new chequing account bonuses are worthwhile for everyone, from students to newcomers and seniors. Most account holders, except students, have to maintain around $5,000 in a non-interest-bearing account to enjoy unlimited fee-free services. If you use in-branch services, Scotiabank accounts may be worth considering.
Explore Scotiabank chequing accounts
Ultimate Package: Unlimited debit interactions, no-fee Interac e-transfers and no overdraft protection fee (though you’ll pay interest and a $5 handling fee on overdraft items). No monthly account fee if you maintain a minimum daily balance of $6,000; otherwise $30.95 per month.
Preferred Package: Unlimited debit transactions and Interac e-transfers, plus preferred rates on select Scotiabank GICs. No monthly account fee with a minimum daily balance of $4,000; otherwise $16.95 per month.
Basic Plus Bank Account: 25 free debit transactions per month and free Interac e-transfers. No monthly fee with a minimum daily balance of $3,000; otherwise $11.95 per month.
Getting There: A no-fee kids bank account and rewards program for customers under age 19. Rewards earned with debit transactions, which are unlimited.
Student Banking Advantage Plan: A no-fee student bank account that earns rewards. Unlimited debit transactions and Interac e-transfers.
Basic Bank Account: Free e-transfers and 12 free transactions per month for a $3.95 account fee.
Scotiabank credit cards
🤓 OUR TAKE
Scotiabank’s Visa and American Express rewards cards include valuable perks and various rewards categories, but usually at a 20.99% purchase interest rate. Ideal for new users who can maximize on sign-up bonuses and manage credit card bills responsibly.
Explore Scotiabank credit cards
Scotiabank offers a wide variety of Visa, Mastercard and American Express credit cards in Canada, including:
Learn more about Scotiabank credit cards and how the bank’s Scene+ rewards program works.
Scotiabank investing accounts
🤓 OUR TAKE
Scotiabank’s registered accounts and investments come with lower returns on investment and higher administration fees compared to digital platforms. For long-term investments, brokerages or online institutions often offer stronger outcomes for low or no fees.
Explore Scotiabank investment options
Savings Accelerator Account: Earn more interest with a higher balance on registered and non-registered plans.
Tax-free savings account (TFSA): Put your money to work over the short- and long-term.
First home savings account (FHSA): Save for your down payment in a special tax-advantaged account.
Registered retirement savings plan (RRSP): Grow your retirement savings on a tax-deferred basis.
Registered retirement income fund (RRIF): Secure a regular income after retirement. Can be either self-directed or managed.
Registered disability savings plan (RDSP): Save money for a disabled loved one.
Scotiabank also offers other products, such as Guaranteed investment certificates (GICs), exchange traded funds (ETFs) and mutual funds for investors looking to diversify their portfolios.
» MORE: Read our Scotiabank TFSA review
Other Scotiabank services
🤓 OUR TAKE
With a vast product line-up, plus its global branch and ATM network, and online support, Scotiabank makes for a solid choice for a full-service financial provider.
Explore other services
Other services you can find at Scotiabank include:
StartRight: Banking services and loan products designed for newcomers to Canada.
Senior bank accounts: Discounted services for older Canadians.
Mortgages and home equity lines of credit (HELOCs).
Wealth management.
Small business banking.
Insurance.
Portfolio management solutions for investment accounts and online trading.
» MORE: See today’s mortgage rates at Scotiabank
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:
Fees you should know about
Non-sufficient funds: $48
Overdraft protection: $5 per month or instance, depending on your plan
ABM withdrawals outside the network: $2-$5
Inactivity fees: $20-$40
Account closed within 90 days of opening: $20
Credit card foreign currency conversion fee: 2.5% is added to the exchange rate in most cases
RRSP, TFSA or RRIF transfer to another institution: $150
How Scotiabank compares to other big banks
ATMS AND BRANCHES | ARE DEPOSITS INSURED? | |
|---|---|---|
ATMs: 4,000+ Branches: 1,100+ | Yes, by the Canada Deposit Insurance Corporation. | |
ATMs: 2,000+ Branches: 360+ | Yes, by the Canada Deposit Insurance Corporation. | |
ATMs: 2,500+ Branches: 1,000+ | Yes, by the Canada Deposit Insurance Corporation. | |
ATMs: 3,200+ Branches: 800+ | Yes, by the Canada Deposit Insurance Corporation. | |
ATMs: 2,900+ Branches: 1,000+ | Yes, by the Canada Deposit Insurance Corporation. | |
ATMs: 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.
Frequently asked questions
Is Scotiabank a Canadian bank?
Is Scotiabank a Canadian bank?
Yes, Scotiabank was founded in Halifax in 1832 and is headquartered in Toronto. However, while the bank offers services in many countries, including the U.S., China and Peru, it is indeed a Canadian bank.
What makes Scotiabank unique?
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.
DIVE EVEN DEEPER
Janine DeVault
Siddhi Bagwe