Scotiabank TFSA Review: Is It Worth It?
Scotiabank TFSA at a glance
Best pick for:
Self-directed investing
Scotiabank offers a no-fee tax-free savings account for saving and investing in mutual funds and guaranteed investment certificates (GICs). With a self-directed TFSA, available through ScotiaMcLeod or Scotia iTrade, you can also invest in stocks and exchange-traded funds (ETFs).
Consolidated banking users
You may want to consolidate your banking products for convenience or establish a new relationship with Scotiabank.
Tax-free investment gains
The Scotiabank TFSA could be a convenient fit if you're an existing customer looking for a tax-advantaged account that allows for both saving and investing.
Not ideal for:
High-yield savers
With the Savings Accelerator program, your Scotiabank TFSA allows you to earn interest on any uninvested cash within the account. Without this add-on, uninvested cash balances currently generate below-average interest rates. For better long-term growth, consider credit unions and online banks.
Fee-conscious branch users
Scotiabank in-branch TFSA withdrawals cost $5 per transaction. If you value low-cost branch access, explore other local bank and credit union options.
Bonus interest rate shoppers
The Scotiabank TFSA offers a negligible base interest rate and no promotional savings rate. You might find more attractive options with providers offering competitive base and bonus rates.
Scotiabank TFSA full review
Scotiabank’s TFSA is a tax-advantaged registered account. It can hold cash and investments to help you save and invest in tandem. Uninvested cash earns interest; investment options are limited to Scotiabank products. Tax-free savings account contributions are capped at $7,000 annually for 2025.
What is Scotiabank?
The Bank of Nova Scotia, or Scotiabank, offers personal and business banking services to customers across the Americas. It was founded in 1832 in Halifax, Nova Scotia, and is one of Canada’s Big Six banks. While it offers Canadians over 900 locations to bank from, its branch network spans some 40 countries with locations that number in the thousands.
Is Scotiabank safe?
Scotiabank carries Canada Deposit Insurance Corporation (CDIC) insurance, which protects deposits of up to $100,000 in the unlikely event that Scotiabank goes under.
Scotiabank also offers an online security guarantee which aims to protect its customers from fraudulent activity that may occur on its online banking platform. The guarantee pledges to fully reimburse lost funds so long as you’ve adhered to Scotiabank’s online security guidelines.
Scotiabank customer satisfaction ratings
Scotiabank ranks third in customer satisfaction with retail banking advice, according to J.D. Power’s 2025 Canada Retail Banking Advice Satisfaction Study, a survey of 2,582 retail bank customers in Canada . RBC Royal Bank has the highest ranking.
Scotiabank ranks forth in online banking satisfaction according to J.D. Power’s 2025 Canada Online Banking Satisfaction Study, a survey of 9,857 retail bank and credit card customers nationwide . CIBC has the highest ranking in online banking satisfaction.
At the time of this writing, Scotiabank had a Trustpilot rating of 1.2 out of 5 possible stars, based on more than 1,300 customer reviews.
At the time of this writing, Scotiabank had a Better Business Bureau rating of 1.22 out of 5 possible stars, based on 65 customer reviews.
Grow your money faster
Compare the best tax-free savings accounts in Canada
How Scotiabank TFSA features stack up
NerdWallet Canada's editorial team rates tax-free savings accounts based on several criteria in our evaluation methodology, including annual percentage yields, minimum balances, fees, digital experience, access to other TFSA investment products, and more. Here are the key banking features that our team scored on a scale of one to five, rounded for simplicity.
Interest rates | ⭐️⭐️
Ongoing interest rate as of January 2025
The standard interest rate for Scotiabank’s TFSA is 0.01% as of Jan. 16, 2025.
Savings Accelerator rate as of January 2025
The Savings Accelerator rate for Scotiabank’s TFSA is 0.25%, depending on the balance, as of Jan. 16, 2025.
Features and Limitations | ⭐️⭐️⭐️⭐️⭐️
Scotiabank TFSA holds cash and numerous investments. Investment options include mutual funds, GICs, stocks and bonds, which have the potential to earn market-based gains. Investment gains, interest and dividends are tax-free.
Minimum balance
There is no minimum deposit requirement to open a Scotiabank TFSA, and no minimum balance is needed to avoid any account fees. However, it's important to note that the TFSA contribution limit for 2025 is set at $7,000, and contributions beyond your annual limit are taxed.
Banking experience | ⭐️⭐️⭐️⭐️⭐️
You can manage your Scotiabank TFSA using online, phone or in-branch banking services. There are no monthly account fees, but in-person account withdrawals cost $5 per transaction.
Note that a $150 fee applies when transferring funds from a Scotiabank TFSA to an external account.
Scotiabank TFSA details and eligibility
Who qualifies for Scotiabank TFSA?
To open a Scotiabank TFSA, you must:
Be a Canadian resident.
Be over the age of majority in your province or territory.
Have a valid Social Insurance Number (SIN).
How to know if a Scotiabank TFSA is right for you
If you’re eager to earn untaxed interest on your savings and investments, have unused TFSA contribution room, and are already a Scotiabank customer, a Scotiabank TFSA might be right for you.
How to open a Scotiabank TFSA
Method and general steps
If you’re a Scotiabank customer, you can sign in to your online account and fill out a TFSA application. Otherwise, you’ll need to book an appointment at a Scotiabank location during business hours to apply.
Deposit and withdrawal process
Deposits can be made by cash, cheque or electronic funds transfer. Scotiabank’s TFSA cannot receive Interac e-transfers. Deposits can be made through Scotiabank’s online banking platform, mobile app or in person at a branch during business hours. Before making a deposit, ensure doing so will not cause you to exceed annual contribution limits.
Uninvested TFSA funds are available for withdrawal at any time. If you’ve invested in any mutual funds, your withdrawal request may take up to three business days to process. If you’ve invested in Scotiabank GICs, you may pay a penalty for withdrawing funds before the term ends.
If you add the Scotiabank Savings Accelerator to your TFSA, in-person withdrawals are subject to a $5 fee.
Customer service options
Contact the Scotiabank customer support team by:
Live chat. Connect with a Scotiabank rep 8 a.m. to 10 p.m. ET any day of the week.
Phone. Call 1-800-472-6842 to talk to a member of the team 24/7.
In person. Visit a Scotiabank location during business hours.
Social media. Connect with Scotiabank on X (Twitter).
How to maximize the benefits of a Scotiabank TFSA
To get the most out of your tax-free savings account, you’ll want to:
Invest. Failing to take advantage of the TFSA’s ability to hold investments is a missed opportunity for profit.
Add the Savings Accelerator. This Scotiabank add-on lets you increase the interest rate on your uninvested cash.
Don’t overcontribute. Any contribution you make over your annual TFSA contribution limit will be taxed at 1% monthly until it’s withdrawn.
Scotiabank TFSA alternatives
Tax-free savings accounts are a nearly ubiquitous offering across financial institutions, which means you have plenty of alternatives to choose from if Scotiabank’s TFSA doesn’t appeal.
Tax-free savings account vs. High-interest savings account
Both TFSAs and high-interest savings accounts can help you grow your wealth, but what separates these accounts may help you determine which is best for your finances.
SCOTIABANK TAX-FREE SAVINGS ACCOUNT | SCOTIABANK MOMENTUM PLUS SAVINGS ACCOUNT | |
|---|---|---|
Description | Tax-advantaged savings account capable of holding cash and investments. | High-interest savings account. |
Interest rate | Up to 0.25%. | Regular: 0.75% Bonus offer: An extra 3.80%. |
Annual contribution limit | $7,000 for 2025. | None. |
Tax-free earnings | Yes. | No. |
Can hold investments | Yes. | No. |
Frequently asked questions
Is it worth it to get the Scotiabank TFSA?
Is it worth it to get the Scotiabank TFSA?
A tax-free savings account can be a practical way to save and invest. Tax advantages set it apart from traditional savings accounts, though account contributions will limit the amount you can deposit annually.
How do I deposit or withdraw money from a Scotiabank TFSA?
How do I deposit or withdraw money from a Scotiabank TFSA?
Scotiabank TFSA deposits can be made by cash, cheque or electronic funds transfer through its online banking platform or at a Scotiabank location during business hours. You can withdraw funds at any time. Fund availability depends on whether you’re withdrawing uninvested cash or from existing investments. If you add the Savings Accelerator to your Scotiabank TFSA, you’ll be charged a $5 fee per transfer made in person at a Scotiabank location.
Sources
NerdWallet writers are subject matter authorities who use primary, trustworthy sources to inform their work, including peer-reviewed studies, government websites, academic research and interviews with industry experts. All content is fact-checked for accuracy, timeliness and relevance. You can learn more about NerdWallet's high standards for journalism by reading our editorial guidelines.
- J.D. Power. J.D. Power’s 2025 Canada Retail Banking Advice Satisfaction Study. Accessed Oct 12, 2025.
- J.D. Power. J.D. Power’s 2025 Canada Online Banking Satisfaction Study. Accessed Oct 12, 2025.
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