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Scotiabank Review

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If you’re even slightly familiar with banking in Canada, you’re likely well aware of Canada’s “Big Five Banks.”

If not, Canada’s “Big Five” banks include TD Canada Trust, the Bank of Montreal (BMO), the Royal Bank of Canada (RBC), the Canadian Bank of Commerce (CIBC), and, last but not least, Scotiabank.

In this WealthRocket article, we’ll shed some light on Canada’s third-biggest bank: Scotiabank. We’ll also assess what the bank has to offer when it comes to daily banking and investing products, along with a general overview of the bank in this Scotiabank review.

A Scotiabank Review for 2024: Banking, Investing, and More

Scotiabank has a lot of products. In fact, it has too many to count. Below, we’ll attempt to cover Scotiabank’s most popular spending and saving products, including chequing accounts, “savings accounts, and credit cards, with an overview detailing the nitty-gritty of the Canadian banking institution.

Scotiabank: Overview

Scotiabank, formerly known as the Bank of Nova Scotia, has operated in Canada since 1832 when it was founded in — you guessed it — the province of Nova Scotia.

Since then, the banking corporation has acquired several overseas banks in regions all over the world, including Asia, South America, the Caribbean, and Europe. Still, it is primarily most prominent on Canadian soil.

Scotiabank is known for various sponsorships across Canada, its “SCENE” points program, as well as its ownership of one of Canada’s best online banks, Tangerine.

Scotiabank: Chequing Accounts

There is no shortage of Scotiabank chequing account offerings, with options ranging from the no-frills, basic chequing account to their aptly named “Ultimate Package”.

If you’re a senior, student, or looking to open a bank account for your kids, Scotiabank also offers chequing accounts tailored to these life stages.

Seniors citizens have access to reduced monthly fees, while students can utilize the “Student Banking Advantage Plan”. Youth can use the “Getting There: Savings Program for Youth”.

Needless to say, Scotiabank has a chequing account perfect for all types of Canadians.

Here is a breakdown of Scotiabank’s most popular and best chequing accounts.

Scotiabank Basic Plus Bank Account

One of the most common complaints that consumers have about large banks in Canada is the high monthly account fees that come with most chequing accounts.

However, the Scotiabank Basic Plus Bank Account is the exception to this rule and a pretty great one at that!

While this chequing account requires a monthly balance of $3,000* or more to waive its $11.95* monthly fee, it costs considerably less than the majority of chequing accounts from other financial institutions.

This account offers its holders unlimited Interac e-transfers and 25 free transactions every month, a pretty sweet deal for anyone who does the majority of their banking online.

Scotiabank Preferred Package

The Scotiabank Preferred Package account likely resembles what you think of when you picture a standard banking account, with a monthly account fee of $16.95* (waived for balances of more than $4,000*) and unlimited transactions across the board.

This is a great option for somebody who wants to start a savings account, as account holders can benefit from access to up to 5.00%* in promotional interest rates savings accounts.

The account also comes with unlimited transactions, Interac e-Transfers, international money transfers with a flat rate of $1.99*, and the option of SCENE or Scotia Rewards.

Scotiabank Ultimate Package

The Scotiabank Ultimate Package account is for anyone who subscribes to the adage of “go big or go home”.

Not only will this impressive chequing account provide you with access to savings accounts with 0.10%* interest-earning potential, but it also grants you access to free ATM withdrawals around the world (Scotiabank or not), annual fee waivers on select credit cards, free cheques, desirable rates on Guaranteed Investment Certificates (GICs), and free overdraft protection.

It has the price tag to match, too. This account costs $30.95* per month if you don’t keep a minimum balance of $5,000*.

Perhaps the most compelling pull factor towards the Ultimate Package is its access to the Momentum Savings account and offering unique to Scotiabank that offers a promotional interest rate of up to 5.00%*.

Additional perks include unlimited debit transactions, no-fee international money transfers, unlimited Interac e-Transfers, no overdraft protection fees, and the option between the choice of SCENE or Scotia Rewards.

Student Banking Advantage Plan

Student life, though fun in many categories, can be quite tumultuous financially.

Individuals who are enrolled in post-secondary education in Canada or the United States can benefit from free unlimited transactions on a $0* a month bank account, courtesy of Scotiabank’s Student Banking Advantage Plan.

Scotiabank: Savings Accounts

Scotiabank offers various registered and non-registered savings accounts, including, but not limited to, the Tax-Free Savings Account (TFSA) and the Registered Retirement Savings Plan (RRSP). Traditional savings accounts are also available through Scotiabank. Let’s take a look at these accounts below.

Scotiabank Tax-Free Savings Account

The Scotiabank TFSA works like any tax-free savings account. However, interest rates for this TFSA are tiered depending on the account balance.

Scotiabank TFSA balances under $250,000 earn 0.75%*, while balanced over earn 0.800%*.

Scotiabank Registered Retirement Savings Plan

The Scotiabank RRSP is subject to the same regulations as any other RRSP account. Rates are exactly the same as other Scotiabank savings accounts, whether they are registered or non-registered.

Scotiabank RRSP balances under $250,000 earn 0.75%*, while balanced over earn 0.80%*.

Scotiabank Savings Account

Scotiabank offers various savings accounts with tiered interest rates. Rates depend on the time and amount invested, differing with each account. Rates also depend on the type of chequing account that the customer opens with Scotiabank, which grants the account holder special rates.

Rates for Scotiabank savings accounts and high-interest savings accounts range from 1.50%* to 2.65%*.

Scotiabank Getting There Savings Program For Youth

Do you remember how old you were when you got your first bank account? For many of us, this special milestone happens pretty early on in adolescence.

Although the experience should not be discounted—saving up for that first important purchase is important—there are also a lot of things that a young bank account holder will not require (they likely aren’t signing personalized cheques on a daily).

Scotiabank’s answer to a basic bank account for youth is a $0* a month chequing and savings account combo that allows young earners to benefit from 0.05%* or 0.10%* interest.

Scotiabank: Credit Cards

We would be remiss to talk about Scotiabank without mentioning their credit card offerings, which are among the best credit cards in Canada.

Below, you’ll find some of Scotiabank’s staple credit card products.

Scotiabank Momentum Visa Infinite Card

It’s no secret that we are big fans of the Scotiabank Momentum Visa Infinite Card.

After all, this credit card offers new users an unfathomable 10%* cashback on all purchases within the first three months. Thereafter, the amount turns into a still-impressive 4%* on bills and groceries and 2%* to gas and transit costs, and, finally, 1%* on all other purchases.

There is no annual fee in the first year, either. However, the next year will come with a yearly fee of $120*. The interest rate sits at 20.99%*.

As if these generous cashback rates weren’t enticing enough, the card also comes with travel insurance as well as mobile device insurance.

Scotia Momentum Visa Infinite Card

Scotia Momentum Visa Infinite Card

Rated 4.7/5 stars.

Our Review

  • Welcome Offer 10% cash-back on first 3 months (up to $2000)
  • Annual Fee $120
  • Interest Rates Purchases: 20.99%, Cash Advances: 22.99%
  • Recommended Credit 725 - 759

Scotiabank Gold American Express Card

The Scotiabank Gold American Express card stands out among Amex offerings in Canada, mostly thanks to its fair rewards systems. It allows you to earn Scotia Rewards points.

Not to be confused with SCENE points, Scotia Reward points can be redeemed for a variety of purchases or are applicable toward your outstanding balance.

The true standout attribute of the Scotiabank Gold American Express card, however, is its free foreign transactions. Not only is this hard to find in Canada, but having a card without foreign transaction fees that also earns you rewards is virtually unheard of.

Scotiabank Gold AMEX

Scotiabank Gold American Express Card

Rated 3.4/5 stars.

Our Review
  • 6pt Earn 6 Scene+ points per dollar you spend in Canada at Sobeys, safeway, FreshCo, and more.
  • 5pt Earn 5 Scene+ points per dollar spent on entertainment, dining, and groceries.
  • 3pt Earn 3 Scene+ points for every dollar spent on gas, transit, and streaming services.
  • 1pt Earn 1 Scene+ point for all other purchases.


  • Wide variety of account offerings for various financial situations

  • Secure online banking options and access to your account 24/7 through ScotiaOnline

  • Flexible options for students and seniors, unique within Canada


  • Lack of high-interest savings accounts

  • Accounts require a high daily balance to avoid monthly fees

  • Accounts with low monthly fees come with few perks

Our Final Thoughts

Scotiabank is a good bank and it’s clear its popularity is not just a matter of coincidence.

If you are a student, a senior, or a small business owner, the large bank’s flexible account options are sure to hold something for you.

If you are a banker with ordinary needs, don’t pass up Scotiabank too quickly either, as the bank’s Ultimate Package is particularly attractive, especially for anyone who wants to connect their credit cards and saving accounts to Scotiabank as well.

*All current rates as of April 2023

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