Scotiabank Review 2026 | Bank of Nova Scotia

Scotiabank was founded in 1832 in Halifax, making it one of Canada’s oldest banks. Today it is the third-largest Canadian bank by market capitalisation, with over 950 branches and 3,600 ATMs across the country. It is CDIC-insured and trades on the TSX and NYSE under the symbol BNS.

What distinguishes Scotiabank from the other Big Five banks is the Scene+ loyalty program and its credit card lineup — particularly the Momentum Visa Infinite, which earns 4% cash back on groceries, gas, recurring bills, and dining. No other Big Five bank credit card matches that earn rate in those categories. Scotiabank also has substantially more international presence than its Canadian peers, with operations throughout Latin America and the Caribbean.

The tradeoffs are the same as the rest of the Big Five: no free unlimited chequing, savings rates that trail online banks, and investing commissions that are higher than discount brokerages. Scotiabank earns its place for the right household primarily on the strength of its rewards ecosystem.

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Scotiabank at a Glance

Chequing Accounts

Scotiabank’s chequing lineup includes one unusual option — the Day to Day account with no monthly fee but a $1.25 per-transaction charge — plus the standard Big Five tiered structure of flat monthly fees with waiver thresholds.

Day to Day Banking charges nothing monthly but bills you $1.25 per transaction. For someone who makes eight or fewer transactions per month — perhaps a retiree using a separate account just for specific recurring bills — this can work out cheaper than any flat-fee account. For most Canadians who use their chequing account regularly, the per-transaction model becomes expensive quickly; twelve transactions a month is already $15, more than the Preferred Package.

Basic Bank Account at $3.95/month with 12 included transactions is the entry point for flat-fee banking. The $2,000 minimum balance waiver is the most achievable of any Scotiabank account — lower than RBC’s $3,000 or TD’s $4,000 threshold on comparable accounts. If your account balance consistently stays above $2,000, the effective fee is $0.

Preferred Package at $16.95/month is where most Scotiabank customers land. Unlimited transactions, unlimited e-Transfers, and a $4,000 minimum balance waiver. This is the standard Big Five “unlimited” account — comparable to RBC’s No Limit Banking and TD’s Every Day Chequing in structure and price.

Ultimate Package at $30.95/month adds meaningful extras: free certified cheques and bank drafts (saving $7.50 each, which adds up if you deal in real estate or make large payments), a 25% discount on safe deposit boxes, a no-fee US dollar account, and overdraft protection. The $6,000 balance waiver makes the effective cost $0 for clients who hold significant assets with Scotiabank. If you regularly pay for these individual services, the bundle arithmetic can justify the fee.

Scotiabank also offers student accounts (free for full-time students) and reduced fees for seniors over 60. Like all Big Five banks, Scotiabank has no equivalent to the no-fee unlimited chequing from Simplii, Tangerine, or EQ Bank.

Savings Accounts

Scotiabank’s savings rates follow the Big Five pattern: promotional rates for new deposits, lower ongoing rates once the promotional period ends. The MomentumPLUS Savings Account is the flagship product, with tiered rates that reward keeping funds untouched for 90-day periods.

*Rates subject to promotional periods and balance tiers.

The MomentumPLUS bonus rate mechanism is worth understanding. Scotiabank pays a higher “bonus” rate on funds that sit in the account for a full 90-day period without a withdrawal. If you make a withdrawal, you lose the bonus rate for that quarter. This structure rewards savers who use it as a true savings account rather than a holding account they draw from regularly.

Even with promotional rates, Scotiabank’s ongoing savings rates are significantly lower than EQ Bank’s Notice Savings Account or Wealthsimple Cash. For Canadians who want to maximise savings interest, the practical approach is to bank with Scotiabank for chequing and rewards, then hold savings at EQ Bank or a similar high-interest institution. The difference on a $30,000 savings balance is roughly $1,000–$1,200/year in additional interest — too large to ignore.

Scene+ Rewards Program

Scene+ is the loyalty program that genuinely differentiates Scotiabank from the other Big Five banks. Originally a Cineplex movie rewards program, it expanded through a partnership with Scotiabank and then grew further when Empire Company (Sobeys, Safeway, FreshCo, IGA) joined as a major earn-and-redeem partner. The result is a program where everyday grocery and restaurant spending generates points redeemable for movies, dining, groceries, and travel.

Earning Scene+ points depends on the product. Scotiabank debit card spending earns 1 point per $5 spent — modest. The Scene+ credit cards earn at significantly higher rates: 1 point per $1 on the no-fee Scene+ Visa, 5 points per $1 on groceries and dining with the Gold Amex, and 2 points per $1 everywhere with the Passport Visa Infinite. Cineplex purchases earn 1 point per $1. Recipe Unlimited restaurant brands (Swiss Chalet, Harvey’s, Montana’s, Kelseys, East Side Mario’s) earn 5 points per $1. Empire grocery stores (Sobeys, Safeway, FreshCo, IGA in western Canada) earn points on purchases as well.

Redeeming Scene+ points works at roughly 1 cent per point for entertainment and dining — 1,000 points redeems for $10 at Cineplex or Recipe restaurants. Travel redemptions through the Scene+ Travel portal also work at roughly 1 cent per point. Cash back redemptions deliver less value, approximately 0.5–1 cent per point depending on the method.

The geographic limitation worth noting: Scene+ grocery partners are strongest in western Canada (Sobeys/Safeway) and in Ontario. In Quebec, IGA is the primary grocery partner. In Atlantic Canada, the footprint is thinner. If you live in an area without Empire grocery stores, the grocery earn component of Scene+ loses significant value.

Credit Cards

Scotiabank’s credit card lineup is among the strongest of any Canadian bank, anchored by two flagship products that are genuinely competitive on a national basis.

Scotiabank Momentum Visa Infinite ($120/year) earns 4% cash back on groceries, gas, recurring bills, and dining, 2% on transit and rideshare, and 1% on everything else. This is the highest flat-rate earn in any of those four categories offered by a Canadian bank card. The practical annual value for a typical household:

Net after the $120 annual fee: $804/year. The card also includes comprehensive travel insurance and extended warranty. There is a $25,000 annual cap on each 4% category, which is high enough that only very high-spending households will hit it.

Scotiabank Gold American Express ($120/year) earns 5x Scene+ points on groceries, dining, and entertainment, and 3x on gas and transit. The limitation is that it is an American Express — acceptance is lower than Visa at some merchants. Best suited for Scotiabank clients who are already active Scene+ earners and redeem regularly through Cineplex or dining partners.

Scotiabank Passport Visa Infinite ($139/year) earns 2x Scene+ on all purchases and waives foreign transaction fees entirely. The 6 complimentary annual lounge visits through the Visa Airport Companion Program are a genuine perk for travellers. This is one of the most competitive travel cards in Canada at its price point.

Scotia iTRADE (Investing)

Scotia iTRADE is Scotiabank’s self-directed brokerage. It supports all major account types — TFSA, RRSP, RESP, RRIF, margin, and non-registered — and provides access to Canadian and US equities, ETFs, options, bonds, mutual funds, and GICs.

The platform’s primary weakness is its commission structure. Scotia iTRADE charges $9.99 per equity trade at standard volume, dropping to $4.99 for active traders who execute 150 or more trades per quarter.

The case for Scotia iTRADE is integration: your chequing, savings, credit card, and investment accounts all visible in one login. For investors who buy ETFs regularly, the $9.99 per-purchase commission is a significant drag.

Mortgages

Scotiabank is one of Canada’s major mortgage lenders, offering fixed and variable rate mortgages, bridge financing, and the STEP (Scotia Total Equity Plan) readvanceable mortgage. Standard terms are available from 6 months to 10 years, with both open and closed options.

The STEP mortgage combines a traditional mortgage with a home equity line of credit (HELOC) on a readvanceable basis — as you pay down principal, your available HELOC credit automatically increases, without requiring a new application or appraisal. This is broadly comparable to RBC’s Homeline Plan and TD’s FlexLine.

Scotiabank also offers a newcomer mortgage program with extended amortization options and more flexible qualification criteria for recent immigrants.

Newcomers to Canada

Scotiabank’s StartRight program is one of the more comprehensive newcomer offers in the Big Five. It waives chequing account monthly fees for the first year, provides easier credit card approval (Scotiabank considers international credit history), and offers a welcome bonus of Scene+ points.

Scotiabank’s international banking presence in Latin America and the Caribbean provides a practical advantage for newcomers from those regions. Transfers to and from Scotiabank-present markets can be simpler and less expensive than transfers through a Canadian bank with no local operations at the destination. For a newcomer from Mexico, Colombia, Peru, Chile, or any Caribbean nation, this is a meaningful operational consideration that does not exist at RBC, BMO, or CIBC.

Who Should Bank with Scotiabank

Canadians who spend heavily on groceries, gas, recurring bills, and dining. The Momentum Visa Infinite is the strongest argument for Scotiabank. The 4% cash back rate is unmatched by any other Big Five bank card.

Active Scene+ users. If you regularly go to Cineplex, eat at Recipe Unlimited restaurant chains, and grocery shop at Sobeys or Safeway, Scene+ has genuine compound value.

International travellers who want lounge access and no FX fees. The Passport Visa Infinite delivers both — six lounge visits and no foreign transaction fee for $139/year.

Newcomers with ties to Latin America or the Caribbean. Scotiabank’s regional presence makes transfers and international banking simpler. The StartRight program is also one of the better structured newcomer packages.

Anyone prioritising savings rates or investing costs. Scotiabank is not the right fit. EQ Bank pays significantly more on savings. NBDB, Wealthsimple Trade, and Questrade all offer lower investing costs.

Scotiabank vs the Big Five

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