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 capitalization, with a network of 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 and recurring bills. Scotiabank also has more international presence than most of its Canadian peers, with banking operations in a number of Latin American and Caribbean markets — though that international footprint has narrowed in recent years as the bank has focused on fewer, more profitable markets.

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.

Quick Reference

Cluster Pages

Scotiabank at a Glance

Chequing Accounts

Scotiabank’s Day-to-Day Banking lineup is four tiers — Basic Banking, Basic Plus, Preferred Package, and Ultimate Package — the standard Big Five structure of flat or balance-waivable monthly fees.

Source: Scotiabank “Day-to-Day Banking Companion Booklet.”

Basic Banking Account at $3.95/month with 18 included transactions (4 teller-assisted) is a flat fee with no balance waiver — it does not offer a path to $0, though RDSP beneficiaries, Indigenous Peoples, recipients of select provincial/territorial social assistance payments, and recipients of the Disability Tax Credit can get it fully waived with proof of eligibility at a branch. For a balance-waivable account, Basic Plus at $11.95/month is waived at a $3,000 minimum daily balance.

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

Ultimate Package at $30.95/month adds meaningful extras: free personalized cheques and unlimited free bank drafts, an $80/year safety deposit box fee waiver (a small box), unlimited free non-Scotiabank ABM withdrawals worldwide, and automatically-waived Overdraft Protection fees. The $6,000 balance waiver makes the effective cost $0 for clients who hold significant assets with Scotiabank — or, since March 20, 2026, the fee is also waived (or rebated) once your Total Relationship Balance across eligible Scotiabank chequing, savings, GIC, and mutual fund accounts reaches $100,000, even without $6,000 sitting specifically in the Ultimate Package account itself.

Scotiabank also offers reduced fees for seniors 60 and older (up to $7.00 off Ultimate Package, up to $4.00 off the other three tiers). 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.

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 (2 points per $1 at grocery stores, Home Hardware, and Cineplex), 5–6 points per $1 on groceries and dining with the Gold Amex, and 2–3 points per $1 with the Passport Visa Infinite+. Cineplex purchases earn 1 point per $1 on the base Scene+ Visa. Recipe Unlimited restaurant brands (Swiss Chalet, Harvey’s, Montana’s, Kelseys, East Side Mario’s) earn accelerated rates on cards with a dining bonus. 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.

Scotia Momentum Visa Infinite+ ($120/year primary, $50/year each additional card) earns 4% cash back on groceries and recurring bill payments combined (up to a shared $25,000 annual spend cap), 2% on gas, EV charging, transit, and food delivery (up to its own separate $25,000 cap), and 1% on everything else — which notably includes restaurant dining, since dining does not get an accelerated rate on this card (scotiabank.com, verified September 2026). The practical annual value for a household that treats “dining” as regular restaurant spending rather than food delivery:

Net after the $120 annual fee: $624/year. The card also includes travel insurance and extended warranty. Households whose “dining” spending is mostly food-delivery apps rather than in-person restaurants will do better, since food delivery is in the 2% tier.

Scotiabank Gold American Express ($120/year) earns up to 6x Scene+ points at Sobeys, Safeway, IGA, Foodland, and FreshCo, 5x on other groceries, dining, and entertainment, and 3x on gas, transit, and streaming services. 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+ ($150/year) earns 3 points per $1 on groceries, 2 points per $1 on dining, entertainment, and transit, 1 point per $1 elsewhere, and up to 4 points per $1 on Scene+ Travel bookings — 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 more 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. It also charges a Low Activity Account Administration Fee on non-registered accounts under $10,000 with no recent trading activity, and separate registered-account fees on smaller RRSP/RRIF and RESP balances — see the fees guide for the exact thresholds.

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, letting you borrow up to 80% of your home’s value across the two products combined — 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, and through a partnership with Nova Credit lets newcomers use their international credit history to qualify for a higher credit limit — a Canadian credit history isn’t required to be eligible for a StartRight credit card at all. Eligible cards also come with a Scene+ points welcome bonus.

Scotiabank’s international banking presence in a number of Latin American and Caribbean markets provides a practical advantage for newcomers from those regions — StartRight clients can open an international account and transfer up to $50,000 CAD before moving to Canada, and send money to 73 countries through Scotia International Money Transfer. For a newcomer from Mexico, Peru, Chile, or a Caribbean nation where Scotiabank still operates, this is a meaningful operational consideration that doesn’t exist at RBC, BMO, or CIBC. Note that Scotiabank exited retail banking in Colombia, Costa Rica, and Panama in December 2025, so this advantage no longer applies to newcomers from those specific countries.

Who Should Bank with Scotiabank

Canadians who spend heavily on groceries and have recurring bills on a card. The Momentum Visa Infinite+ is the strongest argument for Scotiabank, with 4% cash back on those two categories combined. Note that gas and dining are not part of that 4% tier — gas earns 2%, and restaurant dining earns just 1%.

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 $150/year.

Newcomers with ties to Mexico, Peru, Chile, or an active Caribbean market. 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

Related Resources

• Scotiabank Routing Number
• Scotiabank Fees
• Scotiabank Customer Service
• RBC Review
• TD Bank Review
• Best Cash Back Credit Cards Canada
• Best Savings Accounts Canada
• Bank Reviews Hub