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Scotiabank at a glance

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

Scotiabank overview

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.

Online banking capabilities at Scotiabank

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 Scotia 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 your 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.

Scotiabank account types

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

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

Scotiabank offers a wide variety of Visa, Mastercard and American Express credit cards in Canada, including:

Scotia Momentum Visa Infinite Card.
Scotiabank Passport Visa Infinite Card.
Scotiabank Gold American Express Card.
Scotiabank Value Visa Card.
Scotiabank Scene+ Visa Card (for students).
Scotiabank Platinum American Express Card.

Learn more about Scotiabank credit cards and how the bank’s Scene+ rewards program works.

Scotiabank investing accounts

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

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).
Lines of credit.
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:

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

Who Scotiabank is best for

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 of Scotiabank

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 of Scotiabank

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 of Scotiabank

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.

How Scotiabank compares to other big banks

	ATMs and branches	Are deposits insured?
RBC	ATMs: 4,000+ Branches: 1,100+	Yes, by the Canada Deposit Insurance Corporation.
National Bank of Canada	ATMs: 2,000+ Branches: 360+	Yes, by the Canada Deposit Insurance Corporation.
TD Bank	ATMs: 2,500+ Branches: 1,000+	Yes, by the Canada Deposit Insurance Corporation.
BMO	ATMs: 3,200+ Branches: 800+	Yes, by the Canada Deposit Insurance Corporation.
CIBC	ATMs: 2,900+ Branches: 1,000+	Yes, by the Canada Deposit Insurance Corporation.
Scotiabank	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.

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.

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.