BMO Bank of Montreal and Scotiabank are two of Canada's Big Five banks, each serving millions of Canadians with a full range of financial products. BMO, founded in 1817, is Canada's oldest bank. Scotiabank, known as "Canada's most international bank," operates across Latin America, the Caribbean, and beyond. This guide compares them honestly — and tells you when neither is the right choice.
BMO Bank of Montreal
Canada's oldest bank. Strong US banking via BMO Harris. Good student programs.
Scotiabank
Canada's most international bank. Scene+ rewards strong for entertainment spenders.
Side-by-Side Comparison: BMO vs Scotiabank
| Category | BMO Bank of Montreal | Scotiabank | Winner |
|---|---|---|---|
| Monthly Fee (Basic) | $10.95 | $10.95 | Tie |
| Monthly Fee (Premium) | $16.95 | $16.95 | Tie |
| Fee Waiver Balance | $3,000 | $3,000 | Tie |
| Savings Rate (HISA) | ~0.01–0.05% | ~0.01–0.05% | Tie |
| ATM Network | 3,400+ ATMs | 3,500+ ATMs | Scotiabank WIN |
| US Banking | BMO Harris Bank (full US bank) | Limited US access | BMO WIN |
| Rewards Program | BMO Rewards | Scene+ (movies, sports, travel) | Scotiabank WIN |
| Mobile App Rating | 4.3 / 5 | 4.4 / 5 | Scotiabank WIN |
| Mortgage Rates | Competitive | Competitive — often slightly lower | Scotiabank WIN |
| International Banking | Good | Excellent — 30+ countries | Scotiabank WIN |
| Student Program | BMO SPC program | Scotiabank StartRight | Both strong |
| CDIC Insured | Yes | Yes | Tie |
| Investment Services | BMO InvestorLine — excellent | Scotia iTRADE — excellent | Tie |
Monthly Fees: A Frustrating Tie
BMO and Scotiabank charge virtually identical monthly fees. Both start at $10.95/month for basic chequing and scale to $30/month for all-inclusive plans. Both offer fee waivers if you maintain a $3,000 minimum balance. The fee structures are so similar it's hard to differentiate. This underscores why neither bank should be your primary account if avoiding fees is important — KOHO's $0/month is far superior.
Savings Rates: Both Terrible
Like all Big Five banks, both BMO and Scotiabank pay approximately 0.01% to 0.05% on standard savings accounts. On a $100 savings balance, that's $1–$5 per year. Compare to EQ Bank's 3.75% ($375/year) or KOHO's 3.0% ($300/year) on the same balance. The opportunity cost of keeping savings at a big bank is massive and grows every year.
Scene+ Rewards: Scotiabank's Key Advantage
Scotiabank's Scene+ rewards program is a genuine differentiator. Scene+ points can be redeemed for Cineplex movie tickets, Sobeys grocery purchases, Air Canada flights, hotels, and entertainment experiences. The program has broad everyday utility that BMO Rewards lacks. For Canadians who regularly watch movies, shop at Sobeys/IGA/Safeway, or travel Air Canada, Scene+ provides meaningful value. This is Scotiabank's clearest advantage over BMO.
US Banking: BMO's Unique Advantage
BMO's acquisition of Bank of the West gave it BMO Harris Bank — a full-service US retail bank with branches across the Midwest and Western US. For Canadians with US connections — snowbirds, cross-border commuters, or those with US business interests — BMO provides genuinely seamless US banking that Scotiabank cannot match. Scotiabank's presence outside Canada is primarily in Latin America and the Caribbean, with limited US retail banking.
Mortgages: Scotiabank Edges Ahead
Both BMO and Scotiabank offer competitive mortgage products. Scotiabank tends to post slightly lower advertised 5-year fixed rates and has a larger mortgage specialist network. BMO's mortgage products are strong for investment properties and alternative lending scenarios. For standard insured mortgages, Scotiabank is marginally preferable. In both cases, negotiating and comparing with a mortgage broker can yield rates well below either bank's posted rates.
International Banking: Scotiabank is Unmatched
Scotiabank operates in over 30 countries across Latin America, the Caribbean, and beyond. For Canadians with family connections or business interests in Mexico, Colombia, Peru, Chile, or Caribbean nations, Scotiabank's international network provides unique value — including preferential exchange rates, reduced wire fees, and in-country branch access. BMO's international presence is primarily through correspondent banking relationships.
BMO Pros and Cons
BMO Pros
- Full US banking via BMO Harris Bank
- BMO InvestorLine — top-rated self-directed platform
- Canada's oldest bank — deeply established
- Strong student programs with SPC discounts
- Competitive mortgage rates
- Strong Prairie and Quebec branch presence
BMO Cons
- Monthly fees $10.95–$30
- Savings rates near zero
- BMO Rewards program is less flexible than Scene+
- Mobile app rated slightly below Scotiabank
- Limited international banking outside US
Scotiabank Pros and Cons
Scotiabank Pros
- Scene+ rewards — excellent everyday value
- Most international bank in Canada (30+ countries)
- Slightly lower advertised mortgage rates
- Better mobile app ratings
- Larger ATM network than BMO
- Strong newcomer programs (StartRight)
Scotiabank Cons
- Monthly fees $10.95–$30
- Savings rates near zero
- Limited US banking access
- Customer service ratings below TD and RBC
- Branch closures in smaller Canadian markets
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While BMO and Scotiabank charge $10.95–$30/month, KOHO gives you a free account, 3.0% savings interest, and a $100 welcome bonus. Use code 45ET55JSYA when signing up.
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Final Verdict: BMO vs Scotiabank Canada 2025
Scotiabank wins for most Canadians thanks to better Scene+ rewards, marginally lower mortgage rates, stronger international banking, and a better-rated mobile app. BMO is the clear winner for cross-border US banking and self-directed investing via InvestorLine. Both charge identical fees and pay negligible savings rates. For everyday banking, KOHO ($0 fees, 3.0% savings, $100 bonus with code 45ET55JSYA) outperforms both. Use a big bank for mortgages and complex financial products; use KOHO for everything else.
Frequently Asked Questions — BMO vs Scotiabank
Scotiabank is generally larger than BMO by assets and market capitalization, making it Canada's third largest bank by most measures. BMO is typically fourth. Both are major global financial institutions well above any Canadian regulatory threshold. Both are CDIC-insured federally chartered Schedule I banks.
Scotiabank generally advertises slightly lower 5-year fixed mortgage rates than BMO, but actual approved rates depend on your credit score, down payment, property type, and negotiation. Both banks have substantial rate discretion for qualified borrowers. A mortgage broker can often secure rates below what either bank will offer at the branch counter.
Scene+ is Scotiabank's rewards program, allowing you to earn points on spending and redeem for Cineplex movies, Sobeys/IGA/Safeway groceries, Air Canada flights, hotels, and more. For Canadians who watch movies regularly, shop at Sobeys-affiliated grocery stores, or travel Air Canada, Scene+ provides genuine everyday value. The Scotiabank Scene+ Visa and World Mastercard are among the better everyday rewards cards in Canada.
Yes — BMO acquired Bank of the West in 2023, creating BMO Harris Bank with a significant US retail banking presence across the Midwest and West Coast. BMO is unique among Canadian Big Five banks in offering a full integrated US banking experience. You can open a BMO Canada account and have it linked with a US BMO Harris account with preferential cross-border transfer fees.
For everyday banking, yes. KOHO charges $0/month vs $10.95–$30 at BMO and Scotiabank, pays 3.0% on your balance (vs. 0.01–0.05%), and gives a $100 welcome bonus with code 45ET55JSYA. The main thing big banks offer that KOHO doesn't is mortgage products and in-person financial advice — for those needs, a big bank relationship still makes sense. Many Canadians use KOHO for daily spending and a big bank solely for mortgage purposes.
Both have strong newcomer programs. Scotiabank's StartRight program is well-regarded and available in multiple languages. BMO's newcomer programs are also competitive with free banking periods and credit card access. For newcomers specifically from Latin America or the Caribbean, Scotiabank's international presence provides additional value. KOHO is also an excellent first account for newcomers as it requires no credit history and has no fees.
Disclosure: Bremo may earn a referral commission if you open a KOHO account using our link. This does not affect our editorial ratings or rankings. All fees and rates accurate as of March 2026. Not financial advice.