A full breakdown of fees, bonuses, cash back, savings rates, and which account wins for Canadian residents.
Side-by-Side
Every major feature compared. Green cells indicate the better value.
| BMO | Scotiabank | |
|---|---|---|
| Signup Bonus | None (occasional $200–$350 promos) | None (occasional $350–$450 promos) |
| Monthly Fee | $6.95–$30.00/month | $10.95–$30.95/month |
| Cash Back | Via BMO credit cards | Scene+ points on select accounts |
| Credit Check | Hard credit check for most products | Hard credit check |
| Savings Interest | 0.01–0.05% standard | 0.01–0.05% standard |
| Credit Building | Yes — credit card products | Yes — via Scotiabank credit cards |
| Mobile App | ⭐⭐⭐⭐ (4.2 App Store) | ⭐⭐⭐⭐ (4.2 App Store) |
| CDIC Protected | Yes — CDIC member | Yes — CDIC member |
Deep Dive
The key strengths and weaknesses of each account.
Our Verdict
Both BMO and Scotiabank have their strengths. BMO is the better fit for most Canadians, but your choice depends on your specific needs.
Get Started
Compare both options and claim any available signup bonuses below.
FAQ
It depends on what you need. BMO (Big 5 bank with full branch and ATM network) vs Scotiabank (Scene+ rewards bank with strong international presence). For a signup bonus, BMO offers None (occasional $200–$350 promos) while Scotiabank offers None (occasional $350–$450 promos). For monthly fees, BMO charges $6.95–$30.00/month vs Scotiabank's $10.95–$30.95/month. See the full comparison table above for a complete breakdown.
BMO signup bonus: None (occasional $200–$350 promos). Scotiabank signup bonus: None (occasional $350–$450 promos). If neither offers a cash bonus, consider also opening KOHO (code 45ET55JSYA for $80 free) or Neo Financial (code J4C9H3K5 for $50 free) — the two biggest free bonuses available to Canadians right now.
BMO: Yes — CDIC member. Scotiabank: Yes — CDIC member. CDIC coverage protects deposits up to $100,000 per category at member institutions. Always verify current coverage details on the CDIC website.
Yes — there is no rule preventing Canadians from holding multiple bank accounts simultaneously. Many people keep one account for savings and another for spending. You can open both BMO and Scotiabank to take advantage of each account's best features.
BMO monthly fee: $6.95–$30.00/month. Scotiabank monthly fee: $10.95–$30.95/month. Monthly fees are one of the biggest differences between accounts — even $15/month adds up to $180/year.
BMO cash back: Via BMO credit cards. Scotiabank cash back: Scene+ points on select accounts. Cash back rates can vary significantly depending on spending categories. Check each bank's current promotions as rates change.
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