Scotiabank Review 2025: Products, Fees, and Rates

Updated March 2025. Scotiabank is Canada's third-largest bank and one of the most internationally connected, with operations in over 30 countries — particularly in Latin America and the Caribbean. Known for its Scene+ rewards program and its Tangerine digital banking arm, Scotiabank serves millions of Canadian customers across all age groups.

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Scotiabank: Quick Facts

Category	Details
Full Name	Bank of Nova Scotia
Founded	1832
Total Assets	~$1.4 trillion CAD
Canadian Branches	~950
Countries	30+
Digital Banking Arm	Tangerine
Mobile App (iOS)	4.4/5

Scotiabank Chequing Fees

Account	Monthly Fee	Transactions	Fee Waiver
Scotia Basic Banking	$10.95	12/month	N/A
Scotia Preferred Package	$18.95	Unlimited	$4,000 balance
Scotia Ultimate Package	$30.95	Unlimited	$5,000 balance
Scotia Student Banking	$0	Unlimited	Student status

Scene+ Rewards Program

Scene+ is Scotiabank's flagship rewards program and one of the most versatile in Canada:

Movies: Cineplex theatres, streaming (Crave)
Groceries: Sobeys, IGA, FreshCo, Foodland, Safeway, Thrifty Foods
Restaurants: Harvey's, Swiss Chalet, Kelsey's, and more
Travel: Flights, hotels, car rentals via Scene+ travel portal
Other: Shell gas, Sport Chek, and other partners

The Scotiabank Gold American Express earns 6x Scene+ points at eligible grocery stores and restaurants — one of the best everyday earn rates in Canada at no annual fee ($0 first year).

Scotiabank Credit Cards

Scotiabank Gold American Express: 6x on groceries/restaurants, 5x on entertainment, 3x on gas. $120/year.
Scotiabank Momentum Visa Infinite: 4% cash back on groceries and recurring bills. $120/year.
Scotiabank Passport Visa Infinite: 3x Scene+ on eligible spending, no foreign transaction fees. $150/year.

Savings Rates

Account	Rate
Scotia Savings Accelerator	~1.60% (promotional)
TFSA Savings	~1.60%
1-Year GIC	~3.5–4.5%

Tangerine Digital Banking

Scotiabank's digital banking arm, Tangerine, offers a completely separate no-fee banking experience. Tangerine is one of Canada's best digital banks with no monthly fees, competitive savings rates, and the Tangerine Mastercard (2% cash back in up to 3 categories).

International Banking

Scotiabank operates in 30+ countries, with particular strength in Latin America (Mexico, Colombia, Peru, Chile) and the Caribbean. For Canadians with banking needs in these regions, Scotiabank offers unmatched cross-border capabilities among the Big 5.

Scotiabank Pros:

Best everyday rewards program (Scene+)
Strong Latin American/Caribbean banking
Tangerine offers excellent no-fee digital banking
Competitive savings promotions for new accounts

Scotiabank Cons:

Monthly fees $10.95–$30.95
Mid-tier account ($18.95) is more expensive than TD/BMO
Smaller branch network than TD/RBC

Information current as of March 2025. Verify all fees and rates directly with Scotiabank.