Fees, accounts, credit cards, and how to get the $350 welcome bonus — all in one honest breakdown.
Tax Deadline: April 30, 2026
Get your CRA refund 2-3 days faster — set up direct deposit to KOHO (free account, code BREMO2026 for $100 bonus).
Scotiabank is one of Canada's Big Five banks, serving over 10 million customers. It's known for its Scene+ rewards program, solid travel credit cards, and recurring promotional bonuses. But like all big banks, the monthly fees and interest rates are a far cry from digital-first alternatives.
This review covers everything you need to decide if Scotiabank is right for you — and whether you should stack it with a no-fee account like KOHO for maximum value.
| Category | Score | Rating |
|---|---|---|
| Monthly Fees | $10.95–$30.95/mo | |
| Account Bonuses | Up to $350 welcome bonus | |
| Credit Cards | Excellent Scene+/travel cards | |
| Branch Network | 900+ branches Canada-wide | |
| Digital Banking | Good app, improving | |
| Interest Rates | 0.01%–0.05% savings — poor |
Net value after fees: $350 bonus − $16.95 × 3 months = ~$299 net (or $350 net if you maintain $4,000 balance to waive fees).
Scotiabank's loyalty program Scene+ is one of the better big-bank rewards programs. You earn Scene+ points on everyday purchases and redeem for:
The Scotiabank Gold American Express is especially popular — it earns 6x Scene+ on groceries, 5x on dining/entertainment, and 3x on transit. Annual fee: $120 (waived with Ultimate Package).
| Feature | Scotiabank | TD Bank | RBC | KOHO |
|---|---|---|---|---|
| Monthly Fee | $10.95–$30.95 | $10.95–$29.95 | $11.95–$30 | $0 |
| Welcome Bonus | Up to $350 | Up to $400 | Up to $300 | $100 (code BREMO2026) |
| Net Bonus (after fees) | ~$299 | ~$350 | ~$250 | $100 (no fee deduction!) |
| Savings Rate | 0.01–0.05% | 0.01–0.05% | 0.01–0.05% | Earn with EQ Bank stack |
| Cashback | Scene+ points | None (basic) | None (basic) | Up to 2% everywhere |
| Branches | 900+ | 1,100+ | 1,300+ | Online only |
| Best For | Scene+/travel cards | Full service | Newcomers | No-fee daily banking |
| Card | Annual Fee | Best Earn Rate | Welcome Bonus |
|---|---|---|---|
| Scotia Gold Amex | $120 (waivable) | 6x groceries, 5x dining | ~45,000 Scene+ pts |
| Passport Visa Infinite | $150 (waivable) | 3x groceries, 2x dining | ~40,000 pts + no FX fee |
| Momentum Visa Infinite | $120 | 4% groceries cashback | 10% cashback first 3mo |
| Scene+ Visa | $0 | 2x Scene+ everywhere | 5,000 Scene+ pts |
Yes. Scotiabank is a Schedule I chartered bank regulated by the Office of the Superintendent of Financial Institutions (OSFI). Your deposits are insured by the Canada Deposit Insurance Corporation (CDIC) up to $100,000 per depositor category.
Scotiabank is publicly traded (TSX: BNS) and has operated continuously since 1832. It is considered a Domestic Systemically Important Bank (D-SIB) — meaning it's subject to higher capital requirements and is monitored as critical to Canada's financial system.
The best move for most Canadians isn't choosing Scotiabank or KOHO — it's using both strategically:
Total first-year value: $350 + $100 + ~$450 in EQ Bank interest (on $12K savings) = ~$900 in your pocket.
Scotiabank is worth considering if: you want a full-service big bank with 900+ branches, you travel frequently and want a premium Scene+ credit card, or you're in the market for a mortgage/investment account under one roof.
Skip Scotiabank if: you want $0 monthly fees without a minimum balance requirement, you prioritize savings account rates, or you want cashback on everyday spending without an annual credit card fee.
The bottom line: grab the $350 Scotiabank bonus, then also sign up for KOHO with code BREMO2026 for another $100 in your pocket — and use KOHO for daily spending to earn cashback while Scotiabank handles your credit card and branch needs.
KOHO gives you cashback, no fees, and $100 when you sign up with referral code BREMO2026.
Claim Your $100 → Use Code BREMO2026