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.
Quick Verdict
| 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 |
$350
Current Scotiabank Welcome Bonus (Preferred Plan)
Open a Preferred Package account + meet direct deposit requirement within 3 months
Scotiabank Account Plans (2026)
Basic Banking
$10.95/mo
- 12 free transactions/mo
- E-transfers included
- No free overdraft protection
- Fee waived: $3,000 min balance
Preferred Package ⭐
$16.95/mo
- Unlimited transactions
- E-transfers included
- 1 free USD account
- Fee waived: $4,000 min balance
- $350 welcome bonus eligible
Ultimate Package
$30.95/mo
- Unlimited everything
- Annual fee rebate on 1 credit card
- Global ATM fee rebates
- Free personalized cheques
- Fee waived: $6,000 min balance
Student Banking
$0/mo
- Unlimited transactions
- E-transfers free
- For full-time students
- Scene+ points on every purchase
How to Get the Scotiabank $350 Bonus
- Open a Preferred Package or Ultimate Package chequing account online
- Must be a new Scotiabank chequing customer (no active account in past 2 years)
- Set up a recurring direct deposit of $500+/mo within 60 days
- Keep the account open and in good standing for 3 months
- Bonus posts to your account within 30 days of meeting requirements
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 Scene+ Rewards
Scotiabank's loyalty program Scene+ is one of the better big-bank rewards programs. You earn Scene+ points on everyday purchases and redeem for:
- Movies at Cineplex (100 points = $1)
- Groceries at Sobeys, IGA, Safeway, FreshCo
- Travel (flights, hotels, car rentals)
- Entertainment and experiences
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).
✓ Pros
- Up to $350 welcome bonus
- 900+ branches nationwide
- Excellent Scene+ credit cards
- Strong international banking
- Free student banking
- USD account option (Preferred+)
- Good mobile app
- 5,000+ ATMs Canada-wide
✗ Cons
- Monthly fees $10.95–$30.95
- Savings rate near 0% (0.01–0.05%)
- Bonus harder to qualify for vs. KOHO
- $500/mo direct deposit required
- Limited no-fee options for non-students
- NSF fees ($48) among Canada's highest
- Slow to pass on rate cuts to savers
Scotiabank vs Competitors 2026
| 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 45ET55JSYA) |
| 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 |
No monthly fees ever + $100 welcome bonus
KOHO Free Account
Use code 45ET55JSYA · 1% cashback on groceries, bills, transit · No minimum balance
Get KOHO Free + $100 →
Scotiabank Credit Cards Worth Considering
| 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 |
Is Scotiabank Safe?
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.
Scotiabank vs KOHO: The Smart Strategy
The best move for most Canadians isn't choosing Scotiabank or KOHO — it's using both strategically:
- Scotiabank: Get the $350 bonus, use for in-person banking and the Scene+ credit card
- KOHO: $0/mo for everyday spending — earn 1–2% cashback + $100 bonus with code 45ET55JSYA
- EQ Bank: Park savings at 3.75% vs Scotiabank's 0.01%
Total first-year value: $350 + $100 + ~$450 in EQ Bank interest (on $12K savings) = ~$900 in your pocket.
Frequently Asked Questions
Is the Scotiabank $350 bonus still available in 2026? +
Scotiabank runs periodic welcome bonus promotions — the current offer of up to $350 on the Preferred Package is available as of March 2026. These promotions change frequently, so check Scotiabank's website for the current offer. Requirements typically include a qualifying direct deposit within 60 days.
Can I waive Scotiabank's monthly fee? +
Yes. The Preferred Package fee ($16.95/mo) is waived if you maintain a minimum daily balance of $4,000. The Ultimate Package ($30.95/mo) is waived at $6,000. The Basic account ($10.95/mo) is waived at $3,000. Students can open the Student Banking account with no monthly fee.
How does Scotiabank's savings rate compare? +
Scotiabank's Savings Accelerator Account offers promotional rates, but the standard rate is 0.01–0.05% — far below EQ Bank's 3.75% HISA or even Tangerine's regular savings rates. For serious savings, Canadians should use a dedicated high-interest savings account outside their main bank.
What is Scene+ and is it worth it? +
Scene+ is Scotiabank's loyalty rewards program, also accepted at Cineplex, Sobeys, and other partners. It's one of the better big-bank rewards programs if you shop at Sobeys/IGA regularly or go to Cineplex. The Scotia Gold Amex card (6x on groceries) is considered one of Canada's best grocery rewards cards.
Is there a no-fee Scotiabank account for adults? +
No free chequing option exists for working adults unless you maintain a minimum balance. If you want $0/month banking with no strings attached, KOHO (with code 45ET55JSYA for $100 bonus) or Simplii Financial ($0 fee chequing) are better choices.
Bottom Line: Should You Bank With Scotiabank?
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 45ET55JSYA for another $100 in your pocket — and use KOHO for daily spending to earn cashback while Scotiabank handles your credit card and branch needs.