Fees, accounts, credit cards, and how to get the $350 welcome bonus: all in one honest breakdown.
No fee everyday banking
Set up direct deposit and skip the monthly fee. Free to open, and the Easy plan has no monthly fee. Worth doing if you will actually move your pay or your CRA deposits over, not if the card sits unused. Code BREMO2026.
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