Scotiabank is Canada's third-largest bank by assets and the most internationally diversified of the Big 5, with significant operations throughout Latin America and the Caribbean. In Canada, Scotiabank serves roughly 11 million customers and has built a strong brand around its Scene+ rewards program. This review looks at what Scotiabank offers Canadian customers in 2025 — from daily banking fees to mortgage rates.
Founded in 1832 in Halifax (the same city as RBC), Scotiabank operates over 900 branches and 3,500 ATMs across Canada. The bank's most distinctive feature for everyday Canadians is the Scene+ loyalty program, a partnership with Cineplex that lets customers earn points on purchases and redeem them for movies, merchandise, travel, and more.
At $3.95/month (fee waived at $2,000 minimum balance), this entry-level account includes 12 monthly transactions and is suitable for very light banking use. Transactions beyond 12 cost $0.65 each.
Scotiabank's most popular mid-tier account runs $16.95/month (waived at $4,000 minimum balance). It includes unlimited transactions, unlimited Interac e-Transfers, and earns Scene+ points on debit purchases. This account represents solid value if you'll bank actively enough to use unlimited transactions.
At $30.95/month (waived at $6,000 minimum balance), the Ultimate Package bundles unlimited banking with fee rebates on Scotiabank credit cards, free safety deposit box, and premium customer service. For clients consolidating significant assets at Scotiabank, the waiver makes this effectively free.
Scotiabank's Student Banking Advantage Plan is free for post-secondary students and includes unlimited transactions and unlimited e-Transfers — more generous than TD's and RBC's student offerings. Students also earn Scene+ points on debit purchases, which adds real value for younger customers.
Like most Big 5 banks, Scotiabank's standard savings rates are modest — typically in the 1-2% range. The Scotiabank MomentumPLUS Savings Account offers tiered interest that increases the longer you keep money in the account without withdrawals, eventually reaching rates around 3-4% after several months. This works well for disciplined savers but requires patience and inactivity to maximize the rate.
For GICs (Guaranteed Investment Certificates), Scotiabank's rates are competitive with other major banks but still trail dedicated online providers like Oaken Financial or EQ Bank.
Scotiabank offers the full range of Canadian mortgage types: fixed, variable, and adjustable-rate. The bank is known for competitive promotional mortgage rates, particularly for new clients. Scotiabank's prepayment privileges allow up to 15% annual lump-sum payments, which is standard among major banks.
One unique product is Scotiabank's STEP (Scotia Total Equity Plan), a home equity line of credit that automatically grows as you pay down your mortgage. Similar to TD's Home Equity FlexLine, STEP can be very useful for accessing equity without refinancing. Many financial experts consider STEP one of the better HELOC structures at a major Canadian bank.
Scene+ is the most consumer-friendly loyalty program among the Big 5 banks. The program operates across Scotiabank banking accounts, credit cards, and Cineplex entertainment. You earn Scene+ points on debit purchases (with Preferred and Ultimate packages), and accelerated points with Scotiabank credit cards. Points can be redeemed for Cineplex movie tickets ($10 for 1,000 points), travel through Scene+ Travel, groceries at Sobeys-family stores, and more.
The everyday earn rate and redemption flexibility make Scene+ a legitimate differentiator for Scotiabank customers who are already spending at Cineplex, Sobeys, or booking travel regularly.
The Scotiabank Passport Visa Infinite card is one of Canada's most popular travel credit cards, offering no foreign transaction fees (rare among big bank cards) and strong Scene+ earn rates. For cashback, the Scotiabank Momentum Visa Infinite card offers 4% back on groceries and recurring bills, consistently ranking as one of the best cashback cards in Canada.
Scotiabank's mobile app is functional and reliable but generally rated slightly below RBC and TD for user experience. The app supports mobile cheque deposit, bill payments, e-Transfers, and investment management. One useful feature is the integration of Scene+ balance tracking within the banking app, making it easy to monitor points across all Scotiabank products.
Scotiabank appeals most strongly to Canadians who are active in the Scene+ ecosystem — frequent Cineplex moviegoers, Sobeys shoppers, or those who book travel regularly. The Scotiabank Passport Visa Infinite card alone can justify maintaining a Scotiabank relationship if you travel internationally and want to avoid foreign transaction fees.
Scotiabank also makes sense for Canadians with existing home equity who want flexible access through STEP. If neither of those situations applies, the fee structure is similar to other Big 5 banks without distinctive advantages.
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Open KOHO Free — No Fees — Code 45ET55JSYAScotiabank earns a 3.5 out of 5. It stands out for its Scene+ rewards integration, the Passport Visa Infinite card's no-FX fee benefit, and the STEP mortgage product. For everyday Canadians not deeply embedded in the Scene+ ecosystem, Scotiabank's fees and savings rates are not compelling enough to choose it over alternatives. But for the right customer profile, Scotiabank's bundle of benefits is among the better value propositions of the Big 5.