Institution profile · Big Six bank (Schedule I)
Scotiabank
ActiveThe Bank of Nova ScotiaCDIC
The Bank of Nova Scotia, operating as Scotiabank, is a Big Six Schedule I bank with its head office in Halifax. It owns Tangerine Bank, which is a separate CDIC member.
Profile facts checked October 30, 2026
Mitey files the Scotiabank index card: cheapest everyday account $203 a year.
Is Scotiabank a good bank for everyday banking?
Scotiabank’s cheapest chequing account open to anyone, Preferred Package, costs $203 a year for a typical household (25 debit purchases, 6 bills and 5 e-Transfers a month), $156 below the national median of $359. It scores 46.2/100, #10 of 13, in our bank review. Eligible deposits are CDIC-insured to $100,000 per category.
At a glance
- Legal name
- The Bank of Nova Scotia
- Type
- Big Six bank (Schedule I)
- Head office
- Head office Halifax, NS; executive offices Toronto, ON
- Founded
- 1832 — Chartered under Nova Scotia law in 1832.
- Regulator
- Office of the Superintendent of Financial Institutions (OSFI) for safety and soundness; Financial Consumer Agency of Canada (FCAC) for consumer protection
- Cheapest everyday account
- Preferred Package — $203 a year for the Everyday example
- Best posted savings rate
- 0.4% on $10,000 (MomentumPLUS Savings Account)
- OBSI banking cases
- 799 opened in fiscal 2025 (Nov 1, 2024 – Oct 31, 2025)
- Website
- www.scotiabank.com
Is my money safe at Scotiabank?
CDIC member. Tangerine Bank, a Scotiabank subsidiary, is a separate CDIC member with its own limits.
Names CDIC lists for these members: Advisor Deposit Services, Scotiabank.
Our assessment: 46.2/100, #10 of 13 in our bank review
Strongest on branch and ATM access and app rating. Trails on complaints per client and savings rate. Cheapest account for everyday use: $203 a year.
Cost 44 · Access 98 · Savings rate 13 · App rating 85 · Complaints per client 7. How the review works.
What do Scotiabank’s chequing accounts cost?
Scotiabank lists 5 chequing accounts with FCAC. For our “Everyday” example (25 debit purchases, 6 bills, 5 e-Transfers and a $1,000 low balance a month), the cheapest account open to anyone is Preferred Package at $203 a year. Accounts limited to a group are marked.
| Account | Monthly fee and waiver | Included | Fees a year |
|---|---|---|---|
| Preferred Package for Students and YouthStudentsYouth (18 and under) | No monthly fee | Unlimited | $24 |
| Preferred Package | $16.95/mo, or $0 with a $4,000 minimum balance | Unlimited | $203 |
| Ultimate Package | $30.95/mo, or $0 with a $6,000 minimum balance | Unlimited | $371 |
| Basic Bank Account | $3.95/mo, no balance waiver | 18 a month | $412 |
| Basic Plus Bank Account | $11.95/mo, or $0 with a $3,000 minimum balance | 25 a month | $412 |
- Preferred Package for Students and Youth · student, youth only$24
- Preferred Package$203
- Ultimate Package$371
- Basic Bank Account$412
- Basic Plus Bank Account$412
- Cheapest in Canada: Personal Account · EQ Bank$0
- Median nationwide account$359
What would Scotiabank cost a typical household?
The cheapest Scotiabank account open to anyone for each of our four usage profiles, against the cheapest account in Canada for the same banking. Profiles are defined in the finder.
| Profile | Cheapest at Scotiabank | Fees/yr | Cheapest in Canada | Fees/yr |
|---|---|---|---|---|
| Light Mostly card and app, small balance | Basic Bank Account | $74 | PC Money Account PC Financial | $0 |
| Everyday Household account, a few e-Transfers | Preferred Package | $203 | Personal Account EQ Bank | $0 |
| Heavy Lots of card, bill and e-Transfer payments | Preferred Package | $227 | Personal Account EQ Bank | $0 |
| Branch and cheques Teller visits, cheques, paper statement | Basic Bank Account | $134 | Basic Bank Account Scotiabank | $134 |
Worked example — Preferred Package (Scotiabank), Everyday profile
| Monthly fee (not waived: needs $4,000, $3,000 more than the $1,000 low balance) × 12 | $203.40 |
| Transactions beyond the included number (0 a month) × 12 | $0 |
| Other-bank ATM access fees (1 a month) × 12 | $0 |
| Paper statements × 12 | $0 |
| Fees a year | $203.40 |
What savings rates does Scotiabank pay?
| Account | Rate at $10,000 | Monthly fee |
|---|---|---|
| MomentumPLUS Savings Account | 0.4% | No monthly fee |
| Savings Accelerator Account - Registered Plans (excluding TFSA)TFSA | 0.25% | No monthly fee |
| Savings Accelerator Account - Tax-Free Savings AccountTFSA | 0.25% | No monthly fee |
| Savings Accelerator Account - Non-Registered PlansRRSP | 0.1% | No monthly fee |
| Money Master Savings Account | 0.01% | No monthly fee |
Is Scotiabank on the official lists?
| Legal entity | OSFI list | CDIC member |
|---|---|---|
| The Bank of Nova Scotia | OSFI — Schedule I domestic bank | Yes |
| The Bank of Nova Scotia Trust Company | OSFI — trust company | Yes |
| Scotia Mortgage Corporation | OSFI — loan company | Yes |
| Montreal Trust Company of Canada | OSFI — trust company | Yes |
| National Trust Company | OSFI — trust company | Yes |
What else should you know about Scotiabank?
- Head office at 1709 Hollis Street, Halifax; executive offices at 40 Temperance Street, Toronto.Source: scotiabank.com
- Completed the purchase of an approximately 14.9% interest in KeyCorp on December 27, 2024.Source: scotiabank.com
- Sold its 20% interest in Canadian Tire’s Financial Services business back to Canadian Tire Corporation on October 31, 2023.Source: scotiabank.com
- Owns Tangerine Bank.Source: scotiabank.com
Your own pattern can change the order. Put your numbers into the true-cost finder to rank Scotiabank’s accounts against everyone else’s.
How many Scotiabank complaints reached the ombudsman?
OBSI, the ombudsman for banking, opened 799 banking cases about Bank of Nova Scotia (The) in fiscal 2025 (Nov 1, 2024 – Oct 31, 2025), closed 528, and resolved 142 to the complainant’s satisfaction. Across all banks and credit unions, OBSI opened 5,438 banking cases that year (+113% on the year before) and 25% of closed cases ended with money paid.
Counts aren’t adjusted for size, so bigger banks have more cases. A complaint reaches OBSI only after the bank’s own process (up to 56 days). Source: OBSI Annual Report 2025, released March 13, 2026. How to complain.
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