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
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
Deposit protection
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: 46.5/100, #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 15 · App rating 85 · Complaints per client 7. How the review works.
Scotiabank chequing accounts and what they 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 |
| Basic Bank Account | $3.95/mo, no balance waiver | 18 a month | $368 |
| Ultimate Package | $30.95/mo, or $0 with a $6,000 minimum balance | Unlimited | $371 |
| Basic Plus Bank Account | $11.95/mo, or $0 with a $3,000 minimum balance | 25 a month | $381 |
Scotiabank savings accounts and posted rates
| 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 |
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 |
Facts, with sources
- 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.
Complaints that 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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