Scotiabank reviews | An overview of its banking products and services
Updated: October 03, 2024
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Scotiabank, one of Canada’s Big 5 banks, is a popular and reliable choice among Canadians, and for good reason: It’s been around for 192 years.
Whether you're opening your first account, applying for a credit card, buying a home or planning your retirement, Scotiabank offers products to help you get there.
However, like any bank, Scotiabank has its strengths and weaknesses. On the plus side, you'll find a variety of account options, tons of different financial products and competitive rewards programs. Their mobile app and online banking are generally well-liked, making day-to-day banking easy. On the downside, some customers report issues with customer service, particularly around handling fraud cases and the occasional technical hiccup with digital services. We’ll dig deeper into all this and more to help you figure out if Scotiabank is the right choice for your money.
Who’s Scotiabank best for?
Scotiabank has many products and services to help a wide range of individuals manage their money.
For younger folks and students, you’ll benefit from Scotiabank’s Student Banking Advantage Plan. This plan offers unlimited transactions, free Interac e-Transfers and charges no monthly fees. Plus, you can earn rewards points on your debit card purchases, which is a nice perk for those just starting to manage their finances.
For older adults and retirees Scotiabank has a comprehensive range of retirement savings plans. With options like RRSPs and TFSAs, you can find the right tools to grow your savings while enjoying the flexibility and security you need. Scotiabank also offers personalized advice to help you plan your retirement and manage your investments effectively.
For working professionals, Scotiabank provides a variety of credit cards and mortgage options designed to fit busy lifestyles. Whether you’re looking for travel rewards, or top-end cash back, there’s a Scotiabank credit card that will suit your needs. When it comes to buying a home, their mortgage solutions come with competitive rates and flexible payment options, making it easier to manage one of your biggest investments.
Overall, Scotiabank appeals to those seeking a reliable and versatile banking experience. With a strong focus on customer service, a wide array of financial products, and convenient digital banking options, Scotiabank aims to give a financial helping hand to every type of customer, regardless of where they are in their financial journey.
Scotiabank pros and cons
Pros
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A wide range of products: Scotiabank offers a variety of banking products, including chequing and savings accounts, credit cards and loans, mortgages and investment options, catering to all kinds of financial needs.
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Strong digital banking: Their mobile app and online banking platform are user-friendly and provide a range of services, from bill payments to investment management, making it easy to manage your finances on the go.
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Rewards programs: Scotiabank has competitive rewards programs, especially through their Scene+ points system, which allows you to earn points on everyday purchases.
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Student and youth accounts: The Student Banking Advantage Plan offers no monthly fees and unlimited transactions, making it ideal for younger individuals.
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Retirement planning: Scotiabank provides in-depth retirement planning options, including RRSPs and TFSAs, with personalized advice to help you manage your retirement savings effectively now and in the future.
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Global presence: With operations in over 30 countries, Scotiabank offers international banking services, which can be beneficial for those who travel frequently or do business abroad.
Cons
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Customer service issues: Despite a general focus on customer service, some customers report long wait times and unresponsive support, particularly when dealing with fraud cases.
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Technical problems: There have been complaints about occasional downtimes and technical issues with the mobile app and online banking platform.
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Fees and charges: Some accounts and services come with high fees, which can be a drawback for customers looking for low-cost banking options.
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Fraud management: Handling of fraud cases has been a point of frustration for some customers, with reports of delayed responses and repeated fraud charges.
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Branch availability: While Scotiabank has a Canada-wide presence, some customers in remote or rural areas may find it challenging to access physical branches.
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Complex account requirements: Some of the premium accounts and rewards programs have complex requirements and conditions, which can be difficult to navigate.
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Interest rates: The interest rates on some savings accounts and loans may not be as competitive as those offered by other financial institutions.
Scotiabank offers a variety of bank accounts to fit your financial needs. There really is an option for everyone. Whether you're managing everyday expenses, saving for the future or looking for specialized accounts for students and seniors, Scotiabank has you covered. With perks like no monthly fees, unlimited transactions and rewarding programs, there's an account designed for every stage of your life. I’m
We’ll break everything down, starting with Scotiabank’s “everything” type of plan they call the Ultimate Package, which bundles various banking services and offers many benefits as a result.
Scotiabank banking bundles
Get the Ultimate Package Get the Preferred PackageScotiabank chequing accounts
Get the Basic Plus account Take advantage of being a student I want the basicsScotiabank chequing accounts | Compared
Read our full review of Scotiabank chequing accounts
Related: Best No-fee chequing accounts
Scotiabank Void cheque sample
To help you set up direct deposits or automatic payments, we’ve included an image of a Scotiabank void cheque for reference. Even in today’s digital world, physical cheques are sometimes required to provide your banking information. Employers, service providers or other financial institutions may ask for a void cheque to confirm your account details and ensure accurate deposits or withdrawals. Providing this visual helps you understand what a void cheque looks like and how it’s used.
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Scotiabank Savings accounts
Read our full review of Scotiabank savings accounts
Give me that Momentum Plus I am a Money MasterComparing Scotiabank Savings accounts
Related: Best High Interest Savings Accounts
Scotiabank promotional offers
Scotiabank credit cards
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Scotiabank Mortgages
Whether you're a first-time homebuyer, looking to refinance or are interested in tapping into your home's equity, Scotiabank provides both fixed- and variable-rate mortgages at various term lengths and rates.
One of Scotiabank's standout products is the Scotia Total Equity Plan (STEP), which combines your mortgage with a home equity line of credit (HELOC). This allows you to borrow against your home's equity as you pay down your mortgage, providing flexibility for future financial needs. But, as one Reddit user points out, there can be issues at renewal:
The Scotiabank STEP mortgage is collateral charge. [So], when it comes time to renew, you can't just simply transfer the mortgage to another lender. You will have to pay discharge fees. I've heard roughly $1,000.
Thus, the consequence of having that Line of Credit that re-balances as you pay the mortgage down, is that it significantly reduces your bargaining power when your term ends and you are negotiating your new term and interest rate.
Additionally, Scotiabank offers tools like the eHOME digital mortgage platform for easy pre-approval and application tracking, making the home buying process more streamlined.
For those looking to switch their mortgage to Scotiabank, the bank offers up to $1,200 to cover switching fees, making the transition more cost-effective. They also have promotions, such as earning up to $400 with certain banking packages when you set up recurring mortgage payments, which can help you save even more.
Customer experiences with Scotiabank mortgages appear to be mixed. Many users in online forums like Reddit, Quora and RedFlagDeals appreciate the competitive rates and the convenience of the eHOME platform. However, other users have reported slow response times and difficulties in communication, especially during the mortgage closing process.
Overall, Scotiabank's mortgage offerings are diverse and include several attractive promotions and flexible products.
We recommend you consider using a mortgage broker who can access rates from multiple banks and other providers that suit your financial situation to navigate the complex process. If you bank with Scotiabank, working with a mortgage advisor there may help you get a multi-product discount (which may include lower interest rates).
Scotiabank loans and borrowing
Scotiabank offers multiple loan options — from student, to auto, home equity and more. Expect to pay between 6-9% interest for “purchase” loans like auto, boat and RV loans, and for student loans and loans tied to your mortgage and its equity, you’ll likely land in the 1-4% interest rate territory.
Here’s a quick comparison to help get you started:
Feedback from forums like Reddit reveals that user experiences with Scotiabank’s loan products vary. Many users appreciate the competitive rates on auto loans, especially when compared to dealership financing. Others highlight the flexibility of the Scotia Plan Loan and the convenience of the ScotiaLine Personal Line of Credit.
However, a number of users report issues with customer service, particularly with long wait times and difficulties in resolving problems over the phone.
Frequent complaints also involve the handling of auto loan payments and the bank's response to fraud and unauthorised transactions, leading to frustration due to slow communication.
Related: Best personal loans
Scotiabank investing products: Scotia iTrade
Read our full Scotia iTrade review
Scotia iTrade fees
Scotia iTrade iClub Memberships
Scotia iTRADE offers iClub Memberships for active traders and high net worth individuals. These memberships provide benefits based on the frequency of trading and account balances. There are three tiers of iClub Memberships: Gold, Platinum and Platinum+.
Scotia iTrade iClub members have access to Trade Pro, a platform with advanced trading tools and customization options tailored for active traders. As a member, you’ll receive priority access to educational webinars and events, along with enhanced customer service through dedicated lines and relationship managers for quicker and more personalized support.
Scotia iTrade reviews
Scotia iTRADE is a secure and reliable platform known for its comprehensive tools tailored for active traders and even aspiring ones with their practice accounts. Users appreciate the trust associated with Scotiabank, as well as the availability of over 100 commission-free ETFs.
Common complaints, however, include high trading and account maintenance fees, as well as issues with customer service, such as long wait times and inadequate support.
The mobile app often receives mixed reviews due to frequent crashes and login problems, indicating a need for improvement.
While Scotia iTRADE suits those who prioritize security and advanced trading tools, it may not be ideal for cost-sensitive investors or those who require strong customer support.
Read our full Scotia iTrade review
Does Scotiabank Canada have a robo-advisor?
Scotiabank does not have a dedicated robo-advisor service like some of its competitors (e.g., Wealthsimple or Questrade’s Questwealth Portfolios). However, they offer managed investment portfolios through their mutual fund products and private investment counsel. These services provide a more hands-off approach to investing but are managed by human advisors rather than automated algorithms.
Scotiabank mutual funds
Scotiabank offers a variety of pre-built mutual funds designed to meet different investment goals and risk tolerances. Here’s a cheat sheet of five categories of funds they offer, including their benchmarks, management expense ratios (MERs), and historical performance:
Scotiabank Guaranteed Investment Certificate (GIC) Rates
*terms and conditions apply
*as of Sep 5, 2024
View the best GIC rates in Canada from all banks
Scotiabank insurance products
Car and home insurance
Scotiabank allows you to get a quote directly on their website, but they aren’t included in car insurance comparison engines. This means you won’t be able to compare their rates alongside hundreds of other providers that factor in details like your driving history, car make and model, and more.
Scotiabank’s car and home insurance are underwritten by Belair Direct which is the direct selling agency of Intact insurance. You can find Intact insurance when you compare insurance quotes online.
Scotia’s home and auto insurance reviews reveal some users dislike that you can’t purchase plans in-branch. While customers value the coverage options and discounts, there are mixed reviews regarding the customer service and claims process.
Scotiabank life insurance
Scotiabank sells life insurance at scotiainsurance.com. They sell directly, or as an agent, so you won’t find them in life insurance comparison websites. Scotia term life insurance is underwritten and issued by The Empire Life Insurance Company and distributed by BNS Insurance Agency Inc.
Here’s a listing of its term life insurance offerings from Scotiabank
Term life insurance provides coverage for a set period, usually 10, 20, or 30 years. It's particularly valuable for people with dependents because it offers financial protection during critical years when your family relies on your income. If you pass away during the term, your beneficiaries receive a payout that can cover living expenses, education, and other financial needs.
What makes term life insurance different from other types, such as whole life insurance, is that it’s straightforward and typically more affordable. Whole life insurance, on the other hand, provides lifetime coverage and includes a cash value component, but it costs more. Term life is ideal for those looking for temporary coverage that aligns with specific financial obligations, like paying off a mortgage or supporting children until they’re financially independent.
This focus on affordable, high-value coverage for a defined period is why it’s particularly well-suited for people with dependents.
While you can get a quote from Scotiabank directly by calling them at 1-800-261-5923, Monday to Friday, from 8 am to 8 pm ET. You can also compare life insurance quotes from multiple companies, including Empire Life, by comparing life insurance quotes online.
When looking at reviews for Scotiabank life insurance, many customers appreciate the locked premiums and the option to skip a medical exam. However, some have raised concerns about aggressive sales tactics and difficulties with claims processing.
Other CIBC insurance offerings
Health insurance
Scotiabank offers a few health insurance products, including critical illness, enhanced critical illness and health and dental insurance. Here's a summary of their key offerings:
- Critical illness insurance: Provides protection against three most common serious illnesses: cancer, heart attack or stroke. Policies are available with 10-year or 20-year terms, offering coverage amounts from $25,000 to $100,000.
- Enhanced critical illness insurance: Provides protection against 22 common serious critical illnesses up to $50,000 for those aged 20-74.
- Health and dental insurance: Health gives you prescription drugs, hospital services, emergency medical & travel, vision and more. The dental insurance plan covers oral exams, x-rays, and more. Both health & dental give you about 75% of coverage up to a certain amount.
While some customers in online forums like Reddit, Quora, or RedFlagDeals appreciate the ease of application and comprehensive coverage for common critical illnesses, others find the list of covered illnesses limited compared to other providers and mention a desire for more customizable options.
Travel insurance
With Scotia Travel Insurance, you can get up to CDN$10 million in emergency medical coverage for when you travel. You have options for COVID-19 specific plans, emergency medical and all-inclusive coverage. If you’re a student, whether studying abroad or within Canada, you can access up to CDN$2 million in emergency medical insurance.
Flexible coverage options are also available for visitors to Canada, catering to singles, couples and families, offering protection for those up to 85 years old.
You can also benefit from additional travel planning tools, including articles on effective packing, trip planning and protecting your home while away. Scotia Travel Insurance provides 24-hour medical concierge benefits and dedicated support for any medical treatment inquiries. For more detailed information or to get a quote, visit the Scotiabank Travel Insurance page.
Keep in mind that many Scotiabank credit cards, like the Scotiabank Momentum Visa Infinite, include travel insurance benefits, which can provide a cost-effective way to obtain coverage without purchasing a separate policy.
Protection insurance
Scotiabank offers a range of protection insurance products designed to provide financial security in times of unexpected events. Their offerings include credit card protection, loan protection and mortgage protection.
Credit card protection covers your credit card balance in the event of death, critical illness, disability or job loss.
Loan protection ensures that payments are covered in the event of job loss, illness or death, preventing missed payments and maintaining your credit score.
Mortgage protection insurance helps cover mortgage payments or balances in case of critical illness, disability or death, ensuring that you and your family can remain in your home during financial hardships.
While these insurance products provide valuable protection, it's important to consider the cost and limitations.
Premiums for these plans can be higher than traditional life and disability insurance policies, and they often come with exclusions that may make it difficult to qualify for benefits.
Additionally, benefits are typically paid directly to Scotiabank to cover the outstanding debt, limiting the flexibility in how these funds are used during a financial crisis.
Scotiabank web & app insights
Retail Banker International ranked Scotiabank first in mobile app satisfaction among Canadian banks. Meanwhile, in J.D. Power's 2022 Canada Banking Mobile App Satisfaction Study, Scotiabank placed third, behind RBC Royal Bank and TD Canada Trust. Despite the differing rankings, both reports highlight Scotiabank's strong performance in mobile banking.
Online, user reviews of Scotiabank apps are mixed. Many users appreciate the convenience and comprehensive features of the Scotiabank Mobile Banking app, with high ratings on both Apple and Google Play stores.
While many users appreciate the convenience and features of the Scotiabank Mobile Banking app, some customers, particularly those using the Scotia iTRADE app, report issues with customer service and app performance, citing long wait times and occasional glitches on platforms like Reddit and RedFlagDeals.
Below, we’ve put together all the Scotiabank Apps, which have received thousands of reviews from users on the different platforms.
Scotiabank customer service reviews
Reviews of Scotiabank's customer service on platforms like Reddit, Quora, Better Business Bureau (BBB) and Trustpilot paint a mixed picture. Common complaints include long wait times, unhelpful staff and issues with account management such as unauthorized account closures and delays in processing transactions. High fees and poor communication regarding charges and policy changes are also frequently mentioned. While some positive experiences highlight helpful staff and convenient services, the predominant sentiment suggests widespread dissatisfaction.
On the BBB, Scotiabank has a low rating of 1.21 out of 5 stars based on 103 customer reviews, with 185 complaints closed in the last three years. Consider these reviews as a general gauge of customer sentiment but remember that people often take to the internet to voice their concerns and complaints rather than praise. (Mind you, BBB also accepts complaints through snail mail and telephone calls).
It may be beneficial to experience the bank's services firsthand while asking specific questions to a Scotiabank representative to address concerns directly.
Consider asking about typical response times, dispute resolution processes, and any recent changes to fees or policies. If you’re concerned about negative reviews, it might be helpful to start with a single account or service to assess their performance before fully committing.
Scotiabank Banking contact details
Insurance
How to open a Scotiabank Bank account
- Choose the type of account you want to open
- Hit the apply button underneath that section which will take you to the appropriate page on Scotiabank’s website
- Click “Open an Account” and follow the prompts
- Provide personal information and upload required documents
- Verify your identity through the online process
- Review and accept terms and conditions
What you need to open a Scotiabank Account
- Government-issued photo ID (e.g., passport, driver’s licence, or permanent resident card)
- Proof of address (e.g., utility bill, lease agreement)
- Social Insurance Number (SIN) or proof of immigration status
- Additional documents may be required depending on the type of account
Scotiabank FAQ
Justin is a writer and editor who has been covering personal finance for over 10 years. He's written for companies such as KOHO, Ratehub, BMO, Zoocasa, and Questrade, among others. Justin also created a course in Content Creation, which he taught at York University for four years. When not writing, Justin can be found at a live concert, on the golf course, riding a motorcycle, or sailing.
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