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Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.



About bank

Scotiabank, also known as the Bank of Nova Scotia, is a Canadian multinational financial institution. Founded in 1832, Scotiabank occupies a high position in the Canadian financial market today. Being among the top 5 Canadian banks, Scotiabank is the third largest Canadian bank by deposits and market capitalization.

Scotiabank positions itself as a leading bank in the Americas. According to the website, it is also a top-15 wholesale bank in the US.

Scotiabank’s products and services include personal and commercial banking, wealth management, and investment banking. The bank serves over 25 million clients worldwide, and the number of its employees exceeds 92,000.


Scotiabank has operations in the Americas and the Caribbean, Europe, and Asia-Pacific.

The bank’s four major operating units are:

  • Canadian banking — personal and business banking solutions, as well as financial advisory services for Canadian clients

  • International banking — financial products and advice to retail and commercial clients outside of Canada

  • Global wealth and insurance — wealth management and insurance operations in Canada and internationally, together with Global Transaction Banking

  • Global banking and markets — products and services for corporate, government, and institutional investor clients globally

Scotiabank is available in all Canadian provinces and territories, except Nunavut.

Scotiabank bases its work on three pillars:

  1. Customer First

  2. Winning Team

  3. Lead in the Americas

Its values are respect, integrity, accountability, and passion.

Pros and cons

Just like any other bank, Scotiabank has its pros and cons. Let’s look through the advantages of Scotiabank:

  • A great variety of products and services for various needs and financial situations

  • Availability in all Canadian provinces and territories, except Nunavut

  • Convenient online and mobile banking options

  • Insurance coverage for all deposits of up to $100,000

  • Bonuses and rewards for using the bank’s products

  • Flexible loan repayment schedules choose between weekly, fortnightly, or monthly repayment basis

Here are the disadvantages of Scotiabank:

  • Low-interest rates on savings accounts

  • Having to maintain a relatively high daily balance to avoid monthly fees

  • There are certain fees for bank account services

  • Absence of information on interest rates on the website

  • Some mortgage solutions involve prepayment charges for breaking the mortgage early


Scotiabank’s products for individuals include:

  • Bank accounts for different purposes — savings accounts, chequing accounts, seniors bank accounts, student accounts, and accounts for newcomers to Canada

  • Credit cards in a variety of categories — travel and lifestyle, cash back, Scene+, no annual fee, and low interest

  • Mortgage solutions — financing a first home or another property, mortgage renewals, home equity loans, and switching a mortgage to Scotiabank

  • Loans and lines of credit — borrowing solutions tailored to different needs

  • Investment plans and products — tax-free savings accounts, registered retirement savings plans, registered disability savings plans, guaranteed investment certificates, exchange-traded funds, and mutual funds

  • Insurance products — credit protection solutions for different types of financing and travel insurance solutions

For small businesses, Scotiabank offers the following products:

  • Accounts for everyday banking tailored to specific business needs — budget-friendly options, solutions for agricultural companies, accounts for businesses with a high volume of transactions, and options for charity and community groups

  • Savings accounts and guaranteed investment certificates — accounts and plans helping businesses (including agricultural companies) grow their surplus funds by earning interest on the required minimum balance maintained

  • Credit cards for business — Visa cards with credit limits of up to $100,000 and an opportunity to earn Scene+TM* points and cash back points

  • Loans and leases — term loans of up to $1,000,000 for purchasing assets and equipment and leasing solutions for getting assets and equipment for business without the risk of ownership

  • Lines of credit — revolving credits for businesses up to $2,000,000 at a floating rate tied to Scotiabank's prime lending rate, with the flexibility to decide when and how much to borrow


  • Programs and specialty services tailored to specific needs of clients — students, indigenous people and businesses, newcomers to Canada, and many others

  • Wealth management advice and solutions to help address the financial needs of clients (both individuals and companies)

  • Investment management products and solutions to deliver risk-adjusted, long-term results to investors

  • Institutional asset management investment solutions tailored to clients’ institutional needs

  • Solutions for sending and receiving payments

  • Trade finance solutions to support the needs of buyers and sellers

  • Foreign exchange services for institutional, government, corporate, commercial, and small business clients

  • Cheque services to simplify cheque management and prevent cheque fraud

  • Risk management services to address currency, commodity, equity, interest rate, and credit market risk for corporations, institutions, or governments.


Who is Scotiabank owned by?

The president and CEO of Scotiabank is Brian J. Porter.

Almost half of the outstanding shares in Scotia Bank belong to institutional investors. RBC Global Asset Management, Inc., the Vanguard Group, Inc., and TD Asset Management, Inc. are among the top shareholders of Scotiabank.

Is Scotiabank legitimate?

Established in 1832, has developed into a trusted multinational financial institution with operations in Canada, the U.S., Latin America, the Caribbean, and partly Asia.

On November 25, 2021, the City of Vancouver, Community Services Group - License Office granted Scotiabank a license to operate. The license number is #22-120240.

What are the top five banks in Canada?

The top three banks in Canada are Royal Bank of Canada (RBC), The Bank of Montreal, Canadian Imperial Bank of Commerce, Bank of Nova Scotia (Scotiabank), and Toronto Dominion Bank (TD Bank Group).

Company documents

Terms of Access
Privacy Commitment

Our values: Respect, Integrity, Accountability and Passion.

© Scotiabank

Credit rating


Shows the level of financial reliability of a credit company

DBRS AA Superior credit quality

The capacity for the payment of financial obligations is considered high. Credit quality differs from AAA only to a small degree. Unlikely to be significantly vulnerable to future events.

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