Bank of Montreal (BMO) vs Bank of Nova Scotia (Scotiabank)
A side-by-side comparison of ratings, customer experience, products, fees, and pros & cons to help you choose the right bank.
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Bank of Montreal (BMO) and Bank of Nova Scotia (Scotiabank) are evenly matched on our overall rating (4.1 each) — compare their products and fees below to decide.
Overview
The Bank of Montreal, known as BMO, is the oldest and one of the biggest banks in the country. With a comprehensive range of products, its network extends across both Canada and the United States. Its broad product lineup makes it a popular choice amongst those seeking full-service banking.
At BMO, account types cater to different customer needs and include those for students, seniors and newcomers to Canada. Customers can choose from low-cost banking services to more premium accounts that include additional benefits. Depending on the account type and balance maintained, a fee waiver might be available. Long-term savings rates are less competitive than digital institutions though.
BMO has plenty of credit cards ranging from no-fee options to premium rewards cards. The bank stands out for having one of the best cash back credit cards in Canada. Though BMO has a few Visa credit cards, it partners with Mastercard for its primary network. In terms of lending options, the bank tends to have many promotional rates and even a unique mortgage cash back incentive, making it one of the most comprehensive in Canada.
Scotiabank provides well-rounded banking, offering a large branch network and one of the strongest rewards ecosystems among the biggest banks in Canada. As a full-service institution, the bank has investment management and award-winning private banking.
Scotia provides tailored accounts for everyone from students and youth to seniors, while the Scotiabank StartRight® Program is a top pick for newcomers to Canada. The bank also boasts a premium banking experience through the Scotiabank Ultimate Package Chequing. Some fee waiver options are available when you maintain a minimum balance but its interest rates on savings tend to be lower than what you can find through online banks. That said, its network access is more competitive as it is part of the Global ATM alliance.
Scotia’s credit card offering stands out for its travel lineup as well as its partnership with Scene+ rewards. FinlyWealth recently named the Scotiabank Passport Visa Infinite + Card as our pick for the best overall travel and no foreign transaction fees credit card. In addition to credit cards, Scotia maintains a competitive edge within the mortgage and loan space through flexible financing solutions.
Overall rating
4.1
4.1
Customer experience
3.0
2.7
Best for
BMO is best for Canadians seeking a well-rounded banking experience that combines a broad range of financial products with the convenience of full-service banking. It’s particularly well-suited for those who prefer managing their finances within a single institution.
Scotiabank is an ideal pick for Canadians looking for full-service banking with a strong lineup of Scene+ rewards credit cards and international banking capabilities. Its extensive branch network and broad range of banking as well as its lending and investment products make Scotia a suitable option for a range of customers.
Pros & cons
Pros
Broad range of banking, lending and investment products
Access to over 40,000 Allpoint ATMs across Canada
Wide selection of cash back and rewards credit cards
Fee waivers available on select chequing accounts
Established reputation as one of Canada’s largest banks
Cons
Savings account rates below those of digital-first providers
Relatively high monthly account fees if you don’t meet the waiver requirements
Not always the most competitive lending rates
Some premium account benefits require maintaining a significant balance
Pros
Strong offering of travel and rewards credit cards with the Scene+ program being a market differentiator
Provides a distinctive newcomer banking program
Access to the Global ATM alliance allowing for no-fee ATM withdrawals at specific international banks
Full-service banking allowing customers to get their entire banking, lending and investing needs met at a single institution
Wide range of flexible borrowing options
Premium banking available with fee-waiver opportunities
Well-ranked mobile application
Significant international retail presence, particularly in Latin America
Cons
Lower savings rates than those offered by online banks and fintechs
Applicable account fees can be expensive unless you meet the fee-waiver threshold
Worst TrustPilot rating out of the Big Six with many dissatisfied customers
Fees are comparable to the other Big Six, though higher than fintechs and digital banks
More expensive lending rates than digital-first institutions
Many premium banking benefits require a substantial minimum balance
Top chequing accounts
Best for: Great bonus offer and unlimited transactions
on BMO's website
+ Earn up to a $900 cash bonus* and a Walmart+ membership for up to 12 months*
Welcome Bonus
Earn up to a $900 cash bonus* and a Walmart+ membership for up to 12 months*
Monthly Fee
$17.95 (waived with $4,000 balance)
Account Type
Chequing • Personal
Earn up to a $900 cash bonus*
Plus a Walmart+ membership for up to 12 months*
STEP 1
Chequing Account Offer
Earn $700 when you:
- Open and fund a new BMO Performance or Premium Plan Chequing Account by November 2, 2026
- Complete the qualifying criteria by December 31, 2026
1. Set up a recurring direct deposit of $500 or more from your employer, the government, or your pension, and have the first deposit appear by December 31, 2026.
2. Complete one of the following by December 31, 2026:
• Make two (2) bill payments of $50 or more to two (2) different payees through BMO Online Banking or the BMO Mobile Banking app; and
• Set up two (2) pre-authorized debits (PADs) of $50 or more from two (2) different payees.
STEP 2
Savings Account Offer
Earn $150 when you:
- Open a Savings Amplifier Account by November 2, 2026
- Complete the following:
• Deposit a total of $10,000 or more into the Savings Amplifier Account within the first 30 calendar days of opening the account;
• Maintain a daily closing balance of $10,000 or more for 120 calendar days from the date of deposit to earn the 5.00% promotional interest rate** on balances up to $1,000,000;
• After the initial 120-day promotional period, continue to maintain a daily closing balance of $10,000 or more for an additional 90 calendar days to qualify for the $150 cash bonus.
You must complete step one to qualify for step two.
STEP 3
My Financial Progress Offer
Earn $50 when you:
- Sign in to BMO Online Banking or BMO Mobile Banking to access My Financial Progress and complete the following:
• Create one (1) Goal in My Financial Progress Plan by December 31, 2026;
• Go to the Planning Tab and apply one (1) Strategy to the plan by December 31, 2026.
You must complete step one to qualify for step three.
Get a Walmart+ membership for up to 12 months* when you:
- Open and fund a new Performance, Premium, Practical or Plus chequing account by November 2, 2026.
- Sign up for or update your existing Walmart+ membership on Walmart.ca by December 31, 2026. You’ll have to select Debit Mastercard as the payment option and enter your new BMO debit card number
Eligibility criteria (open account or switching eligibility)
If you meet the eligibility criteria, the Chequing Account and My Financial Progress cash bonus will be credited to your account by December 31, 2026. The Savings Account cash bonus will be credited by June 30, 2027.
Unfortunately if you already have a chequing account with us from August 7, 2025 to November 2, 2026 you are not eligible for this promotion.
If you close your account before November 2, 2027, you will not be eligible for this promotion.
Each bill payment is required to be paid to a different biller account number. For example, if you are paying a cell phone bill it has to be paid to different accounts numbers to be counted as 2 different bill payments.
- Get accounts for family members without paying an additional monthly fee
- Get a promo interest rate when you add a Savings Amplifier Account
- Up to $40 rebate on the annual fee for eligible BMO credit cards
- OnGuard®† Identity Theft Protection at no charge
- Unlimited transactions
- No-fee Global Money Transfer transactions to up to 50 countries
Transaction Fees | $0.00 per use |
|---|---|
Interac e-transer fee | $0.00 per use |
Number of self-serve transactions | N/A |
Number of Interac e-transfers | Unlimited |
Global Money Transfer | $0.00 per use |
ATM withdrawals | 1 Canadian withdrawal included per month then $2 each in Canada, $5 each outside of Canada |
Credit card fee rebate | $40 |
Rewards scheme | N/A |
Bank draft cost | $9.95 |
Overdraft fee & interest | $5 per month |
Paperless & Mailed monthly statement | $2.25 per month |
Service features (digital/in-person) | Easy, secure digital banking Move money on the go, track your savings goals and deposit cheques |
Account Fees
Monthly Fee
$17.95
Fee Waiver: Minimum Balance Waiver
$4,000 min. balance
Maintain $4,000 minimum monthly balance to waive the monthly fee
Credit Card Rebate
Up to $40
eStatement
Included
Transactions
Transactions
Unlimited free
Interac e-Transfers
Unlimited free
ATM Fees
Own Network
$0
Canadian ATMs
$2
USA
$5
International
$5
International & Currency
Foreign Currency Conversion
2.5%
Other Fees
NSF (Non-sufficient Funds)
$5
Overdraft Protection
$5/month
Overdraft Interest
21% annually (if used)
Bank Draft
$9.95
Best for: Best overall student chequing account
on BMO's website
+ Earn up to a $200 Tech reward from Best Buy*
Welcome Bonus
Earn up to a $200 Tech reward from Best Buy*
Monthly Fee
$0
Account Type
Chequing • Student
- Open a new BMO Student Chequing Account and get a tech reward from Best Buy worth up to $200*
- Offer expires November 3, 2026
How to redeem Best Buy rewards
Follow these three easy steps:
- Open an account: Open a Student Chequing Account and make sure you are enrolled in a university, college or vocational school.
- Meet eligibility: Complete the required steps to unlock your reward.
- Redeem your reward: Receive an email within 3 weeks with your reward options and make your selection.
- $0 monthly fee while you're a full-time student, and for up to one year after graduation
- Unlimited everyday transactions, including debit purchases and INTERAC e‑Transfers
- One free non-BMO ATM withdrawal per month in Canada; $2 for additional withdrawals
- Unlimited free Global Money Transfers
- Up to $40 annual rebate on eligible BMO credit card annual fees
- Overdraft protection available for $5/month per linked account
- No minimum balance required
Account Fees
Monthly Fee
$0
Credit Card Rebate
Up to $40
eStatement
Included
Transactions
Transactions
Unlimited free
Interac e-Transfers
Unlimited free
ATM Fees
Own Network
$0
Canadian ATMs
$2
USA
$5
International
$5
International & Currency
Foreign Currency Conversion
2.5%
Other Fees
NSF (Non-sufficient Funds)
$5
Overdraft Interest
21% annually (if used)
Bank Draft
$9.95
Best for: No fees and earning points on debit transactions
on Scotiabank's website
+ Earn up to $200(1) or up to $625 in value*
Limited offer · ends
Welcome Bonus
Earn up to $200(1) or up to $625 in value*
Monthly Fee
$0
Account Type
Chequing • Student
Earn up to $200 welcome bonus when you open a new Preferred Package for Students and Youth ¹
To qualify for the $200 bonus offer:
- Open a new Preferred Package for Students and Youth (an “Eligible Account”) between July 2 and November 1, 2026; and
- Complete any two of the following activities in your Eligible Account within 60 days of Eligible Account opening:
o Set up and make at least 1 eligible automated and recurring direct deposit, which will recur monthly for a minimum of three (3) consecutive months, or
o Set up and make at least one (1) eligible recurring pre-authorized transaction which will recur monthly for a minimum of three (3) consecutive months, or
o Complete at least five online (5) Visa* Debit purchases using your ScotiaCard® anywhere Visa* Debit is accepted. Only the following Visa Debit transaction types are eligible: online debit purchases and in-store purchases made outside of Canada.
Student Bundle Offer: Earn up to $625 in value* with the Scene+TM Student Banking Bundle
1. $200 cash offer for new Preferred Package for Students and Youth customers
2. Earn 5% cash back on up to $2,000 in everyday purchases for the first 3 months (up to $100 value) on a Scotia Momentum® No-Fee Visa Card * (other Bundle eligible cards have different welcome offers)
3. 2,500 Scene+ points ($25 value) for new customers who combine the Preferred Package for Students and Youth Account with a new Money Master Savings Account
4. 30,000 Scene+ points ($300 value) when you bundle all 3 of the above accounts and complete certain qualifying transactions as part of the Scene+ Student Banking Bundle Bonus Offer
Offer Expiry: November 1, 2026
- You are eligible for the Preferred Package for Students and Youth (chequing account) if you are under 25 years of age or are enrolled full-time in a university, community college, or another recognized post-secondary institution in Canada or the United States. You will be required to confirm your student status by providing proof of enrollment.
- No monthly account fee*, unlimited debit and Interac e-transfer transactions
- Earn points on everyday purchases with the Scene+™ program
- Free trades for students and youth with Scotia iTRADE
- Rates, fees and other information are effective as of July 2, 2026. Subject to change.
Account Fees
Monthly Fee
$0
eStatement
Included
Transactions
Transactions
Unlimited free
Interac e-Transfers
Unlimited free
ATM Fees
Own Network
$0
Canadian ATMs
$2
USA
$3
International
$5
International & Currency
Foreign Currency Conversion
2.5%
Other Fees
NSF (Non-sufficient Funds)
$10
Overdraft Interest
21% annually (if used)
Bank Draft
$9.5
Best for: Canadian permanent residents, international students, and foreign workers.
on Scotiabank's website
Welcome Bonus
Earn up to $2,300 in value in the first year(1)
Monthly Fee
$16.95 (waivable)
Account Type
Chequing • Personal
Qualify and earn up to $2,300 in first year value, including up to $580 with the StartRight Program2.
StartRight Program2 benefits
Worth up to $580 in value1
- No monthly account fee of $16.95 on the Preferred Package chequing account for the first year8. Valued at $200.
- Unlimited no-fee international money transfers10. Valued at $280.
- 10 free Scotia iTrade equity trades9. Valued at $100.
Chequing account welcome offer
Earn up to $7001
- Open a new eligible Scotiabank chequing account and complete 2 qualifying chequing account transactions. Valued at $500.
- Bundle your new chequing account with a new Money Masters Savings Account and set up a smart savings tool. Valued at $100.
- Bundle your new chequing account with an eligible registered account. Valued at $100.
Credit card welcome bonus
Worth up to $1,0801
Open a Scotiabank Passport Visa Infinite + Card to qualify for a welcome bonus offer. Earn Scene+ points and other benefits.17
- Up to 60,000 bonus Scene+ points with minimum spend. Valued at $600.
- Average foreign transaction fee savings on foreign currency purchases. Valued at $130.
- 6 Complimentary lounge visits. Valued at $350.
- Offer subject to change. Terms and conditions apply.
Total Value Combined
Up to $2,360
- Up to $2,300 in first year value1 when banking with Scotiabank, including up to $580 in value with the StartRight® Program2.
- Waive the monthly account fee for the first year5 when you open a Preferred Package chequing account.
- 24/7 banking through the Scotia app, phone, or chatbot, plus over 900 branches across Canada offering help in more than 50 languages.
- Collect rewards on everyday purchases with a Scene+ credit or debit card6 and get rewarded with travel, groceries, and more.
- Leverage your credit history from home to apply for a higher credit limit on your Scotia credit card3 with Nova Credit4.
How to Qualify for StartRight®
Qualifications
- Canadian permanent resident for five years or less
- International student
- Foreign worker
Required Documentation
Gather these documents prior to applying:
Permanent Resident
- Resident card or Confirmation of Permanent Residence
- Foreign passport or Canadian government-issued photo ID, like your driver's license
Foreign Worker
- Work permit
- Foreign passport or Canadian government-issued photo ID, like your driver's license
- If applying for a credit card, you'll also need a letter from your Canadian employer confirming your annual income
International Student
- Study Permit (IMM 1442) or Temporary Resident Visa (TRV)
- One additional piece of government photo ID such as your passport or Canadian driver’s licence
- Proof of enrollment from your Canadian Educational Institution such as your Student ID card or your course timetable
Pros
- Impressive first-year value
- 24/7 banking
- Everyday optimization opportunities
- Leverage credit history to apply for higher credit limit
Cons
- High fees after first year (without minimum balance)
- Credit card fees and income requirements
- Lower credit limits without Nova Credit credit history leverage
Account Fees
Monthly Fee
$16.95
Fee Waiver: StartRight Program Fee Waiver
Full waiver
No monthly account fee of $16.95 on the Preferred Package chequing account for the first year as part of the StartRight Program.
Credit Card Rebate
Up to $150
eStatement
Included
Transactions
Transactions
Unlimited free
Interac e-Transfers
Unlimited free
ATM Fees
Own Network
$0
Canadian ATMs
$1.5
USA
$3
International
$3
International & Currency
Foreign Currency Conversion
2.5%
Other Fees
NSF (Non-sufficient Funds)
$10
Overdraft Interest
21% annually (if used)
Bank Draft
$9.5
Top savings account
on BMO's website
Welcome Bonus
Earn a promotional rate of 5.00%**
Regular Interest
0.5%
Monthly Fee
$0
Get a 5.00% promo interest rate** when you open a chequing and a Savings Amplifier Account.
Get a promotional interest rate: You’ll get a 5.00% interest rate** guaranteed for up to 120 days† when you add a Savings Amplifier Account to a new Performance or Premium Chequing Account.
Unlimited no-fee transfers: Make no-fee transfers to your other BMO accounts any time, including mobile and online transfer, and ATM.*99
Earn money when you save: Benefit from a competitive interest rate every time you save money.*12
No monthly fee or minimum deposit: Save money when you bank with no monthly fee and no minimum balance required.
Best for: High interest savings at Big 5 bank
on Scotiabank's website
Welcome Bonus
Earn up to 5.00%* for the first 3 months
Regular Interest
Up to 2.2%
Monthly Fee
$0
You can earn up to 5.00%* for the first 3 months if you are not a current Scotia HISA or MomentumPLUS Savings Account holder and haven’t held either account in the last two years.
Regular interest rate
Up to 2.2%
$10,000 minimum Total Relationship Balance1 required to earn interest3
Promo interest rate
Earn an extra 2.8%
Get the promo rate for 3 months, on top of our regular tiered interest rates2 when you keep a Total Relationship Balance1 of at least $10,000. Conditions Apply.2
Not all savings accounts are created equal.
The Scotia High Interest Savings Account (HISA) is different - the more you deposit and invest with us, the higher your interest rate on your HISA account.
It's simple: keep a Total Relationship Balance1 of at least $10,000 to start earning a high interest rate. As the balances across your eligible accounts grow, so will the interest rate on your HISA.
Your HISA interest rate is determined by your Total Relationship Balance1, which is the combined daily closing balance in your eligible chequing, savings, and investment accounts.
- Earn competitive interest rates that increase as your Total Relationship Balance1 grows
- Pay no monthly account fees
- Make unlimited self-service transfers between your accounts4
Top credit card
on BMO's website
Welcome Bonus
Get a 0% introductory interest rate on Balance Transfers for 18 months with a 3% transfer fee and a $29 first-year annual fee rebate.*
Rewards Rate
No Rewards
Annual Fee
$29 $0
Interest Rates
13.99%* / 15.99%*
RECOMMENDED CREDIT SCORE
4.5/5
If you plan to carry a balance on your credit card, this card offers a very low interest rate. However, there are other cards with no annual fee and slightly lower interest rates that you might want to consider as well.
Pros
- Low interest rates
- Balance transfer welcome bonus
Cons
- Annual fee
- Lacks significant benefits
Rewards
No rewards earned on this card
Insurance
Coverage
Purchase Protection
90 days
Extended Warranty
Doubled up to 1 year
Benefits
Details
Discount
Enjoy three months of Instacart+ and a $5 monthly Instacart credit when you enroll your eligible BMO Credit Card.*
Eligibility
Credit Score
GoodAnnual Income
N/A
on Scotiabank's website
Welcome Bonus
Earn up to $950 in welcome offers, first year rewards and savings value, and up to 50,000 bonus Scene+ points.
Annual Fee
$120
Interest Rates
21.99% / 22.99%
RECOMMENDED CREDIT SCORE
5/5
The Scotiabank Gold American Express® Card is one of our favorite cards. It has a very solid rewards program, earning one of the highest rewards among all credit cards in Canada. In addition, it offers comprehensive travel benefits, including the rare and valuable no foreign transaction fee benefit, making it a great and balanced credit card in terms of both rewards and benefits. The first-year annual fee waiver is the cherry on top, providing even greater value to cardholders.
Pros
- No foreign transaction fees
- Well-rounded rewards
- Shell Fuel Savings
- Comprehensive insurance
- Flexible redemptions
- Instant decision. No credit impact.
Cons
- Limited acceptance
- No lounge access
- Annual fee
Rewards
- Earn 6x Scene+ points on every $1 you spend at Sobeys, Safeway, Freshco, Foodland and more*
- Earn 5x Scene+ points for every $1 you spend on dining, food delivery and other eligible grocery stores. Includes popular food delivery and food subscriptions.*
- Earn 5x Scene+ points for every $1 you spend in Canada eligible entertainment purposes. Includes movies, theatre and ticket agencies stores.*
- Earn 3x Scene+ points for every $1 CAD you spend in Canada on eligible gas and daily transit options. Includes rideshares, buses, subway, taxis and more*
- Earn 3x Scene+ points for every $1 CAD you spend in Canada on eligible select streaming services*
- Plus earn 1 Scene+ point for every $1 spent on all other eligible everyday purchases
- Earn additional benefits + up to 4x Scene+ points for every dollar you spend on hotel bookings, car rentals, and things to do with Scene+ Travel, Powered by Expedia
- Rates, fees and other information are effective as of July 2, 2026. Subject to change.
Insurance
Coverage
Travel Medical Insurance (64 & under)
$1M, Up to 25 daysTravel Medical Insurance (65 to 75)
$1M, Up to 3 days
Trip Cancellation
$1,500/person, $10,000/trip
Trip Interruption
$1,500/person, $10,000/trip
Lost or Stolen Baggage
$500/person, $1,000/trip
Baggage Delay
$500/person, $1,000/trip After 4 hoursFlight Delay
$500/person
Common Carrier Travel Accident Insurance
$500K/person, $1M/occurrence.svg)
Car Rental Damage & Theft
$65K up to 48 days
Hotel Burglary Insurance
$1,000/occurrence
Mobile Device Insurance
$1,000Purchase Protection
90 daysExtended Warranty
Up to 1 year
Benefits
Details
No Foreign Transaction Fees
Avoid the 2.5% foreign transaction fees incurred when spending in non $CAD.svg)
Gas Discount2
Get up to 12¢/L in value on fuel purchases at Shell stations
American Express® Experiences
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Concierge Services
Discount
Discount on PriorityPass Membership
Eligibility
Credit Score
GoodAnnual Income
$12,000 personal or $12,000 household
All products offered
25 products
Chequing
BMO Performance Chequing Account
BMO Premium Chequing Account
BMO Student Chequing Account
BMO NewStart® program - Performance Account
BMO Blue Rewards Chequing Account
BMO Plus Chequing Account
BMO Practical Chequing Account
Credit cards
BMO Ascend™ World Elite®* Mastercard®*
BMO CashBack® Mastercard®
BMO CashBack Business Mastercard
BMO CashBack® World Elite®* Mastercard®*
BMO Blue Rewards Mastercard®*
BMO Blue Rewards World Elite®* Mastercard®*
BMO eclipse rise Visa* Card
BMO eclipse Visa Infinite Privilege* Card
BMO eclipse Visa Infinite* Card
BMO Preferred Rate Mastercard®*
BMO U.S. Dollar Mastercard®*
BMO VIPorter Mastercard®∗
BMO VIPorter World Elite®* Mastercard®*
BMO® Ascend World Elite®* Business Mastercard®*
Students – BMO CashBack® Mastercard®*
22 products
Savings
Scotiabank Money Master Savings Account
Scotia High Interest Savings Account (HISA)
Scotiabank Momentum Plus Savings Account
Chequing
Scotiabank StartRight® Program
Scotiabank Ultimate Package Chequing
Scotiabank Preferred Package Chequing Account
Scotiabank Basic Plus Bank Account
Scotiabank Basic Bank Account
Scotiabank Preferred Package Chequing for Student and Youth
Credit cards
Scotia Momentum® Mastercard®* Credit Card
Scotia Momentum® No-Fee Visa* Card
Scotia Momentum® Visa Infinite +* Card
Scotia Momentum® for business Visa* Card
Scotia Momentum® Visa* Card
Scotiabank American Express® Card
Scotiabank Gold American Express® Card
Scotiabank Passport® Visa Infinite Business* Card
Scotiabank Passport® Visa Infinite* Privilege Card
Scotiabank Passport® Visa Infinite +* Card
Scotiabank Platinum American Express® Card
Scotiabank Value® Visa* Card
Scotiabank® Scene+ Visa Card