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Desjardins Group 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.
VS
Bank of Nova Scotia (Scotiabank) edges ahead on our overall rating (4.1 vs 4.0), but the right pick depends on which products and fees matter most to you.
Overview
Desjardins Group, or Desjardins for short, markets itself as “the largest cooperative financial group in Canada.” The organization offers its members a broad range of financial services including everyday banking, savings, credit cards, mortgages, loans, insurance, and wealth management. Its strongest physical presence is in Quebec and Ontario, where it has 189 caisses and branches as well as 1,260 ATMs.
Providing a full suite of banking products, Desjardins allows members to choose from banking packages ranging from the Basic Plan to the Unlimited Plus Plan. Fee waivers are also available. Desjardins has non-registered savings accounts, credit cards, borrowing products and investment services. Its account fees compare reasonably well with those of the biggest banks in Canada, though its overall fees and savings rates fall short of what customers can find at online banks and fintechs.
Desjardins has several credit cards including those with a cash back option and rewards through its BONUSDOLLARS program. While the rewards platform does not carry the same national recognition as those of the big banks, it still gives members a way to earn rewards across eligible products.
As it provides access to an array of lending options as well as a full-service brokerage and private wealth management, Desjardins delivers more depth than many smaller credit unions or digital banks. Its regional concentration, however, makes it less convenient for Canadians who live outside of these areas. Those within the core markets may find Desjardins to be a strong full-service alternative to the major banks.
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
4.0
4.1
Customer experience
3.1
2.7
Best for
Desjardins is best for Canadians who want full-service banking through a cooperative financial institution. It is particularly useful for those in Quebec or Ontario where there is the largest branch and ATM presence.
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
Cooperative structure can appeal to those who prefer a member-focused financial institution
Broad lineup of products
Strong reputation as Canada’s largest cooperative financial group
Competitive chequing-account fee waivers compared with many of the Big Six Banks
Strong branch and ATM presence in Quebec with additional access in Ontario
Supports both a full-service brokerage and an online brokerage
BONUSDOLLARS program provides eligible credit cardholders a way to earn and redeem rewards
Cons
Branch and ATM network is highly concentrated in Quebec and Ontario
Savings rates may be below those of online banks and fintechs
Rewards ecosystem is less comprehensive than those from the larger banks
Premium account packages have fewer perks than some of the alternative options at the Big Six banks
Not the lowest-cost option for those who want no-fee digital banking
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
Desjardins Unlimited Plan
Desjardins Unlimited Plan
3.7 Our rating
OPEN ACCOUNT
on Desjardins' website
Welcome Bonus
N/A
Monthly Fee
$15.95 (waivable)
Account Type
Chequing • Personal
- Monthly fee of $15.95 (waived with a $4,000 minimum balance)
- No ATM fees with the AccuLink® network
- Eligible for member dividends3
- Unlimited transactions through AccèsD, an ATM 2 or teller
- $1.50 cost for Interac® e-Transfers
Account Fees
Monthly Fee
$15.95
eStatement
Included
OPEN ACCOUNT
on Desjardins' website
Welcome Bonus
N/A
Monthly Fee
$23.95 (waivable)
Account Type
Chequing • Personal
- Monthly fee of $23.95 (waived with a $5,000 minimum balance)
- No cost for ATM transactions in the AccuLink® network
- Member dividend3 eligibility
- No limit on transactions through AccèsD, ATM 2, cheque, or teller
- No charge for Interac® e-Transfers
Account Fees
Monthly Fee
$23.95
eStatement
Included
Best for: No fees and earning points on debit transactions
GET OFFER
on Scotiabank's website
Exclusive · From FinlyWealth$50 rebate
+ Earn up to $175*
Welcome Bonus
Earn up to $175*
Monthly Fee
$0
Account Type
Chequing • Student
Earn up to $175 welcome bonus when you open a new Preferred Package for Students and Youth*
*To qualify for the $175 welcome bonus (the “Offer”), you must:
Open a new Preferred Package for Students and Youth (an “Eligible Account”) between January 2 and July 1, 2026; and
Complete any two of the following activities in your Eligible Account within 60 days of Eligible Account opening:
- 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
- Set up and make at least one (1) eligible♢♢ recurring pre-authorized transaction with a minimum value of $25 per transaction, which will recur monthly for a minimum of three (3) consecutive months, or
- 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
♢♢ Click here for a list of eligible direct deposits and pre-authorized transactions. While a transaction may be included in these lists, certain exclusions may still apply and Scotiabank reserves the right to modify these lists and to determine whether a specific direct deposit or pre-authorized transaction is eligible for the Offer. Fund transfers initiated to other Scotiabank accounts (one time or recurring, e.g. credit card or savings account), to chequing or savings accounts held at other financial institutions, or to payment processing firms, are not eligible for the Offer.
Eligibility Exclusions: Individuals who are currently holders of a Scotiabank Chequing Account are not eligible for the Offer. Individuals who were previously holders of a Scotiabank Chequing Account within the last two (2) years are not eligible for the Offer. “Scotiabank Chequing Account” means any of the following accounts: Ultimate Package, Preferred Package, Preferred Package for Students and Youth, Scotia One Account, Basic Plus Bank Account, Basic Banking Plan, Basic Bank Account, Momentum Chequing, Power Chequing, Scotia One Service, Scotia Value, Student Banking Advantage Plan. Employees of Scotiabank are also not eligible for the Offer.
General Terms: The $175 cash bonus will be deposited to the Eligible Account within six (6) months from account open date provided all Offer conditions outlined above have been met. The Eligible Account must be open and in good standing until the time of payout of each bonus. The Eligible Account is not in "good standing" if: (i) it has a negative balance exceeding the authorized overdraft limit, or (ii) it has been in continuous overdraft for a period of three consecutive months. For joint accounts, only the primary account holder will receive the bonuses. The Offer is non-transferable and may not be duplicated. Limit of one (1) Offer per customer, regardless of the number of Eligible Accounts opened. If more than one (1) Eligible Account is opened, only the first Eligible Account opened will be eligible for the Offer. All rates, fees, features and benefits are subject to change. The Offer may be changed, cancelled or extended at any time without notice and cannot be combined with any other offers.
- 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
- Earn an additional 0.05% on your Momentum Plus Savings Account
- Free trades for students and youth with Scotia iTRADE
- Rates, fees and other information are effective as of June 1, 2025. 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.
OPEN ACCOUNT
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
Desjardins Group has no savings account listed.
Best for: High interest savings at Big 5 bank
OPEN ACCOUNT
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
APPLY NOW
on Desjardins' website
Welcome Bonus
N/A
Rewards Rate
No Rewards
Annual Fee
$0
Interest Rates
10.9% - 19.9 / 12.9%
RECOMMENDED CREDIT SCORE
300Poor
560Fair
660⁎Good
725⁎Very Good
760⁎Excellent
4/5
If you plan to carry a balance on your credit card, this is one of the best no-fee, low-interest-rate credit cards in Canada. However, outside of this specific use case, the card doesn't offer many additional benefits.
Pros
- No annual fee
- Low interest rates
- Comprehensive insurance
Cons
- No rewards
- No benefits
- Short travel coverage
Rewards
No rewards earned on this card
Insurance
Coverage
Travel Medical Insurance (64 & under)
$5M/insured up to 3 days, under 75 years old
Trip Cancellation
$500 per person for trips up to 3 days
Trip Interruption
$1,000 per person for trips up to 3 days
Baggage Delay
$500 per person after 6 hours delay for trips up to 3 days
Lost or Stolen Baggage
$500 per person for trips up to 3 days
Common Carrier Travel Accident Insurance
$10,000 per person for trips up to 3 days
Mobile Device Insurance
$1,000
Purchase Protection
90 days
Extended Warranty
Doubled up to 1 year
Eligibility
Credit Score
GoodAnnual Income
N/A
APPLY NOW
on Scotiabank's website
Welcome Bonus
Earn up to $850 in welcome offers, first year rewards and savings value, and up to 45,000 bonus Scene+ points.(1)
Annual Fee
$120
Interest Rates
21.99% / 22.99%
RECOMMENDED CREDIT SCORE
300Poor
560Fair
660⁎Good
725⁎Very Good
760⁎Excellent
4.9/5
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
Insurance
Coverage
Travel Medical Insurance (64 & under)
$1M, Up to 25 daysTravel Medical Insurance (65 to 75)
$1M, Up to 3 daysTrip Cancellation
$1,500/person, $10,000/tripTrip Interruption
$1,500/person, $10,000/tripLost or Stolen Baggage
$500/person, $1,000/tripBaggage Delay
$500/person, $1,000/trip After 4 hoursFlight Delay
$500/personCommon Carrier Travel Accident Insurance
$500K/person, $1M/occurrence.svg?dpl=dpl_2ffHSTvJo1hojctS14hRkmXzJzsG)
Car Rental Damage & Theft
$65K up to 48 days
Hotel Burglary Insurance
$1,000/occurrenceMobile 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?dpl=dpl_2ffHSTvJo1hojctS14hRkmXzJzsG)
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
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 Youths
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