Working hard in the background...

Neo vs Scotiabank: Which one is better for banking?

Neo Financial vs Bank of Nova Scotia (Scotiabank)

Item: Neo Financial
Rating: 4.5

A side-by-side comparison of ratings, customer experience, products, fees, and pros & cons to help you choose the right bank.

Neo Financial

4.5

Open account Read full review

Bank of Nova Scotia (Scotiabank)

4.1

Open account Read full review

Neo Financial edges ahead on our overall rating (4.5 vs 4.1), but the right pick depends on which products and fees matter most to you.

Overview

Neo Financial continues to stand out as a strong digital first alternative in Canada, offering competitive rates and no fee everyday banking products across its lineup.

Neo provides a high interest savings account with one of the more attractive rates in Canada, along with a streamlined spending account designed for daily use.

Its suite of credit cards includes both secured and unsecured options, with several no annual fee choices as well as premium cards that offer enhanced rewards. In fact, some of the credit cards offered are among the best in Canada. For example, the Neo World Elite Mastercard has earned the award for best overall cashback credit card in Canada, while the Neo World Mastercard Secured has received the award for best overall secured credit card.

While Neo’s products are offered separately rather than as a bundled account, they are designed to work together within a single app experience, making it easy to manage spending, saving, and rewards in one place. To unlock the highest savings rates and best rewards, customers may need to meet certain activity requirements such as maintaining balances or using Neo’s ecosystem regularly.

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.

Top chequing accounts

Top savings account

Top credit card

All products offered

10 products

Savings

Neo Savings Account

Chequing

Neo Chequing Account

Credit cards

Neo Mastercard®

Neo Secured Mastercard®

Neo World Mastercard® – Gas & Grocery

Secured Neo World Mastercard® – Gas & Grocery

Neo World Elite® Mastercard – Gas & Grocery

Secured Neo World Elite® Mastercard – Gas & Grocery

Neo Cathay World Elite® Mastercard®

Neo Cathay World Elite® Mastercard® Secured

22 products

Savings

Open Neo Financial account Open Bank of Nova Scotia (Scotiabank) account

Compare Neo with other banks

Compare Scotiabank with other banks

Best for: No-fee chequing account with cashback

Neo Chequing Account

4.9 Our rating

GET OFFER

on Neo Financial's website

Exclusive · From FinlyWealth$25 rebate

+ Get $100 after spending $1,000*

Welcome Bonus

Exclusive

Get $100 after spending $1,000*

Regular Interest

Up to 0.1%

Monthly Fee

Account Type

Chequing • Personal

Welcome Bonus Details

Exclusive Offer: Earn $100 by spending at least $1,000 within the first three months on the Neo Money card or any other Neo credit card.*

Highlights

MEMBERSHIP TIERS

Neo Chequing offers optional membership tiers with added benefits, both free for customers who keep enough on deposit with Neo.

Build — $7.99/month (free with $5,000+ in any Neo account)

Credit Score Monitoring: track credit score in the Neo app
Credit Builder: tools and insights to build credit history
Cash Advance & Overdraft (coming soon): up to $300 at 0% interest, reported to both credit bureaus
Free ATM Withdrawals: fees reimbursed up to $5/withdrawal, unlimited withdrawals
Secured Card Fee Waived: $7.99/month fee waived for Build members

Grow — $12.99/month (free with $20,000+ across Neo Chequing and Savings)

Includes all Build benefits, plus:

No Foreign Transaction Fees: FX fees rebated on Neo Credit Card and Money Card international spend (up to $10,000/month), full rewards kept at domestic rate
Higher Savings Interest Rate: 2.75% on Neo Savings
Priority Support: dedicated phone line for Grow members

CASHBACK REWARD LEVELS

Cashback rates on gas and groceries (earned via the Neo Money™ Card) increase automatically based on your Neo Chequing account balance.

Reward Level

Chequing Balance Required

Gas

Groceries

Everything Else

Level 1

Level 2

$5,000

0.5%

Level 3

$10,000

On top of the rates above, customers earn an average of 5% (up to 15%) at thousands of Neo partner locations across Canada through the Neo app.

CORE FEATURES

Feature	Customer Benefit
Free Interac e-Transfer® payments	Send and receive money at no cost, including scheduled transfers
Bill payments & pre-authorized debits	Pay bills and set up recurring debits directly from the account
$0 NSF fees	No fee for insufficient funds — unlike most traditional banks
Real-time spend tracking	See every transaction instantly with automatic categorization
Smart budgeting tools	Insights and budget features built into the Neo app
Instant payments to Neo credit cards	Pay off Neo credit card balances instantly from the same app
Joint account available	Open a joint Neo Chequing account with a co-owner; both earn cashback independently
CDIC deposit protection	Funds eligible for CDIC insurance up to $100,000
Biometric login & fraud monitoring	Next-gen security including 24/7 monitoring, real-time alerts, and instant card freeze

Account Fees

Monthly Fee

eStatement

Included

Transactions

Unlimited free

Interac e-Transfers

Unlimited free

ATM Fees

Own Network

Canadian ATMs

USA

International

International & Currency

Foreign Currency Conversion

2.5%

Best for: No fees and earning points on debit transactions

Scotiabank Preferred Package Chequing for Student and Youths

4.8 Our rating

GET OFFER

on Scotiabank's website

Exclusive · From FinlyWealth$50 rebate

+ Earn up to $200

Welcome Bonus

Earn up to $200

Monthly Fee

Account Type

Chequing • Student

Welcome Bonus Details

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.

Offer Validity: July 2 and November 1, 2026

Highlights

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

eStatement

Included

Transactions

Unlimited free

Interac e-Transfers

Unlimited free

ATM Fees

Own Network

Canadian ATMs

USA

International

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.

Scotiabank StartRight® Program

4.5 Our rating

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

Welcome Bonus Details

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

Highlights

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 & Cons

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

Unlimited free

Interac e-Transfers

Unlimited free

ATM Fees

Own Network

Canadian ATMs

$1.5

USA

International

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: High interest savings

Neo Savings Account

4.6 Our rating

GET OFFER

on Neo Financial's website

Exclusive · From FinlyWealth$50$75 rebate

Limited offer · ends

Welcome Bonus

N/A

Regular Interest

Up to 2.75%

Monthly Fee

Highlights

Earn up to 2.75% interest¹

Get up to 2.75% interest, determined by your balance¹
No promotional or limited-time offers — rates increase as your balance grows
Earn up to $508 more each year than at traditional banks
Personalize up to 10 accounts with custom names, icons, and amounts for each goal. Whether it’s a vacation or an emergency fund, you’ll accomplish them sooner.
Manage your money instantly between multiple accounts on the Neo app. Connect an external bank account and make money transfers between institutions a snap.

¹Interest Rates (based on balance):

Balance	Interest Rate
$0 - $4,999.99	2.00%
$5,000 - $19,999.99	2.50%
$20,000+	2.75%

Best for: High interest savings at Big 5 bank

Scotia High Interest Savings Account (HISA)

4.4 Our rating

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

Welcome Bonus Details

You can earn up to 5.00%^* for the first 3 months if you are not a current Scotia HISA or Momentum^PLUS 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

Highlights

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

Neo World Elite® Mastercard – Gas & Grocery

4.6

Finly Rating

APPLY NOW

on Neo Financial's website

Exclusive · From FinlyWealth$100 rebate

Finly Special Offer

Welcome Bonus

$0 First-Year Annual Fee and $100 Welcome Bonus

Rewards Rate

1% - 5%

Cash Back

Annual Fee

$149 $0

Interest Rates

19.99% - 26.99%□ / 22.99% - 28.99%

RECOMMENDED CREDIT SCORE

300

Poor

560

Fair

660⁎

Good

725⁎

Very Good

760⁎

Excellent

⁎Estimates based on Equifax scoring

Get your free credit score

Our Rating

4.6/5

This card offers some of the highest cash back rates in Canada for gas, groceries, and recurring purchases, which is pretty hard to beat. While the cash back rates are very high, you need to mind the spend caps set for each category to see if your earning potential is really that high compared to most other credit cards. However, if you're the average person whose spending is generally below $12k per year in groceries, $6k per year in recurring bills and $12k per year in gas, then you'll be doing pretty well, especially with the great insurance and benefit offers.

Awards & Recognition

Best Cash Back Credit Card

2026

Pros & Cons

Pros

High cashback rates
Premium insurance coverage
Airport lounge membership
Boosted partner cashback
Instant approval and access

Cons

High income requirements
Spending caps
Annual fee

Card Details

Rewards

5% cash back on grocery purchases up to $1,000 spending per month
4% cash back on recurring purchases up to $500 spending per month
3% cash back on gas purchases up to $1,000 spending per month
1% cash back on all other purchases with no spending caps
Up to 15% cash back at over 10,000 Neo Partners

Insurance

Coverage

Travel Medical Insurance (64 & under)
Up to $1,000,000
Trip Cancellation
$1,000
Trip Interruption
$1,000
Flight Delay
$500
Baggage Delay
$1,000
Hotel Burglary Insurance
$1,000
Car Rental Accident
$100,000 for cardholder, up to $10,000 per Spouse or Dependent Child
Car Rental Damage & Theft
Yes
Car Rental Personal Effects
$1,000
Purchase Protection
90 days
Extended Warranty
1 year
Lost or Stolen Baggage
$1,000

Benefits

Details

Airport Lounge - Dragon Pass
Pass only - pay $32 USD per visit
No Foreign Transaction Fees¹
You can get all FX fees rebated up to $10K spending per month with a Neo Grow membership ($12.99/month cost or $0 with $20K across your Neo accounts)

Eligibility

Credit Score
Good
Annual Income
$80,000 personal or $150,000 household

Scotiabank Gold American Express® Card

Scotiabank Gold American Express® Card

4.9

Finly Rating

APPLY NOW

on Scotiabank's website

Exclusive · From FinlyWealth$150 rebate

Welcome Bonus

Earn up to $950 in welcome offers, first year rewards and savings value, and up to 50,000 bonus Scene+ points.

Rewards Rate

1x - 6x

Points

Annual Fee

$120

Interest Rates

21.99% / 22.99%

RECOMMENDED CREDIT SCORE

300

Poor

560

Fair

660⁎

Good

725⁎

Very Good

760⁎

Excellent

⁎Estimates based on Equifax scoring

Get your free credit score

Our Rating

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 & Cons

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

Card Details

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 days
Travel 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 hours
Flight Delay
$500/person
Common Carrier Travel Accident Insurance
$500K/person, $1M/occurrence
Car Rental Damage & Theft
$65K up to 48 days
Hotel Burglary Insurance
$1,000/occurrence
Mobile Device Insurance
$1,000
Purchase Protection
90 days
Extended Warranty
Up to 1 year

Benefits

Details

No Foreign Transaction Fees
Avoid the 2.5% foreign transaction fees incurred when spending in non $CAD
Gas Discount²
Get up to 12¢/L in value on fuel purchases at Shell stations
American Express® Experiences
Concierge Services
Discount
Discount on PriorityPass Membership

Eligibility

Credit Score
Good
Annual Income
$12,000 personal or $12,000 household

Neo Financial vs Bank of Nova Scotia (Scotiabank)

Neo Financial

Bank of Nova Scotia (Scotiabank)

Top chequing accounts

Top savings account

Top credit card

Compare Neo with other banks

Compare Scotiabank with other banks

StartRight Program2 benefits

Chequing account welcome offer

Credit card welcome bonus

Total Value Combined

How to Qualify for StartRight®

Qualifications

Required Documentation

Permanent Resident

Foreign Worker

International Student

StartRight Program² benefits

How to Qualify for StartRight^®