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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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Simplii Financial™ edges ahead on our overall rating (4.4 vs 4.1), but the right pick depends on which products and fees matter most to you.
Overview
All products offered
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.
Simplii Financial is a relatively new brand name in the banking scene, starting in 2017. It is, according to the bank, “a trademark and division of CIBC,” acting as its digital bank. Today, it has nearly 2 million clients and a reputation for quality. In Forbes’ 2026 list of the World’s Best Banks, Simplii Financial ranked number two in Canada, a list it has appeared on for many years.
The bank has a limited offering of products, though boasts some particularly well-ranking ones. For example, FinlyWealth rated the Simplii Financial No Fee Chequing Account at 4.5 out of 5, calling it our top chequing account pick for 2026. We also named its Cash Back Visa Card as the best dining cash back credit card in Canada.
As a digital bank, Simplii Financial does not have branches or its own ATM network, though clients can access their funds or make deposits using CIBC’s ATM network. A number of its more premium services are from its parent, CIBC. In terms of lending, for example, Simplii Financial has lines of credit and loans, though it ended its mortgage program in June 2025. Instead, clients can now access mortgages through CIBC. Its insurance program is also limited, with no standalone life or car insurance options available.
Overall rating
4.1
4.4
Customer experience
2.7
3.5
Best for
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.
Canadians looking for no-fee digital banking with unlimited everyday transactions and access to CIBC ATMs.
Pros & cons
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
Pros
Well-ranking products
No-fee chequing account with unlimited transactions and no minimum balance
No annual fee on its credit card
Access to CIBC ATMs at no extra cost
Backed by CIBC, giving stronger reliability compared to many standalone digital banks
Tiered interest rates on savings accounts benefit those who hold more money with the bank
Offers investing through GICs and mutual funds
Cons
Limited product selection compared to full-service banks
No in-branch service available
Mortgages and insurance products not available in-house, only through its parent, CIBC
Pays relatively low interest rates versus competitors
Rewards program is limited to cash back only
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:
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
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.
Worth up to $580 in value1
Earn up to $7001
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 $2,360
Gather these documents prior to applying:
Pros
Cons
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
Best for: Great signup bonus and no fee everyday banking with access to CIBC ATMs
on Simplii Financial™'s website
+ Earn $350. Conditions apply.*
Welcome Bonus
Earn $350. Conditions apply.*
Regular Interest
Up to 0.01%
Monthly Fee
$0
Account Type
Chequing • Personal
Save over $200/year with free daily banking.
It's simple. With a no-fee chequing account, you get free daily banking. Life’s always busy and you work hard every day for your money – it’s time for your bank account to do the same.
Product Highlights:
Additional Features:
Account Fees
Monthly Fee
$0
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
19% annually (if used)
Bank Draft
$7.5
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.
on Simplii Financial™'s website
+ Earn 4.6% for 5 months
Welcome Bonus
Earn 4.6% for 5 months
Regular Interest
Up to 1%
Monthly Fee
$0
Put your savings in the fast lane with great rates and no monthly fees.
Grow your savings. No matter what you’re saving for, it’s easier with Simplii™.
Product Highlights:
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
Cons
Rewards
Insurance
Coverage
Travel Medical Insurance (64 & under)
Travel Medical Insurance (65 to 75)
Trip Cancellation
Trip Interruption
Lost or Stolen Baggage
Baggage Delay
Flight Delay
Common Carrier Travel Accident Insurance
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Car Rental Damage & Theft
Hotel Burglary Insurance
Mobile Device Insurance
Purchase Protection
Extended Warranty
Benefits
Details
No Foreign Transaction Fees
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Gas Discount2
American Express® Experiences
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Concierge Services
Discount
Eligibility
Credit Score
Annual Income
on Simplii Financial™'s website
Welcome Bonus
20% cashback† up to $500 in spending
Annual Fee
$0
Interest Rates
20.99%* / 22.99%*
RECOMMENDED CREDIT SCORE
4.3/5
If you dine out a lot and don't want to pay an annual fee for your credit card, the Simplii Financial™ Cash Back Visa* Card will undoubtedly be one of your best friends with its 4% cashback. Additionally, the card offers a decent cashback rate (1.5%) for gas, pharmacy, and groceries, making it one of the best no-annual-fee cashback credit cards in Canada. However, there are limits on how much you can earn in these categories. Therefore, you need to be careful not to exceed those limits; otherwise, your cashback rate will drop to 0.5% after those spending limits are reached.
Awards & Recognition
Best Dining Cash Back Credit Card
2026
Pros
Cons
Rewards
Insurance
Coverage
Purchase Protection
Extended Warranty
Eligibility
Credit Score
Annual Income
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
3 products
Credit cards
Simplii Financial™ Cash Back Visa* Card
Cannot buy stocks, only mutual funds
Not available to Quebec residents
