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Bank of Nova Scotia (Scotiabank) vs Tangerine Bank
A side-by-side comparison of ratings, customer experience, products, fees, and pros & cons to help you choose the right bank.
VS
Tangerine Bank edges ahead on our overall rating (4.2 vs 4.1), but the right pick depends on which products and fees matter most to you.
Overview
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.
Tangerine Bank, or Tangerine as it’s known, is a subsidiary of Scotiabank, formerly part of ING Direct. Operating with its own coverage from the Canadian Deposit Insurance Corporation (CDIC), Tangerine has a sound reputation. Forbes even ranked the institution as number one in Canada on its list of the World’s Best Banks 2026 for two consecutive years.
The institution has a strong lineup for a digital bank, offering no-fee chequing and savings accounts as well as highly rated credit cards. Tangerine also provides lending services to its customers with mortgages, HELOCs, and lines of credit, and even has business banking, though it’s not a complete offering.
Unlike the major Canadian banks, many of its premium services come from partners or the Scotiabank network, rather than Tangerine itself. For example, the bank has insurance through its partner Sonnet Insurance and free ABM access through Scotiabank and its Global ATM Alliance. Tangerine does, however, have an in-house offering of mortgages and lending services.
Overall rating
4.1
4.2
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.
Tangerine is best suited for Canadians who want low-cost digital banking and competitive cashback rewards.
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
No fee chequing account with unlimited transactions
Minimum balance not required for savings or chequing accounts
Competitive no-annual-fee credit cards
Attractive promotional rates for eligible customers
Backed by Scotiabank, making it more reliable than standalone digital banks
Free access to over 3,500 Scotiabank ABMs in Canada and 44,000 international machines through Scotiabank’s Global ATM Alliance
Cons
No traditional branch network or in-person service
Ongoing savings rates are relatively lower than competing products from other digital banks
Narrow product lineup compared to the major banks
Mixed customer service reviews
Limited premium rewards
Top chequing accounts
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
Best for: No fee everyday banking
GET OFFER
on Tangerine's website
Exclusive · From FinlyWealth$50 rebate
+ Move your pay to earn $250(1)
Welcome Bonus
Move your pay to earn $250(1)
Regular Interest
Up to 0.1%
Monthly Fee
$0
Account Type
Chequing • Personal
Move your pay to earn $2501
- Become a client: sign up in minutes on your phone and get ready to have simple banking at your fingertips.
- Open your Chequing Account: It’s the original no monthly fee digital bank Account, designed to uncomplicate your life.
- Switch your payroll deposits to earn $2501: Move your paycheques to your Tangerine Chequing Account for 2 consecutive months, and we’ll give you $250.
Offer validity: May 1, 2024 - October 31, 2026
No monthly Account fees with no minimum balance
You don’t have to keep a bunch of money in the Account just to avoid a fee. No monthly fee means no monthly fee at all.
Free Interac e-transfer® transactions
Send money securely within Canada, directly from your Account. And when you register for Autodeposit, any money sent to you via Interac e-Transfer is deposited into your Account automatically.
Shop with confidence
With Interac & Visa Debit Zero Liability protection, you’re protected from unauthorized purchases.
Unlimited number of daily transactions
This includes an unlimited number of debit purchases, bill payments, and pre-authorized transactions.
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
$10
Top savings account
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
Tangerine Savings Account
Tangerine Savings Account
3.7 Our rating
GET OFFER
on Tangerine's website
Exclusive · From FinlyWealth$50 rebate
+ 4.50% rate for 5 months
Welcome Bonus
4.50% rate for 5 months
Regular Interest
0.3%
Monthly Fee
$0
Save with Tangerine at a great 4.50% interest rate for 5 months.2
You’ll earn it in your first Tangerine Savings Account and on other Savings Accounts you open during that time period, too – including TFSA and RSP Accounts.
Offer validity: November 13, 2025 - July 31, 2026
Great rate with no minimum balance
Grow your savings with an interest rate of 0.30%† since September 10, 2024. Earn the same great rate on every dollar in your Account.
No unfair^ fees or service charges
We simply don’t believe in unfair fees. So you won’t have to pay to save with us.
Reach your goals faster
A Tangerine Savings Account comes with tools to make it super simple to reach your goals.
Automate your savings
With an Automatic Savings Program, you can save without even thinking about it.
Top credit card
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 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?dpl=dpl_6xm5FaR6yFNog4jKCkmUjH18M9nN)
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.svg?dpl=dpl_6xm5FaR6yFNog4jKCkmUjH18M9nN)
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
APPLY NOW
on Tangerine's website
Welcome Bonus
Get $100 with a Tangerine® Money-Back World Mastercard®* and a limited time promo rate on balance transfers
Annual Fee
$0
Interest Rates
20.95%* / 22.95%*
RECOMMENDED CREDIT SCORE
300Poor
560Fair
660⁎Good
725⁎Very Good
760⁎Excellent
4.6/5
While we think Tangerine World Mastercard isn't the best single credit card to own, it's still a valuable card to have in your arsenal for maximizing your rewards. It offers one of the highest cashback rates for pharmacy and recurring bill payments, areas where your other credit cards might not provide significant rewards. For no annual fees
Pros
- Customizable cashback
- No annual fee
- Unique cashback categories available
- High recurring transactions optimization
- High pharmacy purchase optimization
- Airport lounge membership
Cons
- Income requirements
- Low base earn rate
Rewards
- 2% Money-Back Rewards on your choice of two categories from the 13 offered by Tangerine (Grocery, Restaurants, Gas, Entertainment, Furniture, Hotel-Motel, Drug Store, Reccurring Bill Payments, Home Improvement, Public Transportation and Parking and more). Change them up every 90 days to match spending habits.
- Have your Money-Back Rewards deposited into a Tangerine Savings Account and get a third 2% Money-Back Category.
- 0.5% cashback on all other eligible purchases.
Insurance
Coverage
Purchase Protection
90 daysExtended Warranty
1 yearMobile Device Insurance
$1,000Car Rental Damage & Theft
31 days
Benefits
Details
Airport Lounge - Dragon Pass
Pass only. No Complimentary visits!
Wireless Credit
FlexiRoam 1GB Global Data Roaming Plan and 15% off on purchase of Data Plans.
Mastercard On-Demand and Subscription Services
Access 50+ live-stream sports channels and save $30 on your first three months of Fubo (excludes Quebec)
Eligibility
Credit Score
GoodAnnual Income
$50,000 personal or $80,000 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