Bank of Nova Scotia (Scotiabank) vs Wealthsimple
A side-by-side comparison of ratings, customer experience, products, fees, and pros & cons to help you choose the right bank.
VS
Wealthsimple edges ahead on our overall rating (4.3 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.
Launching in 2014, Wealthsimple’s goal was “to use technology to give powerful financial tools to many.” Since then, the company has grown to have $124.8 billion in assets under administration and 3.4 million customers as of the end of Q1 2026.
While Wealthsimple began as a digital investment platform, it quickly expanded into banking, offering no-fee chequing accounts that pay interest on every dollar. It is uncommon to find a Canadian chequing account that pays interest, which is part of the reason why FinlyWealth rated the account highly at 4.8 out of 5. Though the institution does not have its own ATMs or branches, you can still deposit cash for your Wealthsimple account at Canada Post and receive reimbursement of any amount covering unlimited ATM fees worldwide. Banking and credit card customers also have access to the company’s spend insights tool, which tracks transactions and category spending.
Wealthsimple’s rewards support its strong rating. It has a competitive credit card offering with 2% in cashback rewards with a simple structure of flat earn rates across all categories. This differs from many institutions, which instead offer cashback on certain categories of spending only. While its credit cards are well-ranked, though few in number, its options for borrowing are limited. The institution has lines of credit, which you can take out against your portfolio, and they also provide mortgages through outside brokers.
Beyond traditional banking, Wealthsimple’s claim to fame is its investing platform, where it offers both managed portfolios and self-directed investments. The firm differentiates itself from the biggest banks in Canada by charging no commissions on DIY trading. Even its options platform has $0 commission on trades.
Today, the institution remains on the cutting edge, having become “Canada’s first regulated crypto platform” and making a recent announcement about soon providing access to the prediction markets through a mobile app called Wealthsimple Predict. Both of these initiatives are unique offerings for a financial institution in Canada.
Overall rating
4.1
4.3
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 who want a digital-first financial platform that combines no-monthly-fee banking with $0 commission stock and ETF trading.
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
Chequing account earns interest on every dollar
Strong digital investing platform
No minimum balance requirements (interest rates instead increase for those with a higher relationship balance)
Offers both self-directed trading and managed portfolios
$0 commission on stocks and ETF trades, making it more affordable than traditional banks
Cash deposits available through Canada Post
Unlimited reimbursements on ATM fees worldwide which improves access for banking customers
No foreign transaction fee on its credit card
Continuous innovation and rollout of new services
Ability to buy, sell and earn cryptocurrencies on its platform
Cashback earnings can go to any eligible Wealthsimple account
Cons
Overdraft protection is only available if you link it to your portfolio and is unavailable for joint chequing and USD accounts
No dedicated ATMs
Mortgages available through partners only, not in-house
No broad insurance offering, unlike some full-service institutions
No branches available for in-person service
Trend of customer service complaints
Customer criticism regarding locked or frozen accounts
Reports of intermittent outages
Top chequing accounts
Best for: No fees and earning points on debit transactions
on Scotiabank's website
+ Earn up to $175(1), plus up to $400 in value* with the Scene+TM Student Banking Bundle
Welcome Bonus
Earn up to $175(1), plus up to $400 in value* with the Scene+TM Student Banking Bundle
Monthly Fee
$0
Account Type
Chequing • Student
- Earn up to $175 welcome bonus when you open a new Preferred Package for Students and Youth1
- Student Bundle Offer: Earn up to $400 in value* with the Scene+TM Student Banking Bundle
- Value of up to $400 in welcome bonuses and point value with the Scene+™ Student Banking Bundle includes $175 cash, and up to 22,500 in Scene+ points (valued at up to $225)*
- Offer validity: November 2, 2026 - February 28, 2027
- No monthly account fee*
- New clients earn more Scene+™️points and rewards with the StudentBanking Bundle
- Ongoing $40 annual fee rebate on select credit cards (with $15,000 minimum annual spend)
- Unlimited debit and Interac e-transfer transactions
- 1 free ATM withdrawal in Canada a month
- Earn points on everyday purchases with the Scene+™ program
- Free trades on all eligible commissionable trades with Scotia iTRADE®
- No monthly account fee on aScotia® U.S. Dollar Daily Interest Account
- Shell benefits
- Rates, fees and other information are effective as of July 2, 2026. Subject to change.
Eligibility: 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.
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 and 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 and currency
Foreign currency conversion
2.5%
Other fees
NSF (non-sufficient funds)
$10
Overdraft interest
21% annually (if used)
Bank draft
$9.5
4.6 Our rating
on Wealthsimple's website
Welcome Bonus
$25 bonus when you sign up and fund at least $1*
Regular Interest
Up to 2.25%
Monthly Fee
$0
Account Type
Chequing • Personal
New to Wealthsimple? We'll give you a $25 cash bonus when you open your first Wealthsimple account through this page and fund at least $1 within 30 days*
CHEQUING & SAVINGS:
For everyday spending and saving
Some accounts are good for parking and growing your money, while others are good for avoiding fees and restrictions. Wealthsimple chequing accounts are great for all of those things.
- Interest rates starting at 1.25% (up to 2.25%)2
- No minimums, monthly fees, or overdraft penalties
- No ATM fees or Foreign Transaction (FX) fees4,5
- Access to 60,000 ATMs across the country
- Third-party ATM fee reimbursements without limits4
- Unlimited free Interac e-Transfers®, bill payments, and debit transaction
- 0.5% interest boost (up to 2.25% total) when you set up eligible direct deposits6
- Up to $1 million in CDIC deposit insurance coverage on eligible CAD deposits7
- Up to eight individual and eight joint accounts to help organize your money for different goals like vacations, emergency fund, etc.
Account fees
Monthly fee
$0
eStatement
Included
Transactions
Transactions
Unlimited free
Interac e-Transfers
Unlimited free
ATM fees
Own network
$0
Canadian ATMs
$0
USA
$0
International
$0
International and currency
Foreign currency conversion
0%
Other fees
NSF (non-sufficient funds)
$0
Overdraft interest
0% annually (if used)
Bank draft
$10
Top savings account
Best for: High interest savings at Big 5 bank
on Scotiabank's website
+ Earn up to 5.00%* for the first 3 months when you open your first Scotia High Interest Savings Account
Welcome Bonus
Earn up to 5.00%* for the first 3 months when you open your first Scotia High Interest Savings Account
Regular Interest
Up to 2.45%
Monthly Fee
$0
Earn up to 5.00%* for the first 3 months when you open your first Scotia High Interest Savings Account.
Regular interest rate
Up to 2.45%
$10,000 minimum Total Relationship Balance1 required to earn interest3
Promo interest rate
Earn an extra 2.55%
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
4.6 Our rating
on Wealthsimple's website
Welcome Bonus
$25 bonus when you sign up and fund at least $1*
Regular Interest
Up to 2.25%
Monthly Fee
$0
New to Wealthsimple? We'll give you a $25 cash bonus when you open your first Wealthsimple account through this page and fund at least $1 within 30 days*
CHEQUING & SAVINGS:
For everyday spending and saving
Some accounts are good for parking and growing your money, while others are good for avoiding fees and restrictions. Wealthsimple chequing accounts are great for all of those things.
- Interest rates starting at 1.25% (up to 2.25%)2
- No minimums, monthly fees, or overdraft penalties
- No ATM fees or Foreign Transaction (FX) fees4,5
- Access to 60,000 ATMs across the country
- Third-party ATM fee reimbursements without limits4
- Unlimited free Interac e-Transfers®, bill payments, and debit transaction
- 0.5% interest boost (up to 2.25% total) when you set up eligible direct deposits6
- Up to $1 million in CDIC deposit insurance coverage on eligible CAD deposits7
- Up to eight individual and eight joint accounts to help organize your money for different goals like vacations, emergency fund, etc.
Top credit card
on Scotiabank's website
Welcome Bonus
Earn up to $1,100 in welcome offers, first year rewards and savings value, including up to 65,000 bonus Scene+ points.1
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.
Pros
- No foreign transaction fees
- Well-rounded rewards
- Shell Fuel Savings
- Comprehensive insurance
- Flexible redemptions
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+)
$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
$1,000
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)
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
on Wealthsimple's website
Welcome Bonus
Get 5% cash back for the first 35 days¹
Annual Fee
See Rates
Interest Rates
20.99%* / 22.99%*
RECOMMENDED CREDIT SCORE
4.4/5
The Wealthsimple Cash Back Visa Infinite Privilege offers a no-FX-fee spending solution with a conditional no-fee setup that earns 2% cash back on all purchases without any limits! It's currently the ONLY Visa Infinite Privilege card with an annual fee that can be completely waived. It also lets you grow your rewards—as you can deposit your cashback whenever you want in a high-interest chequing account. Its simplicity and flexibility make it ideal for many Canadians.
Pros
- Decent cashback
- Annual fee waiver
- No foreign transaction fees
- Solid insurance
- Airport lounge access
Cons
- High annual fee
- High income requirements
Rewards
- 2% cash back on all eligible purchases, no limits.
Insurance
Coverage
Mobile Device Insurance
$1,000Purchase Protection
90 daysExtended Warranty
1 yearTravel Medical Insurance (64 & under)*
21 days up to $2M (under age 65)Trip Cancellation*
$1,500/person ($5,000 per trip)Trip Interruption*
$1,500/person ($5,000 per trip)Baggage Delay*
$1,000 ($1,250 combined with Lost or Stolen Baggage coverage)*Lost or Stolen Baggage*
$1,000 ($1,250 combined with Baggage Delay coverage)Flight Delay*
$1,000/person ($2,500 per occurrence)Car Rental Damage & Theft*
31 days, $100K car MSRP
Benefits
Details
No Foreign Transaction Fees*
Avoid FX fees when you travel abroad
Visa Infinite Exclusive Benefits*
Airport Lounge - Dragon Pass*
6 complimentary visits
Eligibility
Credit Score
GoodAnnual Income
$150,000 personal or $200,000 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 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