Scotiabank has made a name for itself as a reputable financial institution dedicated to improving every aspect of banking. Here’s a brief overview of its history and reputation.
Scotiabank has an astoundingly long history. Established back in 1832 under the name of The Bank of Nova Scotia*, it’s been serving customers for almost 200 years. Its original headquarters had been located in Halifax, Nova Scotia, but were moved to Toronto, Ontario in 1900.
Currently, Scotiabank has over 1,000 branches and 2,900 banking machines worldwide. But, even if there are no branches in your vicinity, you can still become a client of Scotiabank through its online banking services.
In its years in business, Scotiabank’s received countless awards and recognitions. Bloomberg named it as one of the World’s Strongest Banks in 2013; Global Finance Magazine named it Best Consumer Internet Bank, in 2019 it was named the Canadian Bank of the Year by The Banker Magazine.
All this serves to show that it’s one of the most reputable banks in North America, focused on its community and clientele.
Scotiabank Financial Products
Choosing the right financial products for your needs is a crucial part of maintaining financial stability. Scotiabank has plenty of options in store for you, take a look.
Scotiabank offers an array of personal and commercial financial products, including:
- Chequing accounts
- Savings accounts
- Personal and business credit cards
- Mortgage loans
- Other loans and lines of credit
- Investment and retirement planning services
- Equipment financing
While getting a single financial product or service from Scotiabank could prove to be an excellent choice for certain consumers, the bank is renowned for its product bundles and focus on holistic banking. Its multi-product offers tend to come with significantly lower fees and better terms, while its stand-alone products leave much to be desired.
Scotiabank’s product bundles contain a checking account, a savings account, and a credit card.
With the Preferred Package, you can increase your earnings on the Momentum Plus Savings Account, receive unlimited debit and Interac e-transfer transactions, and certain credit cards can come without annual fees for the first year.
The bank’s famous for its Ultimate Package, however. It features unlimited chequing transactions without fees, an annual fee waiver on some credit cards, a debit card with Scotia Rewards or SCENE points, boosted interest on Momentum Plus, and many more perks.
Scotiabank offers both Visa and Mastercard as well as AmericanExpress, too. They’re all designed for a good or excellent score. You can easily apply for any of their travel and lifestyle cards, cashback rewards, no annual fee, or low interest cards.
Scotiabank reports all credit activity to TransUnion and Equifax, and users can check their credit reports free of charge and with no impact on the credit score.
Scotiabank Application Requirements
Scotiabank offers a wide array of financial products and services, so there isn’t a unified list of requirements for all accounts.
For a regular checking account, you’ll need:
- A primary, valid, government-issued ID with photograph and signature
- A secondary, valid identification (e.g. birth certificate, tax ID card)
- Proof of valid, current address
You need to be at least 18 to apply for a Scotiabank account.
When applying for a credit card with Scotiabank, you’ll need to provide the following:
- Two valid pieces of ID (e.g. passport and a driver’s license)
- Proof of employment
- Two utility bills
- Summary of assets and liabilities
- Self-employment documents (if applicable)
When it comes to the credit rating requirements, they differ from card to card. However, since Scotiabank traditionally caters to good or excellent credit score, you should only apply for its credit cards if your score is above 670.
The application process with Scotiabank is relatively straightforward and can be completed both in-person and online. Make sure to collect all the necessary documentation before you start the process.
Some essential information that you’ll need to provide includes:
- Date of birth
- A valid, current address
- Social security number
- Email and phone number
- Employment information
If you’re applying for a card with Scotiabank, you will need to wait for 5 to 10 business days to receive your approval notice.
What Are Scotiabank Key Advantages?
Whatever type of account you’d like to open with Scotiabank, you’re sure to enjoy some benefits.
As mentioned, bundle packages come with some very useful perks. You can receive higher interest rates on your savings, especially with the Ultimate Package.
Bundle packages come with much better terms and conditions, and much lower fees than usual. Having your checking, savings, and credit account all in Scotiabank will result in affordable fees you won’t find elsewhere.
As you use your Scotiabank cards, you’ll collect Scotia Rewards, which you can turn into SCENE points that can be redeemed. The rewards can be used for traveling, eating out, movies, and more.
What Are Scotiabank Disadvantages?
Naturally, no financial institution is perfect, and Scotiabank has some cons as well.
Stand-alone products aren’t always worth it
Scotiabank’s strongest points are its product bundles. Its stand-alone products don’t come with nearly enough perks to be worth it. If you don’t like a holistic banking approach, you’ll likely find better options elsewhere.
No poor credit credit cards
Scotiabank’s credit cards are aimed toward those with good or excellent credit scores. If you have a poor credit rating, you won’t meet the bank’s requirements, and your credit card application will likely be denied.
High daily balance required for waived fees
If you use Scotiabank’s bundle packages, you can have some of your fees waived. However, the monthly maintenance fee is relatively high, and it will only be waived if you maintain a minimum daily balance of $5,000 on the checking account.
Scotiabank Customer Service & Contacts
- Toll-free number: 1-800-472-6842
- Corporate office address: Scotiabank Head Office, 44 King St West Toronto, ON M5H 1H1
- Hours of Operation: MON-FRI 9:30 AM-5 PM
- Twitter customer support: @ScotiabankHelps 8 AM-11 PM 7 days a week
The Bottom Line
Scotiabank is a reliable financial institution with plenty of products and services to offer. It’s been in business for almost two centuries, making it one of the strongest Canadian banks that you can count on.
However, since each person’s financial situation is unique, it’s of utmost importance to compare and contrast different banks before committing to Scotiabank. While it can have favourable terms and conditions for some, it might not be the best choice for you, depending on your circumstances.
When it comes to finances, you must be well-informed before making a big financial decision, such as opening a line of credit or a savings account.