The best all-in-one bank in Canada: Scotiabank
We looked for the bank that offers a comprehensive range of services to meet the diverse needs of its customers. Like other big banks, Scotiabank offers a wide array of financial products and services under one roof. It stands out by giving customers greater flexibility with bundling options and access to higher interest rates for those who combine services.
What Scotiabank offers
Why it’s the best all-in-one bank
All Canada’s big six banks offer customers stability, a broad portfolio of financial products, and the convenience of thousands of physical bank branches and ATMs. That said, Scotiabank offers rare banking flexibility, and it’s why we’ve picked it as the best all-in-one bank for Canadians. (All-in-one meaning, if you prefer a one-stop shop, it has your financial needs covered.)
In terms of everyday banking options, Scotiabank has five different types of accounts, each with perks and benefits designed for Canadians at any stage of life. Those 18 years and under and students enrolled in a post-secondary institution can apply for a no-fee account. For adults, Scotia offers four options that balance banking needs and benefits, from the minimal Scotiabank Basic Banking Account* with its fee of $3.95 per month, right up to the perk-laden Scotiabank Ultimate Package Account* that earns you rewards and credit card rebates, among other benefits, for $30.95 monthly in fees.
Individually, these accounts are on par with other Big Five offerings, but Scotiabank will reduce or waive fees entirely with bundled services. The Ultimate Package, for example, includes everyday banking with unlimited transactions, the ability to earn Scene+ points, a boosted savings interest rate, an annual fee waiver for select credit cards, free trades on Scotia iTrade, and a welcome bonus of up to $400 cash. That’s a lot of banking perks, but it gets even better. Those who maintain a minimum of $5,000 in chequing or $30,000 combined with the Momentum Plus Savings account don’t have to pay the monthly fee.
Scotiabank carries 16 credit cards, including some of the highest-earning rewards cards in Canada. As with its bank accounts, Scotiabank has credit cards tailored to a variety of Canadians, from travellers to cash-back reward collectors. Notably, Scotiabank is the only big bank to offer cards with no foreign transaction fees.
In addition to everyday banking accounts and credit cards, Scotia provides mortgages, loans and lines of credit. It also has its own investing platform, Scotia iTrade, and offers investment accounts including RRSPs and TFSAs.
One of the main benefits of banking with a big-six bank is that you can keep all of your financial products with one, trusted institution. With this in mind, Scotiabank offers the widest variety with the best perks and benefits, and has options to help you save on fees.
