Scotiabank alternatives in Canada (2026): 5 options compared

What are the best Scotiabank alternatives in Canada?

The best Scotiabank alternatives in Canada are Tangerine for no-fee everyday banking, EQ Bank for a high everyday savings rate, Neo Financial for savings and cash-back cards in one app, Wealthsimple for banking and investing in one app, and Lodavo for free weekly draw tickets on top of the account you keep. Each of the four accounts pays interest from the first dollar.

The table above has the fees, rates and deposit coverage for all six. The sections below add the conditions behind each number and who each option suits. Several of these sit next to a Scotiabank account rather than replacing it, so they’re worth a look even if you aren’t planning to leave.

Why look for a Scotiabank alternative?

The two things most worth comparing are the monthly chequing fee and the savings rate. At Scotiabank, both depend on how much you keep with the bank. Hold enough and the fee is waived and the rate climbs. Hold less, and an account with the same rate for every balance may suit you better.

How the Scotia savings rate is set

The Scotia High Interest Savings Account, launched in May 2026, sets your rate from your Total Relationship Balance: your Scotiabank chequing, savings, GICs and mutual funds combined. It pays 1.50% from $10,000, 1.75% from $100,000, 2.00% from $250,000 and 2.20% from $500,000 (opens in a new tab) (as of October 2026). Below $10,000 it pays no interest. A new-client promo adds 2.80% on top of your tier for 90 days.

So the account works best for someone who already keeps a good part of their savings and investments at Scotiabank. With a smaller balance, MomentumPLUS (below) is the better Scotiabank fit.

What it takes to waive the chequing fee

Chequing costs $3.95 a month for the Basic Bank Account, $11.95 for Basic Plus, $16.95 for the Preferred Package and $30.95 for the Ultimate Package (opens in a new tab) (as of October 2026). The three packages waive the fee when you keep a daily closing balance of $3,000, $4,000 or $6,000. The Basic account has no waiver. Students and clients under 25 can get the Preferred Package with no monthly fee.

The two thresholds overlap, because your chequing balance counts toward the relationship total. $4,000 kept in a Preferred Package already covers 40% of the $10,000 the savings rate needs, though only the money in the savings account earns the 1.50%. Our roundup of no-fee bank accounts in Canada covers accounts with no balance requirement at all.

Ask about MomentumPLUS before you leave

Under $10,000, Scotiabank’s own lineup has a better fit than its high-interest account. MomentumPLUS pays 0.40% with no monthly fee and no minimum balance (opens in a new tab), plus a premium of 0.05% to 0.30% on money you leave untouched for 90 to 360 days, and a higher welcome rate for a new account’s first three months (as of October 2026). Take money out early and you keep the regular interest but lose the premium.

Its regular rate is lower than the accounts below, but it closes part of the gap without changing banks.

The best Scotiabank alternatives in Canada, at a glance

The five options below differ less on rate than on what they ask of you. Here’s how each one works, where it beats the others, and who should skip it.

Tangerine: no-fee banking in the Scotiabank family

If the monthly fee is what you want to change, start here. Tangerine is Scotiabank’s online bank and a CDIC member in its own right, and its chequing account has no monthly fee, no minimum balance and free access to 3,500+ Scotiabank ABMs (opens in a new tab). Your deposits there are insured separately from your Scotiabank ones, which our guide to Tangerine’s safety explains.

Tangerine’s savings rates work through promotions. New clients currently get 4.50% for five months on non-registered savings and 5.00% on RSP, TFSA and RIF savings (opens in a new tab), and the posted rate after that is 0.30% (as of October 2026). Tangerine has run offers like this regularly. Our Lodavo and Tangerine head-to-head goes deeper on the account.

EQ Bank: best for a high everyday rate

EQ Bank is the digital arm of Equitable Bank, a CDIC member, and its Personal Account has no everyday banking fees. It pays 1.50%, or 3.00% when you set up recurring direct deposits of at least $2,000 a month (opens in a new tab) (as of November 2026). The rate depends only on that account, not on anything else you hold at the bank.

The direct deposit is the condition to plan around. Send your pay to EQ and you earn 3.00%. Leave it where it is and you get 1.50%. EQ has no branches and doesn’t take cash deposits, so it suits someone who already does their banking on a phone.

Neo Financial: best for savings and cash-back cards in one app

Neo’s free Essentials membership pays 2.25% on Neo Savings, with no balance minimum and no direct deposit to set up (opens in a new tab) (as of November 2026). A $2,000 balance earns the same rate as a $20,000 one. Since October 1, 2026, the higher rates come with paid memberships: Build pays 2.75% for $9.99 a month, and Grow pays 3.00% for $14.99 a month.

Neo also offers cash-back cards and a rewards marketplace. It isn’t a bank, and Neo Savings balances are held in trust at CDIC member institutions rather than at Neo itself. There are no branches.

Wealthsimple: best for banking and investing in one app

Wealthsimple puts investing, trading, crypto and a no-fee Chequing account in one app. Chequing pays 1.25% for Core clients, 1.75% for Premium and 2.25% for Generation, plus 0.5% for Core and Premium clients who direct deposit $2,000 within 30 days (opens in a new tab) (as of October 2026). If your Scotiabank relationship includes investments, Wealthsimple can take over the most in one move.

Premium starts at $100,000 in assets and Generation at $500,000, so the higher Chequing rates reward bigger balances, much as Scotiabank’s do. Wealthsimple isn’t a bank. Chequing balances are held in trust with up to 10 CDIC member institutions, for combined coverage up to $1 million, and investments are covered by CIPF instead. It also runs a Monthly Millionaire draw, entered by moving money into Wealthsimple.

Lodavo: a free weekly draw on top of the account you choose

Whatever you decide about fees and rates, saving still takes effort, and that’s what Lodavo is for. It’s Canada’s first prize-linked savings app, it’s free, and it connects to your savings or chequing account through Plaid (opens in a new tab). The more you save, the more free tickets you get in a weekly cash draw with up to $10,000 to win, and at least $100 goes to a user every week.

It works with Scotiabank (here’s how to connect), Tangerine, EQ Bank, Wealthsimple and virtually any other Canadian bank or credit union, so the interest your account pays stays yours and the draw comes on top. Neo is the exception for now: Lodavo can’t connect to Neo yet.

Lodavo pays no interest and won’t change a monthly fee, so pair it with one of the accounts above rather than using it in place of one. And if a prize draw tied to saving sounds like gambling, here’s how the no-purchase and skill-testing rules work.

Before you switch: what Scotiabank does that the others don’t

The alternatives above are built around an app. Scotiabank has branches too, and for some people that’s worth paying for.

A branch, an advisor and cash

EQ Bank, Neo and Wealthsimple have no branches. Depositing cash, getting a certified cheque, opening a small-business account, or sorting out a problem face to face all happen in person at Scotiabank. For plenty of people that’s worth more than the $203 a year a Preferred Package costs without the minimum balance. Tangerine sits in between, with free access to Scotiabank’s ABMs but no branch network of its own.

Check you’re on the right Scotiabank account first

Some fee problems are really account-fit problems. Students and clients under 25 can get the Preferred Package with no monthly fee, the Basic Bank Account costs $3.95 a month if 18 transactions cover you, and MomentumPLUS can sit alongside any of them at no cost. One conversation at the branch might settle it.

Switch in the right order

If you do move, order matters more than speed. Open the new account, redirect your pay, and only then move your pre-authorized payments, like rent, insurance, phone and subscriptions. Keep enough in the Scotiabank account to cover anything still coming out over a full billing cycle, and close it last. Done the other way round, payments can bounce and fees can pile up on the account you were leaving.

How to choose: match the option to your goal

No option wins for everyone. Pick by what you want to change:

You can also use two: an account chosen for the rate, and Lodavo next to it for the weekly draw. Our guide to prize-linked savings in Canada explains how the category works, and our roundup of high-interest savings accounts compares rates side by side.

Terms and conditions apply. No purchase necessary (alternate method of entry available). Skill-testing question required. Open to legal residents of Canada who are the age of majority. Odds depend on the number of eligible entries received. Full rules and odds at our contest rules.