Bank of Nova Scotia

Founded in 1832 in Halifax, Nova Scotia, the Bank of Nova Scotia (Scotiabank) in 2008 was considered as Canada’s second largest bank when it comes to measuring assets and a bank’s market capitalization.

If you have signed up for a TFSA with the Bank of Nova Scotia (Scotiabank), feel free to share your reasons for choosing them as well as your experience which will greatly help others in deciding which bank is right for them.

3 responses to “Bank of Nova Scotia”

  1. Scotiabank is a total mess of confusion. The new guy at the Granville@70th branch (Vancouver) told my wife that a TFSA saving account will pay only 1.75% if more than 5k. But if you look at the website it looks like, if you are already a customer, you can transfer all you money with them (savings, GIC, mutual funds, etc) to the new TFSA at the same rate.

    I called the 1-800 scotia number and the girl told me that I was right, that everything can be transfered, then she said wait a minute, everything but the power saving account (rate 2.6% year), then again she said no, wait, my collegue here is telling me that you need to open a new Saving account called TFSA saving account that pays 1.75%….everybody seem to be confused at Scotiabank

  2. Agreed… I work for Scotiabank. It is a mess. The bank provided us little to no direction on the TFSA. There is not a lot of info out there but the bank did a very poor job informing its people hence the confusion for the client.

  3. oh well, scotia is also my bank. and because its a big bank, its always messed up. haha. its really my first bank so i dont wana leave it. at first i am choosing between TDbank vs scotia then it seems for every scotia bank branch = 2 TDbank branch near it so i choosed what i beleive is the underdog. poor choice. turned out scotiabank is a huge bank with pathetic interest rates. very low!!! but very high bank/admin fees. ewww. i will slowly bank to small banks and those credit unions at least they pay more interest rates but less bank/admin fees.

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