If you’re looking to buy a house and would like to have some predictability in what your mortgage payments will be every month, then a fixed rate mortgage is probably for you. Scotiabank offers 7 closed fixed rate mortgages and a 6-month convertible mortgage. In short, you have some options with Scotiabank, although these aren’t that unusual and are available through other lenders as well.
Scotiabank offers competitive interest rates for their mortgages, but nothing that puts them ahead of the rest. All in all Scotiabank’s fixed rate mortgage offerings are pretty average.
Scotiabank closed fixed rate mortgage features
Let’s see what Scotiabank fixed rate mortgages have to offer.
Why You Want It
Choose from multiple term available + Get flexible payment options.
Provinces
ALL
Mortgage Rates
Fixed Closed
1 Year
6.09%
2 Years
5.39%
3 Year
6.05%
5 Years
6.09%
10 Years
6.8%
Features
Rate Type
Fixed Closed
Pre-approval
Rate Guarantee (days)
120
Bank Prime Rate
4.45%
# Of Prepayments Allowed Per Year
1
% Of Prepayment Allowed
15%
# Of Payment Increases Allowed Per Year
1
Max Payment Increase Allowed
15%
Promotion Available
N/A
Promotion End Date
N/A
* Please note that mortgage rates change often and these numbers are included for demonstration only. Refer to the websites themselves for the most up-to-date information.
Scotiabank closed fixed rate mortgage product rating: 4.7 stars
Scotiabank offers a solid range of term lengths for their fixed rate mortgages, giving you a bit of flexibility. Unfortunately, that’s just about it in terms of features…there’s no special rates available and no other real incentives to open a Scotiabank mortgage.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of Scotiabank closed fixed rate mortgages
While there’s not a whole lot to get excited about here, there are a few things Scotiabank fixed rate mortgages have going for them.
Pros
Range of terms
Scotiabank offers 7 closed fixed rate mortgage options with an amortization of under 25 years. Of course, the longer the term, the higher the interest rate is going to be (the bank has to hedge their bets a little, after all), but the rates are similar to what other banks are offering. You can choose a mortgage term ranging from 1 to 5 years, 7 years, or 10 years.
Competitive interest rates
As you can see in the comparison table below, Scotiabank’s fixed mortgage rates are similar to those of other big banks. There’s a little variation between them, but it’s just a hairsbreadth for the most part. Tangerine, however, one of the newer online-only banks, has some more competitive rates that might be worth taking a look at, if you’re comfortable working with a less established lender.
Optional mortgage protection insurance
Most lenders offer this, but Scotiabank is very upfront about what the optional mortgage protection insurance will cost. Other banks tell you that it’s available, but are cagey about giving you any quotes, preferring that you call them instead. It’s nice to see a bank be a bit more transparent about these sorts of things.
Good mortgage calculator
The Scotiabank mortgage calculator is really very good, giving you a clear view of how much various mortgages and terms would cost over time. They even have a built in mortgage comparison feature, and you can even include mortgage protection insurance when crunching the numbers.
The cons of Scotiabank closed fixed rate mortgages
As we mentioned, however, Scotiabank mortgages aren’t all that much to get excited about.
Cons
No special mortgage rates
Other banks have special rates posted from day to day, that can save you a bundle over the lifetime of your mortgage.
No real promotions or other incentives
The only promotion we could find related to Scotiabank mortgages is their offer to give you up to $1,200 cash back to cover any fees incurred if you transfer your mortgage from another lender. This isn’t really much of an incentive, and certainly doesn’t give you any reason to open a new mortgage at Scotiabank.
Your mortgage calculator
Want to know what your monthly mortgage payments would be at one of Scotiabank’s fixed mortgage rates?
Key in your numbers below for a quick calculation:
Mortgage Information
Scotiabank closed fixed rate mortgage alternatives
So, how does Scotiabank stack up compared to some big bank and new bank alternatives?
 |  |  |  | |
|---|---|---|---|---|
| Account | Scotiabank Closed Fixed Rate Mortgage | nesto | Meridian Closed Fixed Mortgage | BMO Open Variable Mortgage |
| Genius Rating | ||||
| Why You Want It | Choose from multiple term available + Get flexible payment options. |  $350 GeniusCash + Get the lowest rate guaranteed + 150 day rate lock
| Get up to 5% cash back + Competitive rates and excellent customer service. | Convert to fixed mortgage at any time + Flexible prepayment options. |
| Mortgage Rates | Fixed Closed
| Fixed Closed
| Fixed Closed
| Variable Open
|
| Rate Type | Fixed Closed | Fixed Closed | Fixed Closed | Variable Open |
| Pre-approval | | | | |
| Rate Guarantee (days) | 120 | 150 | 120 | 130 |
| Bank Prime Rate | 4.45% | 4.45% | 4.45% | 4.45% |
| # Of Prepayments Allowed Per Year | 1 | See Issuer for Details | Unlimited | See Issuer for Details |
Show More | ||||
| See rates & details See more Scotiabank products Compare | I Want This Deal See more nesto products Compare | See rates & details See more Meridian Credit Union products Compare | Learn More See more BMO products Compare |
* Please note that mortgage rates change often and these numbers are included for demonstration only. Refer to the websites themselves for the most up-to-date information.
FAQ
What closed fixed rate mortgage terms does Scotiabank offer?
Scotiabank offers closed fixed rate mortgages between 1 to 10 years. This is similar to what most lenders offer.
Are there any benefits to getting a Scotiabank mortgage?
Other lenders offer better interest rates, more features and benefits, and other incentives to open a mortgage with them. Scotiabank’s offerings are pretty middling, all told, and probably aren’t the best choice for most people.
Are Scotiabank’s fixed mortgage rates competitive?
Scotiabank’s mortgage rates are roughly industry average for the big banks, but they don’t offer any special rates that we could find. Other banks have special rates posted daily that can save you a bundle over the lifetime of your mortgage.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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