Scotiabank · 3-Year FixedScotiabank 3-year fixed mortgage, compared.
Scotiabank isn’t posting a broker-channel 3-year fixed on our rate board today — the best 3-year fixed across our network is 3.99%. We get Scotiabank’s broker pricing — typically 15-30 bps below posted — and compare it across 100+ lenders.
How does Scotiabank’s 3-year fixed compare?
Scotiabank isn't currently posting a broker-channel 3-year fixed on our rate board, so the rate above is the best 3-year fixed across our 100+ lenders — not Scotiabank's own. For this term we shop your file across the full shelf, Scotiabank included, and bring back the sharpest fit.
The trade-off, and what drives the rate
The trade-off. You give up two years of locked certainty to keep the option of renewing into a lower rate sooner.
What drives the rate. The 3-year fixed follows the 3-year Government of Canada bond. When markets price in rate cuts, the 3-year often sits below the 5-year fixed, letting you lock a payment now and re-shop sooner, closer to the bottom of the cycle.
What would my payment be with Scotiabank?
About $2,943/month. On a $700,000 home with 20% down, the mortgage is $560,000. That’s at the network’s best 3-year fixed rate of 3.99% over a 25-year amortization. At Scotiabank’s consumer rate (~15-30 bps higher) the same mortgage costs $50-100 more a month. Model your numbers in the Scotiabank calculator.
| Term | Best rate | Est. monthly payment* |
|---|---|---|
| 5-Year Fixed | — | — |
| 5-Year Variable | — | — |
| 3-Year Fixed | — | — |
| 3-Year Variable | — | — |
| 2-Year FixedLowest | 3.99% | $2,943/mo |
| 1-Year Fixed | — | — |
| 4-Year Fixed | — | — |
| 7-Year Fixed | — | — |
| 10-Year Fixed | — | — |
What a 3-year fixed with Scotiabank means in practice
Start with prepayment, because it is where Scotiabank differs from most of the Big-6: our privilege table records a 15/15 privilege — a 15% annual lump sum and a 15% payment increase, and it applies on both STEP and standard products. On $560,000 that is $84,000 of lump sums a year, but the payment increase is capped at 15% rather than the double-up several other big banks allow — a difference that matters most to borrowers planning to pay a 3-year fixed down aggressively.
More on Scotiabank's 3-year fixed: penalties, privileges and programs
The structural question is whether your 3-year fixed sits inside the Scotia Total Equity Plan (STEP). STEP is a readvanceable, collateral-charged plan built for equity strategies — investors and Smith-manoeuvre borrowers use it well — but a collateral charge affects switching at maturity, since it has to be discharged rather than transferred to a new lender. Over a longer term that matters less day to day, but it resurfaces the moment you want to re-shop.
If you break, Scotiabank applies posted-rate IRD on fixed terms, measured against a posted rate we model at around 6.84%. A 3-year term shortens the window, so by the back half of the term the three-months'-interest floor is often the figure Scotiabank actually charges.
Scotiabank's strongest ground is newcomers — Scotia StartRight is among the most flexible major-bank programs for permanent residents and work-permit holders, with international credit accepted — along with investment-property mortgages. Its eHOME digital application is well built if you prefer to apply online.
Against the other Big-6. On a 3-year fixed, all six big banks use posted-rate IRD, so the method won't separate Scotiabank; its representative posted rate (6.84%) is the same figure we model for RBC and CIBC. On prepayment Scotiabank sits mid-pack at 15/15 — the others: TD and National Bank (15% lump sum plus double-up), RBC and CIBC (10% lump sum plus double-up), BMO (20/20).
How does Scotiabank price the broker channel?
Industry leader on newcomer mortgages via Scotia StartRight — among the most flexible major banks for permanent residents and work-permit holders. Strong investment-property lender with the Scotia STEP readvanceable program.
Scotiabank's rate sheets and strengths
Scotiabank runs a consumer 3-year fixed sheet and a wholesale broker-channel sheet, usually 15-30 bps lower — on a $700,000 mortgage, 20 bps is roughly $1,400 a year.
- Scotia StartRight newcomer program
- Investment property mortgages
- Scotia STEP readvanceable
- International credit acceptance
Why get Scotiabank’s 3-year fixed through a broker?
Because the rate Scotiabank quotes you directly is rarely its best 3-year fixed. We can help you save money.
Access the broker channel
Scotiabank's broker-channel 3-year fixed rate is typically 15-30 bps below the rate you would be quoted directly — and you can only reach it through a licensed brokerage like ours.
Switch or renew without overpaying
At maturity we benchmark Scotiabank's renewal/switch offer against the whole market so you never auto-renew high.
Bring us a written offer from a big bank. We’ll try to beat it. If we can’t, we pay you $500. Conditions apply. See the conditions
Whatever your situation with Scotiabank
We submit to Scotiabank’s broker desk and 100+ other lenders on one application — whichever prices your file lowest wins.
First-time buyers
5% down with FHSA + RRSP HBP optimization — Scotiabank or whichever lender prices you lowest.
Refinancing
Tap your home equity for renovations, debt consolidation or investing.
Renewing
Don't auto-renew with Scotiabank — but check whether it's collateral-charged before switching, since that decides the cost of moving.
Self-employed
Business-for-self files priced right across A-lender, alt-A and private.
Bruised credit
B-lender and private paths now, with a mapped exit back to A-pricing.
Breaking a Scotiabank mortgage
Estimate the Scotiabank posted-rate IRD penalty before you switch.
Scotiabank 3-year fixed rate — FAQ
What is Scotiabank's 3-year fixed mortgage rate today?
The best 3-year fixed across our 100+ lender network is approximately 3.99% as of Oct 24, 2026. As an FSRA-licensed brokerage we quote Scotiabank's broker-channel sheet, typically 15-30 bps below its consumer rate. Your exact rate depends on your file.
Is a Scotiabank 3-year fixed registered as a collateral charge?
It depends on the product. Scotia's STEP (Scotia Total Equity Plan) readvanceable is collateral-charged, which affects switching at maturity; ask whether your 3-year fixed is set up inside STEP before you sign, because that decides what re-shopping it later involves.
What prepayment privileges come with a Scotiabank 3-year fixed?
For Scotiabank, our privilege table records a 15/15 privilege — a 15% annual lump sum and a 15% payment increase. On a $560,000 mortgage that allows up to $84,000 a year in lump sums. Prepaying within the allowance also lowers the balance a later break penalty is calculated on. The exact privilege is set in your commitment letter.
How does breaking a Scotiabank 3-year fixed work?
Like all fixed terms it uses the greater of three months' interest or IRD, but because the term is shorter the IRD window shrinks faster, so the penalty tends to be smaller than a 5-year fixed's by the back half of the term. Scotiabank applies a posted-rate IRD on closed fixed terms; mortgages registered under its STEP readvanceable plan are collateral charges, which affects switching at maturity. Estimate it with the Scotiabank penalty calculator; Scotiabank's written payout statement is the binding number.
Can I get a lower 3-year fixed rate than Scotiabank's?
Sometimes. Another of our 100+ lenders may price your specific 3-year fixed better — we put Scotiabank and the rest of the network on one application, then you choose.
Get Scotiabank’s best 3-year fixed — and 100+ others.
One application, no credit pull to begin. We submit to Scotiabank and shop the whole network for your file.