The average bank has a dividend yield of around 2.5%, using the SPDR S Bank ETF (NYSEMKT: KBE) as an industry proxy. What if you could own a bank with a yield of 6.1%? What if it was conservatively run, had a strong core business, and was a reliable dividend payer? You would probably jump at the chance to own a high-yield bank like that. No problem -- you can buy Bank of Nova Scotia (NYSE: BNS). Here's why now is a great time to take the leap.

Bank of Nova Scotia, more commonly known as Scotiabank, has lagged relative to other banks. A big part of the reason for this is that it went in a different strategic direction from its Canadian bank peers. Most of the major Canadian banks chose to expand southward into the U.S. market. Scotiabank skipped over the U.S. and started to build a business in Central and South America.

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Source Fool.com