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- Best Scotiabank Chequing Accounts
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Aaron Broverman
Editor
Updated: Sep 3, 2024, 12:12pm
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Courtney Reilly-Larke
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The Bank of Nova Scotia, more commonly known as Scotiabank, is one of Canada’s Big Six Banks. Scotiabank is big, with over 900 locations in Canada, $1,396 billion in total assets, and $32.35 billion in revenue for the year ended October 2023. It’s no surprise then that Scotiabank is one of the most well-known banks in the country.
Since Scotiabank is one of the most widely available banking options, it’s important that it offers solid chequing accounts. With that in mind, we have parsed out and evaluated Scotiabank chequing accounts based on fees, access, customer experience, required account minimums, and more to find the best one for you.
By the end of the following, you’ll know whether The Ultimate Banking Package is actually “Ultimate,” or if the Preferred Package should be “Preferred” by anyone and what Scotiabank chequing account is closest to your banking priorities.
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- Best Scotiabank Chequing Accounts For 2024
- Scotiabank Basic Plus Bank Account
- Scotiabank Student Banking Advantage Plan
- Scotiabank Getting There Savings Program For Youth
- Scotiabank Basic Bank Account
- Scotiabank Preferred Package
- Scotiabank Ultimate Package
- Summary of Best Scotiabank Chequing Accounts
- Methodology
- Banks We Monitor
- Frequently Asked Questions (FAQs)
Best Ofs
- Best High Interest Savings Accounts
- Best Budgeting Apps
- Best Banks In Canada
- Best No-Fee Chequing Accounts
- Best Online Banks In Canada
- Best Tax-Free Savings Account
Best Scotiabank Chequing Accounts For 2024
We’ve compared six chequing accounts at Scotiabank to find the best options available there. See below to learn more about why we picked each account, along with the pros and cons, and features that make one Scotiabank chequing account the best over the others.
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Scotiabank Basic Plus Bank Account
4.0
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Minimum Deposit Requirement
$3,000
Monthly Maintenance Fee
$11.95
Excess Transaction Fee
$1.25
On Scotia Bank's Website
Minimum Deposit Requirement
$3,000
Monthly Maintenance Fee
$11.95
Excess Transaction Fee
$1.25
Why We Picked It
With the lowest monthly fee of Scotiabank’s chequing accounts and 25 free transactions per month, the Basic Plus is the best chequing account Scotiabank has to offer. You also get free Interac e-Transfers and the ability to send Scotiabank International Money Transfers for $1.99 each. Meanwhile, if you want to bypass the monthly fee altogether, the Basic Plus requires the lowest balance of all its other chequing accounts.
Pros & Cons
- Low monthly maintenance fee
- Low excess transaction fee
- 25 free debit transactions per month
- Free Interac e-Transfers
- Low monthly balance of $3,000 per month to avoid the monthly fee
- Doesn’t earn interest on your balance
- $1.25 for every transaction over the free 25
Details
- $11.95 monthly maintenance fee or $0 if you keep a balance of $3,000 each month
- 25 free transactions, $1.25 each after that
- Send Scotiabank International Money Transfers for $1.99 each
- Unlimited free Interac e-Transfers
- Eligible for overdraft protection
- Mobile and online banking available
- Mobile cheque deposit available
- Free credit score
- Visa Debit and Interac Flash payment options available
- Apple Pay, Google Pay and Samsung Pay compatible
- Account holders age 60 years and older save $4 on the monthly fee
- Eligible for overdraft protection
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Scotiabank Student Banking Advantage Plan
3.7
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
Excess Transaction Fee
$0
On Scotia Bank's Website
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
Excess Transaction Fee
$0
Why We Picked It
As long as you can provide proof that you are enrolled full-time in a post-secondary institution in Canada or the U.S., this account allows you to bank with no fees, including no monthly maintenance fee, no excess transaction fee and no required minimum deposit. Plus, this account earns Scene+ points as you spend—and you could even be eligible for a healthy welcome bonus, too.
Pros & Cons
- No monthly account fee
- Earn Scene+ points on everyday and Cineplex movie theatre purchases
- Unlimited debit and Interac e-Transfertransactions
- Free digital or terrestrial bank statements
- Earn up to $100 cash and 7,500 bonus Scene+ points (a $75 value) when you open a new account from July 3 to October 31, 2024.
- Only available for students
- Doesn’t earn interest on your balance
- Scene+ points earned on everyday transactions are capped
Details
- No monthly account fee
- Unlimited debit and Interac e-Transfers transactions
- Free paper or paperless bank statements
- Earn 1 Scene+ point for every $5 spent on Interac Debit and Visa Debit transactions up to a maximum of 300 points per transaction and 600 points per day.
- Earn 1 Scene+ point per dollar spent at Cineplex movie theatres
- Earn up to $100 cash and 7,500 bonus Scene+ points (a $75 value) when you open a new account from July 3 to October 31, 2024 and do two of the following within 60 days:
- Set up and clear at least one eligible automated and recurring direct deposit, which will recur monthly for a minimum of three consecutive months or
- Set up and clear at least one eligible recurring preauthorized transaction for a minimum of $25 per transaction, which will recur monthly for a minimum of three consecutive months.
- Complete at least five eligible Visa* Debit transactions using your ScotiaCard® anywhere Visa* Debit is accepted. Only the following Visa Debit transaction types are eligible: online debit purchases.
- You can also get up to $149.90 in savings with Scotia iTrade perk available for Student Banking
Advantage Plan holders, which is do 1 trade and get 1 trade free at $4.99 per trade. - Earn 5,000 Scene+ points (a $50 value) as a Student Banking Advantage Plan holder when you have aScotiabank Scene+ Visa Card.
- Earn 1,250 Scene+ points (a $12.50 value) by combining a MomentumPLUS Savings Account with the Student Banking Advantage Plan and an eligible credit card such as the Scene+ Visa card.
- Earn 5,000 Scene+ points ($50 value) by bundling a Student Banking Advantage Plan, an eligible
Scotiabank credit card, such as the Scene+ Visa Card and a MomentumPLUS Savings Account and completing certain qualifying transactions. - Eligible for overdraft protection.
- Mobile and online banking available
- Mobile cheque deposit available
- Free credit score
- Visa Debit and Interac Flash payment options
- Apple Pay, Google Pay and Samsung Pay compatible
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Scotiabank Getting There Savings Program For Youth
3.7
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
Excess Transaction Fee
$0
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
Excess Transaction Fee
$0
Why We Picked It
As long as you’re under 19, you can learn the ropes of everyday banking while paying no monthly fees, enjoying unlimited transactions and earning a slight bit of interest on your balance.
Pros & Cons
- Unlimited debit and Interac e-Transfer transactions
- Earn Scene+ points on everyday and Cineplex theatre purchases
- No monthly fees
- Earn interest on your balance
- Free digital or paper statements
- Only available to those 18 years of age or younger
- Scene+ points account holders can earn are capped
- The annual percentage yield earned on balances is very low
Details
- Must be 18 years of age of younger to be eligible for this chequing account
- Unlimited debit and Interac e-Transfer transactions
- No minimum balance required
- No monthly account maintenance fee
- Earn 1 Scene+ points for every 5 dollars spent on everyday transactions
- 1 Scene+ point for every dollar spent at Cineplex theatres
- Earn 0.05% interest on deposits up to $499.99
- Earn 0.10% interest on deposits of $500 or more
- Free paperless or paper statements
- Receive free Scotia InfoAlerts–emails, text messages or in-app push notifications–when account activity takes place.
- Children under 12 must be accompanied by a parent or legal guardian to open an account.
- Children aged 12 to 15 or over may open an account by themselves, if they are able to provide adequate ID.
- ID Requirements
- Age 11 and under: Only parent ID required
- Age 12 to 15: Child ID and/or parent ID required
Note: Parent ID is required if the child aged 12 to 15 cannot provide adequate ID on their own or if the child would like a debit card. - Age 16 or over: only child ID required
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Scotiabank Basic Bank Account
3.5
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$3.95
Excess Transaction Fee
$1.25
On Scotia Bank's Website
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$3.95
Excess Transaction Fee
$1.25
Why We Picked It
This is Scotiabank’s most basic bank account with no frills, bells or whistles. It is the baseline account so it has to be on this list, especially if you’re a person who just wants a basic chequing account and that’s it. Unlike other accounts, the fees are low, but so are the number of free transactions.
Pros & Cons
- Low transaction and monthly fees
- No minimum deposit requirement
- Free Interac e-Transfers
- Only 12 free transactions
- Doesn’t earn interest on balances
Details
- 12 free transactions per month ($1.25 per transaction after that)
- Monthly fee of $3.95 (free if the account holder is 60 or older)
- Free Interac e-Transfer transactions
- Eligible for overdraft protection
- Mobile and online banking available
- Mobile cheque deposit available
- Free credit score accessible
- Visa Debit and Interac Flash compatible
- Apple Pay, Google Pay and Samsung Pay compatible
FEATURED PARTNER OFFER
Scotiabank Preferred Package
3.3
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Minimum Deposit Requirement
$4,000
Monthly Maintenance Fee
$0 or $16.95
Excess Transaction Fee
$0 (Unlimited)
On Scotiabank's Secure Website
Minimum Deposit Requirement
$4,000
Monthly Maintenance Fee
$0 or $16.95
Excess Transaction Fee
$0 (Unlimited)
Why We Picked It
Get unlimited debit and Interac e-Transfer transactions and a ton of extra perks, like one ABM fee outside Scotiabank waived per month, access to the Scene+ Rewards Program and a host of other rewards, if you bundle other Scotiabank banking products with this account.
Pros & Cons
- Unlimited debit and Interac e-Transfer transactions
- A welcome bonus
- Earn Scene+ points on your everyday banking transactions
- Fee waived on one non-Scotiabank ABM withdrawal per month
- High monthly fee
- Monthly fee only waived with a monthly balance of at least $4,000
- Doesn’t earn interest on your balance
Details
- Earn up to $400 with a Scotiabank Preferred package and an investment plan¹.
- Earn an additional 0.05% on your Momentum Plus Savings Account
- Unlimited debit transactions and Interac e-transfer transactions
- First year annual fee waiver(up to $150) on select credit cards
- Earn points on every day purchases with the Scene+™ program
- 4 more perks
- Rates, fees and other information are effective as of Mar 1, 2024. Subject to change.
- ¹. The Scotiabank $400 Cash Bonus Bundle Offer (the “Offer”) is available between March 1, 2024 and July 31, 2024 (the “Offer Period”) to individuals who open new eligible accounts.
FEATURED PARTNER OFFER
Scotiabank Ultimate Package
2.5
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Minimum Deposit Requirement
$6,000 (or $30,000 across your Ultimate Package and your MomentumPLUS Savings Account)
Monthly Maintenance Fee
$0 or $30.95
Excess Transaction Fee
$0 (Unlimited)
On Scotiabank's Secure Website
Minimum Deposit Requirement
$6,000 (or $30,000 across your Ultimate Package and your MomentumPLUS Savings Account)
Monthly Maintenance Fee
$0 or $30.95
Excess Transaction Fee
$0 (Unlimited)
Why We Picked It
The Ultimate Package is called Ultimate for a reason: It gives you the most money-saving perks and benefits you can have with a chequing account at Scotiabank. With all the cash you save, you should have no problem affording the high monthly fee or keeping the required amount of money in your account every month to waive it. If it weren’t for the high monthly fee, this banking package would surely be higher on this list.
Pros & Cons
- Far more benefits and perks than any other Scotiabank account
- Welcome bonus
- Unlimited debit and Interac transactions
- Unlimited no-fee Scotia International Money Transfers
- Unlimited free global non-Scotiabank ABM withdrawals
- A free small safety deposit box
- High monthly fee
- High minimum balance requirement to waive the monthly fee
- Doesn’t earn interest on your balance
Details
- Earn up to $600 with a Scotiabank Ultimate package and an investment plan¹.
- Earn an additional 0.10% on your Momentum Plus Savings Account
- Unlimited transactions, Interac e-transfer transactions and Scotia International Money Transfers
- Unlimited free Global non-Scotiabank ABM withdrawals
- Up to $150 annual fee waiver each year on select credit cards
- Earn points on every day purchases with the Scene+™ program
- 8 more premium perks
- Rates, fees and other information are effective as of Mar 1, 2024. Subject to change.
1. The Scotiabank $400 Cash Bonus Bundle Offer (the “Offer”) is available between August 1, 2024 and October 31, 2024 (the “Offer Period”) to individuals who open new eligible accounts.
Summary of Best Scotiabank Chequing Accounts
| Bank Account | Forbes Advisor Rating | Monthly Maintenance Fee | Minimum Deposit Requirement | Excess Transaction Fee |
|---|---|---|---|---|
| Scotiabank Basic Plus Bank Account |  | $11.95 | $3,000 | $1.25 |
| Scotiabank Student Banking Advantage Plan |  | $0 | $0 | $0 |
| Scotiabank Getting There Savings Program For Youth | | $0 | $0 | $0 |
| Scotiabank Basic Bank Account | | $3.95 | None | $1.25 |
| Scotiabank Preferred Package | | $0 or $16.95 | $4,000 | $0 (Unlimited) |
| Scotiabank Ultimate Package |  | $0 or $30.95 | $6,000 | $0 (Unlimited) |
Methodology
To create this list, Forbes Advisor Canada analyzed the six chequing account varieties at Scotiabank. We ranked each account on six data points within the categories of fees, access, customer experience, digital experience, annual percentage yield, plus the minimums and balance needed to avoid monthly fees.
The following is the weighting assigned to each category:
- Fees: 50%
- Branch and ATM access: 15%
- Customer experience: 10%
- Digital experience: 10%
- Minimums: 10%
- Balance to avoid monthly fee: 5%
Specific characteristics taken into consideration within each category included monthly fee, ability to waive the monthly fee, overdraft fee, NSF fee, other fees, ATM network, branch access, Better Business Bureau rating, Trustpilot rating, live chat availability, mobile app ratings, online bill pay availability, online banking access, minimum deposit requirements and minimum balance requirements.
Chequing accounts offering no or very low fees scored the highest, as did those offering low minimum requirements, as well as high customer service and digital experience scores. To appear on this list, the chequing account must be nationally available.
Banks We Monitor
Our research is based on information from the following financial institutions: RBC, TD, BMO, National Bank, CIBC, Scotiabank, UNI Financial, Canadian Western Bank, Coast Capital Savings, Digital Commerce Bank, EQ Bank, First Nations Bank of Canada, Laurentian Bank, Manulife Bank, Motus Bank, Peoples Bank of Canada, Simplii Financial, Tangerine Bank, VanCity, VersaBank, HSBC, Home Bank, ICICI Bank Canada, SBI Canada Bank, CTBC Bank, Bank of China (Canada), KEB Hana Bank Canada, Shinhan Bank Canada, Meridian Credit Union, Servus Credit Union, Envision Financial, Steinbach Credit Union, Affinity Credit Union, Prospera Credit Union, Conexus Credit Union, ConnectFirst Credit Union, Access Credit Union, Assiniboine Credit Union.
Frequently Asked Questions (FAQs)
What is the minimum balance for a Scotiabank chequing account?
Technically, there is no prescribed balance needed to open any Scotiabank chequing account, but some chequing accounts have a minimum balance to be maintained if you’d like to waive the monthly account fee. These are The Basic Plus Account, The Preferred Package and The Ultimate Package.
What is the monthly fee for a chequing account at Scotiabank?
The monthly fee for a chequing account at Scotiabank ranges from $0, to $3.95, to $30.95. These monthly fees can be waived if you keep certain prescribed balances in the accounts that correspond to them every month.
How do I get a welcome bonus when I open a bank account at Scotiabank?
Not all bank accounts at Scotiabank have a welcome bonus, but the ones that do, such as The Preferred Package, The Ultimate Package and the Student Banking Advantage Plan, require you to complete various banking tasks, in addition to opening one of those accounts, to qualify. These tasks include paying a bill of at least $50 using mobile or online banking, setting up an eligible autodeposit that recurs at least three months in a row and/or setting up a preauthorized payment of at least $50 that recurs for at least three months in a row. After that, it can take up to six months for you to receive your cash welcome bonus.
What do I need to open a chequing account at Scotiabank?
Usually all you need to open a chequing account at Scotiabank is up to two pieces of photo ID. However, some accounts have special requirements. For example, The Student Banking Advantage Plan requires proof that you are enrolled in a full-time post secondary institution in North America and the Getting There Savings Program for Youth requires that you be under 19 years of age and, depending on your actual age, you may be required to get permission to open the account from a parent or legal guardian.
Best Ofs
- Best High Interest Savings Accounts
- Best Budgeting Apps
- Best Banks In Canada
- Best No-Fee Chequing Accounts
- Best Online Banks In Canada
- Best Tax-Free Savings Account
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Aaron BrovermanEditor
Aaron Broverman is the lead editor of Forbes Advisor Canada. He has over a decade of experience writing in the personal finance space for outlets such as Creditcards.com, creditcardGenius.ca, Yahoo Finance Canada, Nerd Wallet Canada and Greedyrates.ca. He lives in Waterloo, Ontario with his wife and son.
Courtney Reilly-LarkeEditor
Courtney Reilly-Larke is the deputy editor of Forbes Advisor Canada. Previously, she was the associate editor of personal finance at MoneySense. She was also managing editor of Best Health Magazine and has contributed to publications such as Cottage Life and Blog TO. She currently lives in Toronto.
