Canadians have access to a wide variety of chequing accounts.
From no-fee chequing accounts offered by online banks to premium packages with “unlimited” everything and fee waivers when you maintain a minimum balance, there are many options to choose from.
Scotiabank’s chequing accounts come with features designed to meet different banking needs.
This review covers the six different chequing accounts offered by Scotiabank and the fees, rewards, pros, and cons you should know.
Best Scotiabank Chequing Accounts
Scotiabank offers 6 different chequing accounts that come with various features, fees, and rewards.
For all their chequing account packages, you enjoy:
- An opportunity to waive monthly fees (when applicable and if eligible)
- Mobile cheque deposits
- Access to 4,000+ free ABMs
- Free credit scores via CreditView
- Apple Pay, Google Pay, and Samsung Pay
- Mobile and online banking
- Scene+ program points
- CDIC deposit insurance up to $100,000
1. Scotiabank Basic Bank Account
- Monthly fee: $3.95; waived with a $3,000 balance
- # of transactions: 12 debits/month
- # of Interac e-Transfers: 2/month
This Scotiabank account is their most basic, with 12 debit transactions and 2 free Interac e-Transfers at a monthly cost of $3.95.
With additional transactions costing you $1.25 a pop and Interac e-Transfers costing $1 each, most people will find the Basic Plus or Preferred Package Account to be better options for their everyday banking.
2. Scotiabank Basic Plus Bank Account
- Monthly fee: $11.95; waived with a $3,000 balance
- # of transactions: 25 debits/month
- # of Interac e-Transfers: 10/month
Scotiabank’s Basic Plus Bank Account is their second entry-level chequing account offer. For a monthly fee of $11.95, you can get $25 free debit transactions and 10 free Interac e-Transfers per month.
When you maintain a daily minimum balance of $3,000 throughout the month, the monthly fee is waived.
3. Scotiabank Preferred Package Bank Account
- Monthly fee: $16.95; waived with a $4,000 balance
- # of transactions: Unlimited debits
- # of Interac e-Transfers: Unlimited
The Scotiabank Preferred Package is their most popular chequing account. This account was previously known as the Momentum Chequing Account.
For a $16.95 monthly fee, you enjoy unlimited debit and Interac e-Transfer transactions. The monthly fee is waived when you keep a minimum daily balance of at least $4,000.
You save up to $150 on the annual fee (first year only) on select Scotiabank credit cards (including the Scotiabank Passport and Scotia Gold AMEX).
4. Scotiabank Ultimate Package Bank Account
- Monthly fee: $30.95; waived with a $5,000 balance
- # of transactions: Unlimited
- # of Interac e-Transfers: Unlimited
The Scotiabank Ultimate package is their premium plan, and it comes with several perks, including:
- $350 cash bonus¹
- Unlimited debit and Interac e-Transfer transactions
- Up to $150 in annual fee rebates on select Scotiabank credit cards
- Preferred saving rate on your Momentum Plus Savings Account – an additional 0.10% Interest Rate Boost²
- Unlimited free global withdrawals at non-Scotiabank ABMs
- 10 free trades at Scotia iTrade (first year) and 5 trades per year after
- Free personalized cheques and drafts
- Waived monthly overdraft protection fee
- Free basic plus bank account
- Free small safety deposit box
The Ultimate package comes with a $30.95 monthly fee. This fee is waived if you keep a minimum daily balance of $5,000 in your Ultimate package account or have a combined balance of $30,000 in your chequing and savings accounts.
5. Scotiabank Student Banking Advantage Plan
- Monthly fee: $0
- # of transactions: Unlimited debit
- # of Interac e-Transfers: Unlimited
Students who are enrolled in full-time post-secondary education can take advantage of this Scotiabank no-fee chequing account plan.
It offers unlimited debits and Interac e-Transfers, and an opportunity to earn rewards points.
6. Getting There Savings Program for Youth
- Monthly fee: $0
- # of transactions: Unlimited debits
- # of Interac e-Transfers: 2/month
Scotiabank’s Getting There Savings Program for Youth is their starter plan for those who are 18 years or younger.
If you are looking for a hybrid account (chequing and savings) to help your kid learn about managing their finances, this account does the job.
It offers them unlimited debit transactions, 2 free Interac e-Transfers/month, up to 0.10% interest on their account balance, rewards, and no monthly fees.
Simplii No-Fee Chequing Account
$300 cash bonus offer
No monthly account fees
Unlimited transactions & Interac e-Transfers
Free personalized cheques
How To Open a Scotiabank Account
You can open a Scotiabank chequing or savings account online, by phone, or in person at one of their branches.
The basic eligibility requirements to open an account are that you must:
- Be at least 16 years old
- Be a Canadian resident
- Have one valid piece of government-issued photo identification, e.g. passport or driver’s license
- Show proof of address, e.g. utility bill or bank account statement
- Have a Social Insurance Number
The online application for the chequing accounts listed above takes about 5 minutes.
About Scotiabank
Scotiabank is Canada’s third-largest bank and a member of the “Big Five” banks. The other members of this prestigious group are RBC, TD, CIBC, and BMO.
Scotiabank has 953 branches and more than 3,632 ABMs in Canada. Its customer base exceeds 10 million. On a global scale, Scotiabank employs more than 100,000 people and has an asset base of over $1 trillion.
Scotiabank’s stock trades on the Toronto Stock Exchange and New York Stock Exchange as “BNS.”
Conclusion
Scotiabank’s chequing accounts offer features that meet various day-to-day banking needs.
While many of the packages have a monthly fee, you can easily have them waived by keeping a minimum daily balance throughout the month.
All their chequing account packages offer access to the Scene+ program, and you earn 1 Scene+ point for every $5 spent on debit purchases.
Scene+ points can be redeemed for free movies, meals, travel, shopping, entertainment, dining, banking, and other rewards.
Newcomers to Canada pay no account fees on the Preferred Package Chequing Account for 1 year ($203.40 saving), and seniors get up to a $4 monthly discount on any of the chequing account packages.
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