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Canadians have access to a wide variety of chequing accounts.

From no-fee chequing accounts offered by online banks to premium packages that come with “unlimited” everything and fee waivers when you maintain a minimum balance, there are a ton of 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.

Scotiabank Chequing Accounts Review Canada

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.

The bank has 953 branches and more than 3,632 ABMs in Canada. They also have a customer base exceeding 10 million. On a global scale, Scotiabank employs more than 100,000 people and its asset base is over $1 trillion.

Scotiabank’s stock trades on the Toronto Stock Exchange and New York Stock Exchange as “BNS.”

Scotiabank Chequing Accounts

Scotiabank offers 6 different chequing accounts that come with various features, fees and rewards. Two of them are also offering a $300 cash bonus for a limited time.

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 or Scotia Rewards 
  • 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.

Sign up for the Scotiabank Basic Account.

2. Scotiabank Basic Plus Bank Account

  • Monthly fee: $10.95; 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 $10.95, 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.

Sign up for the Scotiabank Basic Plus Bank Account here.

3. Scotiabank Preferred Package Bank Account

  • Monthly fee: $15.95; 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 $15.95 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 $139 on the annual fee (first year only) on select Scotiabank credit cards (including the Scotiabank Passport and Scotia Gold AMEX) and enjoy a preferred saving rate on the Scotiabank Momentum Plus Savings account (i.e. earn an additional 0.05% Interest Rate Boost¹).

In addition, you get one free withdrawal at a non-Scotiabank ABM and get a $300 welcome cash bonus when you meet the eligibility requirements.¹

Sign up for a Scotiabank Preferred Package Account here.

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 a number of perks including:

  • $300 welcome cash bonus when you meet the eligibility requirements¹
  • Unlimited debit and Interac e-Transfer transactions
  • Up to $139 in annual fee rebates on select Scotiabank credit cards
  • Preferred saving rate on your Momentum Plus Savings Account – an additional 0.10% Interest Rate Boost¹
  • 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.

Sign up for the Scotiabank Ultimate Package Account here.

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.

You also get 5,000 Welcome Points when you meet the eligibility requirements.¹

Sign up for the Student Advantage Banking Plan here.

6. Getting There Savings Program for Youth

  • Monthly fee: $0
  • # of transactions: Unlimited debits
  • # of Interac e-Transfers: 2/month

The 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.

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 a 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.

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 or Scotia Rewards program.

You earn 1 SCENE point for every $5 spent on debit purchases using the Scene ScotiaCard debit card or 1 Scotia Rewards point for every $5 spent using the Passport ScotiaCard debit card.

SCENE points can be redeemed for free movies and meals while Scotia Rewards points can be redeemed for travel.

Newcomers to Canada pay no account fees on the Preferred Package Chequing Account for 1 year ($191 saving) and seniors get up to a $4 monthly discount on any of the chequing account packages.

Scotiabank Chequing Accounts for 2020