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Scotiabank Student Banking Advantage Plan Review 2024


Fact Checked

Scotiabank’s Student Banking Advantage Plan is one of the top student bank accounts in Canada.

It offers free transactions, and you don’t need to worry about paying monthly account fees as long as you are enrolled full-time in a post-secondary school.

This Scotiabank Student Banking Advantage Plan review covers how it works, its benefits and downsides, and alternatives.

Scotiabank Student Banking Advantage Plan Features

Free unlimited transactions: Get unlimited free debits and Interac e-Transfer transactions.

Access to the Scene+ program: Earn points when you spend using the Scotia+ ScotiaCard debit card. You earn 1 Scene+ point per $5 spent and can redeem these points for travel, dining, banking, and other rewards.

No monthly account fee: This student bank account has no monthly fees.

Free credit score: You can check your TransUnion credit score for free when you have a Scotiabank Chequing account.

Welcome bonus: Get a $100 sign-up bonus when you open a student account and meet the eligibility requirements.

Payment wallet compatible: You can use your Scotiabank card to make payments using Apple Pay, Google Pay, or Samsung Pay.

Access to a student credit card: Apply for the Scotiabank Scene+ Visa Card and receive bonus Scene+ points after your first purchase.

Scotiabank Student Chequing Account Benefits

Scotiabank is one of Canada’s largest banks. As a client, you get access to thousands of free Scotiabank ATMs across the country.

If you are a newcomer, you can open a bank account under the Scotiabank StartRight Program and get access to various perks and benefits.

You can open other financial accounts at this bank, as its product line includes credit cards, mortgages, loans, investments, insurance, and business banking.

Scotiabank Student Account Requirements

To benefit from the fee waivers on a student bank account, you must provide proof of full-time enrollment in a post-secondary institution in Canada or the U.S. each academic year.

When you are no longer a student, your account is upgraded to a paid chequing account, such as the Preferred or Ultimate package.

Downsides of a Scotiabank Student Bank Account

Only full-time students get a free account. If you are studying part-time, you will need to open another chequing account.

Also, you must re-confirm your eligibility every year before November 30th.

Lastly, some service fees still apply, such as bank drafts, overdraft protection, and wire transfer fees.

How To Open a Scotiabank Student Chequing Account

You can open a student bank account online. Click this link to visit the Scotiabank Student Banking Advantage Plan page.

You must be at least 16 years old and a resident of Canada.

You will be required to provide your basic personal information, including name, address, email address, date of birth, and social insurance number.

The application process only takes a few minutes to complete.

Scotiabank Student Chequing vs. Other Scotiabank Chequing Accounts

In addition to the Student Banking Advantage Plan, Scotiabank offers four other accounts:

  • Basic Banking Account
  • Basic Plus Account
  • Preferred Package
  • Ultimate Package
Ultimate PackagePreferred PackageBasic PlusBasic AccountStudent Banking
Monthly fee$30.95$16.95$11.95$3.95$0 (must be enrolled FT at a post-secondary institution
Minimum balance to waive the monthly fee$5,000$4,000$3,000N/AN/A
# of debit transactionsUnlimitedUnlimited25/month12/monthUnlimited
# of eTransfersUnlimitedUnlimited10/month2/monthUnlimited
Senior’s discount-$4.00-$4.00-$4.00-$3.95N/A
Special featuresEarn Scene+ points;
$350 welcome bonus;
Up to $150 waived on credit card fees annually; 0.10% interest rate boost on savings; Unlimited free non-Scotiabank ATM withdrawals globally; No monthly overdraft protection fee; Up to 10 free equity trades on Scotia iTrade; Free personalized cheques and drafts
Earn Scene+ points;
$350 cash bonus; Up to $150 waived on credit card fees (1st year only); 0.05% interest rate boost on savings; 1 free non-Scotiabank ATM withdrawal/month; International money transfer at $1.99
Earn Scene+ points; International money transfer at $1.99Earn Scene+ pointsGet a $100 bonus
Learn moreRead reviewRead reviewRead review

Scotiabank Student Banking Advantage Plan Alternatives

Simplii Financial

For a no-fee chequing account available to students and non-students, you can look at Simplii Financial.

The no-fee Simplii chequing account provides unlimited transactions (debit, Interac e-Transfers, and bill payments) and free access to over 3,400 CIBC ATMs.

It does not have a minimum balance requirement, and you even earn a small interest on your balance.

In addition to its chequing account, Simplii Financial also offers credit cards, mortgages, loans, investments, and more.

For a limited time, you can get a $400 bonus when you sign up.

EQ Bank

EQ Bank is an online bank owned by Equitable Bank.

It offers a high interest savings account that beats the rates offered by many of the big banks.

The EQ Bank Personal Account also includes free and unlimited transactions, mobile cheque deposits, and access to GIC investments.

Learn more about EQ Bank in this review.

Note: It is better to combine an EQ Bank account with a traditional chequing account as it does not offer a debit card or paper cheques.

Canada’s big banks all offer student accounts, and you can learn about them in the reviews below:

Top Banking Offers for June

Stop paying monthly fees with a free chequing account + $400 bonus

Get $400 cash bonus when you direct deposit $100 for three months.

Unlimited debits, online bill payments and Interac e-Transfer transactions.

No monthly account or transaction fees.

Get a high interest rate on your savings (6.00% interest rate offer).

Get the TOP spending and savings account with 5% rewards and $20 bonus

Instant approval and a $20 welcome bonus when you make your first purchase.

Earn up to 5% unlimited cashback on purchases while paying no fees!*

Earn 5.00% interest on your entire account balance.

Free debits, e-Transfers, bill payments, budgeting app, and access to credit building.

Earn a regular 4.00% interest on your savings account

Earn up to 4.00% interest on every dollar when you set up a direct deposit.

Free access to a hybrid account with unlimited transactions & e-transfers.

Access to a prepaid card that pays 0.5% cashback on all purchases.

No monthly or annual account fees; free ATMs in Canada.


Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

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