Scotiabank Student Banking Advantage Plan Review 2022

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by Enoch Omololu, MSc (Econ)

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Advertiser Disclosure

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 $75 sign-up bonus when you open a student account and meet the eligibility requirements.

scotiabank student bank account offer

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.

Visit Scotiabank ($75 Offer).

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;
$300 welcome bonus;
Up to $139 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;
$300 cash bonus; Up to $139 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 $75 bonus
Learn moreRead reviewRead reviewRead review

Scotiabank Student Banking Advantage Plan Alternatives

Simplii Financial

For a no-fee chequing account that’s available to both 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 a credit card, mortgages, loans, investments, and more.

For a limited time, you can get a $350 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 Savings Plus 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:

Best Banking Offers in August 2022

Get a free chequing account and a *$350 cash bonus*

Unlimited free debits and Interac e-Transfer transactions.

No monthly account or transaction fees.

$350 cash bonus when you deposit $100 for 3 months.

Earn a high-interest rate on your savings (3% interest rate offer).

No monthly or minimum balance is required.

Earn cash back on purchases & grow your savings ($20 bonus)

Free reloadable prepaid card and budgeting app.

Up to 2% cash back on all purchases and 5% at brand partners.

1.20% savings interest on your entire account balance.

Get 3-day early access to $100 of your paycheque for free.

$20 bonus after using the card for your first purchase (use CASHBACK referral code at signup).

Best no-fee cashback credit card with a $150 bonus

Earn 2% unlimited cash back in three spending categories.

Get a $150 welcome bonus with $1,000 spending in first 2 months.

0.5% unlimited cash back on all other purchases.

1.95% low balance transfer rate and insurance coverage benefits.

Earn high interest rates on your savings at 2.25%

Earn up to 225x the interest offered by other banks.

Pay no monthly or annual banking fees.

Combines savings and chequing account features.

Includes unlimited free debit transactions and Interac e-Transfers.

Get access to a no-fee credit card with up to 5% cashback.

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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  • Best free chequing account offer in Canada!
  • Get a $350 cash bonus*
  • Unlimited free transactions and no monthly fees.
  • Unlimited free Interac e-Transfers® 
*Terms and conditions apply. Limited time offer.
Get a free chequing account and $350 cash bonus! Unlimited free transactions and no monthly fees!
*Terms and conditions apply. Limited time offer.