Best Scotiabank chequing accounts
Not all chequing accounts are created equal, which is great because sometimes you want a little more, or maybe a little less. Scotiabank offers some of the best chequing accounts in Canada.
Scotiabank offers four chequing, plus one for students—a few of these include some great welcome offers.
Best Scotiabank chequing accounts overview
| Scotiabank Chequing Account | Monthly fee | Get started |
|---|---|---|
| Ultimate package | $30.95 unless you maintain daily closing balance of $5,000+ in your account or a combined $30,000 in your Ultimate Package and MomentumPLUS Savings account; then it’s $0. | Get started |
| Preferred package | $16.95 unless you have a daily closing balance of $4,000 in your account; then it’s $0. | Get started |
| Basic Plus Bank account | $11.95 unless you have a daily closing balance of $3,000 in your account; then it’s $0. | Get started |
| Basic Bank account | $3.95 | Get started |
| Student Banking Advantage® Plan | $0 (must be enrolled full time as a student in a post-secondary institution in Canada or the U.S.) | Get started |
* For Ultimate Package: To qualify, certain conditions must be met. Visit here for full terms.
* For Preferred Package: To qualify, certain conditions must be met. Visit here for full terms.
1 Conditions apply. Actual interest rate will vary based on the savings period (the Premium Period) that applies. Visit scotiabank.com/mpsa to learn more.
2 Conditions apply. Visit here for full terms.
3 For Ultimate Package: Conditions apply. Visit here to learn more.
3 For Preferred Package: Conditions apply. Visit here to learn more.
4 Conditions apply. Visit here to learn more.
5 Conditions apply. Visit here to learn more.
6 Conditions apply. Visit here to learn more.
Scotiabank Ultimate Package
The Scotiabank Ultimate Package is Scotiabank’s premium, all-in-one chequing account option. Loaded with features, this account includes unlimited debit transactions², Interac e-Transfers†, and Scotia international money transfers±. Finally, there is no overdraft protection fee
There is also a $550* welcome bonus if you open an account before February 29th, 2024.
Earn and grow your money
If you have a MomentumPLUS Savings Account, you can earn an additional 0.10% interest on top of the regular 1.30% interest rate. With the MomentumPLUS Savings Account, you can earn a savings rate of up to 5.60%* for the first 3 months.
You can also earn Scene+ rewards which is great in bringing down the cost of groceries. You get 1 Scene+ point for every $5 spent on everyday purchases.
You'll also get preferred GIC rates and pay no monthly account fee for a U.S. Dollar account (which pairs nicely the Scotiabank U.S. Dollar Visa if you're shopping in the States).
Investors will appreciate the 10 free equity trades at Scotia iTRADE during the first year and five free equity trades in subsequent years.
More benefits
An additional underappreciated perk is that you’ll get a small safety deposit box free of charge ($60 annual fee waived).
This account may be especially appealing to frequent flyers thanks to perks like unlimited free global non-Scotiabank ABM withdrawals (terms and conditions apply) and the $150 ongoing annual fee waiver (meaning every year!) on select credit cards², including the Scotiabank Passport Visa Infinite credit card —one of the few no foreign transaction fee credit cards in Canada). Furthermore, the monthly fee on your Scotia U.S. Dollar Daily Interest Account (popular with customers who travel often to the U.S.) will also be waived, conditions apply.
The account fee is $30.95 per month, but you’ll pay $0 with a daily closing balance of $5,000 in your Ultimate Package or a combined balance of $30,000 in your Ultimate Package and MomentumPLUS Savings Account.
The Ultimate Package is a great deal for customers who can make use of all the account’s premium perks. If you have several Scotiabank credit cards, the ongoing annual fee rebate alone makes the Ultimate Package an impressive value.
Open an account* To qualify, certain conditions must be met. Visit here for full terms.
1 Conditions apply. Actual interest rate will vary based on the savings period (the Premium Period) that applies. Visit scotiabank.com/mpsa to learn more.
3 Conditions apply. Visit here to learn more.
7 The Ultimate Package account includes non-Scotiabank Interac⁺ ABM cash withdrawals in Canada and cash withdrawals at non-Scotiabank Visa* or PLUS* ABMs within and outside of Canada. Account holders may still be charged a convenience fee by the other bank and ABM operator, not by Scotiabank.
Scotiabank Preferred Package
The Scotiabank Preferred Package is the most popular Scotiabank chequing account. It features unlimited debit² and Interac e-Transfer† transactions, as well as one free non-Scotiabank ABM withdrawal in Canada each month (terms and conditions apply). You also pay only $1.99 to send money internationally via Scotia International Money Transfer±.
Currently, there is a welcome offer which could add up to $550 in your wallet.
This account is a good option for serious savers because you can enjoy preferred rates on select GICs, conditions apply, and a first-year annual fee waiver (up to $150) on select Scotiabank credit cards².
With a Scotia Scene+ card, you earn Scene+ points which is a super flexible loyalty program for everything from groceries to flights. With Scotia's Preferred Package, you can also earn 1 Scene+ point for every $5 spent on everyday purchases which means you can rack up points faster.
The fee for the account is $16.95 per month, but you pay $0 if you keep a minimum daily closing balance of $4,000 for the entire month. If you don’t need a lot of travel-centric or investing perks, this pared-down version of the Ultimate Package may be worthwhile.
* To qualify, certain conditions must be met. Offer ends April 30, 2023. Visit here for full terms.
¹ Conditions apply. Actual interest rate will vary based on the savings period (the Premium Period) that applies. Visit scotiabank.com/mpsa to learn more.
² Conditions apply. Visit here to learn more.
Open an account* To qualify, certain conditions must be met. Visit here for full terms.
1 Conditions apply. Actual interest rate will vary based on the savings period (the Premium Period) that applies. Visit scotiabank.com/mpsa to learn more.
3 Conditions apply. Visit here to learn more.
8 The Preferred Package account includes 1 free non-Scotiabank Interac⁺ ABM cash withdrawal within Canada per month. Access fee for each subsequent cash withdrawal at non-Scotiabank Interac⁺ ABMs will be charged $2.00 per withdrawal. Each cash withdrawal from non-Scotiabank Visa* or PLUS* ABMs will be charged $3.00 in Canada and the U.S. and $5.00 outside of Canada and the U.S. Account holders may still be charged a convenience fee by the other bank and ABM operator, not by Scotiabank.
Scotiabank Basic Plus Bank Account
The name says it all: the Scotiabank Basic Plus Bank Account is ideal for anyone who doesn’t have a lot of transactions but appreciates value-added benefits. This no-frills banking package includes 25 transactions²; and free Interac e-Transfers†. After 25, you'll pay $1.25 per transaction (but e-Transfers remain free).
You can also send money overseas with Scotia International Money Transfers± at a charge of only $1.99 per transfer (terms and conditions apply).
You can get overdraft protection in two ways: $5 per month or pay-per-use at $5 every time you use it.
Plus, the $11.95 monthly account fee is waived if you maintain a minimum daily closing balance of $3,000 for the entire month. So you could end up making some dough just by having this account.
² Conditions apply. Visit here to learn more.
Open an account4 Conditions apply. Visit here to learn more.
Scotiabank Basic Bank Account
If you rarely use a chequing account and would rather not keep a large minimum balance to ensure no monthly account fees, the Scotiabank Basic Bank Account is for you. This minimalist account gives you 12 free transactions² and free Interac e-Transfers† every month.
The downside is that you will have to pay $3.95 per month, regardless of your monthly balance. There is no monthly minimum balance option to waive this account fee.
You can get overdraft protection at $5 per month or per use. Any non-Scotiabank ABM withdrawals and fees will apply (depending on the ATM from which you withdraw).
However, there is one nice hidden perk: the $3.95 fee is waived for clients aged 60 and over via a Seniors’ Discount, conditions apply.
² Conditions apply. Visit here to learn more.
Open an account6 Conditions apply. Visit here to learn more.
Scotiabank Student Banking Advantage® Plan
This account is perfect for penny-pinching students looking to cut costs. The Scotiabank Student Banking Advantage® Plan comes with no monthly fee and no requirement to maintain a minimum balance. You must be currently enrolled full-time in a post-secondary institution in Canada or the U.S. (Domestic or International students). When you graduate, you will no longer be eligible for this account and will have to move your money to a different Scotiabank account.
Account holders get unlimited debits² and Interac e-Transfer† transactions and you can earn Scene+ rewards which helps students save big on groceries. It pairs nicely with the Scotiabank Scene+ Visa as one of Money.ca's best student credit cards.
You can get overdraft protection, too.
Despite budgeting, scrimping and savings, students who invest early can retire that much earlier. With This Scotia student bank account, you get a 50% discount on commission pricing and get 20 free trades on the mobile app in your first year. Buy a few ETFs and watch your money grow!
There is a welcome bonus, too. Be sure to go for it when you apply.
* Conditions apply. Offer ends June 10th, 2023. Visit here for full terms.
² Conditions apply. Visit here to learn more.
Open an account2 Conditions apply. Visit here for full terms.
Scotiabank bank account discounts for seniors
| Regular account fee | After seniors' discount |
|---|---|
| Ultimate package.- $30.95 | $23.95 |
| Preferred package - $16.95 | $12.95 |
| Basic Plus Bank Account - $11.95 | $7.95 |
| Basic Bank Account - $3.95 | $0 |
Is Scotiabank a good bank?
As Canada’s third-largest bank, Scotiabank is one of the best banks in Canada and is very trustworthy. Founded in 1832, Scotiabank (or “Bank of Nova Scotia”) has grown into a powerful, multi-national corporation with over 25 million customers and offices across the Americas, Europe, Asia and Australia. full-time
It’s also got some excellent options for chequing accounts. Scotiabank offers different chequing accounts, each with its own unique perks and tailored to suit a diverse clientele. What’s nice is there are some standard features included with all or most of Scotiabank’s chequing accounts, including:
- Mobile and online banking access
- Mobile cheque deposit
- Free credit score check
- A monthly account fee discount for clients aged 60 and above (discount amount varies depending on the type of account)
- VISA Debit and Interac Flash payment options
- Compatible with Apple Pay, Google Pay and Samsung Pay
Depending on which you choose, many also offer a Scotiabank new account promotion for new clients. Read on to see which Scotiabank chequing account best suits your needs.
In the market for another financial product?
Aside from these five chequing accounts, Scotiabank offers a number of other financial products. You’ll find a selection of Scotiabank Savings accounts, all of which have no monthly fee, discounted banking rates for seniors, and a full range of credit cards, including Amex and Visa cards, rewards cards, cash back and lifestyle cards, and cards with low interest rates or no annual fee.
Here's some more information on opening a new chequing account.
†Interac e-Transfer is a registered trade-mark of Interac Corp. Used under license.
TM Trademark of Scene IP LP.
®Registered trademarks of The Bank of Nova Scotia.
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