Banking

The Best Scotiabank Chequing Accounts in Canada

scotiabank chequing account

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Scotiabank offers one of the top selections of chequing accounts in Canada. Read our Scotiabank chequing account review to find one that matches your banking needs and learn more about Scotiabank new account promotions.

While online-only banks have been steadily shaking up Canada’s financial landscape, a majority of Canadians still rely on traditional, bricks-and-mortar institutions for their banking needs. When it comes to daily banking, a standout offering among the country’s Big Five banks is Scotiabank chequing accounts.

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.

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.

Comparing Scotiabank Chequing Accounts 2022

Monthly Account FeeMinimum Amount Required To Waive Monthly Fee# of Free Monthly DebitsRead More
The Scotiabank Ultimate Package$30.95Maintain a minimum daily closing balance of $5,000 in your Ultimate Package, or a combined balance of $30,000 across your Ultimate Package and your MomentumPLUS Savings AccountUnlimited²Read More
The Scotiabank Preferred Package$16.95Maintain a minimum daily closing balance of $4,000 for the entire monthUnlimited²Read More
The Scotiabank Basic Plus Bank Account$11.95Maintain a minimum daily closing balance of $3,000 for the entire month25²Read More
The Scotiabank Basic Bank Account$3.95N/A12²Read More
Scotiabank Student Banking Advantage Plan$0Must be currently enrolled full time in a post-secondary institution in Canada or the U.S. (Domestic or International students)Unlimited²Read More

² For Scotiabank Ultimate and Preferred Rate Package: Conditions apply. Visit www.scotiabank.com/ultimate300 to learn more.

² For Scotiabank Student Banking Advantage plan: Conditions apply. Visit https://www.scotiabank.com/ca/en/personal/bank-accounts/students/student-banking-advantage-plan.html to learn more.

² For Scotiabank Basic Plus Bank Account: Conditions apply. Visit https://www.scotiabank.com/ca/en/personal/bank-accounts/chequing-accounts/basic-plus.html to learn more.

² For Scotiabank Basic Bank Account: Conditions apply. Visit https://www.scotiabank.com/ca/en/personal/bank-accounts/chequing-accounts/basic-banking-account.html to learn more.

The 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±. There is also a $300* welcome bonus, plus earn up to 3.25% on your MomentumPLUS Savings Account¹. Investors will appreciate the 10 free equity trades at Scotia iTRADE during the first year and five free equity trades in subsequent years. An additional underappreciated perk is that the account comes with free monthly overdraft protection, and you’ll get a small safety deposit box free of charge ($60 annual fee waived). Terms and conditions apply for the equity trades, overdraft protection, and the small safety deposit box.

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 $139 ongoing annual fee waiver (meaning every year!) on select credit cards², including the Scotiabank Passport™ Visa Infinite* Card —one of the few credit cards in Canada with no foreign transaction fees). 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.

* To qualify, certain conditions must be met. Offer ends September 30, 2022. Visit www.scotiabank.com/ultimate300 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 www.scotiabank.com/ultimate300 to learn more.


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±.

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 $139) on select credit cards².

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. It also offers a hot Scotiabank new account promotion: get a $300* welcome bonus when you sign up and earn up to 3.20% on your MomentumPLUS Savings Account¹.

* To qualify, certain conditions must be met. Offer ends September 30, 2022. Visit www.scotiabank.com/ultimate300 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 www.scotiabank.com/ultimate300 to learn more.


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 . You can also send money overseas with Scotia International Money Transfers± at a charge of only $1.99 per transfer (terms and conditions apply).

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 https://www.scotiabank.com/ca/en/personal/bank-accounts/chequing-accounts/basic-plus.html to learn more.


The 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. 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 https://www.scotiabank.com/ca/en/personal/bank-accounts/chequing-accounts/basic-banking-account.html to learn more.


Scotiabank Student Banking Advantage Plan

This account is perfect for the 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). Plus, account holders get unlimited debits² and Interac e-Transfers transactions.

The big caveat is that the account is only available to domestic or international students presently enrolled full time in a post-secondary institution in Canada or the U.S. When you graduate, you will no longer be eligible for this account and will have to move your money to a different Scotiabank account.

Sign up today and earn a $75 welcome bonus.**

** Conditions apply. Offer ends July 31, 2022. Visit https://www.scotiabank.com/ca/en/personal/bank-accounts/students/student-banking-advantage-plan.html for full terms.

² Conditions apply. Visit https://www.scotiabank.com/ca/en/personal/bank-accounts/students/student-banking-advantage-plan.html to learn more.


Final Call

Scotiabank Chequing accounts are among the most varied and reward-rich available from Canada’s Big Five banks. The current generous Scotiabank new account promotions on several of the accounts equally add to their appeal. If you’re thinking of signing up, keep in mind that the more perks you want in a chequing account, the more you’ll pay monthly. Making an astute account pick is a matter of figuring out what extras you’ll actually use and how frequently you’ll make transactions.

Still not seeing what you need? Check out The Best Chequing Accounts in Canada for more options.

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TM Trademark of Scene IP LP.

®Registered trademarks of The Bank of Nova Scotia



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