Scotiabank is one of the largest banks in Canada, offering a variety of personal accounts for everyday spending. Here’s what you need to know about Scotiabank chequing accounts including fees, features and how Scotia chequing accounts compare.
Compare Scotiabank chequing accounts
Learn more about the following Scotiabank chequing account types:
Waiver: Monthly fee waived for seniors (60+) and registered disability savings plan (RDSP) beneficiaries.
Transaction fee: 12/month free ($1.25 per transaction after)
Interac e-Transfers: $0 unlimited
ATM fee: $2 per non-Scotiabank ABM (Interac network) withdrawal in Canada, $3 per non-Scotiabank ABM withdrawal (Visa or PLUS network) in Canada and the US
More free monthly transactions than the Scotiabank Basic Bank Account
Fees & features:
Monthly fee: $11.95 per month
Waiver: Monthly fee waived with a daily balance of $3,000+. Seniors 60+ years old get $4.00 off.
Transaction fee: 25/month free ($1.25 per transaction after)
Interac e-Transfers: $0 unlimited
ATM fee: $2 per non-Scotiabank ABM (Interac network) withdrawal in Canada, $3 per non-Scotiabank ABM withdrawal (Visa or PLUS network) in Canada and the US
Annual fee waived on select credit cards up to $150
Unlimited free Scotiabank international money transfers
Free small safety deposit box (reg. $60 per year)
10 free Scotia iTRADE equity and ETF trades in your first year (5 free trades per year after)
Monthly fee waived for the Scotiabank Basic Plus Bank Account
Fees & features:
Monthly fee: $30.95 per month
Waiver: Monthly fee waived with a daily balance of $5,000+ or $30,000+ with your Scotiabank MomentumPLUS Savings Account balance. Seniors 60+ years old get $4.00 off.
Transaction fee: $0 unlimited
Interac e-Transfers: $0 unlimited
ATM fee: $0 non-Scotiabank ABM withdrawals in Canada and Visa or PLUS ABMs outside Canada
Earn a welcome bonus of up to $400. Earn $350 when you complete two banking steps, earn $50 when you open a new RRSP or TFSA and set up and maintain a recurring pre-authorized contribution of at least $50 for a minimum of 3 months. Valid until July 31, 2024.
Rebate on every second stock or ETF trade with Scotia iTRADE up to 20 free trades in your first year (max 10 free trades per year after)
Fees & features:
Monthly fee: $0 per month
Transaction fee: $0 unlimited
Interac e-Transfers: $0 unlimited
ATM fee: $2 per non-Scotiabank ABM (Interac network) withdrawal in Canada, $3 per non-Scotiabank ABM withdrawal (Visa or PLUS network) in Canada and the US
The CIBC Bank USA Smart Account is available for full-time domestic and international students enrolled in post-secondary institutions in Canada or the US. When you’re no longer a full-time student, this account automatically converts to the Scotiabank Preferred Package.
Earn 0.05% on deposits up to $499.99 and 0.1% on deposits of $500+
Earn Scene+ rewards points on your purchases
$0 paper and paperless statements
Get notified about important account activity with Scotia InfoAlerts
Fees & features:
Monthly fee: $0 per month (must be 18 years old or younger)
Transaction fee: $0 unlimited
Interac e-Transfers: $0 unlimited
ATM fee: $2 per non-Scotiabank ABM (Interac network) withdrawal in Canada, $3 per non-Scotiabank ABM withdrawal (Visa or PLUS network) in Canada and the US
Scotia bank plans are pretty straightforward to set up. Generally, to apply for Scotiabank chequing accounts, you’ll need to meet these eligibility requirements and provide the following information:
Age
To open a Scotiabank chequing account, you need to be at least the age of majority in your province or territory (18 or 19 years old) unless you’re opening a Scotiabank Getting There Savings Account. Applicants under age 12 will need to apply with a parent. Applicants aged 12 to 15+ can open an account without a parent if they have either their own ID or their parents’ ID.
Residency
Applicants for all Scotiabank account types must be residents of Canada. Students and people who are in Canada for work are also welcomed to apply.
Identification
Scotiabank lets you securely verify your identity online using information from an existing Canadian bank including BMO, CIBC, Desjardins, RBC, Scotiabank and TD. The process takes just a few minutes, and you can see which information is being sent to Scotiabank.
If you’re opening an account in person at a local Scotiabank branch, you can provide ID such as a driver’s license issued in Canada, Canadian passport or Permanent Resident Card. Learn more about acceptable types of identification here.
Required information
The application process for Scotiabank chequing accounts requires the following information:
First and last name
Email and primary phone number
Address
Birth date
Purpose of your account (daily banking, emergency fund etc.)
A password and username (created when you apply)
Occupation
Social Insurance Number (SIN) — optional, but helps verify your identity more accurately
Consent for Scotiabank to verify your identity with a credit bureau. This is required and won’t affect your credit score.
Scotiabank fees
Here are some Scotiabank monthly fees and miscellaneous charges you should be aware of:
Monthly paper statement: $2.25 per month ($2.50 with cheque images). Free with the Scotiabank Basic Bank Account, Scotiabank Student Banking Advantage Plan and Scotiabank Getting There Savings Account.
Overdraft Protection (subject to approval): $5 per month plus interest. No monthly fee with the Scotiabank Ultimate Package.
Withdrawals from non-Scotiabank ATMs: $2 in Canada, $3 in the US, $5 in other countries
Cheque image viewing (past 90 days): $1.50 or free with paperless recordkeeping
Scotiabank NSF fee: $48
Scotiabank International Money Transfers: $1.99
Incoming wire payments: $15 ($1.50 for Pension Payments)
If you spend and transfer money frequently, consider the BMO Premium Plan Chequing Account or BMO Performance Chequing Account. These accounts come with perks like unlimited free transactions, annual fee rebates on select credit cards, waived monthly fees for additional accounts, bonus interest rates on GICs and more.
No, there is no minimum balance to open a Scotiabank chequing account. However, you may need to maintain a minimum monthly balance to have your monthly account fees waived with some types of accounts. Other accounts — like the Scotiabank Student Banking Advantage Plan and Scotiabank Getting There Savings Account — come with zero monthly fees.
If you're 18 years old or younger or a full-time student, you can open a Scotiabank Student Banking Advantage Plan and Scotiabank Getting There Savings Account, which come with zero monthly account fees and unlimited free transactions and transfers. Scotiabank does not offer any other free chequing accounts.
Scene+ is a rewards program jointly owned by Cineplex Entertainment, Scotiabank and Empire Company. Earn points on every purchase, and redeem for groceries, movies, travel, merchandise, dining, entertainment, pharmacy items or to pay down your balance on eligible Scotiabank cards.
Earn extra Scene+ points by shopping at affiliate partners like Sobeys, Cineplex, Apple, Best Buy, Swiss Chalet, Scene+ Travel (powered by Expedia) and more.
Login to your Scotiabank account online, select your chequing account, then select Direct Deposits & Payments. Navigate to Void Cheque. Select View/Print. This will provide you with your account details for direct deposits into your account.
To cancel an Interac e-Transfer with Scotiabank:
Login to Scotia OnLine or Scotiabank Mobile Banking
Go to Transfers > Interac e-Transfer
Click Show pending Interac e-Transfers beneath Continue
Find the Interac e-Transfer you want to stop. Under the "Stop Transfer" column, select the red X.
Choose the account into which your funds will be redeposited
Select Continue
Review your information, and click Confirm to stop the transfer.
Stacie Hurst is an editor at Finder, specializing in a wide range of topics including stock trading, money transfers, loans, banking products, online shopping and streaming. She has a Bachelor of Arts in Psychology and Writing, and she completed one year of law school in the United States before deciding to pursue a career in the publishing industry. When not working, Stacie can usually be found watching K-dramas or playing games with her friends and family.
Take advantage of Scotiabank’s most popular account features and get special access to exclusive rates and rewards.
Feedback
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
