Scotiabank chequing accounts

Scotiabank offers Canadians six different chequing account plans to help meet the banking needs of all Canadians.

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Scotiabank is one of the larger banks in Canada and has hundreds of locations across Canada. It offers six separate chequing account plans, each with a different focus, in order to meet the banking needs of everyday Canadians.

Check out our guide to learn about the different chequing accounts Scotiabank offers, including the features and benefits of each as well as how to apply for the chequing account that is right for you.

Compare Scotiabank chequing accounts

Name Product Interest Rate Account Fee Debit Transactions Interac e-Transfer Transactions
Scotiabank Student Banking Advantage Plan
0%
$0
unlimited
unlimited
Sign up today and get up to 5,000 Welcome Points. Terms apply. Apply by April 30, 2020.
Scotiabank Preferred Package
0%
$15.95 per month ($0 if requirements met)
unlimited
unlimited
Earn 10,000 Welcome Points when you open a new Scotiabank Preferred Package. Terms apply. Apply by April 30, 2020.
Scotiabank Basic Bank Account
0%
$3.95 per month
12 free per month
2 free per month
With a low monthly account fee, you can choose between earning points toward the SCENE or Scotia Rewards reward programs.
Scotiabank Ultimate Package
0%
$30.95 per month ($0 if requirements met)
unlimited
unlimited
Earn 10,000 Welcome points when you open a new Scotiabank Ultimate Package. Terms apply. Apply by April 30, 2020.
Scotiabank Basic Plus Bank Account
0%
$10.95 per month ($0 if requirements met)
25 free per month
10 free per month
Pay no monthly account fee by maintaining a minimum daily closing balance of $3,000 for the entire month.
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Scotiabank chequing accounts

Scotiabank Ultimate Package

The Scotiabank Ultimate Package offers a number of perks, including unlimited debit transactions (and unlimited Interac e-Transfers), $0 foreign ATM fees on withdrawals, and complimentary personalized cheques. However, this plan will cost you $30.95 per month (less if you’re a senior). No monthly account fee will be charged by maintaining 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 Account.

Scotiabank Preferred Package

According to Scotiabank, this is their most popular option because it provides the perfect number of banking solutions at a cost per month of $15.95 (less if you’re a senior). No monthly account fee will be charged by maintaining a minimum daily closing balance of $4,000 for the entire month. With this plan, you’ll receive unlimited debit transactions (including unlimited Interac e-Transfers), and the potential to waive fees on one non-Scotiabank ATM transaction.

Scotiabank Basic Plus Bank Account

If you don’t think you’ll need all the benefits of some of the other accounts, you might want to opt for the Scotiabank Basic Plus Bank Account for a cost of $10.95 per month (less for seniors). No monthly account fee will be charged by maintaining a minimum daily closing balance of $3,000 for the entire month. This plan also includes a number of transactions (25 free per month) and Interac e-Transfers (10 free per month).

Scotiabank Student Banking Advantage Plan

If you’re a student and want to open up a chequing account with Scotiabank, you may want to look at the Scotiabank Student Banking Advantage Plan. This plan requires you to be in a post-secondary institution either in Canada or the US. The account has a $0 fee per month and comes with a few perks, including unlimited debit transactions (including unlimited Interac e-Transfers) and enrollment into the SCENE or Scotia Rewards program, which can allow you to earn points that you can redeem for a movie at any Scotiabank theatre across Canada.

Scotiabank Basic Bank Account

If you don’t bank very often and are looking for a no-frills chequing account, the Scotiabank Basic Bank Account may be your best bet. With the low fee of $3.95 per month (free for seniors), this plan allows you to make a limited number of transactions (12 free per month) and Interac e-Transfers (2 free per month).

The benefits of banking with Scotiabank

As one of the most notable banks in Canada, you can expect a high level of customer service with Scotiabank as well as the following benefits:

  • Scotiabank Internet and mobile banking. If you have a Scotiabank chequing account, you can access your account online through the online portal, Scotia OnLine. You can also download the Scotiabank Mobile Banking app and access your chequing account via your smartphone. This lets you manage your account, pay your bills, send money transfers domestically and overseas or apply for another Scotiabank product, either online or via the app.
  • Mobile cheque deposit. This feature allows you to take an image of your cheque using your mobile phone and digitally deposit it into your chequing account.
  • Free credit score. You’re able to access your credit score free of charge.
  • Tap and pay. You can pay for goods by tapping with your Visa Debit or Interac Flash card(s).
  • Mobile pay. Store your card’s information on your smartphone and then pay using either Apple Pay, Google Pay or Samsung Pay.
  • Scotia and SCENE rewards. You have the choice of enrolling in either the Scotia Rewards program (for travel) or the SCENE rewards program (for movies and meals).

How to open a Scotiabank chequing account

Before you get started on your application, you should make sure that you meet the eligibility requirements for the specific chequing account that you are interested in. Furthermore, have the necessary documents on hand so that you can correctly fill out the application form. Eligibility requirements might vary between chequing account plans but generally include the following:

  • Age. You must be a minimum age (like 16 years of old).
  • Residence. You must either be a Canadian resident or reside in Canada for the purpose of work or study.
  • Identity. You must verify that you are opening the account for yourself and not on behalf of someone else.

Information you will need for your application

After checking that you are eligible for the chequing account you want, you will need to gather the following information in order to proceed with the application process:

  • Birth date
  • Address
  • Contact information
  • Social Insurance Number

You’ll also need to verify your identity by providing an accepted form of identification, such as your driver’s licence number or passport.

Frequently asked questions about Scotiabank chequing accounts

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