Compare Scotiabank chequing accounts

Scotiabank is one of the largest banks in Canada, offering a variety of personal accounts for everyday spending. Explore the best Scotiabank chequing account options based on fees and standout features, and compare alternatives to Scotiabank chequing accounts.

Compare Scotiabank chequing accounts

Chequing account	Monthly fee	Fee wavier minimum balance	Free monthly transactions	Interac e-Transfers	ATM fees
Basic bank account	$3.95	N/A	18/month ($1.25 each thereafter)	$1 per e-Transfer (if your free transactions run out)	$1.50 per non-Scotiabank ABM (Interac network) withdrawal in Canada $3 per non-Scotiabank ABM withdrawal (Visa or PLUS network) in Canada and the US $5 elsewhere
Basic Plus Bank Account	$0 or $11.95	$3,000	25/month ($1.25 each thereafter)	$1 per e-Transfer (if your free transactions run out)	$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 $5 elsewhere
Preferred Package	$0 or $16.95	$4,000	unlimited	Unlimited	1 free non-Scotiabank ABM in Canada withdrawal per month ($1.50 afterwards) $3 per non-Scotiabank ABM withdrawal (Visa or PLUS network) in Canada and the US $5 elsewhere
Preferred Package for Students and Youth	$0	N/A	unlimited	Unlimited	$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 $5 elsewhere
Ultimate Package	$0 or $30.95	$6,000	unlimited	Unlimited	$0 non-Scotiabank ABM withdrawals in Canada and Visa or PLUS ABMs outside Canada

What is the best Scotiabank chequing account

The Scotiabank Preferred Package is our pick for the best Scotiabank chequing accounts. It’s also one of the best all-around chequing accounts for everyday banking from any Big Five bank. It offers unlimited debit transactions and free Interac e-Transfers, as well as:

• No monthly account fee if you maintain a minimum daily closing balance of $4,000 for the entire month or set up recurring payments to an eligible Scotiabank mortgage
• earn an extra 0.05% interest on a Scotiabank MomentumPLUS Savings Account balance
• Preferred rates on select GICs
• No monthly account fee on a Scotia US Dollar Daily Interest Account
• 20 free trades on the Scotia iTRADE mobile app in your first year and 10 free trades every year after
• One free non-Scotiabank ABM withdrawal per month in Canada
• First year annual fee rebate on select credit cards (up to $150)
• Scene+ points with everyday purchases

Summary of Scotiabank sign-up offers

• Scotiabank Ultimate Package: Earn up to $1,000 when you bundle an Ultimate Package, savings account, and credit card. Valid until March 4, 2027.
• Scotiabank Preferred Package
  : Earn up to $1,000 when you bundle a Preferred Package, savings account, and credit card. Valid until March 4, 2027.
• Scotiabank Preferred Package for Students and Youth: Earn up to $175 as a welcome bonus when you open an account. Apply by February 28, 2027

Related: Our full guide to Scotiabank new account offers

Scotiabank chequing account fees

Here are some Scotiabank monthly fees and miscellaneous charges you should be aware of:

Does Scotiabank offer a no-fee chequing account?

Scotiabank does not offer a standard no-fee chequing account unless you are a student under the age of 23 years old. Otherwise, all of Scotiabank’s chequing accounts come with a standard monthly fee.

That said, it’s possible to waive the monthly fee on most Scotiabank chequing account by keeping a minimum balance in your account—usually a few thousand dollars—at all times.

If you’re looking for a no-fee chequing account, you’ll have to sign up with a digital bank like Tangerine (which is owned by Scotiabank), EQ Bank or Simplii Financial. Check out more alternatives to Scotiabank chequing accounts below.

Advantages of opening a Scotiabank chequing account

• Welcome bonuses. Scotiabank regularly offers welcome bonuses to new clients, like earning $500 just for opening an eligible chequing account.
• Scene+ rewards. Scotiabank offers the only credit and debit cards that allow you to earn Scene+ points, which you can redeem for a range of rewards, including travel, movies, merchandise and more.
• Mobile cheque deposit. You can use your smartphone to scan and digitally deposit cheques into Scotia chequing accounts for quick access to your funds.
• Free credit score. View your credit score for free through TransUnion, a partner of Scotiabank.
• StartRight program. Scotiabank created the StartRight program to help newcomers manage their finances. It offers benefits like no monthly account fees on a Preferred Package account and unlimited free international money transfers.
• CDIC insured. Scotiabank chequing accounts, savings accounts, GICs, bank drafts and money orders are covered by the Canada Deposit Insurance Corporation up to $100,000 per customer in the unlikely event the Bank of Nova Scotia fails.

Disadvantages of opening a Scotiabank chequing account

• High monthly fees. Scotiabank’s monthly fees are higher than digital banks, but they can be waived if you maintain the required balances.
• High minimum balance requirement. That being said, the minimum balance requirements to waive your monthly fee are high as well, between $4,000– $6,000 depending on the account.
• No interest. None of Scotiabank’s chequing accounts pay interest, so your money will be sitting idle.

Requirements to open a Scotiabank chequing account

To apply for Scotiabank chequing accounts, you’ll need to meet these eligibility requirements and provide the following information:

Age

To open a Scotia chequing account, you need to be at least the age of majority in your province or territory (18 or 19 years old). 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 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 welcome 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, a Canadian passport or a Permanent Resident Card. Learn more about acceptable types of identification here.

Required information

The application process for Scotiabank chequing accounts requires the following information:

Related: Explore Scotiabank savings accounts

How to open a Scotiabank chequing account

You can open a chequing account with Scotiabank online, in branch or over the phone. Here are the steps you can follow to open an account online:

1. Head to the Scotiabank website to compare chequing accounts and choose one that meets your needs.
2. Once you pick one, click Open an account.
3. Complete the online application by inputting information like your full name, birthday and what you plan to use the account for.
4. Upload copies of documents, including your proof of address, government-issued ID and proof of income.
5. Verify your information and submit your application. Once approved, you’ll receive your account details and debit card by mail.

Alternatives to opening a chequing account with Scotiabank

If you want to avoid the higher monthly fees and minimum balance requirements of big banks like Scotiabank, digital banks can be a cost-effective alternative. Unlike traditional banks, many digital banks offer no-fee chequing accounts, unlimited transactions and easy mobile banking, all without requiring a branch visit.

So, if you don’t mind a lack of in-person services, opening a digital chequing account to take care of your everyday banking may be a better option for you.

Some top alternatives to Scotiabank chequing accounts

Related: Compare Canada's big 5 banks

Bottom line

Scotiabank offers five chequing accounts to suit different banking needs, from low-fee basic accounts to premium packages with unlimited transactions and extra perks. For customers who value in-person service, bundled benefits and loyalty rewards, Scotiabank is a strong choice.

However, if your priority is avoiding fees or earning interest on your chequing balance, digital banks like EQ Bank, Simplii and Tangerine may be better alternatives.

Scotiabank chequing account FAQs

• Do Scotiabank checking accounts have a minimum balance?

  No, there's 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 Preferred Package for Students and Youth come with zero monthly fees.

• Is there a Scotiabank free chequing account?

  If you're 23 years old or younger or a full-time student, you can open a Scotiabank Preferred Package for Students and Youth, which comes with zero monthly account fees and unlimited free transactions and transfers. Scotiabank doesn't offer any other free chequing accounts.

• How does the Scotiabank Scene rewards program work?

  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 and pharmacy items, or 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.

• How do I get a Scotiabank direct deposit form or VOID cheque details from Scotiabank?

  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.

• How do I cancel an e-Transfer with Scotiabank?

  To cancel an Interac e-Transfer with Scotiabank:

  1. Login to Scotia OnLine or Scotiabank Mobile Banking
  2. Go to Transfers > Interac e-Transfer
  3. Click Show pending Interac e-Transfers beneath Continue
  4. Find the Interac e-Transfer you want to stop. Under the "Stop Transfer" column, select the red X.
  5. Choose the account into which your funds will be redeposited
  6. Select Continue
  7. Select Confirm to stop the Interac e-Transfer

• What happens to my Preferred Package for Students and Youth account when I graduate or turn 23?

  When you graduate or turn 23, your Preferred Package for Students and Youth will automatically convert to a regular Preferred Package. This means the monthly fee waiver will end, and the standard account fee applies unless you qualify for another discount.