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Scotiabank chequing accounts

Scotiabank chequing accounts include everything from basic, no-frills options to bank plans with extra perks for active customers.

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

Scotiabank Basic Bank Account

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What we like:

  • Low monthly fee
  • No monthly fee for seniors and RDSP beneficiaries

Fees & features:

  • Monthly fee: $3.95 per month
  • 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

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Scotiabank Basic Plus Bank Account

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What we like:

  • Low monthly fee for seniors
  • 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

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Scotiabank Ultimate Package

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What we like:

  • $0 unlimited transactions
  • $0 overdraft protection (interest applies)
  • Free non-Scotiabank ABM withdrawals in Canada
  • Free personalized cheques and drafts
  • 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

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Earn a welcome bonus of up to $400. Valid until July 31, 2024.

Scotiabank Preferred Package

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What we like:

  • $0 unlimited transactions
  • 1 free non-Scotiabank ABM withdrawal in Canada per month
  • Annual fee waived on select credit cards up to $150
  • 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)
  • Monthly fee waived for the Scotia U.S. Dollar Daily Interest Account

Fees & features:

  • Monthly fee: $16.95 per month
  • Waiver: Monthly fee waived with a daily balance of $4,000+. Seniors 60+ years old get $4.00 off.
  • Transaction fee:$0 unlimited
  • Interac e-Transfers: $0 unlimited
  • ATM fee: 1 free non-Scotiabank ABM in Canada withdrawal per month ($2 afterwards)

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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.

Scotiabank Student Banking Advantage Plan

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What we like:

  • No monthly fee
  • $0 unlimited transactions
  • Free paper or paperless statements
  • 50% off Scotia iTRADE commission ($4.99)
  • 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.

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Earn up to a $100 welcome bonus when you open an account. Apply by July 2, 2024.

Scotiabank Getting There Savings Account

(Youth spending & saving)

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What we like:

  • No monthly fee
  • $0 unlimited transactions
  • 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

Benefits of Scotiabank chequing account plans

All Scotia chequing accounts come with the following features:

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  • Mobile cheque deposit. Use your smartphone to scan and digitally deposit cheques into Scotia chequing accounts.
  • Free credit score. View your TransUnion credit score for free through CreditView, an affiliate of Scotiabank.
  • Tap and pay. Simply tap your Visa Debit or Interac Flash card(s) to pay for purchases.
  • Mobile pay. Pay with Apple Pay, Google Pay or Samsung Pay, and store card information on your smartphone.
  • Scene+ rewards. Earn Scene+ points and use your points for a range of rewards including travel, movies, merchandise and more.

How to open a Scotia chequing account

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)

Compare other chequing accounts

Scotiabank Preferred Package logo

Scotiabank Preferred Package

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Monthly Account Fee

$16.95


Free Transactions

unlimited


e-Transfer Fee

$0


Bonus Offer

Earn $400

BMO Performance Chequing Account logo

BMO Performance Chequing Account

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Monthly Account Fee

$17.95


Free Transactions

unlimited


e-Transfer Fee

$0


Bonus Offer

Earn $600

Coast Capital Free Chequing, Free Debit, and More Account logo

Coast Capital Free Chequing, Free Debit, and More Account

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Monthly Account Fee

$0


Free Transactions

unlimited


e-Transfer Fee

$1.50


Bonus Offer

Earn $350

If your main priority when comparing chequing accounts is avoiding monthly fees, consider the Simplii No Fee Chequing Account (backed by CIBC), the Coast Capital Chequing Account or the Tangerine No-Fee Daily Chequing Account.

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.

Scotiabank chequing account FAQs

Written by

Stacie Hurst

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. See full profile

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