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.
The Scotiabank Basic Bank Account is a simple, low-cost option designed for customers who only need essential day-to-day banking. It comes with 12/month free transactions, free Interac e-Transfers and access to one of the largest international ATM networks of the Big Five Banks, with over 3,500 ATMs in Canada alone through the Global ATM Alliance.
Get 12/month free transactions
$0 Interac eTransfers
Get access to Scotiabank's nationwide ATM and branch network
The Scotiabank Basic Plus Bank Account gives you a little more flexibility than the Basic plan, with 25/month free transactions instead of 12. This includes debit purchases, bill payments and Interac e-Transfers, making it a solid fit for people who bank moderately but don't need unlimited usage. And, if you maintain a minimum daily closing balance of $3,000 for the entire month, your monthly fee of $11.95 will be waived.
The Scotiabank Preferred Package is Scotiabank's most popular chequing account as it offers unlimited debit transactions and unlimited e-Transfers for the low monthly fee of $16.95. Customers also enjoy added benefits such as rebates on select Scotia credit cards and the option to waive the monthly fee by maintaining a minimum daily closing balance of $4,000 or setting up recurring payments to an eligible Scotiabank mortgage.
Earn a welcome bonus of up to $700
Unlimited everyday banking transactions
Options to waive the monthly fee
First year annual fee rebate on select credit cards
Balance waiver threshold may be too high for some
High monthly fee
Monthly Account Fee
$16.95
Free Transactions
unlimited
Interac e-Transfer Fee
$0
In-Network ATM Fee
$2
NSF Fee
$48
Foreign Transaction Fee
2.5%
CDIC Deposit Insurance
$100,000
Bonus Offer
Earn $700
Scotiabank Preferred Package for Students and Youth
The Scotiabank Preferred Package for Students and Youth gives younger customers many of the same benefits as the standard Preferred Package, but with no monthly fees if you're under 23 or enrolled in a full-time postsecondary program. It includes unlimited debit and Interac e-Transfers and perks like discounted annual credit card fees.
Earn a welcome bonus of $125
Free trades with Scotia iTRADE
No account fee
Unlimited transactions and e-Transfers
Limited to full-time students and youth under 23
Only one free non-Scotiabank ABM withdrawal per month
The Scotiabank Ultimate Package is a premium chequing account for customers who want maximum perks and the convenience of all-in-one banking. It offers unlimited debit and Interac e-Transfers, free international money transfers, 10 free equity trades with Scotia iTRADE and rebates on multiple Scotiabank products like other accounts and premium credit cards. While it comes with a higher monthly fee, maintaining a minimum daily balance of $6,000 waives the cost.
Unlimited debit transactions and e-Transfers
Free international money transfers
Free access to ATMs worldwide
Welcome bonus of up to $700
High monthly account fee
Waiver balance requirement of $6,000 is steep
Monthly Account Fee
$30.95
Free Transactions
unlimited
Interac e-Transfer Fee
$0
In-Network ATM Fee
$0
Foreign Transaction Fee
2.5%
CDIC Deposit Insurance
$100,000
Bonus Offer
Earn up to $700
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 $700 when you bundle an Ultimate Package, savings account, and registered account. Valid until March 2, 2026. Plus, earn up to 4.75% interest for 3 months on your MomentumPLUS Savings Account.
Scotiabank Preferred Package: Earn up to $700 when you bundle a Preferred Package, savings account, and registered account. Valid until March 2, 2026. Plus, earn up to 4.70% interest for 3 months on your MomentumPLUS Savings Account.
Scotiabank Preferred Package for Students and Youth: Earn up to $125 as a welcome bonus when you open an account. Apply by January 1, 2026.
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 and Scotiabank Preferred Package for Students and Youth.
Overdraft Protection (subject to approval): $5 per month plus interest, calculated daily at 21% (per annum), charged monthly. 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: $3 within 90 days from the date the cheque was posted to your account, $5 after 90 days or free with paperless recordkeeping
Scotiabank NSF fee: $48
Scotiabank International Money Transfers: $1.99
Incoming wire payments: $15 ($1.50 for Pension Payments)
Cash advance fee: $5
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.
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:
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.
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:
Head to the Scotiabank website to compare chequing accounts and choose one that meets your needs.
Once you pick one, click Open an account.
Complete the online application by inputting information like your full name, birthday and what you plan to use the account for.
Upload copies of documents, including your proof of address, government-issued ID and proof of income.
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
The EQ Bank Personal Account is a hybrid savings and chequing account that pays up to 2.75% interest, while Scotiabank doesn't offer interest for any of its chequing accounts. There are no monthly fees or minimum balance requirements and any Canadian ATM fees will be reimbused. Unlike Scotiabank, EQ Bank is fully digital, so there are no branch services.
$0 account fee
Get unlimited transactions
$0 Interac eTransfers
Earn up to 2.75% interest on your balance
EQ Bank will refund withdrawal fees for using any ATM across Canada
No minimum balance requirement
No physical branches for in-person service
Some standard banking features not available such as overdraft protection and the option to have paper statements
The BMO Performance Chequing Account offers unlimited free transactions and e-Transfers, similar to Scotiabank's Preferred Package. It has a slightly higher monthly fee of $17.95, which can also be waived with a $4,000 minimum balance. And, it comes with a similar welcome offer: Get up to $700*.
Earn $500 when you open a new BMO Performance Chequing Account, make a deposit of any amount by March 2, 2026 and complete two qualifying tasks by April 30, 2026.
Plus, get a Walmart Delivery Pass subscription for up to 12 months* when you open a new Savings Amplifier Account by March 2, 2026, and sign up for or update your existing Walmart Delivery Pass by April 30, 2026 by selecting Debit Mastercard as the payment option for the monthly transaction fee.
Earn $150* when you deposit a total of $10,000 or more in to your Savings Amplifier Account and maintain a daily closing balance of $10,000 or more at all times for the specified period.
Earn $50* when you create one goal and apply one strategy in My Financial Progress Plan by April 30, 2026.
*Terms apply.
Unlimited monthly transactions
Interac e-Transfers
$40 fee rebate on the BMO Mastercard annual fee
BMO will reverse the first accidental fee charged to this account
Up to 20 accounts can be included in the BMO Family Bundle
Get up to $700*.
Earn $500 when you open a new BMO Performance Chequing Account, make a deposit of any amount by March 2, 2026 and complete two qualifying tasks by April 30, 2026.
Plus, get a Walmart Delivery Pass subscription for up to 12 months* when you open a new Savings Amplifier Account by March 2, 2026, and sign up for or update your existing Walmart Delivery Pass by April 30, 2026 by selecting Debit Mastercard as the payment option for the monthly transaction fee.
Earn $150* when you deposit a total of $10,000 or more in to your Savings Amplifier Account and maintain a daily closing balance of $10,000 or more at all times for the specified period.
Earn $50* when you create one goal and apply one strategy in My Financial Progress Plan by April 30, 2026.
*Terms apply.
Monthly fee of $17.95
You won't earn any interest on the money in your account.
The Coast Capital Elevate Chequing Account is another comparable option to Scotiabank's Preferred Package as it comes with unlimited free transactions, $0 Interac e-Transfers and first-year fee rebate on eligible credit cards. However, unlike Scotiabank, you'll need to become a member of Coast Capital to take advantage of this account. New members can get up to $600 when they open and use a Coast Capital Elevate Chequing Account. Conditions apply. Offer ends January 5, 2026.
No monthly fee
Unlimited free transactions
No minimum balance required
Deposit cheques on the app from your phone
Withdraw money free of charge from 4,000+ ATMs across Canada
Free access to Coursera's global learning platform
You'll have to pay $16.95 per month for this account
The Tangerine No-Fee Daily Chequing Account comes with unlimited free transactions and Interac e-Transfers, so it's similar to the Scotiabank Ultimate Package but with no monthly fee, no matter your balance. Plus, you can earn up to 0.1% interest on every dollar. While a low interest rate, at least you'll be able to earn some interest on your balance, which is not the case with any Scotiabank chequing account.
Another fully digitaly account that mirrors Scotiabank's Ultimate Package is the Simplii No Fee Chequing Account. It comes with no monthly account fee, no transaction fees, no e-Transfer fees, no minimum deposit requirements, a chance to earn interest on your account balance and a debit card. Although Simplii doesn't have any branches like Scotiabank, its customers do have access to over 3,400 ATMs because it's a division of CIBC.
Earn a welcome bonus of up to $300
Enjoy unlimited free transactions and e-Transfers
No monthly account fee
Earn 0.01% interest on your balance
No minimum deposit requirements
Earn a referral bonus
Simplii is an online only provider
You can only earn the welcome bonus if you're a new Simplii customer
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
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.
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.
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.
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
Select Confirm to stop the Interac e-Transfer
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.
Rebecca Low is a writer for Finder. She has contributed to a range of digital publications, including income.ca, Indeed, and Expatden, writing on topics like personal finance, career development, and travel.
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Stacie Hurst is an editor at Finder, specializing in loans, banking, investing and money transfers. She has a Bachelor of Arts in Psychology and Writing, and she has completed FP Canada Institute's Financial Management Course. Before working in the publishing industry, Stacie completed one year of law school in the United States. When not working, she can usually be found watching K-dramas or playing games with her friends and family.
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