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Scotiabank Basic Plus Bank Account

Claire Horwood

Last updated: Mar 8, 2021

Earn points on every purchase and enjoy a selection of basic account features for a low monthly fee.

If you’re looking for a no-frills account that offers all of the features you need to do your banking, you might like to check out the Scotiabank Basic Plus account. This account lets you earn rewards and gives you a number of practical benefits for a low monthly fee.

$11.95

Account Fee

25 free per month

Monthly Transactions

Details

Offer	Pay no monthly account fee by maintaining a minimum daily closing balance of $3,000 for the entire month.
Monthly Account Fee	$11.95
Fee Waive Conditions	No monthly account fee will be charged by maintaining a minimum daily closing balance of $3,000 for the entire month.
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Account Fee	$11.95
Debit Transactions	25 free per month
Interac e-Transfer Transactions	Free
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Eligibility Requirements	At least 16 years old Canadian resident or you're here to work or study Not opening this account on behalf of someone else Ok with paperless document delivery
Minimum Age	16
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Claire Horwood

Claire Horwood is a writer at Finder, specializing in credit cards, loans and other financial products. She has a Bachelor of Arts in Gender Studies from the University of Victoria, along with an Associate's Degree in Science from Camosun College. Much of Claire's coursework has focused on writing and statistics, with a healthy dose of social and cultural analysis mixed in for good measure. She has also worked extensively in the field of "Blended Finance" with the Canadian government. In her spare time, Claire loves rock climbing, travelling and drinking inordinate amounts of coffee.

30-second take

Think about this account if you want basic benefits and a low monthly fee.

Choose something else if you’d prefer to get exclusive rates and a welcome bonus.

This account comes with a $11.95 monthly fee unless you keep a minimum balance of $3,000 in your account at all times.

The basics

If you want a no-frills account that doesn’t require you to pay for features you won’t use, the Scotiabank Basic Plus Bank Account could be a good fit for you.

Low monthly fee. Pay a $11.95 fee per month to maintain your account unless you meet the minimum balance requirement.
Exclusive rewards. Choose between the SCENE and Scotia Rewards reward programs whenever you spend money on your card.
Free transactions. Get 25 free per month debit transactions and Free Interac transfers per month.
Fee waiver on account. Pay no monthly account fee by maintaining a minimum daily closing balance of $3,000 for the entire month.
Free credit check. Get a free credit check sponsored by Scotiabank using TransUnion’s special CreditView service.

The perks

On top of the basic benefits you’ll receive with this account, you’ll also get a number of additional perks:

Online and mobile banking. You can manage your account online or over your mobile phone quickly and easily.
Mobile cheque deposit. It’s easy to deposit your cheques through Scotiabank‘s mobile app without having to visit a branch.
Contactless payment. You can pay by swiping your phone at the till if you link your Basic Plus account to Apple Pay, Google Pay or Samsung Pay.
Senior discounts. You’ll be able to save money on your monthly account fees if you’re over the age of 60.

What to watch out for

While this account offers a number of benefits, there are also a couple of drawbacks to watch out for:

No exclusive rates. This account doesn’t offer preferential rates for your savings accounts or GICs.
No bonus offer. You won’t earn bonus SCENE or Scotia Rewards points when you sign up like you will with more premium accounts.
Few benefits. You’ll get far fewer benefits with this account than you will with Scotiabank‘s Preferred or Ultimate accounts.
Charges for non-Scotiabank ABMs. You’ll have to pay a fee to withdraw money from non-Scotiabank ABMs.

What should I know before I apply?

To open a Scotiabank Basic Plus Bank Account, you’ll need to meet the following criteria:

Be a resident of Canada with a valid social insurance number
Be 16 years of age or older
Have an email account

How do I open an account?

To open a Scotiabank Basic Plus Bank Account, you’ll need to fill out a quick and easy online application. Follow these steps to get started:

Click “Go to Site” on this page to be redirected to your Scotiabank Basic Plus Bank Account.
Complete the application, which includes providing your name, email address, social insurance number and birth date.
Review the details of your account and apply quickly and easily with the click of a mouse.

Bottom line

Scotiabank is one of the top banks in Canada and offers a full suite of financial products to millions of clients each year. The Scotiabank Basic Plus Bank Account offers a number of value-added features for a low monthly fee. Find out what you need to qualify for this type of account and learn how you can apply online today.