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Scotiabank Student Banking Advantage Plan review

The Scotiabank Student Banking Advantage Plan is geared towards students pursuing full-time studies who don’t want to worry about monthly transaction limits. 

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By

Sam Bourgi

Updated

Our verdict

With features like unlimited, free debit transactions and Interac e-Transfers, the Scotiabank Student Banking Advantage Plan will let you go about your business without having to worry about usage limits. What's more, this account is also free for students enrolled in post-secondary school across North America, and it comes with a generous signup bonus.

Best for: Those who are currently in post-secondary education looking for a free and easy-to-use bank account.

Pros
  • Earn a welcome bonus of 7,500 Scene+ points
  • No account fee for full-time post-secondary students
  • Enjoy unlimited free transactions and e-Transfers
  • Earn Scene+ points on debit transactions
Cons
  • This account is not free for part-time students
  • You must verify that you're a student each year
Learn more

Free Transactions

unlimited

Interac e-Transfer Fee

$0

Monthly Account Fee

$0

What banking products does Scotiabank offer?

The Scotiabank Student Banking Advantage Plan is only the tip of the iceberg of what this Big 5 bank provides. Here’s a basic rundown of its main products and services:

  • Chequing and savings accounts. Scotiabank offers a suite of chequing and savings accounts to cover your primary banking needs.
  • Loans and credit lines. You can borrow with Scotiabank through loans, lines of credit and credit cards.
  • Mortgages. If you’re looking to finance your next home purchase, Scotiabank offers fixed- and variable-rate mortgages.
  • Insurance. Scotiabank can help you protect your home, vehicle and travel plans through a comprehensive list of insurance products.
  • Investing. Whether you’re looking to save for retirement, set up a tax-free savings account or trade financial assets, Scotiabank offers dedicated investor services, including GICs.

How does it compare to other banks or services?

Scotiabank isn’t the only Canadian bank that caters to students. RBC, TD, CIBC and Bank of Montreal all serve this growing demographic. Scotiabank offers some unique advantages over the competition. Open a student account today and get up to $100. Apply by June 10, 2023. While most student bank accounts are free, not all of them are. That’s another tip in Scotiabank‘s favour.

Scotia is also a recent winner of a J.D. Power customer satisfaction award.

Scotiabank reviews and complaints

Like any other Canadian financial institution, Scotiabank has a lot of reviews written about it online. Some are positive, some are negative. With a nearly 190-year track record, Scotiabank is one of the most reliable financial institutions in the country. It also won a J.D. Power retail banking advice satisfaction award in 2019.

Why should I open an account at Scotiabank?

Some of the main benefits of a Scotiabank Student Banking Advantage Plan include:

  • Unlimited account features. The Student Banking Advantage Plan lets you deposit, withdraw and send money from your account as much as you like.
  • No-fee banking. This account gives you unlimited banking services for $0 a month. Just prove you’re enrolled full-time in a college or university in Canada or the US. Domestic and international students are eligible.
  • Rewards. The Student Banking Advantage Plan comes with a welcome bonus. Open a student account today and get up to $100. Apply by June 10, 2023. It also lets you earn rewards on debit transactions.
  • Other guaranteed benefits. Scotiabank account holders receive overdraft protection, access to more than 4,000 ABMs and personalized financial advice.
  • Special offer. Get $4.99 commission pricing, 50% discount from standard commission pricing. Plus, trade 1 get 1 free at Scotia iTRADE. Get 20 free trades (stock or ETF) on the mobile app in your first year and 10 free trades every year after.

What should I look out for?

Some of the drawbacks of a Scotiabank Student Banking Advantage Plan include:

  • Not free for part-time students. To be eligible for no-fee banking, students need to prove they’re pursuing full-time studies. That means a full course load.
  • Other fees apply. With this account, only your monthly fee is waived. You’ll still have to pay for bank drafts, overdraft protection and international wire services.

Scotiabank customer service

Scotiabank is one of the nation’s largest financial institutions. That means you can reach it 24 hours a day, 7 days a week. Account inquiries can be directed to customer support at the following toll-free number: 1-800-4-SCOTIA. You can also tweet to @ScotiabankHelps for extra help.

The bottom line

Scotiabank Student Banking Advantage Plan is a reliable account for individuals pursuing full-time studies. If you need a bank account that gives you unlimited transactions while waiving your monthly fee, visit Scotiabank’s website to review the details.

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