{"id":1047819,"date":"2024-11-14T16:44:57","date_gmt":"2024-11-14T21:44:57","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=1047819"},"modified":"2026-01-19T18:58:09","modified_gmt":"2026-01-19T23:58:09","slug":"scotiabank-select-account-for-business-review","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/banking\/business-banking\/scotiabank-select-account-for-business-review","title":{"rendered":"Scotiabank Select Account for Business review"},"content":{"rendered":"<h3>Scotiabank Select Account for Business: The basics<\/h3><ul><li style=\"padding-bottom: 14px;\"><strong>One account, four plans.<\/strong> The Select Account for Business offers a choice of four plans based on the number of transactions your business performs each month:<ul><li>Plan A supports 25 transactions per month.<\/li><li>Plan B supports 70 transactions per month.<\/li><li>Plan C supports 125 transactions per month.<\/li><li>Unlimited plan supports unlimited transactions.<\/li><\/ul><\/li><li style=\"padding-bottom: 14px;\"><strong>Monthly fee (waivable).<\/strong> A monthly fee of $20 - $120 applies depending on the plan you select\u2014the more transactions the plan supports, the higher your monthly fee. However, Scotiabank will waive this fee if you keep your balance above a minimum level. <a href=\"https:\/\/www.finder.com\/ca\/banking\/business-banking\/free-business-bank-accounts-canada\">Check out other free business bank accounts here<\/a>.<\/li><li style=\"padding-bottom: 14px;\"><strong>ScotiaCard.<\/strong> You can use a ScotiaCard debit card to access your account at Scotiabank ATMs.<\/li><li style=\"padding-bottom: 14px;\"><strong>Overdraft protection.<\/strong> Overdraft protection of up to $10,000 is available with this account (subject to credit approval and providing security).<\/li><li style=\"padding-bottom: 14px;\"><strong>Branch and ABM network.<\/strong> Scotiabank has a nationwide network of over 900 branches if you want to access in-person customer service, and you can withdraw cash from over 3,500 Scotiabank ABMs.<\/li><li style=\"padding-bottom: 14px;\"><strong>Online and mobile banking.<\/strong> If you prefer to do your business banking digitally, it\u2019s easy to manage your money, track expenses and pay staff and suppliers using online banking and Scotiabank Mobile Banking for Business.<\/li><\/ul><h3>Compare Scotiabank Select Account for Business plans<\/h3><p>Check out the table below to compare the pricing and features of Scotiabank\u2019s four Select Account for Business plans.<\/p><table class=\"luna-table luna-table--responsiveList\"><thead class=\"luna-table__header\"><tr><th style=\"text-align: left; width: 20%;\" scope=\"col\"><\/th><th style=\"text-align: left; width: 20%;\" scope=\"col\">Plan A<\/th><th style=\"text-align: left; width: 20%;\" scope=\"col\">Plan B<\/th><th style=\"text-align: left; width: 20%;\" scope=\"col\">Plan C<\/th><th style=\"text-align: left; width: 20%;\" scope=\"col\">Unlimited<\/th><\/tr><\/thead><tbody><tr><td>Monthly fee<\/td><td>$20<\/td><td>$40<\/td><td>$75<\/td><td>$120<\/td><\/tr><tr><td>Minimum balance required for monthly fee rebate<\/td><td>$20,000<\/td><td>$35,000<\/td><td>$45,000<\/td><td>$75,000<\/td><\/tr><tr><td>Transactions<\/td><td>25<\/td><td>70<\/td><td>125<\/td><td>unlimited<\/td><\/tr><tr><td>Deposit items<\/td><td>50<\/td><td>60<\/td><td>85<\/td><td>unlimited<\/td><\/tr><tr><td>Cash deposits<\/td><td>$6,000<\/td><td>$8,000<\/td><td>$10,000<\/td><td>$30,000<\/td><\/tr><tr><td>Additional transaction fee<\/td><td>$1.50<\/td><td>$1.50<\/td><td>$1.50<\/td><td>$0<\/td><\/tr><tr><td>Additional items deposit fee<\/td><td>$0.25<\/td><td>$0.25<\/td><td>$0.25<\/td><td>$0<\/td><\/tr><tr><td>Additional cash deposit fee (for every $1,000)<\/td><td>$2.60<\/td><td>$2.60<\/td><td>$2.60<\/td><td>$2.60<\/td><\/tr><tr><td>Sending Interac e-Transfer fee<\/td><td>1 - 20: Free<br>21 and above: $1<\/td><td>1 - 20: Free<br>21 and above: $1<\/td><td>1 - 20: Free<br>21 and above: $1<\/td><td>Free<\/td><\/tr><\/tbody><\/table><p style=\"text-align: center;\"><\/p><h3>What are the benefits of the Scotiabank Select Account for Business?<\/h3><ul class=\"list-1\"><li><strong>Choose a plan that suits your business.<\/strong> The Select Account for Business package gives you the flexibility of choosing a plan that suits your monthly transaction needs. If those needs change as your business grows, it\u2019s easy to upgrade to a higher plan.<\/li><li><strong>Get the monthly fee waived.<\/strong> The monthly fee will be waived if you keep your balance above a minimum level. You\u2019ll need a minimum balance of:<ul><li>$20,000 to pay no monthly fee for Plan A.<\/li><li>$35,000 to pay no monthly fee for Plan B.<\/li><li>$45,000 to pay no monthly fee for Plan C.<\/li><li>$75,000 to pay no monthly fee for the Unlimited Plan.<\/li><\/ul><\/li><li><strong>High cash deposit limit.<\/strong> If your business regularly gets paid in cash, this account supports between $6,000 and $30,000 in cash deposits per month (depending on the plan you choose) for no extra fee.<\/li><li><strong>No overdraft protection fee.<\/strong> The monthly fee for overdraft protection is waived on this account.<\/li><li><strong>Big Five bank.<\/strong> Opening a Select Account for Business gives you the security and peace of mind that comes from dealing with one of Canada\u2019s oldest and biggest banks.<\/li><li><strong>CDIC insured.<\/strong> Scotiabank is a Canada Deposit Insurance Corporation (CDIC) member, so eligible deposits of up to $100,000 in your Select Account for Business are covered by CDIC insurance.<\/li><li><strong>Merchant Services with Chase.<\/strong> If your business needs to accept credit and debit card payments, Scotiabank\u2019s merchant services partner is Chase. As of the time of writing, if you sign up for Chase Merchant Services, Scotiabank will waive the $40 monthly fee on the Select Account for Business Plan B.<\/li><\/ul><h3>What are the drawbacks of the Scotiabank Select Account for Business?<\/h3><ul class=\"list-12\"><li><strong>Monthly fee.<\/strong> The four Select Account for Business plans all come with a monthly fee. This fee ranges from $20 for Plan A to $120 for the Unlimited Plan.<\/li><li><strong>High minimum balance to waive the monthly fee.<\/strong> You can get the monthly fee waived if you meet the minimum balance requirement, which ranges from $20,000 to $75,000, depending on the account plan you choose.<\/li><li><strong>Additional transaction fee.<\/strong> If you exceed your monthly transaction limit, a $1.50 fee will apply for each subsequent transaction.<\/li><li><strong>Fees on some Interac e-Transfers.<\/strong> On Plans A, B and C, your first 20 Interac e-Transfers on Scotia OnLine are free each month, but after that a $1 fee applies for each e-Transfer you send.<\/li><\/ul><h3>Compare other business banking accounts<\/h3>\n    \n\n<style>\n#toppicks { overflow-x: auto; }\n.table-expander__content { margin-left: 0.5rem; line-height: normal; }\n.pro-section { line-height: 1.35rem; text-align: left; }\n\n.topPicksF1 .card-topText {\n    font-weight: 800;\n    height: 50px;\n    font-style: italic;\n    align-content: space-around;\n}\n\n.topPicksF1 .zoom:hover {\n    box-shadow: 4px 6px 0 0 #232320;\n}\n\n.topPicksF1 .topPicks__deal {\n    color: #232021;\n    background-color: #F7F6EC;\n}\n\n.container-threepc.threepc-flex::-webkit-scrollbar { display: none; 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}\n    .award-wrapper { height: 0px; display: block; }\n    .cardProductname-header { margin-top: 2.2rem; }\n\n    .mastheadPick-item {\n        margin: 5px;\n        width: 80%;\n    }\n\n    .standardMasthead__widgetSection {\n        margin-bottom: 0;\n    }\n\n    .cardColoured-banner {\n        font-size: 0.9rem;\n        background-color: #e5f7ff;\n    }\n}\n<\/style>\n\n<style>\n       .icondeal > use { fill: #232320 !important }\n    .icondeal { width: 1rem !important; height: 1rem !important; vertical-align: \/*middle;*\/ vertical-align: bottom !important;}\n  .best-page-offer-text-rib {  border-radius: 16px !important;  background-color: #F7F6EC; padding: 0.5rem; display: inline-block;}\n  .threepc-page-offer-text-rib { padding: 0.3em !important }\n  td.comparison-table__feature--longtext div.comparison-table__cellWrapper { width:  100%; } td.comparison-table__feature--longtext .has-margin-bottom-xsmall { border-radius: 3px; }\n<\/style> \n\n    \n\n\n                        \n\n\n\n\n\n\n    \n                <div class=\"container-threepc threepc-flex topPicksF1\" id=\"toppicks\">\n\n                                <article class=\"luna-card luna-card--shadow luna-card--stretch mastheadPick-item threepc-flex-item zoom topPicks__card-card\">\n                <div class=\"cardColoured-banner\" style=\"background-color: \" data-nbid=\"ddef87d7-ca17-4ede-a4c6-991a25f5c077\">\n\n                                        \n                    <p class=\"card-topText\" style=\"height:fit-content\">\n                                                    Digital access\n                                            <\/p>\n                <\/div>\n\n                                \n                <div class=\"luna-card__block luna-card__topPick\">\n                    <figure style=\"margin: auto;\" class=\"noward\">\n                        <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.finder.com\/redirect\/ca\/business-banking\/rbc-digital-choice-business-banking-ca-secure.html?nb=1&amp;src_country=ca&amp;redirect_tracking_params=%7B%22placement_type%22%3A%22nb-product%22%2C%22product_id%22%3A%22ddef87d7-ca17-4ede-a4c6-991a25f5c077%22%2C%22product_name%22%3A%22RBC%2BDigital%2BChoice%2BBusiness%2BAccount%22%2C%22offer_id%22%3A%2223853%22%2C%22decorator%22%3A%22GLOBAL.PRODUCT.USFIN_IMAGE%22%2C%22niche_code%22%3A%22CAFSA-BUS%22%2C%22position%22%3A%221%22%2C%22top_picks_lock_order%22%3A%220%22%2C%22post_id%22%3A%221047819%22%2C%22post_path%22%3A%22banking%252Fbusiness-banking%252Fscotiabank-select-account-for-business-review%22%2C%22post_country%22%3A%22ca%22%2C%22partial%22%3A%7B%22id%22%3A1730639%2C%22name%22%3A%22threepc%22%2C%22country%22%3A%22us%22%7D%7D\" style=\"margin-bottom: 10px;\" title=\"Go to RBC\">\r\n\r\n  \r\n  \r\n\r\n<img decoding=\"async\" src=\"https:\/\/www.finder.com\/niche-builder\/5e5d6490ee27a.jpg\" loading=\"lazy\" alt=\"RBC logo\" class=\"luna-image compare-logo no-lazyload \" width=\"450\" height=\"250\" srcset=\"https:\/\/www.finder.com\/niche-builder\/5e5d6490ee27a.jpg?fit=180 180w, https:\/\/www.finder.com\/niche-builder\/5e5d6490ee27a.jpg?fit=360 360w, https:\/\/www.finder.com\/niche-builder\/5e5d6490ee27a.jpg?fit=600 600w, https:\/\/www.finder.com\/niche-builder\/5e5d6490ee27a.jpg?fit=900 900w, https:\/\/www.finder.com\/niche-builder\/5e5d6490ee27a.jpg?fit=1200 1200w, https:\/\/www.finder.com\/niche-builder\/5e5d6490ee27a.jpg?fit=1350 1350w\" sizes=\"(max-width: 1350px) 100vw, 1350px\">\r\n<\/a>\n                    <\/figure>\n\n                    \n                    \n                    \n                    \n                                            <span class=\"best-pagePromoted-span\" style=\"display: none; background-color: #FFF;\"><\/span>\n                    \n                    \n                    <div class=\" has-padding-bottom-xsmall has-padding-top-small \" style=\"border-radius: 0.2em;\">\n                       <a target=\"_blank\" rel=\"sponsored\" href=\"https:\/\/www.finder.com\/redirect\/ca\/business-banking\/rbc-digital-choice-business-banking-ca-secure.html?nb=1&amp;src_country=ca&amp;redirect_tracking_params=%7B%22placement_type%22%3A%22product_link%22%2C%22class%22%3A%22luna-button%2Bluna-button--fluid%2Bluna-button--success%22%2C%22title%22%3A%22GO%2BTO%2BSITE%22%2C%22site%22%3A%22CAFSA-BUS%22%2C%22offer_id%22%3A%2223853%22%2C%22niche_code%22%3A%22CAFSA-BUS%22%2C%22product_id%22%3A%22ddef87d7-ca17-4ede-a4c6-991a25f5c077%22%2C%22product_name%22%3A%22RBC%2BDigital%2BChoice%2BBusiness%2BAccount%22%2C%22provider_id%22%3A%221be56ebb-0272-467d-bd9a-3b4b3a3d4525%22%2C%22provider_name%22%3A%22RBC%22%2C%22post_id%22%3A%221047819%22%2C%22post_path%22%3A%22banking%252Fbusiness-banking%252Fscotiabank-select-account-for-business-review%22%2C%22post_country%22%3A%22ca%22%2C%22partial%22%3A%7B%22id%22%3A1730639%2C%22name%22%3A%22threepc%22%2C%22country%22%3A%22us%22%7D%7D\" class=\"luna-button luna-button--fluid luna-button--success\">GO TO SITE<\/a>\n\n\n                        \n                    <\/div>\n\n                    <div class=\"text-center\"> <\/div>\n\n                    \n                    \n\n                       <div style=\"display: none\">ddef87d7-ca17-4ede-a4c6-991a25f5c077-<\/div>\n\n\n                    \n\n\n\n\n\n                                            <div class=\"cardPros-text  pros-no-blue-lozenge \">\n                            <style>\r\n.list-1 li {\r\noverflow-wrap: break-word;\r\nwhite-space: normal;\r\npadding-bottom: 10px;\r\n}\r\n  \r\n.pro-engine { \r\nmin-height: 100px;\r\nmargin-top: 15px;\r\n}\r\n  \r\n@media (max-width:1001px) { \r\n.pro-section{\r\n\r\n\r\n}\r\n}\r\n  \r\n@media (max-width:1920px) { \r\n.pro-section{\r\n\r\n\r\n}\r\n}\r\n  \r\n.pro-section-2 {\r\n\r\n}\r\n<\/style>\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n<div class=\"pro-section\">\r\n    <ul class=\"list-1 pros-a\" id=\"pros\">\r\n        \r\n            \r\n                 <li>Low $6 monthly account fee<\/li>\r\n            \r\n         \r\n            \r\n                 <li>Unlimited online transactions<\/li>\r\n            \r\n         \r\n            \r\n                 <li>Unlimited mobile and ATM cheque deposits<\/li>\r\n            \r\n         \r\n            \r\n                 <li>Sole proprietorships and corporations accepted<\/li>\r\n            \r\n         \r\n    <\/ul>\r\n<\/div>\n                        <\/div>\n                                    <\/div>\n\n                <div style=\"margin-top: 1rem; margin-right: 0.7rem;\">\n                    \n                <\/div>\n            <\/article>\n                                <article class=\"luna-card luna-card--shadow luna-card--stretch mastheadPick-item threepc-flex-item zoom topPicks__card-card\">\n                <div class=\"cardColoured-banner\" style=\"background-color: \" data-nbid=\"6f4b7efc-42b4-46b9-997e-867e25204496\">\n\n                                        \n                    <p class=\"card-topText\" style=\"height:fit-content\">\n                                                    Sign-up Offer\n                                            <\/p>\n                <\/div>\n\n                                \n                <div class=\"luna-card__block luna-card__topPick\">\n                    <figure style=\"margin: auto;\" class=\"noward\">\n                        <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.finder.com\/redirect\/ca\/business-banking\/airwallex-business-account-ca-secure.html?nb=1&amp;src_country=ca&amp;redirect_tracking_params=%7B%22placement_type%22%3A%22nb-product%22%2C%22product_id%22%3A%226f4b7efc-42b4-46b9-997e-867e25204496%22%2C%22product_name%22%3A%22Airwallex%2BBusiness%2BAccount%22%2C%22offer_id%22%3A%2225199%22%2C%22decorator%22%3A%22GLOBAL.PRODUCT.USFIN_IMAGE%22%2C%22niche_code%22%3A%22CAFSA-BUS%22%2C%22position%22%3A%222%22%2C%22top_picks_lock_order%22%3A%220%22%2C%22post_id%22%3A%221047819%22%2C%22post_path%22%3A%22banking%252Fbusiness-banking%252Fscotiabank-select-account-for-business-review%22%2C%22post_country%22%3A%22ca%22%2C%22partial%22%3A%7B%22id%22%3A1730639%2C%22name%22%3A%22threepc%22%2C%22country%22%3A%22us%22%7D%7D\" style=\"margin-bottom: 10px;\" title=\"Go to Airwallex\">\r\n\r\n  \r\n  \r\n\r\n<img decoding=\"async\" src=\"https:\/\/www.finder.com\/niche-builder\/66a934476d044.png\" loading=\"lazy\" alt=\"Airwallex logo\" class=\"luna-image compare-logo no-lazyload \" width=\"450\" height=\"250\" srcset=\"https:\/\/www.finder.com\/niche-builder\/66a934476d044.png?fit=180 180w, https:\/\/www.finder.com\/niche-builder\/66a934476d044.png?fit=360 360w, https:\/\/www.finder.com\/niche-builder\/66a934476d044.png?fit=600 600w, https:\/\/www.finder.com\/niche-builder\/66a934476d044.png?fit=900 900w, https:\/\/www.finder.com\/niche-builder\/66a934476d044.png?fit=1200 1200w, https:\/\/www.finder.com\/niche-builder\/66a934476d044.png?fit=1350 1350w\" sizes=\"(max-width: 1350px) 100vw, 1350px\">\r\n<\/a>\n                    <\/figure>\n\n                    \n                    \n                    \n                    \n                                            <span class=\"best-pagePromoted-span\" style=\"display: none; background-color: #FFF;\"><\/span>\n                    \n                    \n                    <div class=\" has-padding-bottom-xsmall has-padding-top-small \" style=\"border-radius: 0.2em;\">\n                       <a target=\"_blank\" rel=\"sponsored\" href=\"https:\/\/www.finder.com\/redirect\/ca\/business-banking\/airwallex-business-account-ca-secure.html?nb=1&amp;src_country=ca&amp;redirect_tracking_params=%7B%22placement_type%22%3A%22product_link%22%2C%22class%22%3A%22luna-button%2Bluna-button--fluid%2Bluna-button--success%22%2C%22title%22%3A%22GO%2BTO%2BSITE%22%2C%22site%22%3A%22CAFSA-BUS%22%2C%22offer_id%22%3A%2225199%22%2C%22niche_code%22%3A%22CAFSA-BUS%22%2C%22product_id%22%3A%226f4b7efc-42b4-46b9-997e-867e25204496%22%2C%22product_name%22%3A%22Airwallex%2BBusiness%2BAccount%22%2C%22provider_id%22%3A%229bf1fec9-edfc-4b1c-8f8b-21a69f634ce9%22%2C%22provider_name%22%3A%22Airwallex%22%2C%22post_id%22%3A%221047819%22%2C%22post_path%22%3A%22banking%252Fbusiness-banking%252Fscotiabank-select-account-for-business-review%22%2C%22post_country%22%3A%22ca%22%2C%22partial%22%3A%7B%22id%22%3A1730639%2C%22name%22%3A%22threepc%22%2C%22country%22%3A%22us%22%7D%7D\" class=\"luna-button luna-button--fluid luna-button--success\">GO TO SITE<\/a>\n\n\n                        \n                    <\/div>\n\n                    <div class=\"text-center\"> <\/div>\n\n                    \n                    \n\n                       <div style=\"display: none\">6f4b7efc-42b4-46b9-997e-867e25204496-<\/div>\n\n\n                    \n\n\n\n\n\n                                            <div class=\"cardPros-text  pros-no-blue-lozenge \">\n                            <style>\r\n.list-1 li {\r\noverflow-wrap: break-word;\r\nwhite-space: normal;\r\npadding-bottom: 10px;\r\n}\r\n  \r\n.pro-engine { \r\nmin-height: 100px;\r\nmargin-top: 15px;\r\n}\r\n  \r\n@media (max-width:1001px) { \r\n.pro-section{\r\n\r\n\r\n}\r\n}\r\n  \r\n@media (max-width:1920px) { \r\n.pro-section{\r\n\r\n\r\n}\r\n}\r\n  \r\n.pro-section-2 {\r\n\r\n}\r\n<\/style>\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n<div class=\"pro-section\">\r\n    <ul class=\"list-1 pros-a\" id=\"pros\">\r\n        \r\n            \r\n                 <li>$500 sign-up offer<\/li>\r\n            \r\n         \r\n            \r\n                 <li>Multi-currency global accounts<\/li>\r\n            \r\n         \r\n            \r\n                 <li>FX &amp; payout to 150+ countries<\/li>\r\n            \r\n         \r\n            \r\n                 <li>For registered Canadian corporations only<\/li>\r\n            \r\n         \r\n    <\/ul>\r\n<\/div>\n                        <\/div>\n                                    <\/div>\n\n                <div style=\"margin-top: 1rem; margin-right: 0.7rem;\">\n                    \n                <\/div>\n            <\/article>\n                                <article class=\"luna-card luna-card--shadow luna-card--stretch mastheadPick-item threepc-flex-item zoom topPicks__card-card\">\n                <div class=\"cardColoured-banner\" style=\"background-color: \" data-nbid=\"1687ee58-d261-446b-97c3-825f70d60e4e\">\n\n                                        \n                    <p class=\"card-topText\" style=\"height:fit-content\">\n                                                    Multi-currency\n                                            <\/p>\n                <\/div>\n\n                                \n                <div class=\"luna-card__block luna-card__topPick\">\n                    <figure style=\"margin: auto;\" class=\"noward\">\n                        <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.finder.com\/redirect\/ca\/business-banking\/loop-global-business-banking-ca-secure.html?nb=1&amp;src_country=ca&amp;redirect_tracking_params=%7B%22placement_type%22%3A%22nb-product%22%2C%22product_id%22%3A%221687ee58-d261-446b-97c3-825f70d60e4e%22%2C%22product_name%22%3A%22Loop%2BGlobal%2BBusiness%2BBanking%2BAccount%22%2C%22offer_id%22%3A%2223693%22%2C%22decorator%22%3A%22GLOBAL.PRODUCT.USFIN_IMAGE%22%2C%22niche_code%22%3A%22CAFSA-BUS%22%2C%22position%22%3A%223%22%2C%22top_picks_lock_order%22%3A%220%22%2C%22post_id%22%3A%221047819%22%2C%22post_path%22%3A%22banking%252Fbusiness-banking%252Fscotiabank-select-account-for-business-review%22%2C%22post_country%22%3A%22ca%22%2C%22partial%22%3A%7B%22id%22%3A1730639%2C%22name%22%3A%22threepc%22%2C%22country%22%3A%22us%22%7D%7D\" style=\"margin-bottom: 10px;\" title=\"Go to Loop\">\r\n\r\n  \r\n  \r\n\r\n<img decoding=\"async\" src=\"https:\/\/www.finder.com\/niche-builder\/65089e0fc3719.png\" loading=\"lazy\" alt=\"Loop logo\" class=\"luna-image compare-logo no-lazyload \" width=\"450\" height=\"250\" srcset=\"https:\/\/www.finder.com\/niche-builder\/65089e0fc3719.png?fit=180 180w, https:\/\/www.finder.com\/niche-builder\/65089e0fc3719.png?fit=360 360w, https:\/\/www.finder.com\/niche-builder\/65089e0fc3719.png?fit=600 600w, https:\/\/www.finder.com\/niche-builder\/65089e0fc3719.png?fit=900 900w, https:\/\/www.finder.com\/niche-builder\/65089e0fc3719.png?fit=1200 1200w, https:\/\/www.finder.com\/niche-builder\/65089e0fc3719.png?fit=1350 1350w\" sizes=\"(max-width: 1350px) 100vw, 1350px\">\r\n<\/a>\n                    <\/figure>\n\n                    \n                    \n                    \n                    \n                                            <span class=\"best-pagePromoted-span\" style=\"display: none; background-color: #FFF;\"><\/span>\n                    \n                    \n                    <div class=\" has-padding-bottom-xsmall has-padding-top-small \" style=\"border-radius: 0.2em;\">\n                       <a target=\"_blank\" rel=\"sponsored\" href=\"https:\/\/www.finder.com\/redirect\/ca\/business-banking\/loop-global-business-banking-ca-secure.html?nb=1&amp;src_country=ca&amp;redirect_tracking_params=%7B%22placement_type%22%3A%22product_link%22%2C%22class%22%3A%22luna-button%2Bluna-button--fluid%2Bluna-button--success%22%2C%22title%22%3A%22GO%2BTO%2BSITE%22%2C%22site%22%3A%22CAFSA-BUS%22%2C%22offer_id%22%3A%2223693%22%2C%22niche_code%22%3A%22CAFSA-BUS%22%2C%22product_id%22%3A%221687ee58-d261-446b-97c3-825f70d60e4e%22%2C%22product_name%22%3A%22Loop%2BGlobal%2BBusiness%2BBanking%2BAccount%22%2C%22provider_id%22%3A%22eff7163e-fdf2-4469-bafc-3dc97ff0f88b%22%2C%22provider_name%22%3A%22Loop%22%2C%22post_id%22%3A%221047819%22%2C%22post_path%22%3A%22banking%252Fbusiness-banking%252Fscotiabank-select-account-for-business-review%22%2C%22post_country%22%3A%22ca%22%2C%22partial%22%3A%7B%22id%22%3A1730639%2C%22name%22%3A%22threepc%22%2C%22country%22%3A%22us%22%7D%7D\" class=\"luna-button luna-button--fluid luna-button--success\">GO TO SITE<\/a>\n\n\n                        \n                    <\/div>\n\n                    <div class=\"text-center\"> <\/div>\n\n                    \n                    \n\n                       <div style=\"display: none\">1687ee58-d261-446b-97c3-825f70d60e4e-<\/div>\n\n\n                    \n\n\n\n\n\n                                            <div class=\"cardPros-text  pros-no-blue-lozenge \">\n                            <style>\r\n.list-1 li {\r\noverflow-wrap: break-word;\r\nwhite-space: normal;\r\npadding-bottom: 10px;\r\n}\r\n  \r\n.pro-engine { \r\nmin-height: 100px;\r\nmargin-top: 15px;\r\n}\r\n  \r\n@media (max-width:1001px) { \r\n.pro-section{\r\n\r\n\r\n}\r\n}\r\n  \r\n@media (max-width:1920px) { \r\n.pro-section{\r\n\r\n\r\n}\r\n}\r\n  \r\n.pro-section-2 {\r\n\r\n}\r\n<\/style>\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n<div class=\"pro-section\">\r\n    <ul class=\"list-1 pros-a\" id=\"pros\">\r\n        \r\n            \r\n                 <li>USD, GBP, EUR accounts<\/li>\r\n            \r\n         \r\n            \r\n                 <li>Multi-currency credit card<\/li>\r\n            \r\n         \r\n            \r\n                 <li>Pay bills in 37 currencies<\/li>\r\n            \r\n         \r\n            \r\n                 <li>Avoid FX fees<\/li>\r\n            \r\n         \r\n            \r\n                 <li>For registered Canadian corporations only<\/li>\r\n            \r\n         \r\n    <\/ul>\r\n<\/div>\n                        <\/div>\n                                    <\/div>\n\n                <div style=\"margin-top: 1rem; margin-right: 0.7rem;\">\n                    \n                <\/div>\n            <\/article>\n            <\/div>\n\n    \n<h3>What should I know before applying?<\/h3><p>To apply for an account, you will need to be:<\/p><ul><li>A Canadian resident with a company registered in Canada<\/li><li>At least 16 years old<\/li><li>Authorized to sign for the business<\/li><li>Opening this account for your business and not for someone else<\/li><\/ul><p>As part of the application process, you\u2019ll need to agree to Scotiabank obtaining a credit report for you and your business. If your company is incorporated, you\u2019ll also need to provide:<\/p><ul><li>Articles of incorporation\/association<\/li><li>Trade name registration, if applicable<\/li><li>One piece of original, valid and current government-issued photo ID<\/li><li>The name, address and occupation of anyone who owns at least 25% of your business<\/li><\/ul><h3>How do I open a Scotiabank Select Account for Business?<\/h3><p>You can open an account by completing the following steps:<\/p><ol><li>Visit Scotiabank's website and select <strong>Apply now<\/strong>.<\/li><li>Specify whether you\u2019re an existing Scotiabank customer (if you are, you can sign in to speed up the application process).<\/li><li>Enter your business email address, business structure and industry.<\/li><li>Enter your name and contact information.<\/li><li>Verify your identity.<\/li><li>Provide all required information and documentation for your business.<\/li><\/ol><h3>Is Scotiabank legit?<\/h3><p>Yes. Scotiabank is one of Canada\u2019s Big Five banks and has over 11 million customers across Canada. Founded in Halifax, Nova Scotia in 1832, Scotiabank is now headquartered in Toronto.<\/p><p>Scotiabank offers a nationwide network of over 900 branches and over 3,500 ABMs. It\u2019s also a member of the Canada Deposit Insurance Corporation (CDIC), so up to $100,000 you deposit in a Scotiabank Select Account for Business is covered by CDIC insurance.<\/p><h3>Bottom line<\/h3><p>The Scotiabank Select Account for Business could be a good fit for you if you want to do all your day-to-day business transactions with a Big Five bank. It allows you to choose a plan that suits your business\u2019s banking needs, and you can potentially avoid the monthly fee if you meet the minimum balance requirement or sign up for Chase Merchant Services.<\/p><p>Compare the Scotiabank Select Account for Business with <a href=\"https:\/\/www.finder.com\/ca\/banking\/business-banking\/best-business-bank-account-canada\">other business bank accounts<\/a> before deciding where to manage your money.<\/p><h3>Frequently asked questions<\/h3><ul class=\"luna-accordionGroup accordionGroup\">\n\t<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000000\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000000\">\n                <span class=\"luna-accordion__title\">What is the monthly fee for the Scotiabank Select Account for Business?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000000\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>The monthly fee depends on the account plan you choose, with plans supporting a higher number of monthly transactions attracting higher fees:<\/p><ul><li>Plan A has a $20 monthly fee and supports 25 transactions per month.<\/li><li>Plan B has a $40 monthly fee and supports 70 transactions per month.<\/li><li>Plan C has a $75 monthly fee and supports 125 transactions per month.<\/li><li>The Unlimited Plan has a $120 monthly fee and supports unlimited transactions.<\/li><\/ul>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000001\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000001\">\n                <span class=\"luna-accordion__title\">Does the Scotiabank Select Account for Business accept cash deposits?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000001\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>Yes. You can deposit up to $6,000 cash per month with Plan A, $8,000 with plan B, $10,000 with Plan C or $30,000 with the Unlimited Plan. If you exceed your monthly limit, you'll pay a $2.60 fee for every additional $1,000 cash you deposit.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000002\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000002\">\n                <span class=\"luna-accordion__title\">Does Scotiabank have any other business bank accounts?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000002\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>Yes. Scotiabank offers the Basic Business Account, the Right Size Account for Business and the <a href=\"https:\/\/www.finder.com\/ca\/banking\/business-banking\/scotiabank-scotia-professional-plan-plus-account-review\">Professional Plan Plus Account<\/a>. Other accounts for agricultural businesses as well as small charities and community organizations are also available.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n\n<\/ul>","protected":false},"excerpt":{"rendered":"<p>Your guide to account plans, transactions and monthly fees for the Scotiabank Select Account for Business.<\/p>\n","protected":false},"author":516,"featured_media":1041335,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[99409],"tags":[],"asset_tag":[],"class_list":["post-1047819","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-banking"],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.9 (Yoast SEO v24.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Scotiabank Select Account For Business Review | Finder Canada<\/title>\n<meta name=\"description\" content=\"Is the Scotiabank Select Account for Business right for your business? 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