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One of the most comprehensive banking solutions tailored to the unique needs of students is the Scotiabank Student Banking Advantage Plan.
As a student, managing finances while pursuing higher education can be challenging. This is why many students consider opening this chequing account to ease the financial strain.
The Scotiabank Student Banking Advantage Plan offers full-time post-secondary students a cost-effective banking solution with multiple benefits. The plan includes no monthly charges, infinite transactions, and Scene+ reward accumulation.
Students can open the account easily online or at a branch, provided their student status is verified. This flexible, rewards-based account helps students maximize the value of their everyday banking activities.
This post will highlight the features, pros, cons, fees, and more you can expect when you open this student chequing account.
Scotiabank Student Banking Advantage Plan features
If you’re thinking about opening this chequing account, there are the primary features you should bear in mind:
- No monthly account fee
- Unlimited debit and Interac e-Transfer transactions
- Earn points on everyday purchases through the Scene+ program
- Eligible for overdraft protection
- Reduced commission pricing and free trades at Scotia iTRADE
- Mobile and online banking, with a mobile cheque deposit
- Free credit score
- VISA Debit and Interac payment opportunities
- Works with Apple Pay, Google Pay, and Samsung Pay
The pros of the Scotiabank Student Banking Advantage Plan
No Monthly Account Fees
One of the significant advantages of the Scotiabank Student Banking Advantage Plan is its absence of monthly account fees. This one feature could translate to substantial annual savings for a student managing their finances tightly.
Unlimited Transactions
This account offers unlimited debit and Interac e-Transfer transactions, allowing students to manage their finances without worrying about exceeding transaction limits or incurring additional fees.
Reward Earning Potential
This chequing account grants Scene+ points for routine purchases, letting students accumulate rewards that can be traded for travel, retail shopping, entertainment, meals, banking, and more.
The cons of the Scotiabank Student Banking Advantage Plan
Not Free for Part-Time Students
One notable drawback of this account is its limitation to full-time students. If you’re studying part-time, you’re not eligible for the free account and must explore other banking options.
Annual Verification Required
Another potential con is the need for annual verification To sustain the benefits associated with the account, students must provide proof each academic year of their full-time enrolment in a post-secondary institution in Canada or the U.S..
Some Fees Still Apply
While the monthly account fee is waived, other banking services such as bank drafts, overdraft protection, and international wire services may still incur fees.
Scotiabank Student Banking Advantage Plan fees
The Scotiabank Student Banking Advantage Plan imposes no monthly account charges as long as the account holder is a full-time student at a post-secondary institution in Canada or the U.S.
This includes both domestic and foreign students. However, fees might be applicable for extra services such as bank drafts, overdraft protection, and international wire services.
Scotiabank Student Banking Advantage Plan special offers
The account offers a $100 welcome bonus for new account holders who meet certain eligibility requirements. Additionally, a special offer is available for trading with Scotia iTRADE.
Account holders are eligible for 20 complimentary trades (stock or ETF) on the mobile application in their initial year and 10 gratis trades every subsequent year.
Other Scotiabank chequing account options
Scotiabank also offers a range of other chequing accounts that cater to various financial needs and stages of life, such as:
- The Ultimate Package: An all-inclusive account with unlimited transactions and premium perks.
- The Preferred Package: Offers unlimited transactions and multiple perks at a lower cost.
- The Basic Plus Bank Account: A cost-effective option with a limited number of free transactions.
- Getting There Savings Program for Youth: A starter account designed to encourage financial literacy in youth.
- The Basic Bank Account: A low-cost account suitable for individuals with minimal banking needs.
How to open the Scotiabank Student Banking Advantage Plan
If you’re like to open this student chequing account, you’ll need to do so online by following these easy steps:
- Step 1: Visit the Scotiabank Student Banking Advantage Plan page on Scotiabank’s website.
- Step 2: Click on the “Open your account” button.
- Step 3: If you’re new to Scotiabank, you’ll be asked to provide basic personal information, including your name, address, date of birth, and email address. You will also require your social insurance number. If you’re already a Scotiabank customer, you can sign in with your existing account details.
- Step 4: Affirm your status as a full-time student at a post-secondary institution in Canada or the U.S. You may need to provide relevant documentation to verify your status.
- Step 5: Review the account details and accept the terms and conditions.
- Step 6: Complete the setup by funding your new account. Scotiabank will guide you through this process.
It’s important to remember that while the process can be completed online, you can always visit a Scotiabank branch if you prefer face-to-face assistance. Scotiabank also provides support over the phone for any queries or difficulties during the account opening process.
Scotiabank Student Banking Advantage Plan conclusion
The Scotiabank Student Banking Advantage Plan is a highly beneficial option for full-time post-secondary students looking to maximize the value of their everyday banking.
Its combination of no monthly fees, unlimited transactions, and reward potential through the Scene+ program offers an appealing package for students navigating their financial independence.
However, part-time students and those not interested in an account with rewards features might find other options more suitable. As always, the critical aspect is to consider your personal financial needs when selecting a banking plan.
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