Best Scotiabank Chequing Accounts - Comparewise

Best Scotiabank Chequing Accounts

You might look at the banks with the largest market capitalization for a chequing account. However, the best Scotiabank chequing accounts offer more flexibility with five choices for different applications. You can quickly set up an account that caters to your ideal needs.

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Last Updated: May 22, 2024

Compare 5 Best Scotiabank Chequing Accounts

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#1 Choice
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Scotiabank Basic Plus Bank Account

$11.95
Monthly Fee
Unlimited
Transactions
  • 25 free debit transactions per month
  • Free Interac e-Transfers
  • Send money globally for $1.99
Pros & Cons
Extra Details
Popular
Get Started

Scotiabank Basic Bank Account

$3.95
Monthly Fee
12
Transactions
  • 12 free transactions per month
  • Free Interac e-Transfer transactions
  • Eligible for overdraft protection
Pros & Cons
Extra Details
Best Value
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Scotiabank Preferred Package

$16.95
Monthly Fee
Unlimited
Transactions
  • Unlimited debit transactions
  • Earn points on everyday purchases
  • Send money globally for $1.99
Pros & Cons
Extra Details
Get Started

Scotiabank Ultimate Package

$30.95
Monthly Fee
Unlimited
Transactions
  • Earn points on everyday purchases
  • Unlimited debit transactions
  • Unlimited Interac e-Transfers
Pros & Cons
Extra Details
Get Started

Scotiabank Student Banking Advantage Plan

$0
Monthly Fee
Unlimited
Transactions
  • No monthly fee
  • Unlimited debit and Interac e-Transfers
  • Earn points on everyday purchases
Pros & Cons
Extra Details

Best Scotiabank Chequing Accounts

We identified five Scotiabank chequing accounts, each tailored to meet specific customer needs, including students, and offer valuable perks. These accounts, excluding the student account, have a monthly fee, except you maintain an exact daily closing balance.

Notwithstanding, their range and quick setup provide enough flexibility to customers who want more or less from their Scotiabank chequing accounts.

We will take you through each account and explore their features and attendant fees, including how to open a Scotiabank chequing account. Then, you’ll have everything you need to know which option is best for you. Let’s quickly run through them in the next few minutes.

The five best Scotiabank chequing accounts

Chequing accounts are much better than savings accounts. They have lower transaction fees and make life easier for those with credit cards in their pockets. While we warm up to the best Scotiabank chequing accounts, here are a few benefits to jot down:

  • Less need to carry cash
  • Insured funds
  • Opportunity to build your credit score
  • Direct deposit access to paycheck
  • Online purchases, like the Scotiabank online banking

With that in mind, the best Scotiabank chequing accounts include the following:

  1. Ultimate Package
  2. Preferred Package
  3. Basic Plus bank account
  4. Student banking advantage plan
  5. Basic bank account

Let’s begin with the most affordable option on this list of the best Scotiabank chequing accounts. Then, we can work our way up to the most popular one and the one with the most perks. This financial institution offers excellent deals on its accounts, and we’ll let you in on them.

Student Banking Advantage Plan

Student life can be adventurous, and the last thing any student wants to worry about is maintaining a minimum account balance. Fortunately, the Scotiabank chequing account minimum balance for this one is zero. That means you don’t need to strive to maintain a specific amount monthly.

Although that sounds attractive, keeping a zero minimum balance is not the idea behind the student banking package. The purpose is for seamless everyday banking services, including purchases, payroll deposits, ABM transactions, etc. This package is not the right one if you want a savings account.

The Student Banking Advantage plan is only available to fully enrolled local and international post-secondary students in Canada or the US. This package brings several benefits, including the following:

  • A Scotiabank welcome bonus of 5,000 Scene+ points worth $50 in value
  • Zero monthly account fee
  • Unlimited debit and Interac e-Transfer transactions
  • Eligibility for overdraft protection
  • Free paper or paperless statements

The student banking advantage plan is one of the best Scotiabank chequing accounts for students. It costs $0 to maintain it monthly. Still, you can access mobile and online banking, cheque deposits, free credit score for good credit reports, etc.

Other services available for the package include Visa debit and Interac Flash payment options, Apple Pay, Google Pay, and Samsung Pay. There is also an opportunity to grow your money.

This package offers a 50% discount on the standard commission pricing. That means you get $4.99. Furthermore, one trade gets you one free Scotia iTrade.

You can get up to 20 free trades on stocks or ETFs when you install the mobile app for the first year. Then, the bank offers ten free trades a year.

Every $5 you spend on everyday purchases and $1 on Cineplex earns you one Scene+ point. You can redeem them for travel, shopping, entertainment, banking, dining, etc.

The Scene+ Student Banking Bundle

Scene+ points can be handy when you accumulate enough of them. However, the standard student banking advantage package offers a welcome bonus of only 5,000 Scene+ points. You can get up to 12,500 points via the student banking bundle.

This bundle involves combining the following:

  • The student banking advantage plan with 5,000 Scene+ points ($50 in value)
  • The Scotiabank Scene+ Visa card with 1,250 Scene+ points ($12.50 in value)
  • Momentum Plus savings account with 1,250 Scene+ points ($12.50 in value)

The bank offers 5,000 bonus Scene+ points worth $50 if you bundle all three. That means you have a $125 bonus for bundling the three packages.

Despite this package’s many perks, it is only available for a limited period. The offer ends on April 30, 2023. Then, you can revert to the standard package or look at other Scotiabank chequing accounts if you are not a student.

The Basic Bank Account

MoneySense awarded this package the best basic accounts from a big bank in 2020. It sits among the best Scotiabank chequing accounts, bringing several benefits to those with minimal resources.

The monthly fee is lower, with little compromise on the features. You’ll get the following features with this package:

  • Up to 12 free debit transactions monthly
  • Free Interac e-Transfer transactions
  • Eligibility for overdraft protection
  • Available for everyday purchases, payroll deposits, and ABM transactions
  • Eligibility for CDIC insurance

The monthly fee is $3.95, but seniors (60 years or older) can get discounts. They can operate the account without any monthly charges. In addition, they also get discounts on the other packages, as seen subsequently.

You will receive the following with this package:

  • Mobile and online banking
  • Mobile cheque deposit
  • Free credit score
  • Convenient shopping with Visa Debit and Interac Flash payment options
  • Apple Pay, Google Pay, and Samsung Pay
best scotiabank chequing accoutns - comparewise

Switching to Your Scotiabank Account

This bank spares you the hassle of continuing your pre-authorized payments if you come from another account. It offers a seamless switch that takes only a few minutes. Here is how to get the most out of your new Basic Bank account:

  • Install the mobile application: Installing the mobile banking app and signing up for Scotia Online allows you to bank anywhere, at any time.
  • Fund your account: You can send funds via Interac e-Transfer, ABM transactions, electronic fund transfer, or the local branch.
  • Activate direct deposits: These include payroll deposits and government payments. Your paycheck will redirect to the new account, and recurring government payments like pension and tax returns will also come in. Furthermore, you can send the new number to your group benefits provider.
  • Switch pre-authorized payments: You can switch pre-authorized bills to your new account. Log into the Scotia OnLine, select “Bill payments,” and choose “Switch my bills to Scotia.” Then, you can follow the prompts to complete the switch.

The bank will contact your bill company once you provide your bill information. This seamless process makes the Basic Bank package one of the best Scotiabank chequing accounts for beginners.

The final step is updating your payments for your investment and trading accounts and postdate cheques. Remember to contact your previous bank to close the account if you won’t use it. You can keep it, as it will not interfere with your new setup.

The Scotia InfoAlerts will provide push notifications regarding crucial activities on your account. That will inform you of any developments, be it deposits, withdrawals, bill payments, payroll deposits, etc.

Basic Plus Bank Account

This package is exciting but not ideal if you want a savings account that earns interest. The Scotiabank chequing account interest rate is zero on all the packages. Nonetheless, the Basic Plus bank account brings more value-added services than the previous package.

The free debit transactions step up from 12 to 25 per month. That comes in addition to the free Interac e-Transfers. Also, you can use it for purchases, ABM transactions, and payroll deposits.

Let’s see the features and fees for this account:

  • 25 free debit transactions monthly
  • Free Interac e-Transfers
  • Eligibility for overdraft protection
  • Eligibility for CDIC insurance
  • $1.99 for the Scotia International Money Transfer
  • $11.95 monthly fee
  • $0 monthly fee if you maintain a Scotiabank chequing account minimum balance of $3,000. This should be your closing balance for the entire month.

The Basic Plus package wouldn’t be among the best Scotiabank chequing accounts if it didn’t offer discounts. Fortunately, seniors (60 years and older) can get up to $4 off the monthly fee. That means they will only pay $7.95.

Fees apply to non-Scotiabank ABM transactions monthly. So, it’s best to watch for that if you are not close to a Scotiabank ABM.

The overdraft protection is available either on a monthly plan or a pay-per-use plan, as follows:

  • Monthly overdraft protection plan – $5 per month
  • Pay-per-use plan – $5 per use

Residents in Quebec will not get the pay-per-use plan. They can opt for the monthly overdraft protection plan.

The Basic Plus package charges a higher monthly fee than the Basic Bank package. However, you can waive it by maintaining a minimum balance of $3,000. This waiver is available on the best Scotiabank chequing accounts, as in the following packages.

The Preferred Package

This account takes things to a higher level. It is the most preferred among the best Scotiabank chequing accounts, especially if you don’t want to spend extra for the ultimate package. There are benefits to opening this account as opposed to the previous ones discussed.

This package currently has a $350 welcome bonus for customers that open an account in April 2023. There are a few terms, including the following:

  • Set up eligible automated recurring direct deposits that recur consecutively for three months. That could be your payroll or pension payments.
  • Set up two separate pre-authorized transactions. They must be worth at least $50 and recur consecutively for three months.
  • Pay at least $50 on an eligible bill payment. It could be a cable or car loan payment.

While the welcome bonus runs for a limited period, the core features continue. However, you should skip this package if you only want a bank account for your basic needs.

That said, here are the features of the Preferred Package:

  • Unlimited debit transactions
  • $1.99 charge on the Scotia International Money Transfer
  • Unlimited Interac e-Transfers
  • Eligibility for overdraft protection
  • Waiver for one non-Scotiabank ABM withdrawal monthly
  • Waiver of up to $150 on select credit cards for the first year
  • Access to the Scene+ program

The monthly fee is $16.95, but you can bring it down to zero by maintaining a minimum daily closing balance of $4,000. You can see why this package ranks high among the best Scotiabank chequing accounts. These perks are available for free if you maintain the minimum closing balance.

The Scene+ program lets you earn Scene points for every $5 purchase and $1 spent at Cineplex. Then, you can redeem them for travel, dining, entertainment, banking, and shopping benefits.

The Momentum Plus Savings Account

One thing that sets the best Scotiabank chequing accounts apart is their versatility. The rates on savings accounts are nowhere near the interest rates on loans like mortgages. However, the Momentum Plus Savings account offers a competitive rate for a limited period.

Those with a Scotia US Dollar Daily Interest account will enjoy zero monthly charges. Also, they can get one trade on Scotia iTrade when they make one trade. The mobile app offers 20 free trades for the first year and ten for subsequent years.

You can open the Momentum Plus Savings account as soon as you get the Scotia login details for the Preferred Package. Even so, you can do that after your account is fully funded.

The monthly overdraft protection plan for the Preferred Package remains $5, while the pay-per-use fee is $5. This account is exciting, but the next one delivers the ultimate in customer satisfaction. It costs more, but the extra price is worth it.

The Ultimate Package

This account still starts with the $350 welcome bonus for new customers. However, the promotion is only valid until April 30, 2023. You can refer to the Preferred Package for details on activating the bonus.

Besides the welcome package, the ultimate package brings several perks to the customers. Its rewards are numerous and worth the extra cost you pay. The prominent features include the following:

  • Unlimited debit transactions
  • Unlimited zero-charge Scotia International Money Transfers
  • Unlimited Interac e-Transfers
  • Zero overdraft protection fee
  • Zero monthly fees on the Basic Plus Bank account (that gives savings of up to $143 annually)
  • Free personalized drafts and cheques
  • Waiver of up to $150 on select credit cards
  • Unlimited free withdrawals at non-Scotiabank ABMs
  • Free small safety deposit box (that saves $60 annually)
  • Eligibility for CDIC insurance
  • Access to the Scene+ program

The list above shows that the Ultimate Package has the best Scotiabank chequing accounts. However, these extra perks cost more than the previous packages. The monthly fee is $30.95, almost double what we have on the Preferred Package.

Scotiabank is ready to waive that monthly fee if you do the following:

  • Maintain a minimum daily closing balance of $5,000 in your Ultimate Package account
  • Hold a balance of $30,000 when you combine your Ultimate Package and the Momentum Plus Savings account

Seniors can get monthly fee discounts of up to $4.00. Once you open the account and get your Scotia sign-in details, visit the “Seniors Resource Page” for more information.

The Ultimate Package gets you ten free equity trades in your first year at Scotia iTrade. That adds up to $100 in value. Then, you’ll get five free trades per year for the subsequent years.

Homeowners’ Value and Family Package

The Ultimate Package is the only one among the best Scotiabank chequing accounts offering extra value for homeowners. You’ll access the Scotia Total Equity Plan (STEP), where you can meet with an advisor to get preferred rates on the following:

  • Fixed and variable rates
  • Closed mortgages for new purchases
  • Switches
  • Refinances
  • Renewals

STEP brings greater flexibility, and you can borrow as much as 80% of your home’s value. That also includes 65% on lines of credit and other borrowing options.

Conversely, you can manage your finances with one banking solution. This family package is ideal if you deal with multiple accounts.

Best Scotiabank chequing accounts conclusion

The best Scotiabank chequing accounts offer various perks and features to accommodate customers of all classes.

Students can start with the Student Banking Advantage package, which offers zero monthly fees and unlimited debit and Interac e-Transfer transactions. Even so, you can start with a Basic Bank account, ideal for minimal transactions.

Some of these packages have bonus savings accounts that help you earn considerable interest rates and grow your money. For example, the Ultimate Package has Momentum Plus Savings with competitive rates for a limited period. Other packages offer varying perks to add value to your deposits.

We’ve identified the best Scotiabank chequing accounts for different prize categories. Now, it is left for you to pick out the one that suits you best. You can also contact the bank’s advisors for direction.

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FAQs about the best Scotiabank chequing accounts

What chequing accounts does Scotiabank have?

Scotiabank offers five chequing accounts, including the following:

  • Ultimate Package
  • Preferred Package
  • Basic Plus bank account
  • Student banking advantage plan
  • Basic bank account
These accounts have varying monthly fees with different features. Some even have welcome bonuses of up to $350 for new customers. Pick one that fits your price range and is also ideal for the transactions you expect to do.

What is the Scotiabank chequing account minimum balance?

The Scotiabank chequing account minimum balance varies based on the package you pick. For example, the Basic Bank account requires no minimum balance. On the other hand, the Basic Plus Bank account, the Preferred Package, and the Ultimate Package need minimum balances of $3,000, $4,000, and $5,000, respectively.

How to open a Scotiabank chequing account

You can open a Scotiabank chequing account online, by phone, or in person. Whichever way you opt for, ensure you have the following documents ready:

  • A government-issued photo identification. This could be your driver’s license, a Canadian passport, certification of naturalization, etc.
  • Documents from two independent sources.
Then, you can begin the application process.

Does opening an account require a minimum deposit?

Regardless of the package, you don’t need a minimum deposit to open a Scotiabank chequing account. However, you may consider maintaining a minimum daily and closing balance to waive the monthly fees on the account. You can contact customer support if you have trouble using your account for debit or credit transactions.

How can I get the Ultimate Package?

The Ultimate Package holds the most value among the Scotiabank Chequing accounts. You can open this account online or by visiting the bank’s local branch. If that doesn’t work for you, the bank has a telephone line to contact the agents and initiate an account opening. Remember to pick the Ultimate Package when talking with the agent.

When can I open the Student Banking Advantage account?

This plan is only available to students currently enrolled in post-secondary education in Canada or the United States. You can open the Students Banking Advantage account once you confirm enrollment. Note that you can only hold one Student Banking Advantage account at a time.

Can I keep the Student Banking Advantage account after graduation?

Scotiabank will keep your account active for a few months, depending on your graduation day. For example, you can operate your account until December 1, 2024, if you graduate on January 2024. Then, the bank will automatically convert it to the Preferred Package and offer zero monthly fees for the first 12 months.

What benefits do I get with the Preferred Package?

This account brings several benefits to its holders. They include the following:

  • Unlimited debit transactions
  • Unlimited Interac e-Transfers
  • Eligibility for overdraft protection
  • Waiver for one non-Scotiabank ABM withdrawal monthly
  • Waiver of up to $150 on select credit cards for the first year
  • Access to the Scene+ program

What customer service channels are available at Scotiabank?

The bank has several channels to communicate conveniently with the support staff or account agent. You can contact the support team via phone call, mail, and tweets on Twitter. Furthermore, the local branches are available for walk-in service. The customer information center is also available with detailed information.

How can I find a branch close to me?

The bank provides a Branch and ABM Locator tool to help customers get information on any local branch. You can also book an appointment before going to the branch. The information available on the tool includes location, operating hours, phone and fax numbers, transit numbers, wheelchair accessibility, etc.

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