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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: Nov 25, 2023
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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.
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:
With that in mind, the best Scotiabank chequing accounts include the following:
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 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:
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.
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 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.
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:
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:
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:
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.
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:
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:
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.
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:
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:
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.
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.
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:
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:
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.
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:
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.
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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Scotiabank offers five chequing accounts, including the following:
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.
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:
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.
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.
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.
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.
This account brings several benefits to its holders. They include the following:
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.
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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