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Scotiabank offers one of the top selections of chequing accounts in Canada. Read our Scotiabank chequing account review to find one that matches your banking needs and learn more about Scotiabank new account promotions.

While online-only banks have been steadily shaking up Canada’s financial landscape, a majority of Canadians still rely on traditional, bricks-and-mortar institutions for their banking needs. When it comes to daily banking, a standout offering among the country’s Big Five banks is Scotiabank chequing accounts.

Is Scotiabank a Good Bank?

As Canada’s third largest-bank, Scotiabank is one of the best banks in Canada and is very trustworthy. Founded in 1832, Scotiabank (or “Bank of Nova Scotia”) has grown into a powerful, multi-national corporation with over 25 million customers and offices across the Americas, Europe, Asia and Australia.

It’s also got some excellent options for chequing accounts. Scotiabank offers different chequing accounts, each with its own unique perks and tailored to suit a diverse clientele. What’s nice is there are some standard features included with all of Scotiabank’s chequing accounts, including:

  • Earn SCENE Rewards (redeemable for meals and movies) or Scotia Rewards® Points (redeemable for travel, merchandise, statement credits, and more) just by using your debit card
  • Mobile and online banking access
  • Mobile cheque deposit
  • Free credit score check
  • A monthly account fee discount for clients aged 60 and above (discount amount varies depending on the type of account)
  • VISA Debit and Interac Flash payment options
  • Compatible with Apple Pay, Google Pay and Samsung Pay

Depending on which you choose, many also offer a Scotiabank new account promotion for new clients. Read on to see which Scotiabank chequing account best suits your needs.

Comparing Scotiabank Chequing Accounts 2021

 Monthly Account Fee

 
Minimum Amount Required To Waive Monthly Fee

 
# of Free Monthly Debits Read More
The Scotiabank Ultimate Package$30.95 $5,000 minimum daily closing balance OR

A combined balance of $30,000 with your Ultimate Package and your MomentumPLUS Savings Account
UnlimitedRead More
The Scotiabank Preferred Package

 
$16.95$4,000 minimum daily closing balance for entire monthUnlimitedRead More
The Scotiabank Basic Plus Bank Account

 
$11.95$3,000 minimum daily closing balance for entire month25 Read More
The Scotiabank Basic Bank Account$3.95N/A12 Read More
Scotiabank Student Banking Advantage Plan$0 (conditions apply)must be enrolled full time as a student in a post-secondary institution in Canada or the U.S.UnlimitedRead More

The Scotiabank Ultimate Package

The Scotiabank Ultimate Package is Scotiabank’s premium, all-in-one chequing account option. Loaded with features, this account includes unlimited debit transactions, Interac e-Transfers , and Scotia international money transfers. There is also a $350* welcome bonus, plus earn up to 0.60% on your MomentumPLUS Savings Account.Investors will appreciate the 10 free equity trades at Scotia iTRADE during the first year and five free equity trades in subsequent years. An additional underappreciated perk is that the account comes with free monthly overdraft protection, and you’ll get a small safety deposit box free of charge.

This account may be especially appealing to frequent flyers thanks to perks like unlimited free global non-Scotiabank ABM withdrawals and the $139 ongoing annual fee waiver2 (meaning every year!) on select credit cards, including the Scotiabank Passport™ Visa Infinite* Card —one of the few credit cards in Canada with no foreign transaction fees). Furthermore, the monthly fee on your Scotia U.S. Dollar Daily Interest Account (popular with customers who travel often to the U.S.) will also be waived.

The account fee is $30.95 per month, but you’ll pay $0 with a daily closing balance of $5,000 in your Ultimate Package or a combined balance of $30,000 in your Ultimate Package and MomentumPLUS Savings Account.

The Ultimate Package is a great deal for customers who can make use of all the account’s premium perks. If you have several Scotiabank credit cards, the ongoing annual fee rebate alone makes the Ultimate Package an impressive value.

Start banking with the Scotiabank Ultimate Package

* To qualify, certain conditions must be met. Offer ends December 16, 2021.

1 Conditions apply. Actual interest rate will vary based on the savings period (the Premium Period) that applies.

2 Conditions apply


Scotiabank Preferred Package

The Scotiabank Preferred Package is the most popular Scotiabank chequing account. It features unlimited debit and Interac e-Transfer transactions, as well as one free non-Scotiabank ABM withdrawal in Canada each month. You also pay only $1.99 to send money internationally via Scotia International Money Transfer.

This account is a good option for serious savers because you can enjoy preferred rates on select GICs and a first-year annual fee waiver (up to $139) on select credit cards.1

The fee for the account is $16.95 per month, but you pay $0 if you keep a minimum daily closing balance of $4,000 per month. If you don’t need a lot of travel-centric or investing perks, this pared-down version of the Ultimate Package may be worthwhile. It also offers a hot Scotiabank new account promotion: get a $300* welcome bonus when you sign up and earn up to 0.55% on your MomentumPLUS Savings Account.2

Start banking with the Scotiabank Preferred Package

* To qualify, certain conditions must be met. Offer ends December 16, 2021.

1 Conditions apply.

2 Conditions apply. Actual interest rate will vary based on the savings period (the Premium Period) that applies.


Scotiabank Basic Plus Bank Account

The name says it all: the Scotiabank Basic Plus Bank Account is ideal for anyone who doesn’t have a lot of transactions, but appreciates value-added benefits, like earning rewards for everyday purchases with their debit card. This no-frills banking package includes 25 transactions1; and 10 Interac e-Transfers . You can also send money overseas with Scotia International Money Transfers at a charge of only $1.99 per transfer.

The Scotiabank Basic Plus account offers the bare bones in terms of services, but unlike many other basic accounts, you can earn SCENE or Scotia Rewards points on debit transactions. Plus, the $11.95 monthly account fee is waived if you maintain a minimum daily closing balance of $3,000 for the whole month. So you could end up making some dough just by having this account.

Start banking with the Scotiabank Basic Plus Bank Account

1 Conditions apply.


The Scotiabank Basic Bank Account

If you rarely use a chequing account and would rather not keep a large minimum balance to ensure no monthly account fees, the Scotiabank Basic Bank Account is for you. This minimalist account gives you 12 free transactions and 2 free Interac e-Transfers every month.

The downside is that you will have to pay $3.95 per month, regardless of your monthly balance. There is no monthly minimum balance option to waive this account fee. But then again, you can still earn SCENE or Scotia Rewards points with debit transactions, so you’re actually coming out ahead. However, there is one nice hidden perk: the $3.95 fee is waived for clients aged 60 and over via a Seniors’ Discount.

Start banking with the Scotiabank Basic Bank Account


Scotiabank Student Banking Advantage Plan

This account is perfect for the penny-pinching students looking to cut costs. The Scotiabank Student Banking Advantage Plan comes with no monthly fee and no requirement to maintain a minimum balance (must be enrolled full time as a student in a post-secondary institution in Canada or the U.S.). Plus, account holders get unlimited debits and Interac e-Transfers transactions.

The big caveat is that the account is only available to domestic or international students presently enrolled full time in a post-secondary institution in Canada or the U.S. When you graduate, you will no longer be eligible for this account and will have to move your money to a different Scotiabank account.

Sign up today and get a $60 welcome bonus plus a chance to enter and win $30,000.1

Start banking with the Scotiabank Student Banking Advantage Plan

1  Conditions apply. No purchase necessary. Offer ends October 31, 2021 .


 

Final Call

Scotiabank chequing accounts are among the most varied and reward-rich available from Canada’s Big Five banks. The current generous Scotiabank new account promotions on several of the accounts equally add to their appeal. If you’re thinking of signing up, keep in mind that the more perks you want in a chequing account, the more you’ll pay monthly. Making an astute account pick is a matter of figuring out what extras you’ll actually use and how frequently you’ll make transactions.

Still not seeing what you need? Check out The Best Chequing Accounts in Canada for more options.

† Interac e-Transfer is a registered trade-mark of Interac Corp. Used under license.
®Registered trademarks of The Bank of Nova Scotia

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