Best Scotiabank Chequing Accounts For May 2024

With the lowest monthly fee of Scotiabank’s chequing accounts and 25 free transactions per month, the Basic Plus is the best chequing account Scotiabank has to offer. You also get free Interac e-Transfers and the ability to send Scotiabank International Money Transfers for $1.99 each. Meanwhile, if you want to bypass the monthly fee altogether, the Basic Plus requires the lowest balance of all its other chequing accounts.

• $11.95 monthly maintenance fee or $0 if you keep a balance of $3,000 each month
• 25 free transactions, $1.25 each after that
• Send Scotiabank International Money Transfers for $1.99 each
• Unlimited free Interac e-Transfers
• Eligible for overdraft protection
• Mobile and online banking available
• Mobile cheque deposit available
• Free credit score
• Visa Debit and Interac Flash payment options available
• Apple Pay, Google Pay and Samsung Pay compatible
• Account holders age 60 years and older save $4 on the monthly fee
• Eligible for overdraft protection

As long as you can provide proof that you are enrolled full-time in a post-secondary institution in Canada or the U.S., this account allows you to bank with no fees, including no monthly maintenance fee, no excess transaction fee and no required minimum deposit. Plus, this account earns Scene+ points as you spend—and you could even be eligible for a healthy welcome bonus, too.

• No monthly account fee
• Unlimited debit and Interac e-Transfers transactions
• Free paper or paperless bank statements
• Earn 1 Scene+ point for every $5 spent on Interac Debit and Visa Debit transactions up to a maximum of 300 points per transaction and 600 points per day.
• Earn 1 Scene+ point per dollar spent at Cineplex movie theatres
• Earn $100 by opening a Student Banking Advantage Plan and setting up one eligible preauthorized transaction for a minimum of three consecutive months or one automated or recurring direct deposit within the first 60 days. Must apply by April 30, 2024.
• You can also get up to $149.90 in savings with Scotia iTrade perk available for Student Banking
  Advantage Plan holders, which is do 1 trade and get 1 trade free at $4.99 per trade.
• Earn 5,000 Scene+ points (a $50 value) as a Student Banking Advantage Plan holder when you have a
  Scotiabank Scene+ Visa Card.
• Earn 1,250 Scene+ points (a $12.50 value) by combining a MomentumPLUS Savings Account with the Student Banking Advantage Plan and an eligible credit card such as the Scene+ Visa card.
• Earn 5,000 Scene+ points ($50 value) by bundling a Student Banking Advantage Plan, an eligible
  Scotiabank credit card such as the Scene+ Visa Card and a MomentumPLUS Savings Account and completing certain qualifying transactions.
• Eligible for overdraft protection.
• Mobile and online banking available
• Mobile cheque deposit available
• Free credit score
• Visa Debit and Interac Flash payment options
• Apple Pay, Google Pay and Samsung Pay compatible

As long as you’re under 19, you can learn the ropes of everyday banking while paying no monthly fees, enjoying unlimited transactions and earning a slight bit of interest on your balance.

• Must be 18 years of age of younger to be eligible for this chequing account
• Unlimited debit and Interac e-Transfer transactions
• No minimum balance required
• No monthly account maintenance fee
• Earn 1 Scene+ points for every 5 dollars spent on everyday transactions
• 1 Scene+ point for every dollar spent at Cineplex theatres
• Earn 0.05% interest on deposits up to $499.99
• Earn 0.10% interest on deposits of $500 or more
• Free paperless or paper statements
• Receive free Scotia InfoAlerts–emails, text messages or in-app push notifications–when account activity takes place.
• Children under 12 must be accompanied by a parent or legal guardian to open an account.
• Children aged 12 to 15 or over may open an account by themselves, if they are able to provide adequate ID.
• ID Requirements
1. Age 11 and under: Only parent ID required
2. Age 12 to 15: Child ID and/or parent ID required
   Note: Parent ID is required if the child aged 12 to 15 cannot provide adequate ID on their own or if the child would like a debit card.
3. Age 16 or over: only child ID required

This is Scotiabank’s most basic bank account with no frills, bells or whistles. It is the baseline account so it has to be on this list, especially if you’re a person who just wants a basic chequing account and that’s it. Unlike other accounts, the fees are low, but so are the number of free transactions.

• 12 free transactions per month ($1.25 per transaction after that)
• Monthly fee of $3.95 (free if the account holder is 60 or older)
• Free Interac e-Transfer transactions
• Eligible for overdraft protection
• Mobile and online banking available
• Mobile cheque deposit available
• Free credit score accessible
• Visa Debit and Interac Flash compatible
• Apple Pay, Google Pay and Samsung Pay compatible

Get unlimited debit and Interac e-Transfer transactions and a ton of extra perks, like one ABM fee outside Scotiabank waived per month, access to the Scene+ Rewards Program and a host of other rewards, if you bundle other Scotiabank banking products with this account.

• Earn up to $400 with a Scotiabank Preferred package and an investment plan¹.
• Earn an additional 0.05% on your Momentum Plus Savings Account
• Unlimited debit transactions and Interac e-transfer transactions
• First year annual fee waiver(up to $150) on select credit cards
• Earn points on every day purchases with the Scene+™ program
• 4 more perks
• Rates, fees and other information are effective as of Mar 1, 2024. Subject to change.
• ¹. The Scotiabank $400 Cash Bonus Bundle Offer (the “Offer”) is available between March 1, 2024 and July 31, 2024 (the “Offer Period”) to individuals who open new eligible accounts.

The Ultimate Package is called Ultimate for a reason: It gives you the most money-saving perks and benefits you can have with a chequing account at Scotiabank. With all the cash you save, you should have no problem affording the high monthly fee or keeping the required amount of money in your account every month to waive it. If it weren’t for the high monthly fee, this banking package would surely be higher on this list.

• Earn up to $400 with a Scotiabank Ultimate package and an investment plan¹.
• Earn an additional 0.10% on your Momentum Plus Savings Account
• Unlimited transactions, Interac e-transfer transactions and Scotia International Money Transfers
• Unlimited free Global non-Scotiabank ABM withdrawals
• Up to $150 annual fee waiver each year on select credit cards
• Earn points on every day purchases with the Scene+™ program
• 8 more premium perks
• Rates, fees and other information are effective as of Mar 1, 2024. Subject to change.
• ¹. The Scotiabank $400 Cash Bonus Bundle Offer (the “Offer”) is available between March 1, 2024 and July 31, 2024 (the “Offer Period”) to individuals who open new eligible accounts.