Not all chequing accounts are created equal, which is great because sometimes you want a little more, or maybe a little less. Scotiabank offers some of the best chequing accounts in Canada.
Scotiabank offers four chequing, plus one for students—a few of these include some great welcome offers.
Best Scotiabank chequing accounts overview
Scotiabank Chequing Account
Monthly fee
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Ultimate package
$30.95 unless you maintain daily closing balance of $6,000+ in your account or a combined $30,000 in your Ultimate Package and MomentumPLUS Savings account; then it’s $0.
Preferred package
$16.95 unless you have a daily closing balance of $4,000 in your account; then it’s $0.
Basic Plus Bank account
$11.95 unless you have a daily closing balance of $3,000 in your account; then it’s $0.
Basic Bank account
$3.95
Student Banking Advantage® Plan
$0 (must be enrolled full time as a student in a post-secondary institution in Canada or the U.S.)
Scotiabank's Student Banking Advantage Plan is being discontinued on May 26, 2025.
* For Ultimate Package: To qualify, certain conditions must be met. Visit here for full terms.
* For Preferred Package: To qualify, certain conditions must be met. Visit here for full terms.
1 Conditions apply. Actual interest rate will vary based on the savings period (the Premium Period) that applies. Visit scotiabank.com/mpsa to learn more.
The Scotiabank Ultimate Package is Scotiabank’s premium, all-in-one chequing account option. Loaded with features, this account includes unlimited debit transactions², Interac e-Transfers†, and Scotia international money transfers±. Finally, there is no overdraft protection fee.
There is also a welcome bonus of up to $700* when you bundle an eligible banking package, savings account, and registered account before October 30th, 2025.
Earn and grow your money
If you have a MomentumPLUS Savings Account, you can earn an additional 0.10% interest on top of the regular 0.50% interest rate*. With the MomentumPLUS Savings Account, you can earn a savings rate of 4.95%* for the first 3 months.
You can also earn Scene+ rewards which is great in bringing down the cost of groceries. You get 1 Scene+ point for every $5 spent on everyday purchases.
You'll also get preferred GIC rates and pay no monthly account fee for a U.S. Dollar account (which pairs nicely the Scotiabank U.S. Dollar Visa if you're shopping in the States).
Investors will appreciate the 10 free equity trades at Scotia iTRADE during the first year and five free equity trades in subsequent years.
More benefits
An additional underappreciated perk is that you’ll get a small safety deposit box free of charge ($60 annual fee waived).
This account may be especially appealing to frequent flyers thanks to perks like unlimited free global non-Scotiabank ABM withdrawals (terms and conditions apply) and the $150 ongoing annual fee waiver (meaning every year!) on select credit cards², including the Scotiabank Passport Visa Infinite credit card —one of the few no foreign transaction fee credit cards in Canada). 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, conditions apply.
The account fee is $30.95 per month, but you’ll pay $0 with a daily closing balance of $6,000 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.
* To qualify, certain conditions must be met. Visit here for full terms.
*See Account Provider's website for complete account details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.
1 Conditions apply. Actual interest rate will vary based on the savings period (the Premium Period) that applies. Visit scotiabank.com/mpsa to learn more.
7 The Ultimate Package account includes non-Scotiabank Interac⁺ ABM cash withdrawals in Canada and cash withdrawals at non-Scotiabank Visa* or PLUS* ABMs within and outside of Canada. Account holders may still be charged a convenience fee by the other bank and ABM operator, not by Scotiabank.
Momentum Plus Savings Account Disclaimers:*Includes Regular Interest Rate of 0.50% plus a Package Interest Rate Boost of 0.10% for Ultimate Package holders, 90-Day Premium Period Interest Rate of 0.25% and a Welcome Bonus Interest Rate of 4.10% for 3 months.
*The Scotiabank Cash Bonus Bundle Offer (the “Offer”) is available between August 1, 2025 and October 30, 2025 (the “Offer Period”) to individuals who open new eligible accounts. Subject to the Offer conditions, eligible clients can earn $500 when they open a new Preferred Package or Ultimate Package chequing account and complete certain qualifying transactions. Plus, clients who meet the conditions for the $500 bonus are also eligible to earn up to $200 in additional cash bonuses when they bundle their new Preferred or Ultimate Package chequing account with a new Money Master Savings Account and/or a new eligible Registered Account and complete certain qualifying transactions. $500 Cash Bonus for Preferred or Ultimate Package Conditions: To qualify for the $500 cash bonus (the “$500 Package Bonus”), you must 1. Open a new Ultimate Package or new Preferred Package chequing account (the “Eligible Chequing Account”) during the Offer Period; and 2. Complete any two (2) of the following activities in your Eligible Chequing Account within 60 days of Eligible Chequing Account opening: • Set up and receive at least one eligible automated and recurring direct deposit, such as payroll or pension, which will recur monthly for a minimum of six (6) consecutive months in total, or • Set up and make a minimum of two (2) separate eligible recurring pre-authorized transactions with a minimum value of at least $50 per transaction which will each recur monthly for a minimum of six (6) consecutive months in total, or • Make at least one (1) eligible online bill payment of at least $50 through the Scotiabank Mobile App or through Scotia OnLine. † Click here for a list of eligible direct deposits, pre-authorized transactions and online bill payments. Notwithstanding a transaction may be included in these lists, certain exclusions may still apply and Scotiabank reserves the right to modify these lists and to determine whether a specific direct deposit, pre-authorized transaction or bill payment is eligible for the $500 Package Bonus. Fund transfers initiated to other Scotiabank accounts (one time or recurring, e.g. credit card or savings account), to chequing or savings accounts held at other financial institutions, or to payment processing firms, are not eligible for the $500 Package Bonus. $100 Money Master Savings Account Bundle Conditions: To qualify for the $100 cash bonus (the “$100 Savings Bundle Bonus”), you must meet all of the conditions for the $500 Package Bonus, and: 1. During the Offer Period and within 60 days of opening your Eligible Chequing Account: i. Open a new Money Master Savings Account (the “Eligible Savings Account”). ii. Enroll your new Eligible Savings Account in either the Pay Yourself First or the Savings Finder tool (each a “Smart Savings Tool”). 2. Remain enrolled in your selected Smart Savings Tool for 90 consecutive days. Note: Enrolment in a Smart Savings Tool is subject to certain eligibility requirements and can only be done through the Scotiabank mobile banking app. For example, enrollment in the Pay Yourself First tool will not be available if you have not had at least 4 recurring deposits to your Scotia Chequing Account at the time you attempt to enroll. Also, both the Eligible Chequing and Savings Accounts must be “Any to Sign” to be eligible for the Smart Savings tools. Only one Smart Savings Tool can be enrolled in at a time but you can switch tools at any time, however, you must remain enrolled in a Smart Savings Tool for 90 consecutive days from the date of first enrolment in Section 4.a.ii. above. See the Smart Savings Tool Agreement for full terms and conditions. $100 Registered Account Bundle Conditions: To qualify for the $100 cash bonus (the “$100 Registered Bundle Bonus”), you must meet all of the conditions for the $500 Package Bonus, and: a. During the Offer Period and within 60 days of opening your Eligible Chequing Account, open a new Eligible Registered Account (as defined below); and; b. Within 60 days of the Eligible Registered Account opening, contribute or transfer in a minimum of CAD $5,000 into your new Eligible Registered Account and maintain that minimum amount each day for at least three (3) consecutive months. For the purposes of this Offer, the following Scotia Registered Accounts opened with either The Bank of Nova Scotia (“Scotiabank”) or Scotia Securities Inc. are defined as “Eligible Registered Accounts”: Scotia Registered Retirement Savings Plans (excluding Spousal RRSPs and locked-in plans such as LIRAs and LRSPs) (each an “RRSP”), Scotia Tax-Free Savings Accounts (each a “TFSA”) and Scotia First Home Savings Accounts (each a “FHSA”). Scotia RRIFs (including locked-in income plans), RESPs, RDSPs, and non-registered Scotia Investment Accounts are not included in the definition and are not eligible for the Offer.
$500 Package Bonus: Individuals who are currently holders of, or who were previously holders within the last two (2) years, of a Scotiabank Chequing Account are not eligible for this Bonus. “Scotiabank Chequing Account” means any of the following accounts: Ultimate Package, Preferred Package, Scotia One Account, Basic Plus Bank Account, Basic Banking Plan, Basic Bank Account, Momentum Chequing, Power Chequing, Scotia One Service, Scotia Value, Student Banking Advantage Plan. $100 Savings Bundle Bonus: Individuals who currently hold or have held a Money Master Account with Scotiabank in the six (6) months preceding the Offer Period are not eligible for this Bonus. $100 Registered Bundle Bonus: In order to qualify for the $100 Registered Bundle Bonus, Individuals who have held the same type of Eligible Registered Account (as that opened during the Offer Period) with Scotiabank in the six (6) months preceding the Offer Period are not eligible for this Bonus. Employees of Scotiabank are also not eligible for the Offer.
General Offer Terms: Provided all of the applicable Offer conditions have been met: a. the $500 Package Bonus will be deposited to the Eligible Chequing Account within approximately nine (9) months from account open date. b. the $100 Savings Bundle Bonus will be deposited to your Eligible Savings Account within approximately thirteen (13) months from the account open date. c. the $100 Registered Bundle Bonus will be deposited to your Eligible Registered Account within approximately ten (10) months from the account open date. You have 24 months from the date you believe you have fulfilled the applicable Offer conditions to notify us if you have not received the applicable cash bonus so that we may confirm your eligibility. For clients investing in non-Canadian dollar currencies, the investment will be calculated based on Canadian dollar equivalent at the Scotiabank rate on the transaction date to determine eligibility for the offer. All bonuses will be paid in Canadian dollars.
For any cash bonus to be fulfilled, the Eligible Chequing Account, the Eligible Savings Account and the Eligible Registered Account, as applicable, must be open and in good standing until the time of payout of the cash bonus. The Eligible Chequing Account is not in "good standing" if: (i) it has a negative balance exceeding the authorized overdraft limit, (ii) it has been in continuous overdraft for a period of three consecutive months, or (iii) the Account holder is in breach of the Account agreement with Scotiabank. The Eligible Savings Account is not in 'good standing' if it has a negative balance. An Eligible Registered Account is not in 'good standing' if the account holder is in breach of the Eligible Registered Account’s client account agreement. Clients are responsible to confirm their applicable registered plan contribution limits prior to making any contribution to their Eligible Registered Account(s). If more than one (1) Eligible Chequing Account is opened, only the first Eligible Chequing Account opened will be eligible for the $500 Package Bonus. If more than one (1) Eligible Savings Account is opened, only one Eligible Savings Account that fulfilled the $100 Savings Bundle Bonus conditions will be eligible for the $100 Savings Bundle Bonus. If more than one (1) Eligible Registered Account is opened, only the first Eligible Registered Account that fulfilled the $100 Registered Bundle Bonus conditions will be eligible for the $100 Registered Bundle Bonus. If two Eligible Registered Accounts fulfill on the same day, the $100 Registered Bundle Bonus will be paid into only one of the Eligible Registered Account(s) in the following order: (1) Eligible TFSA, then (2) Eligible FHSA, then (3) Eligible RRSP. For joint accounts, only the primary Eligible Chequing Account holder is eligible to receive the $100 Savings Bundle Bonus and $100 Registered Bundle Bonus into their Eligible Savings Account and Eligible Registered Account, as applicable. The primary account holder must be the same client on both the Eligible Chequing Account and Eligible Savings Account.
This Offer is non-transferable and may not be duplicated. Limit of one (1) $500 Package Bonus, (1) $100 Savings Bundle Bonus, and one (1) $100 Registered Bundle Bonus per client (for a total bonus of up to $700), regardless of the number of Eligible Chequing Accounts, Eligible Savings Accounts or Eligible Registered Accounts opened.
The $100 Registered Bundle Bonus is not considered a contribution. Scotiabank and Scotia Securities Inc. are not responsible for any contribution over a client’s applicable registered plan limit in connection with this Offer. Clients should consult with a tax advisor to discuss any tax implications in connection with this Offer and clients are responsible for any required tax reporting.
All rates, fees, features and benefits are subject to change. All other terms and conditions of the Account and Smart Savings Tools Agreement continue to apply. The Offer is non-transferable and may not be duplicated. Offer may be changed, cancelled or extended at any time without notice and cannot be combined with any other offers on the Account, unless otherwise permitted by Scotiabank.
Scotiabank Preferred Package
The Scotiabank Preferred Package is the most popular Scotiabank chequing account. It features unlimited debit1 and Interac e-Transfer† transactions, as well as one free non-Scotiabank ABM withdrawal in Canada each month (terms and conditions apply). You also pay only $1.99 to send money internationally via Scotia International Money Transfer±.
Currently, there is a welcome offer which could add up to $700† in your wallet if you apply before October 30th, 2025.
This account is a good option for serious savers because you can enjoy preferred rates on select GICs, conditions apply, and a first-year annual fee waiver (up to $150) on select Scotiabank credit cards².
With a Scotia Scene+ card, you earn Scene+ points which is a super flexible loyalty program for everything from groceries to flights. With Scotia's Preferred Package, you can also earn 1 Scene+ point for every $5 spent on everyday purchases which means you can rack up points faster.
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 for the entire 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.
*See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.
¹ Conditions apply. Actual interest rate will vary based on the savings period (the Premium Period) that applies. Visit scotiabank.com/mpsa to learn more.
*To qualify, certain conditions must be met. Visit here for full terms.
1 Conditions apply. Actual interest rate will vary based on the savings period (the Premium Period) that applies. Visit scotiabank.com/mpsa to learn more.
8 The Preferred Package account includes 1 free non-Scotiabank Interac⁺ ABM cash withdrawal within Canada per month. Access fee for each subsequent cash withdrawal at non-Scotiabank Interac⁺ ABMs will be charged $2.00 per withdrawal. Each cash withdrawal from non-Scotiabank Visa* or PLUS* ABMs will be charged $3.00 in Canada and the U.S. and $5.00 outside of Canada and the U.S. Account holders may still be charged a convenience fee by the other bank and ABM operator, not by Scotiabank.
*The Scotiabank Cash Bonus Bundle Offer (the “Offer”) is available between August 1, 2025 and October 30, 2025 (the “Offer Period”) to individuals who open new eligible accounts. Subject to the Offer conditions, eligible clients can earn $500 when they open a new Preferred Package or Ultimate Package chequing account and complete certain qualifying transactions. Plus, clients who meet the conditions for the $500 bonus are also eligible to earn up to $200 in additional cash bonuses when they bundle their new Preferred or Ultimate Package chequing account with a new Money Master Savings Account and/or a new eligible Registered Account and complete certain qualifying transactions. $500 Cash Bonus for Preferred or Ultimate Package Conditions: To qualify for the $500 cash bonus (the “$500 Package Bonus”), you must 1. Open a new Ultimate Package or new Preferred Package chequing account (the “Eligible Chequing Account”) during the Offer Period; and 2. Complete any two (2) of the following activities in your Eligible Chequing Account within 60 days of Eligible Chequing Account opening: • Set up and receive at least one eligible automated and recurring direct deposit, such as payroll or pension, which will recur monthly for a minimum of six (6) consecutive months in total, or • Set up and make a minimum of two (2) separate eligible recurring pre-authorized transactions with a minimum value of at least $50 per transaction which will each recur monthly for a minimum of six (6) consecutive months in total, or • Make at least one (1) eligible online bill payment of at least $50 through the Scotiabank Mobile App or through Scotia OnLine. † Click here for a list of eligible direct deposits, pre-authorized transactions and online bill payments. Notwithstanding a transaction may be included in these lists, certain exclusions may still apply and Scotiabank reserves the right to modify these lists and to determine whether a specific direct deposit, pre-authorized transaction or bill payment is eligible for the $500 Package Bonus. Fund transfers initiated to other Scotiabank accounts (one time or recurring, e.g. credit card or savings account), to chequing or savings accounts held at other financial institutions, or to payment processing firms, are not eligible for the $500 Package Bonus. $100 Money Master Savings Account Bundle Conditions: To qualify for the $100 cash bonus (the “$100 Savings Bundle Bonus”), you must meet all of the conditions for the $500 Package Bonus, and: 1. During the Offer Period and within 60 days of opening your Eligible Chequing Account: i. Open a new Money Master Savings Account (the “Eligible Savings Account”). ii. Enroll your new Eligible Savings Account in either the Pay Yourself First or the Savings Finder tool (each a “Smart Savings Tool”). 2. Remain enrolled in your selected Smart Savings Tool for 90 consecutive days. Note: Enrolment in a Smart Savings Tool is subject to certain eligibility requirements and can only be done through the Scotiabank mobile banking app. For example, enrollment in the Pay Yourself First tool will not be available if you have not had at least 4 recurring deposits to your Scotia Chequing Account at the time you attempt to enroll. Also, both the Eligible Chequing and Savings Accounts must be “Any to Sign” to be eligible for the Smart Savings tools. Only one Smart Savings Tool can be enrolled in at a time but you can switch tools at any time, however, you must remain enrolled in a Smart Savings Tool for 90 consecutive days from the date of first enrolment in Section 4.a.ii. above. See the Smart Savings Tool Agreement for full terms and conditions. $100 Registered Account Bundle Conditions: To qualify for the $100 cash bonus (the “$100 Registered Bundle Bonus”), you must meet all of the conditions for the $500 Package Bonus, and: a. During the Offer Period and within 60 days of opening your Eligible Chequing Account, open a new Eligible Registered Account (as defined below); and; b. Within 60 days of the Eligible Registered Account opening, contribute or transfer in a minimum of CAD $5,000 into your new Eligible Registered Account and maintain that minimum amount each day for at least three (3) consecutive months. For the purposes of this Offer, the following Scotia Registered Accounts opened with either The Bank of Nova Scotia (“Scotiabank”) or Scotia Securities Inc. are defined as “Eligible Registered Accounts”: Scotia Registered Retirement Savings Plans (excluding Spousal RRSPs and locked-in plans such as LIRAs and LRSPs) (each an “RRSP”), Scotia Tax-Free Savings Accounts (each a “TFSA”) and Scotia First Home Savings Accounts (each a “FHSA”). Scotia RRIFs (including locked-in income plans), RESPs, RDSPs, and non-registered Scotia Investment Accounts are not included in the definition and are not eligible for the Offer.
$500 Package Bonus: Individuals who are currently holders of, or who were previously holders within the last two (2) years, of a Scotiabank Chequing Account are not eligible for this Bonus. “Scotiabank Chequing Account” means any of the following accounts: Ultimate Package, Preferred Package, Scotia One Account, Basic Plus Bank Account, Basic Banking Plan, Basic Bank Account, Momentum Chequing, Power Chequing, Scotia One Service, Scotia Value, Student Banking Advantage Plan. $100 Savings Bundle Bonus: Individuals who currently hold or have held a Money Master Account with Scotiabank in the six (6) months preceding the Offer Period are not eligible for this Bonus. $100 Registered Bundle Bonus: In order to qualify for the $100 Registered Bundle Bonus, Individuals who have held the same type of Eligible Registered Account (as that opened during the Offer Period) with Scotiabank in the six (6) months preceding the Offer Period are not eligible for this Bonus. Employees of Scotiabank are also not eligible for the Offer.
General Offer Terms: Provided all of the applicable Offer conditions have been met: a. the $500 Package Bonus will be deposited to the Eligible Chequing Account within approximately nine (9) months from account open date. b. the $100 Savings Bundle Bonus will be deposited to your Eligible Savings Account within approximately thirteen (13) months from the account open date. c. the $100 Registered Bundle Bonus will be deposited to your Eligible Registered Account within approximately ten (10) months from the account open date. You have 24 months from the date you believe you have fulfilled the applicable Offer conditions to notify us if you have not received the applicable cash bonus so that we may confirm your eligibility. For clients investing in non-Canadian dollar currencies, the investment will be calculated based on Canadian dollar equivalent at the Scotiabank rate on the transaction date to determine eligibility for the offer. All bonuses will be paid in Canadian dollars.
For any cash bonus to be fulfilled, the Eligible Chequing Account, the Eligible Savings Account and the Eligible Registered Account, as applicable, must be open and in good standing until the time of payout of the cash bonus. The Eligible Chequing Account is not in "good standing" if: (i) it has a negative balance exceeding the authorized overdraft limit, (ii) it has been in continuous overdraft for a period of three consecutive months, or (iii) the Account holder is in breach of the Account agreement with Scotiabank. The Eligible Savings Account is not in 'good standing' if it has a negative balance. An Eligible Registered Account is not in 'good standing' if the account holder is in breach of the Eligible Registered Account’s client account agreement. Clients are responsible to confirm their applicable registered plan contribution limits prior to making any contribution to their Eligible Registered Account(s). If more than one (1) Eligible Chequing Account is opened, only the first Eligible Chequing Account opened will be eligible for the $500 Package Bonus. If more than one (1) Eligible Savings Account is opened, only one Eligible Savings Account that fulfilled the $100 Savings Bundle Bonus conditions will be eligible for the $100 Savings Bundle Bonus. If more than one (1) Eligible Registered Account is opened, only the first Eligible Registered Account that fulfilled the $100 Registered Bundle Bonus conditions will be eligible for the $100 Registered Bundle Bonus. If two Eligible Registered Accounts fulfill on the same day, the $100 Registered Bundle Bonus will be paid into only one of the Eligible Registered Account(s) in the following order: (1) Eligible TFSA, then (2) Eligible FHSA, then (3) Eligible RRSP. For joint accounts, only the primary Eligible Chequing Account holder is eligible to receive the $100 Savings Bundle Bonus and $100 Registered Bundle Bonus into their Eligible Savings Account and Eligible Registered Account, as applicable. The primary account holder must be the same client on both the Eligible Chequing Account and Eligible Savings Account.
This Offer is non-transferable and may not be duplicated. Limit of one (1) $500 Package Bonus, (1) $100 Savings Bundle Bonus, and one (1) $100 Registered Bundle Bonus per client (for a total bonus of up to $700), regardless of the number of Eligible Chequing Accounts, Eligible Savings Accounts or Eligible Registered Accounts opened.
The $100 Registered Bundle Bonus is not considered a contribution. Scotiabank and Scotia Securities Inc. are not responsible for any contribution over a client’s applicable registered plan limit in connection with this Offer. Clients should consult with a tax advisor to discuss any tax implications in connection with this Offer and clients are responsible for any required tax reporting.
All rates, fees, features and benefits are subject to change. All other terms and conditions of the Account and Smart Savings Tools Agreement continue to apply. The Offer is non-transferable and may not be duplicated. Offer may be changed, cancelled or extended at any time without notice and cannot be combined with any other offers on the Account, unless otherwise permitted by Scotiabank.
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. This no-frills banking package includes 25 transactions²; and free Interac e-Transfers†. After 25, you'll pay $1.25 per transaction (but e-Transfers remain free).
You can also send money overseas with Scotia International Money Transfers± at a charge of only $1.99 per transfer (terms and conditions apply).
You can get overdraft protection in two ways: $5 per month or pay-per-use at $5 every time you use it.
Plus, the $11.95 monthly account fee is waived if you maintain a minimum daily closing balance of $3,000 for the entire month. So you could end up making some dough just by having this 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 transactions² and 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.
You can get overdraft protection at $5 per month or per use. Any non-Scotiabank ABM withdrawals and fees will apply (depending on the ATM from which you withdraw).
However, there is one nice hidden perk: the $3.95 fee is waived for clients aged 60 and over via a Seniors’ Discount, conditions apply.
This account is perfect for 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. You must be currently enrolled full-time in a post-secondary institution in Canada or the U.S. (Domestic or International students). When you graduate, you will no longer be eligible for this account and will have to move your money to a different Scotiabank account.
Account holders get unlimited debits² and Interac e-Transfer† transactions and you can earn Scene+ rewards which helps students save big on groceries. It pairs nicely with the Scotiabank Scene+ Visa as one of Money.ca's best student credit cards.
You can get overdraft protection, too.
Despite budgeting, scrimping and savings, students who invest early can retire that much earlier. With This Scotia student bank account, you get a 50% discount on commission pricing and get 20 free trades on the mobile app in your first year. Buy a few ETFs and watch your money grow!
There is a welcome bonus, too. Be sure to go for it when you apply. Earn up to $100† welcome bonus when you open a new Student Banking Advantage® Plan before May 25th, 2025.
Scotiabank's Student Banking Advantage Plan is being discontinued on May 26, 2025.
To qualify for the $100 welcome bonus (the “Offer”), you must:
1. Open a new Student Banking Advantage Plan (an “Eligible Account”) by May 25 ,2025; and
2. Complete any two of the following activities in your Eligible Account within 60 days of Eligible Account opening:
Set up and make at least 1 eligible automated and recurring direct deposit, which will recur monthly for a minimum of three (3) consecutive months, or
Set up and make at least one (1) eligible recurring pre-authorized transaction with a minimum value of $25 per transaction, which will recur monthly for a minimum of three (3) consecutive months, or
Complete at least five online (5) Visa* Debit purchases using your ScotiaCard® anywhere Visa* Debit is accepted. Only the following Visa Debit transaction types are eligible: online debit purchases, and in-store purchases made outside of Canada.
±Click here for a list of eligible direct deposits and pre-authorized transactions. While a transaction may be included in these lists, certain exclusions may still apply and Scotiabank reserves the right to modify these lists and to determine whether a specific direct deposit or pre-authorized transaction is eligible for the Offer. Fund transfers initiated to other Scotiabank accounts (one time or recurring, e.g. credit card or savings account), to chequing or savings accounts held at other financial institutions, or to payment processing firms, are not eligible for the Offer.
*See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.
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. full-time
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 or most of Scotiabank’s chequing accounts, including:
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.
In the market for another financial product?
Aside from these five chequing accounts, Scotiabank offers a number of other financial products. You’ll find a selection of Scotiabank Savings accounts, all of which have no monthly fee, discounted banking rates for seniors, and a full range of credit cards, including Amex and Visa cards, rewards cards, cash back and lifestyle cards, and cards with low interest rates or no annual fee.
†Interac e-Transfer is a registered trade-mark of Interac Corp. Used under license.
TM Trademark of Scene IP LP.
®Registered trademarks of The Bank of Nova Scotia.
*See Account Provider's website for complete account details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.
To close a Scotiabank chequing account, visit a branch in person or call their customer service. Ensure all transactions are cleared, and any outstanding fees are paid. Transfer any remaining balance to another account before requesting closure.
What is the minimum balance for a Scotiabank chequing account?
Scotiabank's minimum balance requirements vary: the Basic Banking Plan has no minimum, while the Ultimate Package and Basic Plus accounts require $6,000 and $3,000, respectively, to avoid monthly fees
Avoid Scotiabank's monthly fees by maintaining minimum balances: $6,000 for the Ultimate Package, $4,000 for the Preferred Package, and $3,000 for the Basic Plus Bank Account. The Basic Bank Account has a fixed $3.95 fee.
Yes, you can open a Scotiabank chequing account online. The process allows you to pick the account that suits your needs and start your application through their website. Additionally, you have the option to open an account in person at a branch or by phone. There is no requirement for a minimum deposit to open a personal deposit account, and various identification options are available to meet the requirements for opening an account.
Sandra MacGregor has been writing about finance and travel for nearly a decade. Her work has appeared in a variety of publications like the New York Times, the UK Telegraph, the Washington Post, Forbes.com and the Toronto Star.
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