Scotiabank was founded in 1832 in Halifax, Nova Scotia and has since become the third-largest bank in Canada. It is also a multinational bank with more than 25 million customers worldwide. As such, you can bet that Scotiabank has plenty of products on offer as well including, of course, chequing accounts.

A chequing account is an essential product with any bank, though they are usually pretty basic. Scotiabank, however, is challenging that. They now offer 5 main account options which are more choices than most other Canadian banks. Here’s what you need to know about the new Scotiabank chequing accounts to better choose the best option for you and your banking needs.

The Best Scotiabank Chequing Accounts

Scotiabank Chequing AccountMonthly FeeMinimum balance to waive feesMonthly transaction limitWelcome Bonus
Ultimate Package$30.95Daily closing balance of $5,000 OR combined $30,000 in your Ultimate Package and MomentumPLUS Savings accountUnlimited10,000 welcome points when you open an account
Preferred Package$15.95Daily closing balance of $4,000Unlimited10,000 welcome points when you open an account
Basic Plus Bank Account$10.95Daily closing balance of $3,00025 debits + 10 free Interac e-transfer transactionsN/A
Student Banking Advantage® Plan$0$0 fee is valid so long as you are a full time student in a post-secondary institutionUnlimitedUp to 5,000 welcome points when you open an account
Basic Bank Account$3.95N/A12 debits + 2 free Interac e-Transfer transactionsN/A

What is a Chequing Account?

A chequing account is meant to be used as a transaction account. It’s the account that you will have paycheques deposited into, pay bills from, or withdraw cash from. The money in this account is considered to be your most liquid asset as it can be moved easily and at any time, usually without penalty. Because of this, chequing accounts also tend to be very basic and rarely offer any perks or benefits.

However, Scotiabank’s chequing accounts challenge the ‘basic’ assumption. While they still do have a basic account available, there are some more lucrative account options too. Yes, they come with higher fees, but in most cases, those fees can be waived.

Here’s a breakdown of the best Scotiabank chequing accounts and what you get with them.

Ultimate Package

  • $30.95 monthly fee / Free with $5,000 minimum balance
  • Unlimited debit transactions1 and Interac e-Transfer transactions
  • Unlimited free Global non-Scotiabank ATM withdrawals1
  • 10,000 welcome points when you open an account1
  • An additional 0.10% Interest Rate Boost1 on your MomentumPLUS Savings Account
  • Up to $139 annual fee waiver every year on select credit cards3
  • Ultimate rates on select GICs
  • 10 free equity trades at Scotia iTRADE for your first year, 5 free equity trades in following years
  • Free personalized cheques and drafts

The Scotiabank Ultimate Package account is the top tier chequing account option which means that it has the highest fee, but also the best perks and benefits. There is an associated fee of $30.95 for the Scotiabank Ultimate Package, however, if you have a daily closing balance of $5,000 or a combined balance of $30,000 between your Scotiabank Ultimate Package and you MomentumPLUS Savings account, then the monthly fee will be waived1. Scotia Rewards is one of the best bank travel rewards programs in Canada so make sure you choose that over SCENE points as your bonus when you open a new account.

Apply now for the Scotiabank Ultimate Package

 

Preferred Package

  • $15.95 monthly fee / Free with $4,000 minimum balance
  • Unlimited debit transactions1 and Interac e-Transfer transactions
  • 10,000 welcome points when you open an account1
  • An additional 0.05% Interest Rate Boost1 on your MomentumPLUS Savings Account
  • First year annual fee waiver for select credit cards (up to $139)3
  • Preferred rates on GICs
  • Low rate of $1.99 to send money globally with Scotia International Money Transfers
  • Fee waived on 1 non-Scotiabank ABM withdrawal per month in Canada

The Ultimate package is the most popular Scotiabank chequing account. There is a lower monthly fee (that can still be off-set) and some great inclusions. The monthly fee for the Preferred Package is $15.95, however, you can get that fee waived if you have a daily closing balance of at least $4,000 in your account. Be sure to browse my list of the best Scotiabank credit cards since you get the annual fee waived for one of them for the first year.

Apply now for the Scotiabank Preferred Package

 

Basic Plus Bank Account

  • $10.95 monthly fee / Free with $3,000 minimum balance
  • 25 free debit transactions1 per month
  • 10 free Interac e-Transfer transactions per month
  • Low rate of $1.99 to send money globally with Scotia International Money Transfer
  • Collect and redeem points with either the SCENE rewards program or the Scotia Rewards program.

Scotiabank’s Basic Plus Bank Account is pretty much exactly what it sounds like; the basic account with a few added features. The Basic Plus Bank Account has a $10.95 monthly fee but, if you keep your closing balance at $3,000 or higher, you can get that fee knocked down to $0/month.

Apply now for the Scotiabank Basic Plus Bank Account

 

Student Banking Advantage® Plan

  • No monthly fees
  • Unlimited debit transactions1
  • Unlimited Interac e-Transfer transactions
  • 5,000 welcome points1 
  • Choose to earn/redeem either SCENE points or Scotia Rewards points

If you are a student, then Scotiabank’s Student Banking Advantage® Plan is a great option. The Student Banking Advantage® Plan account is free of charge as long as you can prove that you are a full time student in an American or Canadian post-secondary institution. If you qualify for this account, keep it as long as possible since you don’t have to pay any monthly fees.

Apply now for the Scotiabank Student Banking Advnatage Plan

 

Basic Bank Account

  • $3.95 per month
  • 12 free debit transactions1 per month
  • 2 free Interac e-Transfer transactions per month
  • Choose to earn/redeem either SCENE point or Scotia Rewards points

The Basic Bank Account is, as you likely guessed, the most basic of the best Scotiabank chequing account options. It’s perfect for your everyday typical banking needs but there are no perks or benefits. There is a flat monthly fee of $3.95 per month for the Basic Bank Account.

Apply now for the Scotiabank Basic Bank Account

   

Final thoughts

A chequing account is an essential banking tool that every Canadian should have and use in their day-to-day banking. Scotiabank’s new chequing account options go a long way in upgrading typical chequing accounts allowing customers to better find and choose a chequing account to suit their financial needs.

Terms and conditions
1 to qualify, conditions must be met
2 For a limited time. Rate will vary by savings period
3 Subject to credit approval