Best Scotiabank Chequing Accounts For December 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.

• Earn up to $100 welcome bonus when you open a new Student Banking Advantage® Plan
• No monthly account fee*, unlimited debit and Interac e-transfer transactions
• Earn points on everyday purchases with the Scene+™ program
• To qualify for the $100 welcome bonus (the “Offer”), you must:
  • 1. Open a new Student Banking Advantage Plan (an “Eligible Account”) by February 3, 2025; and
  • 2. Complete one of the following activities in your Eligible Account within 60 days of Eligible Account opening:
    – Set up and clear at least one (1) eligible automated and recurring direct deposit or
    – Set up and clear at least one (1) eligible recurring pre-authorized transaction for a minimum of $25 per transaction, which will recur monthly for a minimum of three (3) consecutive months

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 $800 with a Scotiabank Preferred package and eligible investment plans
• Open a new Ultimate or Preferred Package account by March 1, 2025.
• Within 60 days of account opening, complete any two of the following:
  i. Set up and clear one eligible automated recurring direct deposit (e.g., payroll or pension) that recurs for 6 consecutive months.
  ii. Set up and clear two separate recurring pre-authorized transactions of at least $50 each (e.g., mortgage payments) that recur for 6 consecutive months.
  iii. Make one eligible bill payment of at least $50 (e.g., phone or utility bill) using online or mobile banking.
• + $50
  • Meet all conditions of the $400 offer.
  • Open a new eligible RRSP, TFSA, or FHSA by March 1, 2025.
  • Set up and clear one pre-authorized contribution of at least $100 per month from any Scotiabank personal account into your new eligible registered plan, recurring for at least 3 consecutive months by May 31, 2025.
• + up to $350
  • Option 1: +$150
    Deposit $5,000 into your new eligible RRSP, TFSA, or FHSA by March 1, 2025, and maintain that balance until May 31, 2025.
    or
  • Option 2: +$350
    Open a second eligible RRSP, TFSA, or FHSA (different from the plan opened for the $50 offer).
    Deposit $5,000 into each of your two new eligible registered plans by March 1, 2025, and maintain those balances until May 31, 2025.

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 $800 with a Scotiabank Ultimate package and eligible investment plans
• Open a new Ultimate or Preferred Package account by March 1, 2025.
• Within 60 days of account opening, complete any two of the following:
  i. Set up and clear one eligible automated recurring direct deposit (e.g., payroll or pension) that recurs for 6 consecutive months.
  ii. Set up and clear two separate recurring pre-authorized transactions of at least $50 each (e.g., mortgage payments) that recur for 6 consecutive months.
  iii. Make one eligible bill payment of at least $50 (e.g., phone or utility bill) using online or mobile banking.
• + $50
  • Meet all conditions of the $400 offer.
  • Open a new eligible RRSP, TFSA, or FHSA by March 1, 2025.
  • Set up and clear one pre-authorized contribution of at least $100 per month from any Scotiabank personal account into your new eligible registered plan, recurring for at least 3 consecutive months by May 31, 2025.
• + up to $350
  • Option 1: +$150
    Deposit $5,000 into your new eligible RRSP, TFSA, or FHSA by March 1, 2025, and maintain that balance until May 31, 2025.
    or
  • Option 2: +$350
    Open a second eligible RRSP, TFSA, or FHSA (different from the plan opened for the $50 offer).
    Deposit $5,000 into each of your two new eligible registered plans by March 1, 2025, and maintain those balances until May 31, 2025.