Shopping for a chequing account doesn’t have to be difficult when you know what you’re looking for. If you’re thinking about getting an account at Scotiabank, there are a variety of accounts to choose from with a number of different features.
Here’s a look at Scotiabank’s chequing accounts:
Regular chequing accounts
|Basic Banking Account||Basic Banking Plan||Scotia One Account||Momentum Chequing Account|
|Minimum balance to waive fee||N/A||$3,000||$4,000||N/A|
|Seniors fee (60 and older)||$0||$6.95||$9.95||$11.95|
|No. of debit transactions per month||12 (including 4 teller-assisted)||25||Unlimited||Unlimited; 1 free teller-assisted|
|Interac e-Transfer fee||2 free per month/$1 each thereafter||2 free per month/$1 each thereafter||2 free per month/$1 each thereafter||2 free per month/$1 each thereafter|
|Fee for non-Scotiabank ATM withdrawals||$1.50 each||$1.50 each||$1.50 each||2 free per month; $1.50 each thereafter|
If you don’t have a lot of monthly transactions, the Basic Banking Account is the cheapest option with a monthly fee of $3.95. The account comes with 12 debit transactions a month and up to four of them can be teller-assisted transactions. The fee is waived if you’re a senior (60 or older) or you’re a registered disability savings plan beneficiary.
For those who make a medium number of transactions, the Basic Banking Plan costs $10.95 a month ($6.95 for seniors) and comes with 25 monthly debit transactions. The fee is waived if you keep a minimum daily balance of $3,000. If you have either the Basic Banking Account or the Basic Banking Plan and make additional debit transactions over the monthly limit, you’ll be charged $1.25 for each one.
The Scotia One Account costs $13.95 a month (or $9.95 a month for seniors) and comes with an unlimited number of transactions. If your minimum daily balance is $4,000, the fee’s waived.
All three of these accounts come with two free Interac e-Transfers every month and the ability to earn Scene Rewards when you use your Scene debit card. You’ll earn one point for every $5 spent and five times the points on purchases made at Cineplex.
Although you can’t earn Scene points with the Scotiabank Momentum Chequing Account, you can earn 1% cash back on your debit purchases (up to a maximum of $300 cash back annually). The fee is $15.95 a month or $11.95 if you’re a senior. The account comes with an unlimited amount of self-service transactions and one free teller-assisted transaction. You’ll also get two free monthly withdrawals at a non-Scotiabank ATM and two free Interac e-Transfers each month.
Student chequing account
|Student Banking Advantage Plan|
|No. of debit transactions||Unlimited|
|Interac e-Transfer fee||2 free per month/$1 each thereafter|
|Fee for non-Scotiabank ATM withdrawals||$1.50 each|
Scotiabank also offers a student chequing account. The Student Banking Advantage Plan is free for full-time students at a Canadian university, community college, CEGEP, or other recognized post-secondary institution. It comes with an unlimited number of transactions and two free Interac e-Transfers every month. There’s also the option to earn Scene points when using a Scene debit card.
The bottom line
Scotiabank has a number of chequing accounts with a variety of features. Interestingly, there’s no monthly fee for overdraft protection unless your account is overdrawn. Many of the Big Five banks charge for overdraft protection even if your account isn’t overdrawn. Before choosing an account from any financial institution, a chequing account comparison tool can help you find an account with the features and services that suits your needs.