Best Scotiabank chequing accounts for 2023
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Updated: May 08, 2023
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When it comes to bank accounts, Canadians have tons of options, and everyone needs a chequing account for their day-to-day banking needs.
While chequing accounts may all have the same end goal, not all chequing accounts are created equal, which is great because sometimes you want a little more, or maybe a little less. This is why we love Scotiabank’s chequing accounts.
Whereas some Canadian banks only offer one or two options for chequing accounts, Scotiabank offers five, including one for students. Plus, right now, a few of these Scotiabank Chequing account options include some great welcome offers.
If you’re interested in opening a new chequing account, take a look at these best Scotiabank chequing accounts for 2023.
Best Scotiabank chequing accounts overview
* For Ultimate Package: To qualify, certain conditions must be met. Offer ends April 30th, 2023. Visit here for full terms.
* For Preferred Package: To qualify, certain conditions must be met. Offer ends April 30th, 2023. 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.
2 Conditions apply. Offer ends June 10th, 2023. Visit here for full terms.
3 For Ultimate Package: Conditions apply. Visit here to learn more.
3 For Preferred Package: Conditions apply. Visit here to learn more.
4 Conditions apply. Visit here to learn more.
5 Conditions apply. Visit here to learn more.
6 Conditions apply. Visit here to learn more.
Scotiabank Ultimate Package
The Ultimate Package is the top tier account Scotiabank has to offer. This account includes unlimited debit3 and Interac e-Transfer† transactions plus, as an Ultimate Package account holder, you will get unlimited free Global non-Scotiabank ABM withdrawals7, which is a great perk for travellers!
While the Ultimate Package is a chequing account, it has a $350 welcome bonus* when you open the account, and also offers a boost to your savings. Earn up to 5.00% on your MomentumPLUS Savings Account for 5 months1.
The Scotiabank Ultimate Package chequing account does have a monthly fee of $30.95; however, this fee is waived as long as you maintain a minimum daily closing balance of $5,000 in the account, or a combined balance of $30,000 in this account and your MomentumPLUS Savings Account.
Open an Account* To qualify, certain conditions must be met. Offer ends April 30th, 2023. 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.
3 Conditions apply. Visit here 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.
Scotiabank Preferred Package
The Preferred Package is Scotiabank’s most popular chequing account. It’s a step down from the Ultimate Package but still offers plenty of great features and benefits for your daily banking needs.
The Preferred Package includes unlimited debit3 and Interac e-Transfer† transactions plus one free non-Scotiabank ABM withdrawal per month (in Canada).8 You’ll also get a $350* welcome bonus when you sign up and earn up to 4.95% on your MomentumPLUS Savings Account for 5 months1. Another savings perk? You may also be eligible to have the first year’s annual fee on your credit card waived (applicable to select credit cards up to a value of $1503). Plus, since you’ll earn rewards on debit transactions with the Scene+TM Program2.
A $16.95 monthly fee is associated with Scotiabank’s Preferred Package; however, that fee can be waived if you maintain a minimum daily closing balance of $4,000 for the whole month.
Open an Account* To qualify, certain conditions must be met. Offer ends April 30th, 2023. 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.
3 Conditions apply. Visit here 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.
Scotiabank Basic Plus Bank Account
For those in the market for a basic chequing account with a couple perks and benefits, then the Basic Plus Bank Account is the best Scotiabank chequing account for you.
Basic Plus Bank Account holders will have 25 free debit transactions4 and free Interac e-Transfer† transactions.
The Basic Plus Bank Account has a monthly fee of $11.95. That being said, if you can maintain a daily closing balance of $3,000 for the entire month, these monthly fees will be waived.
Open an Account4 Conditions apply. Visit here to learn more.
Scotiabank Student Banking Advantage® Plan
Many Canadian banks have great account options for students, and Scotiabank is one of them. The Student Banking Advantage® Plan is perfect for those who are registered as full-time students at a post-secondary education institution in either Canada or the U.S. Students with this account will have access to unlimited debits and Interac e-Transfer† transactions, plus, as with the other Scotiabank chequing account options. Open a student account today and get up to $1002. Offer ends June 10th, 2023.
The best part? The Student Banking Advantage® Plan is completely free. There are no monthly charges and no account minimums2. As long as you meet the necessary requirements, you don’t have to worry about paying for this Scotiabank chequing account.
Open an Account2 Conditions apply. Offer ends June 10th, 2023. Visit here for full terms.
Scotiabank Basic Bank Account
If you are looking for a no-frills, basic chequing account, then Scotiabank’s Basic Bank Account is the best option for you. This chequing account includes 12 free transactions per month6 and free Interac e-Transfer† transactions. There is a low monthly fee of $3.95 per month for this account.
If you’re looking for a chequing account, Scotiabank’s options as listed above make it easy to find the ideal account for your particular wants and needs. In fact, Scotiabank has plenty of great accounts and offers for everyone, including students, seniors, small business owners, and more. To learn more about other Scotiabank products, take a look at the best savings accounts at Scotiabank.
Open an Account6 Conditions apply. Visit here to learn more.
In the market for another financial product?
Aside from these 5 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.
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