Best Chequing and Savings Accounts at Scotiabank

Best Chequing Account Promotions at Scotiabank 2019

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Last updated on July 8, 2019 Views: 547 Comments: 4

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Scotiabank is now headquartered in Toronto, but as the Bank of Nova Scotia, it was founded in Halifax, Nova Scotia in 1831. It prides itself on its international banking profile, thanks to acquisitions made in Latin America, the Caribbean, Europe, and Asia. Despite this international profile, Scotiabank puts a lot of energy into serving its Canadian customers. With over 55,000 ABMs across the country it’s still considered one of the top, most accessible Canadian banks.

Scotiabank may be ‘only’ Canada’s third-largest bank, but it has some of the most innovative chequing accounts on the market. You can choose from 4 different Scotiabank chequing accounts, each with its own unique features. Scotiabank’s most talked-about chequing account is probably the Momentum account—since it’s a rare example of a chequing account that offers cash back—but all of Scotiabank’s chequing accounts are worth investigating. Apart from the Momentum account, all of them come with a range of debit cards that stand out from the crowd.

Scotiabank Chequing Accounts 2019

Scotiabank Cheqing Account
Monthly Fee
Monthly Debits
Special Features
Read Review
Scotia One$13.95Unlimited self-service, 2 Interac10,000 point sign-up bonus (conditions apply)Read More
Basic Plan$10.9525 self-service or teller-assisted5,000 point sign-up bonus (conditions apply)Read More
Basic Account$3.9512; up to 4 can be teller-assistedNo monthly fee for seniorsRead More

Scotia One Chequing Account

Scotiabank One Cheqing

The Scotia One chequing account is probably the best Scotiabank chequing account for customers who want unlimited transactions without a monthly fee. There’s a condition—you have to keep a minimum daily balance of $4,000. For those who don’t reach this amount, the monthly fee is $13.95, which is discounted to $9.95 per month for seniors. Included in this price—or for free if you meet the minimum balance—are unlimited self-service transactions and 2 free Interac transactions each month.

One of the next best things about the Scotia One chequing account is that you can choose from 3 debit card plans, each of which has its own benefits. The Scotiabank Passport debit card helps you earn points towards free travel rewards; the Scotiabank Scene card earns Scene points for free movie tickets; or you can use the regular Scotia debit card for easy access to cash at one of Scotiabank’s 55,000 nationwide ABMs.

Those features aside, ScotiaOne’s most attractive perk is arguably its 10,000 SCENE or Scotia Rewards points sign-up bonus for new account holders (conditions apply).

Click here to apply for the Scotia One Chequing account

Scotiabank Basic Banking Plan

Scotiabank Basic Banking Plan

The Scotiabank Basic Banking Plan is our recommendation for Scotiabank customers who prefer using tellers for their chequing account transactions. Scotiabank Basic Banking Plan customers get 25 free transactions each month, which can be either self service or teller assisted. There are no restrictions on which types of transaction you can use. You also get 2 free Interac transfers per month.

Scotiabank Basic Banking Plan has a monthly fee of just $10.95, discounted to $6.95 for seniors. Like the Scotia One account, the monthly fee is waived as long as your balance stays above a daily minimum—$3,000 in this case. Basic Banking Plan users can also choose from Scotiabank’s 3 debit cards. You can pick the travel rewards debit card and earn travel rewards while you spend, or the Scene movie rewards card for free movies and meals. Finally, there’s also the option of the regular Scotia debit card to use at any Scotia ABM.

This account also comes with an appealing sign-up bonus: 5,000 SCENE or Scotia Rewards points for new account holders (conditions apply).

Click here to apply for the Scotiabank Basic Banking Plan

Scotiabank Basic Banking Account

Scotiabank Basic BankingDon’t get confused—the Scotiabank Basic Banking Account is not the same as the Scotiabank Basic Banking Plan. The Basic Banking Account is the Scotiabank chequing account with the lowest monthly fee. At only $3.95 per month, or free for seniors, it’s ideal for anyone whose banking needs are truly basic and who doesn’t want to have to pay high fees.

You’ll get 12 transactions per month with the Basic Banking Account, of which up to 4 can be teller-assisted. There are also 2 free Interac transactions and the same choice of Scotiabank’s 3 debit cards. So, you can earn travel rewards with a 5,000-point welcome bonus, or Scene movie rewards, or enjoy easy day-to-day banking. Whatever you choose, you’ll get a convenient Scotia debit card at this low monthly price.

Click here to apply for the Scotiabank Basic Banking Account

Other Scotiabank Products

Aside from these 4 chequing accounts, Scotiabank offers a number of other financial products. You’ll find a choice of 3 savings accounts, all of which have no monthly fee. Scotiabank also has a full range of credit cards, including Amex and Visa cards, rewards, cashback, and lifestyle cards, cards with low interest rates and cards with no annual fee.

Scotiabank does a good job catering to every section of the Canadian population. It offers special discounted banking rates for seniors, and chequing and savings accounts for students and youth. There’s also a Small Business banking division serving entrepreneurs and SMBs, and a Commercial banking arm that is geared toward larger companies and corporations. You’ll also find multiple options for Scotiabank mortgages, loans, insurance products, and investment accounts.

See our review for the best Scotiabank savings accounts.

Scotia One™ Chequing Account Terms and Conditions:
1 Individuals who are currently or were previously holders / joint holders of a Scotiabank chequing account within the last two (2) years are not eligible for the $300 or $100 cash offers (each an “Offer”, collectively the “Offers”).
To qualify for the Offers, you must:
1) Open a new Scotia One chequing account (eligible for the $300 Offer) or new Basic Banking Plan chequing account (eligible for the $100 Offer), each an “Eligible Account”, by July 1, 2019; and
2) Complete two (2) of the following three (3) activities in your Eligible Account within 60 days of opening:
• Set up an eligible recurring direct deposit (e.g., employer payroll, pension provider, or government) which will recur monthly for a minimum of three (3) consecutive months, or
• Set up a minimum of two (2) eligible separate recurring pre-authorized transactions (e.g., utility payments, property taxes, loan/mortgage payments) with a minimum value of at least $50 per transaction which will each recur monthly for a minimum of three (3) consecutive months, or
• Make at least one eligible online bill payment (e.g. utility bill, hydro bill, credit card payment, cable) of at least $50 through the Scotiabank Mobile App or through Scotia OnLine.
Scotiabank reserves the right to determine whether a specific recurring direct deposit, pre-authorized transaction or bill payment is eligible for the Offers.
The $300 or $100 cash bonus, as applicable, will be paid into the primary account holder’s Eligible Account within two (2) months following the satisfaction of the conditions outlined above. The Eligible Account must be open and in good standing until the time of payout of the cash bonus. The Eligible Account is not in “good standing” if:
1) It has a negative balance exceeding the authorized overdraft limit, or
2) If it has been in continuous overdraft for a period of three (3) consecutive months.
These Offers are non-transferable and may not be duplicated. Limit of one (1) Offer per customer, regardless of the number of Eligible Accounts opened. If more than one (1) Eligible Account is opened, the Offer awarded will be based on the first Eligible Account opened. For joint accounts, only one (1) cash bonus will be applied to the primary account holder’s Eligible Account. All rates, fees, features and benefits are subject to change. Offers may be changed, cancelled or extended at any time and cannot be combined with any other offers. Employees of Scotiabank are not eligible for the $300 or $100 cash offers.

Article comments

S M says:

What age is considered senior with them, 65 or something else?

The GreedyRates Team says:

Hi S M,

If you’re referring to the exemption from fees enjoyed by senior account holders of the Scotiabank Basic Banking Account, then the age you become eligible for this perk is 60. Most banks make it 65, so seniors can appreciate getting these perks a few years early via Scotiabank. Enjoy!

GreedyRates Staff

Mckeema Simpson says:

How can I open account

The GreedyRates Team says:

Hey Mckeema!

Thanks for your interest in the Scotiabank line of Chequing and Savings accounts. They’re certainly some of the best in Canada, and if you want to open any of them, just click on the big links in the article above! The blue, underlined titles of each section are links to Scotiabank’s website, where you can choose the account you want and then click the “Open Account” button to get started. They’ll ask you for some basic information and get you on the path to fast savings. Good luck!