Best Scotiabank Chequing Accounts for 2021

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Last updated on August 23, 2021 Comments: 14

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 2021.

Best Scotiabank Chequing Accounts Overview

Scotiabank Chequing Account
Monthly Fee
Monthly Debits
Special Features
Read Review
Ultimate Package$30.95 unless you maintain daily closing balance of $5,000+ in your account or a combined $30,000 in your Ultimate Package and MomentumPLUS Savings account; then it’s $0. Unlimited$350* welcome bonus plus earn up to 0.60% on your MomentumPLUS Savings Account1Read More
Preferred Package$16.95 unless you have a daily closing balance of $4,000 in your account; then it’s $0.Unlimited$300* welcome bonus and up to 0.55% interest on your MomentumPLUS Savings Account1Read More
Basic Plus Bank Account$11.95 unless you have a daily closing balance of $3,000 in your account; then it’s $0.2510 free Interac e-Transfer transactions per monthRead More
Student Banking Advantage Plan$0 (must be enrolled full time as a student in a post-secondary institution in Canada or the U.S.)UnlimitedSign up today and earn $60 plus a chance to win $30,0002Read More
Basic Bank Account$3.95122 free Interac e-Transfer transactions per monthRead More

* To qualify, certain conditions must be met. Offer ends December 16, 2021.
1 Conditions apply. Actual interest rate will vary based on the savings period (the Premium Period) that applies.
2 Conditions apply. Offer ends October 31, 2021.

Scotiabank Ultimate Package

The Ultimate Package is the top tier account Scotiabank has to offer. This account includes unlimited debit and Interac e-Transfer transactions plus, as an Ultimate Package account holder, you will get unlimited free Global non-Scotiabank ABM withdrawals, 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 0.60% on your MomentumPLUS Savings Account1. Account holders will also receive ultimate rates on GICs, and can take advantage of unlimited debit transactions2 & Interac e-Transfer transactions.

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 December 16, 2021.
1 Conditions apply. Actual interest rate will vary based on the savings period (the Premium Period) that applies.
2 Conditions apply.

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 debit and Interac e-Transfer transactions plus one free non-Scotiabank ABM withdrawal per month (in Canada). You’ll also get a $300* welcome bonus when you sign up and earn up to 0.55% on your MomentumPLUS Savings Account1. Another savings perk? You will also get preferred rates on select GICs and may 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 $1392). Plus, since you’ll earn rewards on everyday purchases, you get to choose between SCENE or Scotia Rewards® points.

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 December 16, 2021.
1 Conditions apply. Actual interest rate will vary based on the savings period (the Premium Period) that applies.
2 Conditions apply.

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 transactions1 and 10 free Interac e-Transfer transactions per month. Account holders will also earn points on everyday purchases and can choose whether they would prefer to earn their points as SCENE or Scotia Rewards®.

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 Account

1 Conditions apply. 

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, the ability to choose between collecting either SCENE or Scotia Rewards® points. Sign up today and get a $60 welcome bonus plus a chance to enter and win $30,000.1

The best part? The Student Banking Advantage Plan is completely free. There are no monthly charges and no account minimums. As long as you meet the necessary requirements, you don’t have to worry about paying for this Scotiabank chequing account. 

Open an Account

1 Conditions apply. No purchase necessary. Offer ends October 31, 2021 .

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 month and 2 free Interac e-Transfer transactions per month. Plus, like with the other Scotiabank chequing accounts, you can choose whether you earn your rewards as SCENE points or Scotia Rewards® points. 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 Account

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.
®Registered trademarks of The Bank of Nova Scotia

Author Bio

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Article comments

Melwyn M says:

The 350$ reward is only for NEW Scotiabank customers. I learned this when customer service upgraded my account from Preferred account. What is Scotiabank offering for existing customers?

Aaron Broverman says:

Hi Melwyn,
You are right. There aren’t many offers for existing customers at Scotiabank unless you want to open a new account. Some accounts come with a cash bonus when you open them. I would go into your local brank or call them up though and see what they can do for you. If you are a credit card customer in good standing, perhaps they can lower your interest rate, especially during these uncertain times due to COVID-19.

Ali says:

55 000 ABM’s? Pretty sure it’s 4000 ABM’s throughout Canada.

Aaron Broverman says:

Hi Ali,
Actually, multiple sources within Scotiabank’s own website say that you can get cash advances at over 55,000 ABMs across Canada. I know, it’s so incredible, I didn’t believe it at first either.

Iso says:

The T&C for the Summer 2019 promo (sign up before July 1, 2019) says 5000 Scotia Reward or Scene points. How do we get 10,000 Scene points?
Are there any account closure fees (i.e. after 6, or 12 months)?

Nate Siegel says:

Hey Iso,

Thanks a lot for the comment. The information in the comment you’re referencing is outdated, unfortunately. We remember the good old days when Scotia accounts under the Ultimate Banking Package had a generous introductory bonus, but no longer. We’d suggest the Ultimate package if you want the chance to earn up to $350 just for opening the account, but the fee can be steep for many. Another fee that you asked about is for account closure. It’s confirmed from the fine print that if you close any Scotia account within a year opening it, then you’ll need to pay a one-time fee of $50. So if you’ve had the account for 6 months and close it then we’d expect a fee. Thanks again for stopping by.

GreedyRates Staff

Marie louise allen says:

Hi i open my account on june 2019 and i did everything was asked to be done and I’m still waiting for the 300 to be deposited into my account all it going take i have a scotia one account

The GreedyRates Team says:

Hey Marie Louise,

If you were approved for the Scotiabank One Account in June and still haven’t seen your initial deposit reflected on your online bank statement, then call the bank and inquire, because it should never take this long for a deposit to go through. If you’re talking about a bonus reward or introductory gift given to new accountholders, then sometimes these perks take time—often months, before they show up in your account. If you’d like to provide more detail about exactly what’s missing, please do so and we’ll take another crack at it. More information always helps! Thanks in advance.


kimberly mathews says:

I have A LOT of loans through scotiabank, vehicle loans, line of credit etc. Why do they not offer a no fee checking because of this … I have a mortgage through RBC and they waive the fee. Also have an account with BMO where there is no fee because I signed up through Sobey’s/BMO . I am seriously thinking of closing my account now that Scotia just bumped up the 13.95 fee to $15.95. Just have to get the paperwork from my employer to switch my automatic deposit … Scotia needs to seriously think about waiving fees… I cannot keep $4,000 in my account to waive these fees.

The GreedyRates Team says:

Hi Kimberly,

Thanks for your comment. If you’re a customer of Scotiabank and have many credit cards, loans, lines of credit and other debt then you can make a switch to another bank pretty easily. Many banks offer balance transfer promotions as well, so if you’ve got debts exposed to higher interest, you could consolidate them under a lower rate with your new bank. Just find a bank that has one of these deals and offers competitively-priced accounts.

One of our favorites is MBNA. If you were to move your balances over to the MBNA True Line card for example, you’d pay 0.00% interest on this total transfer for 10 months. It’s also worth calling a bank you’re interested in and speaking to a representative about how you most seamlessly and beneficially move your balances and financial products over. Just something to think about!


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!