Best Chequing and Savings Accounts at Scotiabank

Best Chequing Account Promotions at Scotiabank 2018

Last updated on October 10, 2018 Views: 2338 Comments: 2
In this article

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 2018

Scotiabank Cheqing Account
Monthly Fee
Monthly Debits
Special Features
Read Review
Momentum$15.95Unlimited self-service, 1 teller-assisted1% cash back on all debit purchasesRead More
Scotia One$13.95Unlimited self-service, 2 InteracNo monthly fee as long as your minimum balance is above $4,000Read More
Basic Plan$10.9525 self-service or teller-assistedNo monthly fee if your balance is above $3,000Read More
Basic Account$3.9512; up to 4 can be teller-assistedNo monthly fee for seniorsRead More

Scotiabank Momentum Chequing Account

Scotiabank Momentum ChequingScotiabank’s Momentum Chequing account is worth highlighting since it’s one of the few chequing accounts from a major brick-and-mortar bank to offer cash back. You’ll earn 1% cash back on every debit purchase, whether you use your Momentum debit card for in-store or online purchases, or do an Interac online or cross-border debit transaction. It’s a big draw for anyone who prefers to use their debit card for purchases but doesn’t want to give up on the cashback perks more commonly associated with credit cards.

If you use ABMs frequently, you’ll like that the account offers unlimited self-service transactions. 1 free teller-assisted transaction is also included each month for times when you need help from a representative. You also get 2 free Interac e-transfers and 2 non-Scotiabank ABM transactions (in Canada only) per month. There is a monthly fee of $15.95 for the account, but you can make up for this by spending at least $1,595 per month on your card, which would garner $15.95 in cash back.

Scotia One Chequing Account

Scotiabank One CheqingThe 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, and comes with a 10,000-point welcome bonus; the Scotiabank Scene card earns Scene points for free movie tickets and also offers a welcome bonus of up to 10,000 points; or you can use the regular Scotia debit card for easy access to cash at one of Scotiabank’s 55,000 nationwide ABMs.

Click here to apply for the Scotia One Chequing account

Scotiabank Basic Banking Plan

Scotiabank Basic Banking PlanThe 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 card and get a welcome bonus of up to 5,000 points, 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.

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.

Article comments

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!