Best Chequing Account Promotions at Scotiabank 2018
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
|Momentum||$15.95||Unlimited self-service, 1 teller-assisted||1% cash back on all debit purchases||Read More|
|Scotia One||$13.95||Unlimited self-service, 2 Interac||No monthly fee as long as your minimum balance is above $4,000||Read More|
|Basic Plan||$10.95||25 self-service or teller-assisted||No monthly fee if your balance is above $3,000||Read More|
|Basic Account||$3.95||12; up to 4 can be teller-assisted||No monthly fee for seniors||Read More|
Scotiabank Momentum Chequing Account
Scotiabank’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
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, 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.
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 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.
Scotiabank Basic Banking Account
Don’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.
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.