• TIME IN BUSINESS: Since 1832
  • CUSTOMER BASE: 25 million worldwide
  • CHEQUING ACCOUNTS OFFERED: Ultimate, Preferred, Basic, Basic Plus, Student, Youth Savings
  • MONTHLY FEE: From free to $30.95
  • REWARDS: Welcome Bonus, SCENE Rewards, Scotia Rewards

Scotiabank Chequing Program Review 2021 (Pros & Cons)

  • TIME IN BUSINESS: Since 1832
  • CUSTOMER BASE: 25 million worldwide
  • CHEQUING ACCOUNTS OFFERED: Ultimate, Preferred, Basic, Basic Plus, Student, Youth Savings
  • MONTHLY FEE: From free to $30.95
  • REWARDS: Welcome Bonus, SCENE Rewards, Scotia Rewards

Best For

Student and youth accounts


  • The option to waive fees
  • Free and unlimited Interac e-transfers and transactions with some plans
  • Potential welcome bonus and rewards program
  • Student, Youth and Senior fee privileges
  • Excellent online banking app
  • Scotiabank 24 hour line of support


  • Longer waiting periods in branches
  • Slow customer support response


Ultimate Package


Preferred Package


Basic Plus Bank Account


Basic Bank Account


Scotiabank Reviews: What Do I Need to Know about Scotiabank?

As part of the Big Fife, Scotiabank is the third-largest bank in Canada. It’s also one of the oldest and most reputable public banking institutions, which has been around for 189 years. It was founded on March 30, 1832, in Halifax, Nova Scotia, under the name The Bank of Nova Scotia / La Banque de Nouvelle-Écosse. Its current headquarters are in Toronto.

Scotiabank offers multinational banking services, owns numerous international banks, and is a member of the London Bullion Market Association. It’s also a founding member of the Global ATM Alliance, which includes the Bank of America, BNP Paribas, Barclays, Deutsche Bank 24, and Westpac.

The bank provides financial advice, personal and business banking solutions as well as direct online banking alternatives to traditional banking via its subsidiary, Tangerine Bank. Scotiabank offers credit cards, loans, mortgages, and chequing and savings accounts tailored to everyone – youth, students, and seniors.

Scotiabank offers credit cards, loans, mortgages, and chequing and savings accounts tailored to everyone – youth, students, and seniors.

In this Scotiabank review, we will cover:

✅ Services offered
✅ Chequing accounts and their features
✅ Offered packages
✅ Online banking options
✅ Eligibility
✅ How to open an account
✅ Privacy and security
✅ Pros and cons
✅ Scotia Bank alternatives
✅ User reviews and feedback
✅ Frequently asked questions

Let’s dive right in.

Scotiabank Canada Online Services Overview


Scotiabank offers chequing accounts, savings accounts, seniors bank accounts, as well as student and youth accounts. All of them come with fees that range from $0 to $31.

The good news is:

Every Scotiabank online account comes with a special reward system. So, you will be able to exchange points for entertainment, food, flights, and gifts.

Other Services



Savings Plans

Credit Cards

Scotia Plan® Loan Scotiabank eHOME Disability Savings Plans (DSP) Cashback credit cards
Scotia RSP plan loan Scotia Total Equity® Plan (STEP) Registered Education Savings Plans (RESP) Travel & lifestyle credit cards
Auto loans Fixed-rate mortgages Registered Retirement Savings Plans (RRSP) No annual fee credit cards
Grad auto loans Variable-rate mortgages TFSA interest rates & contribution room/limits Low-interest credit cards
StartRight auto finance program Switch to Scotiabank program Retirement Income Funds (RIF) Rewards credit cards
Marine and boat loans Special programs Student credit cards
Motorcycle and leisure vehicle loans Second-home mortgages Newcomer credit cards
Recreational vehicle loan Award-winning credit cards

For any information and clarification that may not be available on the website, you can contact Scotiabank online banking support. The number of the Scotiabank helpline is 1-800-472-6842.

Scotiabank Chequing Account Features

Our Scotiabank review studied the available chequing accounts, their main features, monthly fees, rewards, and other perks carefully.

Here’s what we found:

Ultimate Package

Scotiabank reviews praise the Scotiabank Ultimate Package as the best premium account in 2020, particularly useful for building bundles. It offers unlimited debit transactions, unlimited Scotia International Money Transfers without fees, and unlimited Interac e-transfers and transactions. There are also unlimited free non-Scotiabank ABM worldwide withdrawals and free personalized cheques and drafts.

The account fee is $30.95 a month. However, if you keep a minimum of $5,000 on the account, you won’t have to pay it. And you may earn as much as 1.80% on the MomentumPLUS Savings Account over a limited period.

The Ultimate Package account offers rewards and points you can exchange for movie tickets, meals, travel, or gift cards. Finally, Ultimate Package users don’t have to pay fees on their Scotia U.S. Dollar Daily Interest Account and the Basic Plus Bank Account.

You’ll receive 10 free equity trades at Scotia iTRADE during the first year with an estimated value of around $100 value as well as 5 free equity trades in the following years.

Preferred Package

True to its name, the Scotiabank Preferred Package is the most popular account with customers. Right at the start, there is a $300 welcome bonus. And for a limited time, you can earn up to 1.75% on the Momentum PLUS Savings Account if you have it.

The Preferred Package includes unlimited debit transactions, unlimited Scotia International Money Transfers without fees, and unlimited Interac e-transfers and transactions. The monthly fee is a reasonable $16.95, which you will be able to avoid by keeping a minimum daily closing balance of $4,000 during the entire month.

Earning up to up to 1.80% on your MomentumPLUS Savings Account is a perk that comes with the Preferred Account as well as the Ultimate package. So are the 10 free equity trades at Scotia iTRADE in the value of $100 and the 5 free equity trades in the years after.

In addition, you will not have to pay the fee on your Scotia U.S. Dollar Daily Interest Account and will be collecting the rewards and points exchangeable for entertainment and shopping.

Basic Plus Bank Account

As we mentioned above, if you’re an Ultimate Package user, you won’t have to pay a fee on your Basic Plus Bank Account. If you’re not, the fee is $11.95 per month.

The plan offers 25 free transactions a month and unlimited Interac e-transfers and transactions. International transfers have a fee of $1.99.

The minimum balance needed to waive the fee on this type of account is $3,000. This means your minimum daily closing balance over a month can’t go under this amount if you want to stay fee-free.

As with the other accounts, you will be able to gather SCENE®* Rewards and Scotia Rewards® points and exchange them for goods and services.

Student Banking Advantage® Plan

The Student plan comes without interest or a fee and offers unlimited debit transactions as well as unlimited Interac e-transfers and transactions. The account has free paperless or paper statements as well. This plan is specially tailored for full-time students in post-secondary studies.

If you sign up until the end of October 2021 will get 5,000 SCENE or Scotia Rewards Points. You must be over 16 years of age and a Canadian resident or residing in the country for the purpose of your studies. Once you finish your studies, the account will automatically upgrade to a premium account that fits your previous transaction behaviour and needs. So, keep an eye on the upcoming fees.

Getting There Savings Program for Youth

The Youth Savings Account is designed for those 18 years and younger. It offers unlimited debit transactions, unlimited Interac e-Transfer and transactions, and access to SCENE Rewards or Scotia Rewards without a fee.

You’ll be earning 0.05% interest on deposits up to $499.99 and 0.10% interest on deposits of $500 or more. The account also comes with free paperless or paper statements.

Basic Bank Account

The Basic Bank account comes with a small fee of $3.95 per month and offers 12 free monthly debit transactions. Interac e-transfers and transactions are free and unlimited. It’s a simple and straightforward chequing account that is also free for seniors. SCENE®* Rewards and Scotia Rewards® points are also included in the service.

Scotiabank App

You can use Scotiabank mobile banking can across all devices – desktop, laptop, and phone. The Scotia bank app is an award-winning piece of software, intuitive and easy to navigate. It’s available on Apple and Google Play.

Bank of Nova Scotia App rating in the app stores:

Apple App Store ranking is 4.7 based on 297K reviews as of July 2021, #5 in Finance.
Scotiabank rating on Google Play Store is 4.4 based on 42K reviews as of July 2021

We found the app makes online banking faster, while the experience is safe and effortless. You can even check your balance without signing in through the quick balance feature. All your day-to-day banking features are available, and you can even check your TransUnion credit score.

All types of accounts at scotiabank.com Canada offer the use of mobile and online banking.

Eligibility Criteria

Eligibility criteria vary depending on the type of account you have chosen.

Here’s how:

Student applicants need to be over 16 years of age, Canadian residents or non-residents staying in Canada for the purpose of studies.

Youth savings accounts are for those 18 and younger, while premium accounts target clients of legal age.

You will need to provide an address and proof of identity for all accounts. Valid documents include passport, National ID or voter’s card, driver’s license, Military ID card, or Permanent Resident Card.

Scotiabank Reviews: How to Get a Chequing Account with Scotiabank

You can open a Scotiabank checking account at any branch, online, or over the phone.

Simply follow these steps:

Step 1:

Provide proof of identity in the form of a passport, driver’s licence, or any other combination of the documents accepted by Canadian law when opening a bank account.

Step 2:

Follow the setup instructions given by the Scotiabank support agent or software.

Step 3:

Enter your home phone number, date of birth, postal code, mother’s maiden name, and ScotiaCard, Scotiabank Credit Card, or Account Number if you already have one to gain access to online banking options.

Pros and Cons


  • A trusted institution with a long tradition
  • Safe and secure
  • Multiple plans and options for everyone
  • Waivable fees
  • Bonuses and rewards


  • Somewhat high limits for waiving fees
  • Slow account issues resolution
  • Complicated bonus rules

Scotiabank Review: Privacy and Security Policy

Scotiabank prides itself on its privacy and security policies, which are robust, transparent, and in the best interest of the client’s data protection.

Here’s the deal:

The data collected is used to confirm identity, assess eligibility for products and services, communication, and credit information. The data may be shared within the Scotia Group or with partner companies providing services.

Personalization of services and marketing purposes are included in this. However, you can control your marketing content preferences. Scotiabank may also share your information with credit agencies and government agencies when legally required to do so.

For any potential fraud issues, you can contact the Scotiabank fraud department at 1-800-4-SCOTIA (1-800-472-6842).

Scotiabank Customer Reviews

In some Scotiabank reviews, customers point out that customer service is somewhat hard to reach. Additionally, Some Scotiabank online problems involve users temporarily not being able to see multiple accounts at the same time.

Scotiabank reviews on Reddit mainly focus on the bank’s inability to resolve all problems online or via phone, with clients being redirected to local branches.

On the other hand:

Scotiabank reviews on Indeed rate the bank as a solid place to work, with lots of experience to be gained and a good possibility of advancement.

Scotiabank Alternatives

If you are a Scotiabank customer looking for alternatives, check out the following accounts:

Bank of Montreal Plus Account

The BMO Plus comes with a fee of $10.95 and offers a $100 welcome bonus. You can make 30 monthly transactions and 25 self-serve transactions. The account also comes with unlimited teller-assisted transactions, cheque transactions, and Interac e-transfers.

CIBC Smart Account

The CIBC Smart account comes with unlimited Interac e-Transfers. It works with a flexible monthly fee that changes with the amount of your card use. The lowest monthly fee is $4.95 and comes with 12 transactions. After that, a $1.25 fee is implemented until you reach the monthly limit of $14.95.

You can waive the fee if you stay within the $3,000 minimum daily balance. In addition to that, you’ll need to set up a recurring direct deposit as well as two pre-authorized payments per month.

Wrap Up

Scotiabank reviews find the bank is popular with customers due to its tradition and longevity in the worldwide banking sector. The wide variety of solutions makes Scotiabank an excellent choice for almost everyone. And with its welcome bonuses and rewards, the Scotiabank Chequing Program is an excellent choice for those who like to get additional perks with their chequing accounts.


What is Scotiabank known for?

Scotiabank is one of the oldest banks in Canada and part of the Big Five. It is best known for its wide array of international banking services that cover both personal and commercial banking, as well as corporate and investment banking. It is the third-largest bank in Canada, with over 25 million clients worldwide.

Does Scotiabank have monthly fees?

The four main chequing accounts have fees that go from $3.95 to $30.95 a month. However, most accounts have the option to get the fees waived if you keep a certain amount of money in.

For example, the monthly fee of $30.95 on the Ultimate Package chequing account is waived if you have and keep a minimum daily balance of $5,000.

How can I waive Scotiabank monthly fee?

You can waive your monthly fees with Scotiabank by keeping a designated minimum amount of money in your account. The balance differs for each account type.

How do I get my Scotiabank 300?

In order to get the Scotiabank $300 promo bonus, you need to:

Make one bill payment online or through an app
Set up at least 2 separate recurring pre-authorized payments
Set up a monthly recurring direct deposit.

The minimum amount for each item is $50, and the minimum period is 3 months.

What is the Scotia Plus program?

Scotiabank reviews found that the Scotia Plus Program offers unlimited debit transactions with no monthly fees and is available on request. It’s tailored for those 59 and older, and there are no commission fees for bank drafts, money orders, or American Express Travelers Cheques.