Scotiabank Day To Day Banking Review: Ultimate Chequing and More

Scotiabank is the 3rd largest of the Big Six Canadian banks, so it’s no surprise that they have plenty to offer when it comes to day to day banking. There are no shortage of chequing accounts and credit cards to choose from, and ways for clients to invest their hard earned dollars. In this review, we’ll focus on Scotiabank’s day to day banking products, to find out what kind of value they offer. First, let’s take a look at their chequing account lineup.

Scotiabank Basic Bank Account

The Scotiabank Basic Bank Account offers basic banking services at a very low cost. For $3.95, customers got 12 free transactions per month, and 2 free e-Transfers. As long as you have a debit card, you’ll be able to use Scotiabanks mobile and online banking, including making mobile cheque deposits. If you’re over 60, you may be eligible for a waiver of the monthly fee.

Account Features:

• 95/month
• Includes 12 transactions
• 2 Free e-Transfers
• Mobile cheque deposit capability
• Full access to Scotiabank mobile and online banking

Scotiabank Basic Plus Bank Account

Scotiabank Basic Plus adds some features to the aforementioned Basic Bank Account. For a monthly fee of $10.95 (or free if you maintain a $3000 balance for the entire month), you’ll get 25 debit transactions and 10 free e-transfers per month. This is perfect for someone who uses their debit card on a regular basis.

Account Features:

• 95/month
• Includes 25 debit transactions
• 10 Free e-Transfers
• Mobile cheque deposit capability
• Full access to Scotiabank mobile and online banking
• Send money globally for $1.99 with Scotiabank International Money Transfer
• Fee waived if minimum $3000 balance is maintained throughout entire month

Scotiabank Preferred Package

The Scotiabank Preferred Bank Account offers unlimited debit transactions along with some creative features that not only help you save money, but earn more as well. The monthly fee is $15.95, but you get unlimited debit transactions and e-Transfers. With this account, the first year annual fee is waived on a number of Scotiabank credit cards, a value of up to $139. Not only that, but if you have a Scotiabank Momentum Savings Account, you may be eligible for a limited time, bonus interest rate of up to 2.65%. At the time of this writing, there is a $300 Cash Offer when you open a Scotiabank Preferred Chequing Account.

Account Features:

• Limited time, $300 Cash Offer
• 2.65% Bonus Interest on Scotiabank Momentum Savings Account
• First year fee waived on select Scotiabank credit cards (up to $139 value)
• 95/month (fee waived with minimum $4000 balance)
• Unlimited debit transactions
• Unlimited e-Transfers
• Monthly fee waived on Scotiabank US Dollar Chequing Account
• Fee waived on 1 non-Scotiabank ATM withdrawal per month
• Mobile cheque deposit capability
• Full access to Scotiabank mobile and online banking
• Earn SCENE or Scotia Rewards (your choice) on purchases
• Send money globally for $1.99 with Scotiabank International Money Transfer

Scotiabank Ultimate Package

The Scotiabank Ultimate Package is the bank’s flagship chequing account, suitable for account holders who use a high volume of monthly transactions, will take advantage of the additional account features, and who are able to maintain a minimum daily balance of $5000, in order to waive the monthly fee. I mention the last part because the fee for this account is steep, at $30.95/month. Let’s take a look at what you get.

Account Features:

• Limited time, $300 Cash Offer
• 2.70% Bonus Interest on Scotiabank Momentum Savings Account
• First year fee waived on select Scotiabank credit cards (up to $139 value)
• $30.95/month (fee waived with minimum $5000 balance)
• Unlimited debit transactions
• Unlimited e-Transfers
• Unlimited, free Scotiabank International Money Transfers
• Monthly fee waived on Scotiabank US Dollar Chequing Account
• No monthly Overdraft Protection Fee
• 10 free equity trades at Scotia iTrade for 1st year, 5 free trades/year ongoing
• No fees on Global non-Scotiabank ATM transactions
• Earn SCENE or Scotia Rewards (your choice) on purchases
• Free small Scotiabank safety deposit box
• No monthly fee on a Basic Plus Bank Account

Scotiabank Student Banking Advantage Plan

Scotiabank has got students covered, with their Student Banking Advantage Plan bank account. This is for account holders registered full-time in a post secondary institution. It’s a no-fee account that also comes with unlimited e-transfers. Debit purchases on this account are eligible to earn points through the SCENE or Scotia Rewards programs.

Scotiabank Getting There Savings Program

Account holders under 19 years of age are eligible for Scotiabank’s Getting There youth bank account. This is a no-fee account offering unlimited debit transactions as well as 2 free e-Transfers on a monthly basis. Unlike regular Scotiabank chequing accounts, it pays interest, although at .10% on balances above $500, the rate is nothing to write home about. Debit transactions on the account are eligible for the SCENE or Scotia Rewards programs.

Understanding Bank Account Fees

Complaining about bank fees is a common pastime amongst Canadians, so I would be remiss to avoid commenting on Scotiabank monthly fees. What you need to know is that account fees are going to be very similar at all Canadian banks. For example, without even looking, I can tell you that most banks will have a basic chequing account for $3.95, and an account offering unlimited debit transactions starting around $15.95. In most cases, the monthly fee is waived if you maintain a minimum balance in the account throughout the month.

Where you will notice some differences in chequing account offerings is the additional perks that are offered. What I like about Scotiabank in this regard is the long list of features offered by both the Preferred and Ultimate chequing account packages. Take the Scotiabank Ultimate Package for example. If you can maintain the $5000 balance, you won’t pay the $30.95 monthly fee, and the result is an enormous amount of value.

Consider the savings – unlimited free banking including free e-Transfers, no annual fee on a credit card, free personalized cheques, safety deposit box, stock trades (with iTrade), no fees when you withdraw from ATMs worldwide, free international money transfers and more. You even earn rewards on debit purchases through SCENE or Scotia Rewards. The list goes on and on.

It all adds up to potential savings of hundreds of dollars per year. Now, let’s say that you kept that $5000 in your high interest savings account. Even at 1.5%, the total interest earned on that money would only be $75 for the entire year. In other words, if you can take advantage of all of the features of the Scotiabank Ultimate chequing account, your $5000 is worth more to you there than sitting in your savings account.

Scotiabank Momentum Plus Savings Account

Everyone can benefit from having a place to save for a rainy day, or an upcoming purchase. When you open a chequing account with Scotiabank, I recommend also opening a savings account. The Scotiabank Momentum Plus does not charge a monthly fee, and currently offers one of the best bonus interest rates on the market (up to 2.7% until August 31, 2020 on eligible deposits). This includes an additional boost of .10% when you open an Ultimate Package chequing account.

Scotiabank Credit Cards

It should come as no surprise that Scotiabank has a large assortment of credit cards, including rewards credit cards to choose from. I’m a big fan of earning credit card rewards, with the one caveat that you are able to pay your balance off in full every month. This way, you’ll avoid the high credit card interest rates. With too many credit cards to review here in one article, I’ve decided to highlight a few of the top cards Scotiabank has to offer. For a full list, visit Scotiabank.

Scotiabank Momentum Visa Infinite

If you love earning credit card rewards, you’ll want to check out the Scotiabank Momentum Visa Infinite card. It comes with a welcome offer worth up to $350, which includes a waiver of the 1st year’s annual fee, and a whopping 10% cashback on the first $2000 of purchases. The regular cash back rewards are almost as impressive. You’ll earn 4% cashback on grocery purchases and recurring bill payments, 2% on gas and daily transit, and 1% on all other spending.

You also get 8 different types of insurance coverage, including trip cancellation, travel emergency medical and mobile device insurance, which protects your smartphone against loss, theft, accidental damage, or mechanical defects.

Card Features:

• Welcome offer valued up to $350
• $120 annual fee
• 10% cashback on first $2000 of purchases
• 4% cashback on groceries and recurring payments
• 2% cashback on gasoline, daily transit spending
• 1% on all other purchases
• Minimum income requirement ($60,000/$100,000 household)
• 8 different types of insurance coverage, including Mobile Device coverage

Scotiabank Gold American Express

If you’re a fan of using American Express, Scotiabank has you covered with the Scotiabank Gold American Express Card. The card is connected to Scotia Rewards, allowing you to earn points whenever you spend. In fact, you’ll collect 5 Scotia Rewards points on every dollar you spend at grocery stores, restaurants, fast food, and drinking establishments. Entertainment purchases, like movie and event tickets are also included. Gasoline, transit, and recurring bill purchases are worth 3 points, while all other purchases are worth 1 point per dollar spent.

Being that this is an Amex card, you’ll receive complimentary membership to programs such as Amex Offers, Amex Front of the Line, and Amex Express Invites. The annual fee for this card is $120, though supplementary cards are only $29. The minimum credit limit is $5000 for this card.

Card Features:

• $120 annual fee
• Welcome Offer of 20,000 Scotia Rewards points on the first $1000 in purchases
• 5 Scotia Rewards points per dollar spent at grocery stores, restaurants and more
• 3 Scotia Rewards points for gasoline and transit purchases, recurring payments
• 2.5% foreign exchange fee waived
• Priority Pass private airport lounge access
• Minimum income requirement ($60,000/$100,000 household)
• 24/7 Concierge Service
• Membership to Amex Offers, Front of the Line, Amex Express Invites
• Includes 8 different types of travel and purchase insurance

Scotiabank Passport Visa Infinite

The Scotiabank Passport Visa Infinite may offer the best overall value in the Scotia credit card lineup. It’s a premium credit card that includes a Welcome Bonus of 30,000 Scotia Rewards points ($300 value). You’ll earn 2 Scotia Rewards points for every dollar you spend on groceries, daily transit, dining out and other entertainment. All other purchases are worth 1 point per dollar. The card also comes with complimentary private airport lounge access through Priority Pass, which includes 6 free passes per year.

In addition to lounge access, avid travellers will love the fact that the fee for foreign currency transactions, normally 2.5% on purchases made outside of the country, is waived with the Passport Infinite. Not only that, cardholders benefit from having no less than 12 different types of insurance coverage with this card.

Card Features:

• Introductory Bonus of 30,000 Scotia Rewards Points ($300 value)
• 2 points earned for every dollar spent on groceries, transit, restaurants, entertainment
• 1 point earned on all other purchases
• Priority Pass access including 6 complimentary passes every year
• No foreign currency transaction fee (2.5% savings)
• $139 annual fee
• Minimum income requirement ($60,000/$100,000 household)
• 1 Free supplementary card ($50 value)
• 24/7 Concierge Service
• Includes 12 different types of travel and purchase insurance

Scotiabank iTrade

While stock trading falls outside of day-to-day banking, I’ll dedicate a small section to it here, given that the aforementioned Scotiabank Ultimate Package includes free stock trades as an account benefit. Self-directed investors can save by leveraging the free trades offered by the Scotiabank Ultimate chequing account when they buy and sell stocks or ETFs via Scotia iTrade. Receive 10 free trades in the first year, and 5 free trades per year thereafter, for an approximate annual value of $50. Scotia iTrade is a big bank discount brokerage that is geared towards experienced investors, and active traders.

Day to Day Banking with Scotia Bank

If you’re in search of a new bank account, Scotiabank has a lot to offer. You’ll get the most value when you combine either the Scotia Preferred Package or Scotia Ultimate Package with a Scotiabank rewards credit card. My recommendation here would be the Scotiabank Momentum Visa Infinite for its generous cash back rewards. Try to maintain the minimum balance in the chequing account in order to waive the monthly fee. This will result in you getting hundreds of dollars worth of banking services for free on an annual basis. If you have additional savings, consider opening a Scotiabank Momentum Plus Savings account for the 2.7% limited time bonus interest rate.