Types of accounts
Chequing accounts
Chequing accounts from Scotiabank feature unlimited transactions per month. You can use such an account for everyday banking — say, when making a purchase.
Beware that chequing accounts involve no interest paid.
Savings accounts
With a savings account from Scotiabank, you can earn money for your goals. There are no monthly account fees, and your savings grow every time you use your debit card.
Bank accounts for seniors
Seniors can get either a chequing or savings account from Scotiabank. The eligible accounts in this category feature lower monthly fees.
Student accounts
Scotiabank offers chequing and savings accounts tailored specifically to students’ needs. These accounts feature unlimited debit and Interac e-Transfer transactions. As you make debit transactions, you can earn rewards.
Accounts for newcomers to Canada
Scotiabank has launched the StartRight® Program designed to meet the needs of newcomers to Canada. With this program, you can open an international account, even before you arrive in Canada. After that, you will be able to set up a chequing account for your banking needs faster.
How to open an account?
Whether you are a first-time or an existing client of Scotiabank, you can open a bank account of your choice quickly and easily.
Alternatively, you can open a bank account at your local Scotiabank branch.
Requirements
To open a bank account at Scotia bank, you need to be at least 16 years old. You should also be either a Canadian resident or work or study here.
If you are opening a bank account in your name, you can do it online. But, opening an account for your child or adding someone else to the account requires your visit to a Scotiabank branch.
When applying for an account, be sure to have your address and proof of identity at hand. These can be your passport, national ID, voter’s card, driver’s license, Military ID card, or Permanent Resident Card.
Be ready to provide information about your occupation, business (if applicable), and your social insurance number (for interest-bearing accounts).
Pros and cons
What makes the accounts from Scotiabank attractive? Here are the definite cons:
Relatively low monthly fees
An opportunity to earn a welcome $300 bonus on certain accounts
Access to tips and advice from ScotiaAdvice+ Centre
Earning points on your transactions with the Scene+TM program
An opportunity for seniors to save on the monthly account fees
Still, there are some potential drawbacks to be aware of:
A low account balance won’t allow you to waive the monthly fee
Steep monthly fees if you fail to maintain the required minimum account balance
How to fund?
If you need to fund your account, there are several ways to do it:
By depositing a cheque in Scotiabank mobile app
By sign up for direct deposit with your workplace and the CRA to transfer any paycheques or government transfers and tax refunds right to your bank account
By transferring funds between your accounts online
By receiving funds from friends and family members through Interac e-Transfer†
By linking your Scotiabank account to an external bank account to deposit funds.
