Chequing account · Scotiabank
Scotiabank Basic Bank Account: fees and true cost
Scotiabank’s Basic Bank Account charges $3.95/mo, no balance waiver, with 18 a month transactions. For our “Everyday” example that comes to $412 a year, #24 of 33 chequing accounts offered nationwide.
CDICOffered in all ten provinces
Fees retrieved November 1, 2026
Mitey tallies a year of Scotiabank’s Basic Bank Account: $412 for the Everyday profile.
How much does Basic Bank Account from Scotiabank cost a year?
For a typical household (43 transactions and a $1,000 low balance a month), Basic Bank Account costs $412 a year, #24 of 33 chequing accounts offered nationwide. The monthly fee is $3.95. Cheaper for the same banking: Personal Account at EQ Bank ($0). Eligible deposits are insured by CDIC up to $100,000 per category.
Who does Scotiabank Basic Bank Account suit?
- Best fit: the Branch and cheques profile (teller visits, cheques, paper statement), where it ranks #1 of 26 chequing accounts offered nationwide. It costs most for the Heavy profile: $941 a year.
- Allowance: 18 transactions a month; each one beyond that costs $1.25, so 10 more a month adds $150 a year.
- Versus the cheapest: for everyday use it costs $412 a year more than Personal Account (EQ Bank), $2,058 over five years.
What would it cost you in a year?
| Usage | Fees a year | Why | Rank |
|---|---|---|---|
| Light Mostly card and app, small balance | $74 | Monthly fee $3.95; extra transactions $2.25/mo | 7 of 33 |
| Everyday Household account, a few e-Transfers | $412 | Monthly fee $3.95; extra transactions $28.34/mo | 24 of 33 |
| Heavy Lots of card, bill and e-Transfer payments | $941 | Monthly fee $3.95; extra transactions $70.46/mo | 25 of 33 |
| Branch and cheques Teller visits, cheques, paper statement | $134 | Monthly fee $3.95; extra transactions $7.19/mo | 1 of 26 |
Try your own numbers in the true-cost finder.
Every fee FCAC lists for this account
| Item | Fee |
|---|---|
| Monthly fee | $3.95/mo, no balance waiver |
| Included transactions | 18 a month |
| Debit purchase in Canada (beyond included) | $1.25 |
| Online or mobile bill payment | $1.25 |
| Interac e-Transfer | No extra fee |
| Online transfer between your accounts | No extra fee |
| Own-bank ATM withdrawal | $1.25 |
| Withdrawal at another institution’s ATM | $2.00 |
| ATM withdrawal in the United States | $3.00 |
| ATM withdrawal in other countries | $5.00 |
| Debit purchase in the United States | $1.25 |
| In-branch withdrawal | $1.25 |
| Bill payment in branch | $1.25 |
| Cheque (as a payment) | $1.25 |
| Mailed monthly statement | No extra fee |
| Non-sufficient funds (NSF) | $10.00 |
| Overdraft protection, monthly | $5.00 |
| Overdraft protection, per use | $5.00 |
| Overdraft interest | 21% a year |
Notes from the institution
Stop-payment fee: Assisted: $30.00 Self-Serve: $0.00 Avoid fees by making stop payments directly through online banking or the Scotia app. A monthly account fee waiver is available for Indigenous Peoples, RDSP Beneficiaries, Recipients of the Disability Tax Credit, and Canadians receiving social assistance payments.
Lower prices for some customers
| Who | Monthly fee | Source |
|---|---|---|
| Seniors' Discount, clients 60 years and older, automatic (credit $3.95) | No monthly fee | Scotiabank |
Is the money protected?
CDIC member. Eligible deposits are covered up to $100,000 per category at each CDIC member — see the deposit safety tool.
Cheaper for everyday use, at other institutions
- Personal Account (EQ Bank) — $0 a year
- Wealthsimple Chequing (Wealthsimple) — $0 a year
- Neo Chequing account (Essentials) (Neo Financial) — $0 a year
Other chequing accounts at Scotiabank
- Basic Plus Bank Account — $11.95/mo, or $0 with a $3,000 minimum balance
- Preferred Package — $16.95/mo, or $0 with a $4,000 minimum balance
- Preferred Package for Students and Youth — No monthly fee
- Ultimate Package — $30.95/mo, or $0 with a $6,000 minimum balance
Source: FCAC Account Comparison Tool (data submitted by the institution), retrieved November 1, 2026 · Scotiabank’s product page
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