It may seem like a bare-bones type of account at first glance, but the Scotiabank Basic Bank Account is a solid choice for Canadians looking to keep their banking transactions at a minimum. Catering mostly to seniors and teens, this account offers surprising value in the form of free Interac e-Transfers, access to overdraft protection, and a discounted fee for clients in the 60+ age group.
You won't find many perks or extras with this account, and you definitely won't experience a windfall from the welcome bonus – spoiler alert: there isn't one. But for the right person who prioritizes frugality and caution, this inexpensive Canadian banking option can be a surprisingly good fit.
Scotiabank Basic Bank Account features
Take a look at what this Scotiabank chequing account has to offer:
Why You Want It
Free for seniors + Low $3.95 monthly fee.
Special Features
- Free for seniors aged 60+
- Available for teens too, age 16+
- Free Interac e-Transfers
Eligibility
- You must be at least 16 years old
- A Canadian resident or you're here for work or study
- Opening this account in your own name
Provinces
ALL
Features
Minimum Balance To Waive Fee
N/A
# Of Free Monthly Transactions
12
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$3.95
Excess Transaction Fee
$1.25
Excess Interac E-Transfer Fee
N/A
Maximum Credit Card Annual Fee Waiver
N/A
Maximum Welcome Bonus
N/A
Promo End Date
N/A
Physical Locations
Automatic Budgeting System
Minimum Interest Rate
N/A
Earn Rewards On Debit Purchases
Free Cheques
Free Bank Drafts
Max Rebates For Other Accounts
N/A
Discounts For Seniors
Discounts For Youth
Other Discounts
Scotiabank Basic Bank Account product rating: 3.2 stars
If you're looking for a low fee chequing account to store your spending money in, the Scotiabank Basic Bank Account is a top offer from one of Canada's most respected financial institutions. As long as you don't need more than 12 transactions per month, this account will suit you nicely – especially if you're in age 60+ and can take advantage of the senior discount.
However, if you know you need more transactions and you'd prefer an account with a few bells and whistles attached, you'll want to keep looking. The highlight of the Scotiabank Basic Bank Account is its simplicity and is only helpful for a niche market.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of Scotiabank Basic Bank Account
Here's what this chequing account does well:
Pros
Low monthly fee
If you want to keep things simple, this chequing account will only cost you $3.95 per month, reflecting its simplicity and minimalist features. That's significantly less than, say, the Scotiabank Ultimate Package which is $30.95 per month.
Discounted fee for seniors
All Canadians aged 60 and up can receive a $4 discount on their monthly account fee, which means the Scotiabank Basic Bank Account is completely free for them. While $3.95 is an exceptionally low monthly fee, free is always better.
Teens can open an account too
While many chequing accounts in Canada require the holder to be at least the age of majority in their province or territory, the Scotiabank Basic Bank Account is available to anyone age 16 and up. The low fee and 12 included transactions make this an excellent account choice for teens who want inexpensive access to their funds, but not too much access.
Free Interac e-Transfers
Having unlimited free Interac e-Transfers is a valuable feature all on its own, but it's an excellent companion to the low 12-transaction monthly limit. Many contractors, tradespeople, and even local businesses accept e-Transfers now, and you can always use this tool to transfer funds to another account and make debit purchases that way.
Big bank convenience and reliability
Scotiabank is one of Canada's "Big 5 Banks" and has roughly $1.4 trillion in assets, more than 11 million clients, over 89,000 employees, and 2,000+ branch and office locations as of early 2024. This institution is committed to protecting your financial information, so you can rest assured that your money and your personal info are in safe hands.
The cons of Scotiabank Basic Bank Account
Despite its perks, there are still a few disappointing details about this account. Here are our thoughts:
Cons
Low transaction limit
The biggest downside to this account is you only get 12 free transactions per month. So unless you want to cough up $1.25 for each excess transaction, you'll need to closely monitor your debit card usage, branch visits, bill payments, and just about everything else.
No fee waiver with minimum balance
Yes, the monthly fee for this account is very low, but wouldn't it be nice if it were zero? Other popular Scotiabank chequing accounts give the opportunity to have your account fee waived by maintaining a certain balance each month, but the Scotiabank Basic Bank Account doesn't.
Lack of welcome bonus
Most other Scotiabank chequing accounts come with some type of welcome offer for those opening new accounts, but the Scotiabank Basic Bank Account doesn't provide anything at all. Of course, this is a relatively minor detail and such bonuses aren't necessary, but it feels as though this account has been overlooked in this area.
Scotiabank Basic Bank Account alternatives
This table offers a side-by-side comparison of the Scotiabank Basic Bank Account and a few of its top competitors:
 |  |  | | |
|---|---|---|---|---|
| Account | Scotiabank Basic Bank Account | BMO Performance Chequing Account | Alterna No Fee eChequing Account | Scotiabank Preferred Package |
| Genius Rating | ||||
| Why You Want It | Free for seniors + Low $3.95 monthly fee. |  $50 GeniusCash + Up to $700 in cash + a Walmart Delivery Pass Subscription for up to 12 months*. *T&Cs apply. | Get unlimited transactions for no monthly fee + Over 3,300 ATMs in network. | $100 GeniusCash + Get up to a $700* welcome bonus + Earn Scene+ points on all debit purchases. |
| Minimum Balance To Waive Fee | N/A | $4,000 | $0 | $4,000 |
| # Of Free Monthly Transactions | 12 | Unlimited | Unlimited | Unlimited |
| # Of Free Monthly Interac E-Transfers | Unlimited | Unlimited | Unlimited | Unlimited |
| Monthly Fee | $3.95 | $17.95 | $0.00 | $16.95 |
| Excess Transaction Fee | $1.25 | N/A | N/A | N/A |
Show More | ||||
| Open an account See more Scotiabank products Compare | I Want This Deal See more BMO products Compare | Learn More See more Alterna products Compare | I Want This Deal See more Scotiabank products Compare |
Comparison to other Scotiabank chequing accounts
And here's how it looks against your other Scotiabank chequing account options:
| | | | |
|---|---|---|---|---|
| Account | Scotiabank Basic Bank Account | Scotiabank Ultimate Package | Scotiabank Preferred Package | Scotiabank Basic Plus Bank Account |
| Genius Rating | ||||
| Why You Want It | Free for seniors + Low $3.95 monthly fee. | $100 GeniusCash + Get up to a $700* welcome bonus + Up to $150 annual credit card fee waivers. | $100 GeniusCash + Get up to a $700* welcome bonus + Earn Scene+ points on all debit purchases. | Get 25 free debit transactions + unlimited Interac e-Transfers per month. |
| Minimum Balance To Waive Fee | N/A | $6,000 | $4,000 | $3,000 |
| # Of Free Monthly Transactions | 12 | Unlimited | Unlimited | 25 |
| # Of Free Monthly Interac E-Transfers | Unlimited | Unlimited | Unlimited | Unlimited |
| Monthly Fee | $3.95 | $30.95 | $16.95 | $11.95 |
| Excess Transaction Fee | $1.25 | $0.00 | N/A | $1.25 |
Show More | ||||
| Open an account See more Scotiabank products Compare | I Want This Deal See more Scotiabank products Compare | I Want This Deal See more Scotiabank products Compare | Open an account See more Scotiabank products Compare |
FAQ
What are the Scotiabank Basic Bank Account monthly fees?
The Scotiabank Basic Bank Account has a monthly fee of $3.95, but seniors receive a discount that allows them to hold the account for free. It includes 12 transactions per month and overages are $1.25 each.
Does the Scotiabank Basic Bank Account have a minimum balance?
No, there's no minimum balance required to open the Scotiabank Basic Bank Account, making it more accessible for more people. However, there's unfortunately no option to have the monthly account fee waived by maintaining a certain balance.
How many free transactions does the Scotiabank Basic Bank Account have?
Account holders get 12 free transactions per month with the Scotiabank Basic Bank Account, and overages are $1.25 each. However, this account also offers unlimited Interac e-Transfers as a convenient alternative to traditional debit transactions.
What is the best Scotiabank chequing account?
The best Scotiabank account is arguably the Scotiabank Ultimate Package. It has a high $30.95 fee, but this is counteracted by its many included features and perks, like free cheques, bank drafts, and overdraft protection.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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