The Scotiabank Select Account is available with 4 different plans. Plan B offers up to 70 free transactions, 60 deposits and cash deposits up to $8,000 per month for your business banking needs – and while it has a monthly fee of $40.00, you can waive that by keeping a minimum of $35,000 in the account.
And as a bonus for businesses, you can waive the full monthly fee on the Scotiabank Select Account For Business Plan B when you sign up for Merchant Services for Chase through Scotiabank.
What you get with the Scotiabank Select Account For Business Plan B
Here's what this banking plan includes.
Verified on September 10, 2025
Why You Want It
A business account with plenty of free transactions and cash deposits
Special Features
- Easy to switch between Scotiabank Business Plans
- Four levels to choose from
Provinces
ALL
Features
Minimum Balance To Waive Fee
$35,000
# Of Free Monthly Transactions
70
# Of Free Monthly Interac E-Transfers
20
Monthly Fee
$40.00
Excess Transaction Fee
$1.50
Excess Interac E-Transfer Fee
$1.00
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
Our rating for the Scotiabank Select Account For Business Plan B: 1.3 stars
With the Scotiabank Select Account For Business Plan B, you're getting a bank account that offers quite a few free transactions, cash deposits, and Interac e-Transfers. If the monthly fee of $40.00 is too much, you can waive it by maintaining a balance of $35,000.
Rating methodology
To get our ratings, we analyze the major features of chequing accounts, like monthly fees, transaction fees, and number of free transactions. We compare these numbers to all other chequing accounts and give each feature a score out of 5. We then put all these scores through our own algorithm to give a product a final Genius Rating out of 5.
Learn more about our rating methodology.
What's good about the Scotiabank Select Account For Business Plan B
Here are some things to like about Scotiabank Select Account For Business Plan B.
Pros
Waive the monthly fee
All Scotiabank Select Account for business accounts have monthly fees, but they can also be waived by maintaining a minimum monthly balance. With Plan B, you'll need to leave $35,000 in the account each day of the month to get the monthly fee rebate.
Easy to change your plan
Whether you need more free transactions or aren’t using the entire allotment and want to downgrade, you can switch your plan at any time.
20 free Interac e-Transfers
This plan includes 20 free e-Transfers per month. Each transfer beyond this will incur a fee of $1.
Includes free cash deposits
All Scotiabank Select Account for business plans include some free cash deposits. Plan B includes $8,000 in cash deposits per month.
What to watch out for with the Scotiabank Select Account For Business Plan B
There are a few things to consider with the Scotiabank Select Account For Business Plan B.
Cons
Relatively high monthly fee
Compared to other bank accounts, the monthly fee is relatively high at $40.00. That said, you can waive the fee by maintaining a balance of $35,000 in the account.
Best alternatives to Scotiabank Select Account For Business Plan B
 |  | |  | |
|---|---|---|---|---|
| Account | Scotiabank Select Account For Business Plan B | RBC Digital Choice Business Account Package | RBC Flex Choice Business Account Package | BMO Business Start Plan |
| Genius Rating | ||||
| Why You Want It | A business account with plenty of free transactions and cash deposits |  $100 GeniusCash + Unlimited business banking features for only $6/month | $100 GeniusCash + Pay-as-you-go approach to transaction fees + Low monthly fee. | Low monthly fee + 7 free transactions per month. |
| Minimum Balance To Waive Fee | $35,000 | N/A | N/A | N/A |
| # Of Free Monthly Transactions | 70 | Unlimited | 0 | 7 |
| # Of Free Monthly Interac E-Transfers | 20 | 10 | 0 | 2 |
| Monthly Fee | $40.00 | $6.00 | $7.00 | $6.00 |
| Excess Transaction Fee | $1.50 | N/A | $0.75 | $0.60 |
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Comparison to other Scotiabank Select Account For Business plans
The Scotiabank Select Account for business offers 4 plans to choose from. Here’s what the other plans include:
| | | | |
|---|---|---|---|---|
| Account | Scotiabank Select Account For Business Plan B | Scotiabank Select Account For Business Plan A | Scotiabank Select Account For Business Plan C | Scotiabank Select Account For Business Unlimited Plan |
| Genius Rating | ||||
| Why You Want It | A business account with plenty of free transactions and cash deposits | A business account with plenty of free transactions and cash deposits | A business account with plenty of free transactions and cash deposits. | A business account with unlimited transactions and tons of cash deposits. |
| Minimum Balance To Waive Fee | $35,000 | $20,000 | $45,000 | $75,000 |
| # Of Free Monthly Transactions | 70 | 25 | 125 | Unlimited |
| # Of Free Monthly Interac E-Transfers | 20 | 20 | 20 | Unlimited |
| Monthly Fee | $40.00 | $20.00 | $75.00 | $120.00 |
| Excess Transaction Fee | $1.50 | $1.50 | $1.50 | $0.00 |
Show More | ||||
| Open an account See more Scotiabank products Compare | Open an account See more Scotiabank products Compare | Open an account See more Scotiabank products Compare | Open an account See more Scotiabank products Compare |
Scotiabank Select Account For Business Plan B frequently asked questions
What is the Scotiabank Select Account For Business?
The Scotiabank Select Account for business is a business chequing account, with 4 different tiers of plans for customers to choose from.
Is it easy to switch plans with a Scotiabank Select Account For Business?
You can easily switch plans within the Scotiabank Select Account for business if you decide you need more or fewer free transactions.
How many transactions are included with the Scotiabank Select Account For Business Plan B?
You get 70 transactions included with the Scotiabank Select Account For Business Plan B, as well as 60 deposits per month and up to $8,000 total cash deposits.
The Scotiabank Select Account For Business Plan B has a monthly fee of $40.00, which can be waived by maintaining a balance of $35,000 or by signing up for Merchant Services with Chase through Scotiabank.
What are the Scotiabank Select Account For Business Plan B fees?
The Scotiabank Select Account For Business Plan B has a monthly fee of $40.00, which can be waived by maintaining a balance of $35,000 or by signing up for Merchant Services with Chase through Scotiabank.
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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