With 4 different plans to choose from, the Scotiabank Select Account for business gives small business owners a choice when it comes to banking. Plan C is the upper-middle tier plan, offering plenty of free transactions and cash deposits for a $75.00 monthly fee. If it seems high, it can be waived by maintaining a minimum balance of $45,000.
Scotiabank Select Account For Business Plan C features
Here are the basic details of the Scotiabank Select Account For Business Plan C:
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
$45,000
# Of Free Monthly Transactions
125
# Of Free Monthly Interac E-Transfers
20
Monthly Fee
$75.00
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
Scotiabank Select Account For Business Plan C product rating: 1.5 stars
The Scotiabank Select Account For Business Plan C steps things up in the Scotiabank Select Account for business family. Yes, the monthly fee clocks in at $75.00, but it can be waived by keeping $45,000 in the account. And with it, you're getting plenty of free transactions, cash deposits, and deposit items.
Rating methodology
To get our ratings, we analyze all the major features of chequing accounts, taking into account things like monthly fees, transaction fees, and the 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.
The pros of Scotiabank Select Account For Business Plan C
This is what we like about Scotiabank Select Account For Business Plan C.
Pros
Lots of free transactions
This account comes with 125 free transactions. If you exceed this, you'll pay $1.50 per transaction. This account also includes 20 free Interac e-Transfers, which cost $1 each thereafter.
Get the monthly fee waived
The monthly fee for this account is $75.00; however, it can be waived simply by keeping $45,000 in your account at all times.
Easy to change your plan
Not using all your free transactions? Or maybe you need more of them? No problem – switch your plan as you like to best suit your business needs.
Plenty of free cash deposits
If your business still handles cash transactions, this account includes $10,000 in free cash deposits with 85 free deposit items.
The cons of Scotiabank Select Account For Business Plan C
Here's what we don't like about the Scotiabank Select Account For Business Plan C.
Cons
High monthly fee
The monthly fee is high at $75.00, but it can be waived by keeping in $45,000 in the account at all times. If the fee seems too high, you can switch to Plan A or B, both of which have lower fees (and fewer free transactions).
Scotiabank Select Account For Business Plan C alternatives
Here's how the Scotiabank Select Account For Business Plan C stacks up to other small business chequing accounts.
 |  | |  | |
|---|---|---|---|---|
| Account | Scotiabank Select Account For Business Plan C | 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 | $45,000 | N/A | N/A | N/A |
| # Of Free Monthly Transactions | 125 | Unlimited | 0 | 7 |
| # Of Free Monthly Interac E-Transfers | 20 | 10 | 0 | 2 |
| Monthly Fee | $75.00 | $6.00 | $7.00 | $6.00 |
| Excess Transaction Fee | $1.50 | N/A | $0.75 | $0.60 |
Show More | ||||
| Open an account See more Scotiabank products Compare | I Want This Deal See more RBC products Compare | I Want This Deal See more RBC products Compare | See more BMO products Compare |
Comparison to other Scotiabank Select Account For Business plans
Curious about the other plans that are part of the Scotiabank Select Account for business? Here’s a rundown of them:
| | | | |
|---|---|---|---|---|
| Account | Scotiabank Select Account For Business Plan C | Scotiabank Select Account For Business Plan A | Scotiabank Select Account For Business Plan B | 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 | $45,000 | $20,000 | $35,000 | $75,000 |
| # Of Free Monthly Transactions | 125 | 25 | 70 | Unlimited |
| # Of Free Monthly Interac E-Transfers | 20 | 20 | 20 | Unlimited |
| Monthly Fee | $75.00 | $20.00 | $40.00 | $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 |
FAQ
What is the Scotiabank Select Account For Business?
The Scotiabank Select Account for business is a small business chequing account, giving business owners options with 4 plans to choose from.
Can you switch plans with a Scotiabank Select Account For Business?
If you need more or fewer free transactions, you can change your plan whenever you like.
What is the monthly fee of the Scotiabank Select Account For Business Plan C?
Plan C has a monthly fee of $75.00, which can be waived by maintaining a balance of $45,000.
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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