The Scotiabank Select Account for business Unlimited plan is the granddaddy of the 4 plans available in the Select Account family. You'll get unlimited transactions, unlimited Interac e-Transfers, and plenty of cash deposits – albeit, for a monthly fee of $120.00. That fee can be waived by keeping a minimum balance of $75,000.
Scotiabank Select Account For Business Unlimited Plan features
Here's what the Scotiabank Select Account For Business Unlimited Plan offers:
Why You Want It
A business account with unlimited transactions and tons of cash deposits.
Special Features
- Easy to switch between Scotiabank Business Plans
- Four levels to choose from
Provinces
ALL
Features
Minimum Balance To Waive Fee
$75,000
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$120.00
Excess Transaction Fee
$0.00
Excess Interac E-Transfer Fee
$0.00
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 Unlimited Plan product rating: 2.3 stars
As the best of what the Scotiabank Select Account for business offers, the unlimited plan steps things up considerably. Unlimited transactions, unlimited Interac e-Transfers, and $30,000 in cash deposits per month. But this comes at a cost: $120.00 per month. And to waive that, you'll need to keep $75,000 in the account.
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 Unlimited Plan
There is quite a bit to like about the Scotiabank Select Account For Business Unlimited Plan.
Pros
Unlimited free transactions
If you use your account often, this is the plan for you. You'll get an unlimited number of transactions, including unlimited Interac e-Transfers.
Plenty of free cash deposits
For businesses that still do some transactions by cash, you get up to $30,000 in cash deposits per month with an unlimited number of deposit items.
Change your plan if you need to
If you're finding the monthly fee a bit too much and aren’t taking full advantage of your unlimited transactions, you can change your plan at any time.
Get the monthly fee waived
You can get the monthly fee for this account waived by maintaining a minimum balance. To do so, you'll need to keep $75,000 in the account.
The cons of Scotiabank Select Account For Business Unlimited Plan
Here's what we don't like about the Scotiabank Select Account For Business Unlimited Plan.
Cons
High monthly fee
The monthly fee is very high at $120.00. We suggest keeping an eye on how many transactions you actually use each month. If it's 125 or less, it might be prudent to consider one of the other plans in the Scotiabank Select Account for business, as they have lower fees.
Scotiabank Select Account For Business Unlimited Plan alternatives
What do other banks offer? Here's a comparison to some other small business bank accounts.
 |  | |  | |
|---|---|---|---|---|
| Account | Scotiabank Select Account For Business Unlimited Plan | 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 unlimited transactions and tons of 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 | $75,000 | N/A | N/A | N/A |
| # Of Free Monthly Transactions | Unlimited | Unlimited | 0 | 7 |
| # Of Free Monthly Interac E-Transfers | Unlimited | 10 | 0 | 2 |
| Monthly Fee | $120.00 | $6.00 | $7.00 | $6.00 |
| Excess Transaction Fee | $0.00 | 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
If the fees for the Scotiabank Select Account For Business Unlimited Plan are too much for you, consider one of the other 3 plans. Here’s rundown, including how many transactions they offer per month.
| | | | |
|---|---|---|---|---|
| Account | Scotiabank Select Account For Business Unlimited Plan | Scotiabank Select Account For Business Plan A | Scotiabank Select Account For Business Plan B | Scotiabank Select Account For Business Plan C |
| Genius Rating | ||||
| Why You Want It | A business account with unlimited transactions and tons of 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 plenty of free transactions and cash deposits. |
| Minimum Balance To Waive Fee | $75,000 | $20,000 | $35,000 | $45,000 |
| # Of Free Monthly Transactions | Unlimited | 25 | 70 | 125 |
| # Of Free Monthly Interac E-Transfers | Unlimited | 20 | 20 | 20 |
| Monthly Fee | $120.00 | $20.00 | $40.00 | $75.00 |
| Excess Transaction Fee | $0.00 | $1.50 | $1.50 | $1.50 |
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 with 4 plans to choose from. The unlimited plan offers free transactions and up to $30,000 in cash deposits.
Can you switch plans with a Scotiabank Select Account For Business?
If you need more or fewer free transactions, you can change your plan at any time. The Scotiabank Select Account For Business account offers multiple tiers to best meet your needs.
What is the monthly fee of the Scotiabank Select Account For Business Unlimited Plan?
The unlimited plan has a monthly fee of $120.00, which can be waived by maintaining a balance of $75,000.
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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