The Scotiabank Select Account For Business Plan A is one of 4 plans available with the Scotiabank Select Account for business. Though it’s the lower tier, Plan A still offers a decent number of free transactions for a small businesses – and the monthly fee can be waived simply by keeping $20,000 in the account at all times.
Scotiabank Select Account For Business Plan A features
Here's what this banking plan includes.
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
$20,000
# Of Free Monthly Transactions
25
# Of Free Monthly Interac E-Transfers
20
Monthly Fee
$20.00
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 A product rating: 2.2 stars
With the Scotiabank Select Account For Business Plan A, you're getting a bank account that offers a decent number of free transactions, cash deposits, and Interac e-Transfers, plus the ability to waive the monthly fee if you maintain a balance of $20,000. If you don’t qualify for the fee waiver, you’ll pay a monthly fee of $20.00.
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.
The pros of Scotiabank Select Account For Business Plan A
Here are some things to like about Scotiabank Select Account For Business Plan A.
Pros
Ability to waive the monthly fee
If you don't want to pay a monthly fee for your business banking, you can avoid it with a Scotiabank Select Account for business. With Plan A, you’ll get the $20 monthly fee rebated if you leave $20,000 in your account at all times.
Easy to change your plan
Need more free transactions or cash deposits? You can switch your plan at any time – your bank account numbers stay the same.
20 free Interac e-Transfers
With this account, you'll get 20 free Interac e-Transfers per month. Transfers beyond this will incur a fee of $1 each.
Includes free cash deposits
In our digital world, many business bank accounts limit cash deposits. With this plan, you can still deposit up to $6,000 per month, which is handy if you still do the occasional cash transaction.
The cons of Scotiabank Select Account For Business Plan A
Here's what we don't like about the Scotiabank Select Account For Business Plan A.
Cons
Relatively high monthly fee
The monthly fee of $20.00 is somewhat high compared to other business bank accounts. Unlike others, however, it can be waived by keeping $20,000 in the account.
Scotiabank Select Account For Business Plan A alternatives
Here are some alternatives to the Scotiabank Select Account For Business Plan A.
 |  | |  | |
|---|---|---|---|---|
| Account | Scotiabank Select Account For Business Plan A | 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 | $20,000 | N/A | N/A | N/A |
| # Of Free Monthly Transactions | 25 | Unlimited | 0 | 7 |
| # Of Free Monthly Interac E-Transfers | 20 | 10 | 0 | 2 |
| Monthly Fee | $20.00 | $6.00 | $7.00 | $6.00 |
| Excess Transaction Fee | $1.50 | N/A | $0.75 | $0.60 |
Show More | ||||
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Comparison to other Scotiabank Select Account For Business plans
There are 4 plans to choose from in the Scotiabank Select Account for business. Here are the basics on the other plans:
| | | | |
|---|---|---|---|---|
| Account | Scotiabank Select Account For Business Plan A | Scotiabank Select Account For Business Plan B | 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 | $20,000 | $35,000 | $45,000 | $75,000 |
| # Of Free Monthly Transactions | 25 | 70 | 125 | Unlimited |
| # Of Free Monthly Interac E-Transfers | 20 | 20 | 20 | Unlimited |
| Monthly Fee | $20.00 | $40.00 | $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 |
FAQ
What is the Scotiabank Select Account For Business?
The Scotiabank Select Account for business is a business chequing account. There are 4 different plans for customers to choose from to suit their needs.
Is it easy to switch plans with a Scotiabank Select Account For Business?
If you need to switch plans for more (or fewer) free transactions or other features, you can easily switch plans whenever you like.
What is the monthly fee of the Scotiabank Select Account For Business Plan A?
The Scotiabank Select Account For Business Plan A has a monthly fee of $20.00, but it can be waived by maintaining a balance of $20,000 each day of the month.
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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