Changes to select bank accounts and safety deposit boxes
Effective October 1, 20231, we’re making changes to Scotiabank accounts and banking services, including updated fees
Changes to Bank Accounts
If you have one of the accounts listed below, these changes will impact you.
Ultimate Package
|
Current |
Change effective |
Ways to save |
---|---|---|---|
Monthy Minimum Balance Requirement |
$5,000 minimum daily closing balance to waive the $30.95 monthly account fee | $6,000 minimum daily closing balance to waive the $30.95 monthly account fee | Waive the monthly account fee by maintaining the $6,000 minimum daily closing balance or a combined balance of $30,000 across your Ultimate Package and a MomentumPLUS Savings Account for the entire month. |
Scotia Seniors Program | $4 Seniors rebate on the monthly account fee ($0 or $26.95 after rebate | $7 Seniors rebate on the monthly account fee ($0 or $23.95 after rebate) |
See all our Scotia Seniors Program Discounts
Powerchequing Account (Stop sold account)
Current | Change effective October 1, 2023 |
Ways to save | |
---|---|---|---|
Monthly account fee | $0 or $6.95 monthly account fee | $0 or $7.95 monthly account fee | Pay no monthly account fee by maintaining a minimum daily closing balance of $3,000 for the entire month. |
Safety Deposit Box
Current annual fee |
Change effective |
Ways to save |
|
---|---|---|---|
Small (Type A) |
$60 |
No change |
Ultimate Package and Private Banking Package customers receive a $60 discount on annual Safety Deposit Box fees on boxes of any size.2 Not using all the space in your Safety Deposit Box? Consider switching to a different size to save on fees. |
Medium (Type B) |
$90 |
$100 |
|
Large (Type C) |
$150 |
No change |
|
Extra Large (Type D) | $250 | $300 | |
Super Large (Type E) | $350 | $400 |
Frequently Asked Questions
Tools and resources for your every day banking

Compare package and accounts
Compare accounts and banking packages to see which is best suited for you.
The best way to save on your bank fees is to make sure your account is right for you. Each of our chequing accounts and savings accounts have been carefully designed to meet a wide range of needs.
Learn more about our accounts; use the account comparison tool

Help me choose tool
If you’re not sure which account is right for you, then you can use our Help me choose tool to help you decide.
Discover which account is the right fit for you with the Account Selector Tool

Change your account
Looking to switch your account, it's as easy as 1,2,3.
Learn how to change your account online or through your mobile

Scotia Smart Money by Advice+
Get personalized insights, track your spending, create budgets, and more.

Scotia InfoAlerts
By selecting both the Balance alerts and Safeguard alerts categories under Scotia InfoAlerts, you’ll be notified of important account activity by email and/or app notifications.