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Changes to bank accounts and services
Effective March 1, 2021, we’re making changes to select Scotiabank accounts and banking services, including updated fees.
As we make changes to some Scotiabank accounts and banking services including fees, we've identified ways for you to save on your everyday banking needs. Below you'll find the list of changes and an easy way to save listed for each. As well, find some helpful resources and answers to frequently asked questions to guide you through the transition.
Changes to Bank Accounts
If you have one of the accounts listed below, these changes will impact you.
|
CURRENT |
EFFECTIVE MARCH 1, 2021 |
WAYS TO SAVE |
Annual Safety Deposit Box fee waiver |
Credit of $55.00/year or equivalent to a free small box |
Credit of $60.00/year or equivalent to a free small box1 |
You’ll continue to receive a free small box. |
Interest Rate Boost on MomentumPLUS Savings Account(s) |
+0.10% |
Ultimate Interest Rate Boost2
(Currently, +0.10%. Latest rates are available at scotiabank.com/rates) |
The Ultimate Interest Rate Boost is in addition to regular and premium period interest, which helps you reach your goals sooner. |
|
CURRENT |
EFFECTIVE MARCH 1, 2021 |
WAYS TO SAVE |
Monthly Account Fee |
$0 or $15.95 |
$0 or $16.95 |
Pay no monthly account fee by maintaining a minimum daily closing balance of $4,000 for the entire month. |
Interest Rate Boost on MomentumPLUS Savings Account(s) |
+0.05% |
Preferred Interest Rate Boost2
(Currently, +0.05%. Latest rates are available at scotiabank.com/rates) |
The Preferred Interest Rate Boost is in addition to regular and premium period interest, which helps you reach your goals sooner |
|
CURRENT |
EFFECTIVE MARCH 1, 2021 |
WAYS TO SAVE |
Monthly Account Fee |
$0 or $10.95 |
$0 or $11.95 |
Pay no monthly account fee by maintaining a minimum daily closing balance of $3,000 for the entire month. |
Powerchequing Account (Stop Sold Account)
|
CURRENT |
EFFECTIVE MARCH 1, 2021 |
WAYS TO SAVE |
Monthly Account Fee |
$0 or $4.95 |
$0 or $6.95 |
Pay no monthly account fee by maintaining a minimum daily closing balance of $3,000 for the entire month. |
Minimum daily closing balance required for monthly account fee waiver |
$2,000 |
$3,000 |
Scotia Value Account (Stop Sold Account)
|
CURRENT |
EFFECTIVE MARCH 1, 2021 |
WAYS TO SAVE |
Monthly Account Fee |
$15.95 |
$17.95 |
Consider switching to our Preferred Package. It’s designed to meet more of your everyday banking needs. |
Scotia Plus Seniors Program
|
CURRENT |
EFFECTIVE MARCH 1, 2021 |
WAYS TO SAVE |
Monthly Account Fee – Powerchequing Account |
No monthly account fee |
$0 or $2.95 (After $4.00 Seniors' discount) |
Pay no monthly account fee by maintaining a minimum daily closing balance of $3,000 for the entire month.
Continue to receive other benefits with Scotia Plus:
|
Monthly Recordkeeping Fee |
$0.00/month (Passbook or paper statement) |
$2.25/month (Paper statement only) |
Banking Services
If you have a Scotiabank Day to Day Bank Account3, these changes may impact you.
Interac e-Transfer†
Interac e-Transfer† transactions per month
|
CURRENT |
EFFECTIVE MARCH 1, 2021 |
Basic Bank Account, Getting There Savings Program for Youth
|
2 free/month ($1.00 each additional) |
Unlimited |
Basic Plus Bank Account
|
10 free/month ($1.00 each additional) |
Unlimited |
Powerchequing, Scotia Value, Scotia One Service
|
2 free/month ($1.00 each additional) |
10 free/month ($1.00 each additional) |
Blue Chip Savings Account, Daily Interest Savings Account, Gain Plan Savings Investment Account |
0 free/month ($1.00 each) |
10 free/month ($1.00 each additional) |
Transaction & Ancillary Services
|
CURRENT |
EFFECTIVE MARCH 1, 2021 |
WAYS TO SAVE |
Access fee for each non-Scotiabank Interac ABM withdrawal in Canada4 |
$1.50 |
$2.00 |
Our Ultimate Package and Private Banking Package provide free Global non-Scotiabank ABM withdrawals.4 Our Preferred Package provides 1 free non-Scotiabank Interac ABM withdrawal per month in Canada.4 |
Each Canadian or U.S. Drafts purchase |
$7.50 |
$9.50 |
Our Ultimate Package and Private Banking Package provide free unlimited Canadian and U.S. dollar drafts. |
|
CURRENT ANNUAL FEE |
EFFECTIVE MARCH 1, 2021 |
WAYS TO SAVE |
Small (Type A) |
$55.00 |
$60.00 |
Our Ultimate Package and Private Banking Package provide a $60.00 discount on Safety Deposit Boxes.1 Not using all the space in your Safety Deposit Box? Consider switching to a different size to save on fees. |
Medium (Type B) |
$75.00 |
$90.00 |
|
Large (Type C) |
$125.00 |
$150.00 |
Recordkeeping Options
If you have a Scotiabank Day to Day Bank Account, these changes may impact you.
Recordkeeping Fees
|
CURRENT |
EFFECTIVE MARCH 1, 2021 |
WAYS TO SAVE |
ABM Mini Statement |
$0.75/use |
$0.00 |
eStatements are a free alternative to Passbook or Paper Statement recordkeeping. You can reduce paper clutter, and easily organize your accounts using digital banking. |
Passbook Monthly Fee |
$2.25/month |
Not available |
|
Each Passbook Statement |
$2.00/use |
Not available |
|
Scotia Plus Seniors Program Monthly Recordkeeping Fee |
$0.00/month (Passbook or paper statement) |
$2.25/month (Paper statement only) |
Passbook
Starting on March 1, 2021, the option to keep your records with Passbooks will no longer be available. To ensure uninterrupted access to your transaction history, we will select a recordkeeping option that will best suit your needs based on your banking habits. You will be notified through a letter or message within Scotia OnLine® of your best fit recordkeeping that you will be switched to on March 1, 2021.
eStatements
If you’ve recently used digital banking: Your accounts with Passbook recordkeeping will be automatically switched to eStatements.
- You’ll get secure and convenient access to your bank statements electronically using Scotia OnLine or mobile banking. Enjoy quick access to view, print, or download 24 months of statement history. They’re also archived for up to seven years and are free of charge.
Paper Statements
If you have not recently used our digital banking services: Your accounts with Passbook recordkeeping will automatically switched to Paper Statements.
- You will receive a monthly statement via mail that outlines your account activity for the previous month. Please note that a fee of $2.25 will apply.
You can always change your recordkeeping option through Scotia OnLine or mobile banking, by visiting a branch, or by calling 1-888-999-7185.
Changes to Overdraft Protection5 effective May 15, 2021
If you are an existing customer with Overdraft Protection, outside Quebec, you will be automatically switched to our new Pay-per-use Overdraft Protection Plan6 which will be effective on the statement date of your first monthly statement issued after May 21, 2021.
CURRENT |
TO |
EFFECTIVE DATE |
WAYS TO SAVE |
Overdraft Protection One fee structure: Charged only when your account is overdrawn a day or more
$5/month |
Two fee structure*:
|
Service & Fee Effective Date: |
Switch to the Monthly Overdraft Protection Plan7 (available starting May 15, 2021), where you pay no more than a flat $5/month fee for unlimited number of overdraft transactions as long as the overdrawn balance is within the overdraft limit. Overdraft Protection Fee is waived if your Overdraft Protection is approved under a Scotia Total Equity® Plan. Switch to the Ultimate Package and get Overdraft Protection Fee waived.8
|
Questions?
We’re here to help answer any questions you might have about this change.
We encourage customers to review our Digital Banking Guide at scotiabank.com/bankyourway for step-by-step guides and tutorials to help you activate digital banking, manage your recordkeeping, view transactions and more.
For everyday personal banking needs
®
Registered trademarks of The Bank of Nova Scotia
™
Trademarks of The Bank of Nova Scotia.
†
Interac e-Transfer is a registered trademark of Interac Corp. Used under license
*
Visa Int./ Licensed user.
©
2021 Apple Inc. All rights reserved.
©
2021 Best Buy Canada Ltd. All rights reserved.
1
Subject to availability. Upon activation, the primary account holder of the Ultimate Package account who gets a safety deposit box will receive a $60.00 fee waiver (value of a small safety deposit box) applied annually as long as the account is in good standing. Limit of one (1) annual fee waiver per Ultimate Package account.
2
Preferred Package account holders receive an additional Preferred Interest Rate Boost and Ultimate Package account holders receive an additional Ultimate Interest Rate Boost. Refer to the Current Rates Page on Scotiabank.com for current interest rates, which are subject to change at any time without advance notice. It will take up to 10 business days after activating a Preferred Package account or an Ultimate Package account for the Preferred Interest Rate Boost or Ultimate Interest Rate Boost to apply. The Preferred Interest Rate Boost or Ultimate Interest Rate Boost will cease to apply effective as of the date that Preferred Package account or Ultimate Package account closed. The Preferred Interest Rate Boost and the Ultimate Interest Rate Boost are calculated daily on the MomentumPLUS Savings Account(s) closing balance and paid monthly.
3
For a complete list of accounts that are impacted by these changes, please visit scotiabank.com/accountchanges.
4
Ultimate Package account includes non-Scotiabank Interac⁺ ABM cash withdrawals in Canada and cash withdrawals at non-Scotiabank Visa* or PLUS* ABMs within and outside of Canada. Account holders may still be charged a convenience fee by the other bank and ABM operator, not by Scotiabank. Preferred Package account includes 1 free non-Scotiabank Interac⁺ ABM cash withdrawal within Canada per month. Access fee for each subsequent cash withdrawal at non-Scotiabank Interac⁺ ABMs will be charged $2.00 per withdrawal. Each cash withdrawal from non-Scotiabank Visa* or PLUS* ABMs will be charged $3.00 in Canada and the U.S. and $5.00 outside of Canada and the U.S.
5
These changes do not apply if you are a resident of Quebec.
6
Pay-per-use Overdraft Protection Plan: There is a $5.00 Per-use Overdraft Protection fee applied on the same day or the next business day every time an overdraft is created or increased in your account. There is no Per-use Overdraft Protection fee if you do not use the overdraft. Per-use Overdraft Protection fee will not be charged more than once per day.
7
Monthly Overdraft Protection Plan: There is a $5.00 Monthly Overdraft Protection fee that is applied at the end of your statement billing cycle, regardless of the number of overdraft transactions as long as the overdrawn balance is within the overdraft limit. This fee will apply even if your account did not go into overdraft in that month.
8
Ultimate Package account holders who add Pay-per-use Overdraft Protection Plan or Monthly Overdraft Protection Plan to their account will have the Per-Use Overdraft Protection fee(s) or Monthly Overdraft Protection fee(s) automatically waived. Interest will remain to be payable on overdrawn balances, calculated daily at 21% (per annum) and charged monthly. The account must have a positive balance at least once every 30 days. A $5.00 handling fee will be charged for each item that is paid while the account is overdrawn more than the authorized limit. Subject to approval.