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.

 

 

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*:

  • Pay-per-Use Overdraft Protection Plan

    $5/use

    Fee applies every time an overdraft is created or increased.

    Pay-per-Use Plan is not available in Quebec.
  • Monthly Overdraft Protection Plan: 

    $5/month

    Flat fee per month, regardless of the number of overdraft transactions

 

Service & Fee Effective Date:
May 15, 2021

 

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

 

Changes to Scotia Rewards® Program9 (the “Program”) effective April 1, 2021

If you have a Passport ScotiaCard that earns Scotia Rewards points, these changes will impact you.

Clause "K: Changes to this Program" is changing including a clause that applies to amendments to the Program for Quebec residents. Changes to that clause are underlined in the table below. 

CURRENT UNTIL MARCH 31, 2021

EFFECTIVE APRIL 1, 2021

 

Clause K: Changes to this Program

 

Scotiabank reserves the right to modify, terminate, suspend or extend or otherwise alter all or any of the terms and conditions of the Scotia Rewards program by giving 30 days’ notice, including the following:

  • The amount of points earned or redeemed through the Program;
  • The value of points;
  • What you can or cannot redeem points for;
  • When you can transfer points and to whom;
  • The length of time available to redeem points; or
  •  Any fees or charges that apply to this Program including booking fees.

In the event we terminate this Program, the Primary Cardmember will be notified and can redeem any unused points within 60 days after the Program’s termination date, provided their Program Account(s) is open.

 

 

Clause K: Changes to this Program

 

Scotiabank reserves the right to modify, terminate, suspend or extend or otherwise alter all or any of the terms and conditions of the Scotia Rewards program by giving 30 days’ notice to the Primary Cardmember by mail, online or to the last email we have for you including posting a notice to the Scotia Rewards site where these terms and conditions are found. 

The changes can include any of the following: 

  • The amount of points earned or redeemed through the Program;
  • The value of points and types of points or other rewards you can earn;
  • What you can or cannot redeem points for;
  • When you can transfer points and to whom;
  • The length of time available to redeem points; or
  • Any fees or charges that apply to this Program including booking fees.

For Quebec residents only:

We will provide you with written notice of any change above, specifically identifying the new and/ or amended sections of the Program, between 60 and 90 days before the change comes into effect.  In the event you do not agree with any changes you may cancel your Account, without cost or penalty, within 30 days of the effective date of the change.

Termination Notice:  In the event we terminate this Program, the Primary Cardmember will be notified (in the same way we provide notice of other changes as described above) and can redeem any unused points within 60 days after the Program’s termination date, provided their Program Account(s) is open.

 

Points Requirements to redeem for Points for Cash (also referred to as “Points for Credit”), and Apple and Best Buy Catalogues under the Program is changing. This change does not apply to Quebec residents. For full details on the new points requirements, visit scotiabank.com/rewardsnotice.


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

Online banking

Visit Scotia OnLine

Mobile banking

Access the Scotia mobile banking app, available on the App Store or Google Play

By phone

Call us at 1-888-999-7185