Scotiabank’s most popular chequing plan, the Preferred Package, costs $16.95/month — waived with a $4,000 minimum daily balance. The premium Ultimate Package is $30.95/month (waived at $5,000). NSF fee: $48. Non-Scotiabank ATM: $2.00 + operator fee.
Quick answer: Scotiabank Preferred Package: $16.95/month (waived at $4,000 min daily). Ultimate Package: $30.95 (waived at $5,000). Basic Banking: $3.95/12 transactions. NSF: $48.
Scotiabank Account Fee Schedule 2026
| Account | Monthly Fee | Monthly Transactions | Fee Waiver | Best For |
|---|---|---|---|---|
| Basic Banking Plan | $3.95 | 12 debit, 1 cheque | None | Very light users |
| Preferred Package | $16.95 | Unlimited debit; 2 cheques | $4,000 min daily | Most customers |
| Ultimate Package | $30.95 | Unlimited + premium perks | $5,000 min daily | Premium banking |
| Student Banking Advantage | $0 | Unlimited | Full-time students | Post-secondary |
| Student GIC Plan | $0 | Unlimited | International students | New to Canada |
The Preferred Package Fee Waiver: $4,000 Minimum Daily Balance
Scotiabank’s Preferred Package fee ($16.95/month) is waived if your account never drops below $4,000 on any single day in the month. If your balance dips below $4,000 even once, you pay the full $16.95 for that month — not just for the days below the threshold.
Comparison — annual fee at different average balances:
| Average Balance | Fee (if never drops below $4K) | Fee (if occasionally dips) |
|---|---|---|
| $5,000 | $0 | $203.40/year |
| $4,000 | $0 | $203.40/year |
| $3,500 | $203.40/year | $203.40/year |
| $0–$3,999 | $203.40/year | $203.40/year |
The hidden cost: Keeping $4,000 in a Scotiabank chequing account typically earns 0% interest. That same $4,000 at EQ Bank earning 3.75% would generate ~$150/year. So even if you waive the $16.95 fee, you’re giving up ~$150 in foregone interest annually.
Total effective cost of Scotiabank Preferred at $4,000 balance vs. EQ Bank:
- Scotiabank: $0 fee + $150 in foregone interest = effective annual cost ~$150
- EQ Bank: $0 fee + $150 earned in interest = effective annual benefit +$150
- Difference: ~$300/year in favour of EQ Bank for a customer who maintains $4,000
Full Scotiabank Fee Schedule 2026
| Service | Fee |
|---|---|
| Monthly fee (Preferred, no waiver) | $16.95 |
| NSF / returned item | $48 |
| Non-Scotiabank ATM (Canada) | $2.00 + operator surcharge |
| International ATM | $5.00 + operator + conversion |
| Interac e-Transfer — Basic Plan | $1.50 per transfer |
| Interac e-Transfer — Preferred/Ultimate | Free |
| Stop payment | ~$12.50 |
| Certified cheque | ~$10 |
| Overdraft protection | ~$5/month + interest |
| Outgoing domestic wire | ~$15–$25 |
| Outgoing international wire | ~$25–$40 |
| Incoming international wire | ~$15 |
The Basic Banking Plan: $3.95 for Light Users
At $3.95/month, Scotiabank’s Basic Banking Plan is the lowest-cost option among the Big 5 for customers who do very little banking. It includes 12 debit transactions and 1 cheque per month. Over-transaction fee: approximately $0.65 per transaction.
Who it suits: Seniors who use their Scotiabank account for pension deposits and a few monthly bill payments, with most day-to-day spending on a credit card.
Who it doesn’t suit: Anyone doing more than 12 transactions/month, or anyone who sends e-Transfers regularly (each e-Transfer costs $1.50 on Basic).
Scotiabank vs. Competitors: Monthly Fee Comparison
| Bank | Account | Fee | Waiver | Unlimited Txns |
|---|---|---|---|---|
| Scotiabank Preferred | Package | $16.95 | $4,000 | Yes |
| BMO Performance | Chequing | $15.95 | $4,000 | Yes |
| CIBC Smart Tier 3 | Account | $14.95 | None | Yes |
| TD Everyday Banking | Plan | $10.95 | $2,000 | Yes |
| RBC Day to Day | Banking | $4.00 | None | No (12 txns) |
| Tangerine No-Fee | Chequing | $0 | None | Yes |
| Simplii No-Fee | Chequing | $0 | None | Yes |
Scotiabank’s Preferred Package at $16.95 is the highest regular-use fee among the Big 5. TD’s Everyday Banking Plan ($10.95, waived at $2,000) is significantly cheaper for customers who want a full-service bank.
When Scotiabank’s Fees Are Worth It
Scotiabank’s account fees make sense when you’re using the full ecosystem:
- Scotiabank Scene+ and Passport Visa Infinite cards — strong grocery and travel rewards
- Scotiabank mortgage — banking customers qualify for rate discounts
- ~950 branches — one of the largest branch networks in Canada
- Tangerine: Scotiabank customers can direct family members to Tangerine for free ATM access to Scotiabank’s same ABM network
- International presence — Scotiabank has significant operations in Latin America, the Caribbean, and Central America — useful for international transfers and travel
Related Articles
- Scotiabank ATM Limit 2026
- Scotiabank e-Transfer Limit 2026
- Scotiabank Mobile Deposit Limit 2026
- Scotiabank Routing Number 2026
- Scotiabank Wire Transfer 2026
- Tangerine Fees 2026
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