Chequing account · Scotiabank
Ultimate Package: fees and true cost
Scotiabank’s Ultimate Package charges $30.95/mo, or $0 with a $6,000 minimum balance, with unlimited transactions. For our “Everyday” example that comes to $371 a year, #21 of 33 chequing accounts offered nationwide.
CDICOffered in all ten provinces
Fees retrieved November 1, 2026
What it would cost you in a year
| Usage | Fees a year | Why | Rank |
|---|---|---|---|
| Light Mostly card and app, small balance | $371 | Monthly fee $30.95 | 31 of 33 |
| Everyday Household account, a few e-Transfers | $371 | Monthly fee $30.95 | 21 of 33 |
| Heavy Lots of card, bill and e-Transfer payments | $371 | Monthly fee $30.95 | 20 of 33 |
| Branch and cheques Teller visits, cheques, paper statement | $398 | Monthly fee $30.95 | 25 of 26 |
Try your own numbers in the true-cost finder. Is keeping $6,000 in the account worth it? Run it in the account-fee calculator.
Every fee FCAC lists for this account
| Item | Fee |
|---|---|
| Monthly fee | $30.95/mo, or $0 with a $6,000 minimum balance |
| Included transactions | Unlimited |
| Debit purchase in Canada (beyond included) | No extra fee |
| Online or mobile bill payment | No extra fee |
| Interac e-Transfer | No extra fee |
| Online transfer between your accounts | No extra fee |
| Own-bank ATM withdrawal | No extra fee |
| Withdrawal at another institution’s ATM | No extra fee |
| ATM withdrawal in the United States | No extra fee |
| ATM withdrawal in other countries | No extra fee |
| Debit purchase in the United States | No extra fee |
| In-branch withdrawal | No extra fee |
| Bill payment in branch | No extra fee |
| Cheque (as a payment) | No extra fee |
| Mailed monthly statement | $2.25 |
| Non-sufficient funds (NSF) | $10.00 |
| Overdraft protection, monthly | No extra fee |
| Overdraft protection, per use | Not available |
| Overdraft interest | 21% a year |
Notes from the institution
Stop-payment fee: Assisted: $30.00 Self-Serve: $0.00 Avoid fees by making stop payments directly through online banking or the Scotia app. You’ll pay no monthly account fee by either: Holding $6,000 or more in your Ultimate Package every day for the entire month Holding a Total Relationship Balance2 of $100,000 across all eligible accounts every day for the entire month
Lower prices for some customers
| Who | Monthly fee | Source |
|---|---|---|
| Seniors' Discount, 60 and older ($7.00 off $30.95) | $23.95 | Scotiabank |
Is the money protected?
CDIC member. Eligible deposits are covered up to $100,000 per category at each CDIC member — see the deposit safety tool.
Cheaper for everyday use, at other institutions
- Wealthsimple Chequing (Wealthsimple) — $0 a year
- Personal Account (EQ Bank) — $0 a year
- Neo Chequing account (Essentials) (Neo Financial) — $0 a year
Other chequing accounts at Scotiabank
- Basic Bank Account — $3.95/mo, no balance waiver
- Basic Plus Bank Account — $11.95/mo, or $0 with a $3,000 minimum balance
- Preferred Package — $16.95/mo, or $0 with a $4,000 minimum balance
- Preferred Package for Students and Youth — No monthly fee
Source: FCAC Account Comparison Tool (data submitted by the institution), retrieved November 1, 2026 · Scotiabank’s product page
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