Banks are financial institutions that provide a number of financial services. They offer a range of products including bank accounts, investment accounts, loans, credit cards and insurance. Whether you’re looking for wealth management, an insurance plan, or a space to save and grow your money, there are a number of banking institutions in Canada to choose from, including Scotiabank. Keep reading to learn all about Scotiabank.
What Kind Of Products And Services Does Scotiabank Offer?
Scotiabank is one of the big five banks in Canada and offers a similar range of products as their competitors. They offer everything from basic bank accounts to wealth management, loans and insurance.
Scotiabank Bank Accounts
Scotiabank has a variety of bank accounts, each specially designed to cater to a certain group’s needs. Whether you’re a student, a senior, a new immigrant or someone who wants a bank account with unlimited transactions or low fees, there’s a bank account for you at Scotiabank.
| Account Type | Product Name | Monthly Account Fee | Features |
| Basic Account: Preferred | Preferred Package | $16.95 | – $300 welcome bonus – Unlimited free transactions – Earn SCENE+ points |
| Basic Account: Unlimited | Ultimate Package | $30.95 | – $300 welcome bonus – Unlimited free transactions – Free overdraft protection – Free cheques – Earn SCENE+ points |
| Basic Account | Basic Plus Bank Account | $11.95 | – 25 free transactions – Unlimited e-transfers |
| Basic Account | Basic Bank Account | $3.95 | – 12 free transactions – Unlimited e-transfers |
| Student Accounts | Student Banking Advantage® Plan | $0 | – $75 welcome bonus – Unlimited e-transfers – Unlimited debit transactions – Earn SCENE points |
| Youth Accounts | Getting There Savings Program for Youth | $0 | – Unlimited e-transfers and debit transactions – Earn 0.05% – 0.10% interest – Earn SCENE points |
New To Canada Accounts – Those who have newly immigrated to Canada are recommended the Preferred Package due to its generous welcome bonus and no account fees for the first year. Newcomers will also get additional perks such as unlimited international transfers with no fee, a free safety box for one year and 10 free equity trades if they open a Scotia iTrade account.
Senior Accounts – Seniors that are 60 years old or older can access any of the basic accounts along with all the features at a reduced price. Seniors get a $4 discount on any of the basic accounts.
Savings Accounts – Scotiabank also offers high-interest savings accounts to help you grow your money.
- MomentumPLUS Savings Account
- Savings Accelerator Account
- Money Master Savings Account
Scotiabank Credit Cards
Scotiabank offers various credit cards, each of which is designed to satisfy a certain need. Whether you’re looking for a credit card with no fee, cash back, low interest or one that offers extra perks like travel insurance, you can find one at Scotiabank.
| Lifestyle credit cards | – Scotiabank Passport™ Visa Infinite* Card – Scotiabank Gold American Express® Card – Scotiabank American Express® Card |
| Cash back credit cards | – Scotia Momentum® Visa Infinite* Card – Scotia Momentum® Visa* Card – Scotia Momentum® Mastercard®* credit card |
| No fee credit cards | – Scotia Momentum® No-Fee Visa* Card – SCENE®* Visa* Card- SCENE®* Visa* Card for Students |
| Low-interest credit cards | – Scotiabank Value® Visa* Card |
Scotiabank Investment Products
If you’re thinking about buying a house, saving up for retirement or school, Scotiabank has investment products to help you reach your goals.
- Savings Accelerator Account
- The Scotia Aria® Retirement Program
- ScotiaFunds® Portfolio Solutions
- Scotia iTrade
Scotiabank Insurance Products
If you’re looking for travel insurance or mortgage insurance, you can access a plan through Scotiabank. Scotiabank also offers a selection of creditor insurance plans to help you cover the cost of your premiums in the case of illness, disability or even death. Credit insurance is available for many types of loans including:
- Scotia Line of Credit
- Scotia Credit Cards
- Scotia Business Loans
- Scotia Mortgages
Scotiabank Loans
If you’re trying to buy a car or a house, Scotiabank offers financing plans to help you cover the cost. They offer 4 types of lines of credit, 7 types of auto loans and a few selection of mortgages. You can apply for a variable-rate mortgage, a fixed-rate mortgage, a closed mortgage, or a short-term mortgage.
How To Get A Scotiabank Void Cheque
There are two ways to obtain a void cheque with a Scotiabank chequing account:
1. Visit the Scotiabank Website
Create your online account. If you don’t have void cheques, you can see or print your void cheque details using these steps:
- Select your chequing account (available on your Accounts page)
- Click on “Direct Deposits & Payments”
- Go to “Void Cheque” and click on “View/Print”
2. Download the Scotiabank App
You can also access your void cheque details by logging into the Scotiabank mobile app and following these steps:
- Open your Home Screen and tap your Chequing Account
- Tap “Manage”
- Tap “Direct Deposit/Void Cheque Info
- Tap “Void Cheque”
- Go to “Void Cheque” and tap “View/Print
How To Get A Scotiabank Direct Deposit Form
When you have the option, it’s always a good idea to sign up for direct deposit. This will allow you to automatically deposit cheques (income, pension, etc.), pay bills and obtain immediate access to your funds using one secure, reliable and high-interest account.
There are two ways to get a direct deposit form through Scotiabank:
1. Direct Deposit For Government Payments
You can enroll in direct deposit if you collect government payments, like pension cheques, CCB payments or any other social assistance payments. There are 3 options:
- Visit your local Scotiabank branch and ask for a Direct Deposit form.
- Enroll via your My CRA Account, My Service Canada Account or My VAC Account.
- Go to http://www.directdeposit.gc.ca/ and fill out an enrollment form. To enroll, you’ll need to provide various information, such as your:
- Name
- Address
- Date of birth
- Payment types
- Associated personal identifiers (Social Insurance Number, etc.)
- Void cheque or bank account information
2. Payroll Direct Deposit
If you want direct deposit to deposit paycheques, just fill out a Payroll Deposit Form and give it to your employer. You can download the form through the Scotiabank website here.
Scotiabank Basic Numbers
As a Scotiabank account holder, you should know some basic numbers, including your Scotiabank transit number, institution number, routing number and SWIFT code if you want to make any international money transfers.
Where Can I Find The Scotiabank Transit Number?
Scotiabank uses unique 5-digit transit numbers to identify its branches. You can access your transit number by logging into your account and using either of these methods:
Scotiabank App
- Go to your Home Screen and select your Chequing Account
- Choose “Manage”
- Tap “Direct Deposit/Void Cheque Info” to view your transit number
Scotiabank Website
- Go to your Accounts page and click on your Chequing Account
- Choose “Show Account Number and Details” to view all account numbers
How Do I Find My Scotiabank Institution Number?
Every financial institution is also identified by a 3-digit transit number. Scotiabank’s institution code is 002 (with ABA number 026002532 and SWIFT code NOSCCATT). You’ll find these numbers on the Scotiabank website and on various bank documents.
How Do I Find My Scotiabank Routing Number?
Your 8-digit routing number is a unique number that identifies the Scotiabank branch you’re banking with. When you combine a Scotiabank branch’s 5-digit transit code and 3-digit institution code, you get its bank routing number, which can be used to process cheques and electronic transactions, including transfers, deposits and recurring debt payments.
You might see two types of routing numbers being used to identify a Scotiabank branch (for the example, we’ll use AAA as the institution code and BBBBB as the transit code):
- Electronic Transaction Routing Numbers (ETF) = 0AAABBBBB
- Paper Transaction Transit Numbers (MICR) = BBBBB-AAA
How Do I Find My Scotiabank International Money Transfer Information
As a Scotiabank member, there are a ton of other financial services you can benefit from, like low-cost international money transfers. Here’s what you should know:
Scotia International Money Transfer
This service gives the account holder an easy way to send money to global bank accounts. Transfers are $1.99 each (or free for new Canadian clients) and are covered by Scotiabank’s Security Guarantee. Transfers typically take up to 5 days and can be sent to dozens of countries across the world, including:
- Australia
- Belgium
- Dominican Republic
- Germany
- Ireland
- Netherlands
- Spain
- United States
- United Kingdom
SWIFT Code
A SWIFT number (Society for Worldwide Interbank Financial Telecommunication) is an alphanumeric code that identifies a bank or branch. It’s 8 to 11 characters long and can be found on your bank statement, through your online banking system or at your bank. Scotiabank’s SWIFT Code is NOSCCATT.
How Does The Scotiabank SCENE+ Rewards Program Work?
Scene+ Rewards is a free program that you can join to earn and redeem cash-back, travel points, movie tickets, gift cards and other perks. Although Scotiabank users will earn benefits faster, non-Scotiabank users can also sign up for a Scene+ membership online at www.sceneplus.ca or download the Scene+ app on their mobile device.
As a Scotiabank user, there are several products you can use to earn Scene+, such as:
- Scene ScotiaCard Debit Card – Provides 1 Scene+ point on every $5 spent on everyday purchases and 1 point per $1 spent at Cineplex locations.
- Scotiabank SCENE+ Visa – This SCENE+ Visa card provides 1 Scene+ point per $1 spent on everyday purchases and 5X the points on purchases made at Cineplex locations.
- Scotiabank Passport Visa Infinite – Provides 1 Scene+ point on every $1 spent and 2 points on every $1 spent on groceries, entertainment, dining and transit.
- Scotiabank Gold American Express – Provides 1 Scene+ point per $1 spent on everyday purchases and 5 points per $1 on entertainment groceries and dining.
Scene+ Rewards are also compatible with the following Scotiabank accounts:
- Ultimate Package
- Preferred Package
- Student Banking Advantage Plan
- Getting There Savings Plan For Youth
You can view your Scene+ points by logging into your Scotia OnLine account or through the Scotiabank App. Points don’t expire as long as your membership card and the qualifying Scotiabank product remains active. For more information about the Scene+ Rewards program, qualifying purchases or the other ways you can redeem your points, visit the Scotiabank website.
Scotiabank General Fees
Depending on the Scotiabank product you use, the fees associated with it will differ. However, here is a table of some common fees to consider.
| Credit Card Annual Fee | Varies between $0 – $399 |
| Bank Account Monthly Fee | Varies between $0 – $30.95 |
| International Transfer Fee | ~$1.99 per transfer (varies by account type) |
| Account Closing Fee (within 90 days of opening) | $20 |
| Account Inactivity Fees | $20 – $40 |
| Stop pre-authorized debit or cheque payment | $12.50 or $20 |
| NSF Fee | $48 |
| Overdraft Protection | $5 |
How Can You Access Your Scotiabank Accounts?
If you have questions about Scotiabank and their products, don’t hesitate to visit a branch near you. Otherwise, there are two ways you can access your Scotiabank accounts:
- Online Portal – Create your online banking account through Scotiabank, with a unique username and password. Afterwards, you will then be able to log into your online portal whenever and wherever you want.
- Scotiabank App – You can also download the Scotiabank app from Google Play or the App Store, you just have to create and log into your account using your mobile device.
Wondering If You Should Sign Up With Scotiabank?
While there are many different banks and credit unions to choose from, Scotiabank is certainly one of the largest and most popular financial institutions in Canada. So, before you sign up for any other type of bank make sure to check out what Scotiabank has to offer, they might just have some great deals to help improve your finances.
