Scotiabank Scotia Professional Plan Plus Account Review
- Monthly Account Fee
- $38
- Multi Currency Accounts
- CAD only
- FX Fee
- Varies
Our verdict
Get 110 monthly transactions and a fee waiver for overdraft protection, but you'll have to pay a monthly fee.
The Scotiabank Scotia Professional Plan Plus Account is a day-to-day business chequing account for professionals who perform a large number of banking transactions. It supports 110 monthly transactions with 40 deposit items and 20 free Interac e-Transfers. Also included is a fee waiver for overdraft protection. Plus, you get the security of dealing with a Big Five bank with a large branch network.
But this account comes with a monthly fee and an additional fee per transaction when you exceed your monthly transaction limit, so consider your business banking needs carefully before deciding if it's the right account for you.
Best for: Professional practices with lots of monthly transactions.
Pros
-
Designed specifically for professionals
-
Supports 110 monthly transactions
-
20 free Interac e-Transfers
-
Waived overdraft protection fee
-
Big Five bank with large branch and ABM network
Cons
-
$38 monthly fee
-
Additional transaction fees apply when you exceed your monthly limit
-
Fees for some e-Transfers
Scotiabank Scotia Professional Plan Plus Account: The basics
- 110 transactions per month. The Scotia Professional Plan Plus Account includes 110 monthly transactions.
- Deposits. This account supports 40 deposit items and $3,000 in cash deposits per month.
- ScotiaCard. You can use your ScotiaCard debit card to access your account at Scotiabank ATMs.
- Chase Merchant transactions. Chase Merchant Services transactions (debits and credits) are included with this account at no charge, and you can get your funds from payments the next day.
- $38 monthly fee. You’ll need to pay a monthly fee of $38 to use the Scotia Professional Plan Plus Account.
- Overdraft protection. The Scotia Professional Plan Plus Account includes overdraft protection of up to $10,000, or it can come with operating loans by way of overdraft.
- Branch and ABM network. If you want face-to-face customer service, you can get it at one of Scotiabank’s nationwide network of over 900 branches. You can also access funds at the bank’s Canadian network of over 3,500 ATMs.
- Online and mobile banking. When you need to check your balance, send transfers or pay bills, you can easily manage your money via Scotiabank’s online and mobile banking platforms.
What are the benefits of the Scotiabank Scotia Professional Plan Plus Account?
- Designed for professionals. This account is designed for professionals who run their own practices and need to manage a high number of day-to-day banking transactions.
- No minimum balance requirement. You don’t need to keep your balance above a specified level to avoid account fees.
- Free mobile cheque deposits. You can take advantage of free mobile cheque deposits using the ScotiaConnect Mobile Banking for Business app. You can also use the app to check your balance, view your transaction history, submit transfers, pay bills and more.
- Business app. You can also use the app to check your balance, view your transaction history, submit transfers, pay bills and more.
- 20 free Interac e-Transfers per month. 20 free Interac e-Transfers are included with the Scotia Professional Plan Plus Account each month.
- Waived overdraft protection fee. The monthly fee for overdraft protection is waived with this Scotiabank business account.
What are the drawbacks of the Scotiabank Scotia Professional Plan Plus Account?
- Monthly fee. You’ll need to pay a $38 monthly fee on the Scotia Professional Plan Plus Account, and there’s no way to get this fee waived. Check out free business bank accounts here.
- Transaction limit. The maximum amount of transactions you can perform each month is 110, with additional transactions incurring fees. Additional transaction fees include $1.50 per branch deposit, $1.25 per ABM deposit or withdrawal, $1.25 per debit purchase and $1 per self-service transfer.
- Fees for some e-Transfers. If you exceed your monthly limit of 20 free Interac e-Transfers, each subsequent e-Transfer you send will incur a $1 fee.
- Only for some customers. This account is only available for customers who enroll in the Scotia Professional Plan.
Is Scotiabank legit?
Yes, Scotiabank was founded in 1832 and is one of Canada’s Big Five banks. Headquartered in Toronto, it operates a nationwide network of over 900 branches and over 3,500 ABMs.
Scotiabank is also a member of the Canada Deposit Insurance Corporation (CDIC), so up to $100,000 of what you deposit into your Scotia Professional Plan Plus Account is covered by CDIC insurance.
What should I know before applying?
To apply for a Scotia Professional Plan Plus Account online, you will need to:
- Be a Canadian resident with a company registered in Canada
- Be at least 16 years old
- Be authorized to sign for the business
- Be opening this account for your business and not for someone else
You’ll need to agree to let Scotiabank obtain a credit report for you and your business during the application process. If you run an incorporated company, you’ll also need:
- Articles of incorporation/association
- Trade name registration, if applicable
- Government-issued photo ID
- The name, address and occupation of any person who owns at least 25% of your business
How do I open a Scotiabank Scotia Professional Plan Plus Account?
You can apply for a Scotia Professional Plan Plus Account by completing the following steps:
- Visit Scotiabank's website, and then select Apply now.
- Existing Scotiabank customers can sign in to speed up the application process. New customers will need to continue with the following steps.
- Provide your business email address, business structure and the industry in which you operate.
- Enter your name and contact details.
- Upload proof of ID.
- Provide all required information and documentation for your business.
Compare other business banking accounts
Finder Score for business bank accounts
To make comparing even easier we came up with the Finder Score. Interest rates, account fees and features across 20+ business bank accounts and 15+ lenders are all weighted and scaled to produce a score out of 10. The higher the score the better the account - simple.
Bottom line
The Scotiabank Scotia Professional Plan Plus Account is worth a look for professionals who perform many daily banking transactions. It’s easy to open an account and manage your money, and there’s no minimum balance required. But there is a monthly fee and other charges may apply, so compare this plan with a wide range of other business bank accounts before choosing the best account for your needs.
Frequently asked questions
