Scotiabank Select Account for Business review
- Monthly Account Fee
- $40
- Multi Currency Accounts
- CAD only
- FX Fee
- Varies
Our verdict
Choose the account plan that suits your business transaction needs with the Scotiabank Select Account for Business, but watch out for the monthly fee.
The Scotiabank Select Account for Business is a business chequing account available with a choice of four plans. They range from the entry-level Plan A, which supports 25 monthly transactions, through to the unlimited transactions of the Unlimited plan. You pick the plan that best fits your day-to-day banking requirements, but be aware that this plan comes with a monthly fee — the more monthly transactions you need, the higher the fee. However, this fee is waived if you meet a minimum balance requirement.
Best for: Anyone looking for a business account from a Big Five bank that allows you to choose a plan that suits your day-to-day transaction volume.
Pros
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Choose the plan that best suits your business
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High amount of cash deposits accepted
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CDIC-insured Big Five bank
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You can get the monthly fee waived
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Overdraft protection
Cons
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Monthly fee ranging from $20 to $120
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High minimum balance required to have fee waived
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Fees on some e-Transfers
Scotiabank Select Account for Business: The basics
- One account, four plans. The Select Account for Business offers a choice of four plans based on the number of transactions your business performs each month:
- Plan A supports 25 transactions per month.
- Plan B supports 70 transactions per month.
- Plan C supports 125 transactions per month.
- Unlimited plan supports unlimited transactions.
- Monthly fee (waivable). A monthly fee of $20 - $120 applies depending on the plan you select — the more transactions the plan supports, the higher your monthly fee. However, Scotiabank will waive this fee if you keep your balance above a minimum level.
- ScotiaCard. You can use a ScotiaCard debit card to access your account at Scotiabank ATMs.
- Overdraft protection. Overdraft protection of up to $10,000 is available with this account (subject to credit approval and security provided).
- Branch and ABM network. Scotiabank has a nationwide network of over 900 branches if you want to access in-person customer service, while you can withdraw cash from over 3,500 Scotiabank ABMs.
- Online and mobile banking. If you prefer to do your business banking digitally, it’s easy to manage your money, track expenses, and pay staff and suppliers using online banking and Scotiabank Mobile Banking for Business.
Compare Scotiabank Select Account for Business plans
Check out the table below to compare the pricing and features of Scotiabank’s four Select Account for Business plans.
| Plan A | Plan B | Plan C | Unlimited | |
|---|---|---|---|---|
| Monthly fee | $20 | $40 | $75 | $120 |
| Minimum balance required for monthly fee rebate | $20,000 | $35,000 | $45,000 | $75,000 |
| Transactions | 25 | 70 | 125 | unlimited |
| Deposit items | 50 | 60 | 85 | unlimited |
| Cash deposits | $6,000 | $8,000 | $10,000 | $30,000 |
| Additional transaction fee | $1.50 | $1.50 | $1.50 | $0 |
| Additional items deposit fee | $0.25 | $0.25 | $0.25 | $0 |
| Additional cash deposit fee (for every $1,000) | $2.50 | $2.50 | $2.50 | $2.50 |
| Sending Interac e-Transfer fee | 1 - 20: Free 21 and above: $1 | 1 - 20: Free 21 and above: $1 | 1 - 20: Free 21 and above: $1 | Free |
What are the benefits of the Scotiabank Select Account for Business?
- Bonus offer. Earn up to $930 in first year value with an eligible business bank account, credit product and Merchant Services with Chase. Valid Untlil November 30, 2024
- Choose a plan that suits your business. The Select Account for Business gives you the flexibility to choose a plan that suits your monthly transaction needs change. If those needs change as your business grows, it’s easy to upgrade to a higher plan.
- Get the monthly fee waived. The monthly fee will be waived if you keep your balance above a minimum level. You’ll need a minimum balance of:
- $20,000 to pay no monthly fee on Plan A.
- $35,000 to pay no monthly fee on Plan B.
- $45,000 to pay no monthly fee fee on Plan C.
- $75,000 to pay no monthly fee on an Unlimited Plan.
- High cash deposit limit. If your business regularly gets paid in cash, this account supports between $6,000 and $30,000 cash deposits per month (depending on the plan you choose) for no extra fee.
- No overdraft protection fee. The monthly fee for overdraft protection is waived on this account.
- Big Five bank. Opening a Select Account for Business gives you the security and peace of mind that comes from dealing with one of Canada’s oldest and biggest banks.
- CDIC insured. Scotiabank is a Canada Deposit Insurance Corporation (CDIC) member, so eligible deposits of up to $100,000 to your Select Account for Business are covered by CDIC insurance.
- Merchant Services with Chase. If your business needs to accept credit and debit card payments, Scotiabank’s merchant services partner is Chase. As of the time of writing, if you sign up for Chase Merchant Services, Scotiabank will waive the $40 monthly fee on the Select Account for Business Plan B.
What are the drawbacks of the Scotiabank Select Account for Business?
- Monthly fee. The four Select Account for Business plans all come with a monthly fee. This fee ranges from $20 for Plan A through to $120 for the Unlimited plan.
- High minimum balance to waive monthly fee. You can have the monthly fee waived if you meet the minimum balance requirement, which ranges from $20,000 to $75,000 depending on the account plan you choose.
- Additional transaction fee. If you exceed your monthly transaction limit, a $1.50 fee will apply to each subsequent transaction.
- Fees on some Interac e-Transfers. On Plans A, B and C, your first 20 Interac e-Transfers on Scotia OnLine are free each month, but after that a $1 fee applies to each e-Transfer you send.
What should I know before I apply?
To apply for an account you will need to be:
- A Canadian resident with a company registered in Canada.
- At least 16 years old.
- Authorized to sign for the business.
- Opening this account for your business and not for someone else.
As part of the application process, you’ll need to agree to Scotiabank obtaining a credit report for you and your business. If your company is incorporated, you’ll also need to provide:
- Articles of incorporation/association.
- Trade name registration, if applicable.
- One piece of original, valid and current government-issued photo ID.
- The name, address and occupation of anyone who owns at least 25% of your business.
How do I open a Scotiabank Select Account for Business?
You can open an account by completing the following steps:
- Click through to Scotiabank's website and click on “Apply now”.
- Specify whether you’re an existing Scotiabank customer (if you are, you can sign in to speed up the application process).
- Enter your business email address, business structure and industry.
- Enter your name and contact information.
- Verify your identity.
- Provide all the required information and documentation for your business.
Is Scotiabank legit?
Yes. Scotiabank is one of Canada’s Big Five banks and has over 11 million customers across Canada. Founded in Halifax, Nova Scotia, in 1832, Scotiabank is now headquartered in Toronto.
Scotiabank offers a nationwide network of over 900 branches and over 3,500 ABMs. It’s also a member of the Canada Deposit Insurance Corporation (CDIC), so up to $100,000 you deposit in a Scotiabank Select Account for Business is covered by CDIC insurance.
Compare other business banking accounts
Bottom line
The Scotiabank Select Account for Business could be a good fit for you if you want to do all your day-to-day business transactions with a Big Five bank. It allows you to choose the plan that suits your business’ banking needs, and you can potentially avoid the monthly fee if you meet the minimum balance requirement or sign up for Chase Merchant Services.
Compare the Scotiabank Select Account for Business with other business bank accounts before deciding where to manage your money.
Business banking scores
Finder scores, in blue, are based on our expert analysis. We assess multiple key categories broken down into 19 different data points for 45 business accounts from banks and other financial institutions.
To find out more, read our full business banking methodology.
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