Scotia Euro Savings Account review
- Promotional Rate
- N/A
- Transaction Fee
- 2 free transactions per month (then €1.25 each)
Our verdict
Save money in euros with this low fee savings account.
The Scotia Euro Savings Account comes with 2 free teller-assisted transactions per month and competitive foreign exchange rates. Just be aware that this account charges a monthly fee of €1 and you won't be able to carry out any of your banking online.
Pros
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Low monthly fees
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Free transfers
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No minimum deposits
Cons
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No online application
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No interest on your balance
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Limited transactions
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No online transfers
What are the benefits of the Scotia Euro Savings Account?
The Scotia Euro Savings Account comes with several benefits:
- Low monthly fees. The monthly fee for this account is only €1 (which is around CAD$1.50).
- Free transfers. You’ll get two free teller-assisted transactions per month, but you won’t be able to carry out online banking services with this account.
- No minimum deposits. There are no minimum deposit requirements to keep this account active.
- Competitive exchange rates. You’ll be able to transfer your funds into euros and back to Canadian dollars with competitive exchange rates.
What should I look out for?
The Scotia Euro Savings Account comes with a couple of drawbacks:
- No online application. You won’t be able to sign up for this account online since you can only sign up by visiting a branch in person.
- Limited transactions. You’ll only get two free transactions per month and after that you’ll be required to pay 2 free transactions per month (then €1.25 each).
- No online transfers. You won’t be able to use your online banking to send or receive funds in this account (all transactions must be carried out at a branch location).
- No ATM withdrawals. Only teller-assisted debits are allowed on this account, so it’s not possible to make ATM withdrawals or debit purchases.
Compare Scotiabank with other savings accounts
Finder Score for savings accounts
To make comparing even easier we came up with the Finder Score. Interest rates, account fees and features across 50+ savings accounts and 25+ lenders are all weighted and scaled to produce a score out of 10. The higher the score the better the account - simple.
How do I open a Scotia Euro Savings Account?
Follow these steps to open a Scotia Euro Savings Account online:
- Go to Scotiabank’s website and find the page for the Scotia Euro Savings Account.
- Click on the “Book appointment” button when you land on the page.
- Gather information to bring to your appointment and be prepared to submit personal details such as your name, address, Social Insurance Number and government-issued ID to prove your identity.
Eligibility requirements
To apply for a Scotia Euro Savings Account, you need to meet the following criteria:
- Be a Canadian citizen or resident who is at least 18 years old (19 in some provinces)
- Be opening a sole account in your name
Required documents and information
- Your name, residential status and contact information
- Your Social Insurance Number (optional) and date of birth
- Your email address and phone number
How do I deposit or withdraw my money?
Once you put money into your Scotia Euro Savings Account, the only way you can transfer it out is by visiting a branch in person. You’ll also be limited in how you can access your funds since you won’t have access to ATM withdrawals, debit purchases, online transfers or Interac e-Transfers.
You’ll be able to deposit funds into this account by sending them to yourself from your other Scotiabank accounts using an internal transfer. This seems to be the only way to make a deposit, other than by visiting a branch in person to deposit cash or a cheque.
How can I get in touch with customer service?
There are a few options available for you to connect with Scotiabank customer service:
- By phone. Call Scotiabank’s toll-free number 24 hours a day, 7 days a week.
- In person. Visit a branch in person to speak to an agent about your banking needs.
- By email. Contact Scotiabank by sending a secure message through your online banking account.
- Through social media. Use Facebook or Twitter to ask any questions you may have about the Scotia Euro Savings Account.
Frequently asked questions
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