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
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.
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