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How to open an account in Scotiabank Canada

How to open an account in Scotiabank CanadaScotiabank or The Bank of Nova Scotia, a Canadian global bank, is the third largest in Canada in terms of deposits and market capitalization. With offices in over 55 countries, the bank serves over 23 million customers worldwide.

How to open an account in Scotiabank, Canada.
Types of accounts available:

Checking Accounts

A checking account is also known as current account, is an account which has no withdrawal or deposit limit unlike other types of bank accounts and can be accessed using checks, ATMs, and electronic debits.

Momentum Checking Account

  • Monthly fee of $14.95 or $8.95 for seniors (Age 60+)
  • Up to $300 cash back per year
  • Two free ABM withdrawals a month from other bank’s ABMs
  • One free teller transaction per month.

ScotiaOne Checking Account

  • No monthly fee with at least $3,500 daily closing balance else a fee of $12.95 per month or $8.95 for seniors (Age 60+).
  • No limits on debit transactions.

Basic Banking Plan

  • Monthly fee of $9.95 or $5.95 for seniors (Age 60+)
  • 25 transactions per month.

Basic Banking Account

  • Monthly fee of $3.95 or free for seniors (Age 60+)
  • 12 transactions per month including 4 teller transactions.

Savings Accounts

A savings account is an account which offers a monthly increment on fixed interest rates and has a minimum balance limit for the account.

Momentum Savings Account

  • No monthly fee
  • No limits on transfers to the bank accounts
  • and $5 for any different type of debit transaction.

Savings Accelerator Account

  • No monthly fee
  • Available as many different registered plans
  • Eligible for different insurance such as CDIC.

Power Savings Account

  • No monthly fees
  • Competitive interest rate on balances of $5,000 or more.

MMS Account

  • No monthly fees
  • Earn interest on every dollar saved.

U.S. Dollar Savings Account

  • No monthly fee with $200 U.S. minimum balance else a fee of $1 per month
  • Commission free USD drafts
  • Tiered interest calculated on daily closing balance.

Euro Savings Account

  • No monthly fee with 200 Euro minimum balance else 1 Euro per month
  • Two free teller transactions per month
  • Tiered interest calculated on daily closing balance.

Students Accounts

It is a type of account specifically designed for the use by students.

Student Banking Advantage Plan

  • For students attending college, university or CEGEP full time
  • No monthly fees
  • No limits on transactions
  • Earn SCENE rewards.

Getting There Savings Account

  • For students who are 18 Years old or younger
  • No monthly fees
  • No limits on self-serve and teller transactions
  • Earn high SCENE rewards.

How To Open An Account

For Residents

Fill application form online. Visit any bank’s branch or call the toll free number.

For Non-Residents

  1. Apply for a bank account online before moving to Canada
  2. Transfer up to CAD $50,000 to the new account
  3. Visit any bank’s branch upon arrival to Canada, for activation of the account
  4. ID proof such as Passport and Citizenship & Immigration form will be required.

C. Organizations And Business
Depending on the type of the business, the specific form can be filled:

  • Sole Proprietorship
  • Partnership
  • Corporation
  • Not for profit associations

Visit any branch and complete the formalities.