Rates and fees

Some of the more common fees that could be associated with your Scotiabank account are outlined below. We recommend reviewing the summary of account fees page for details specific to your account.   

ABM service fees

While it’s free to withdraw money from any Scotia ABM, you could be charged a small fee to withdraw from either chequing or savings account at another bank’s ABM in Canada. Certain accounts waive this fee. Cash advance fees from your Visa will also add a $3.50 fee.

Optional feature fees

Sending money to friends, family, or even yourself at a different account using Interac e-Transfers could mean paying an additional fee for each transfer. Many Scotiabank accounts do offer unlimited free Interac e-Transfers. Additionally, if you are someone who occasionally goes into overdraft, you could be charged $5 per month or per use depending on which overdraft protection plan you have on your account. 

International transfer fees

If you need to send money internationally, you may be charged $1.99 per transfer depending on your account. As well, if you receive any incoming wire transfers, you will be charged $15 CAD/USD per transfer. The fee will depend on the currency of the account. 

Paper statement fees

Paperless statements (also known as electronic statements) are more often than not the default option. These statements are accessible through online banking and are free with all account types. However, if you select paper statement delivery, you could be charged up to $2.50 per month depending on your account type.

In most cases there is no fee to close your account. If you close your Scotiabank account within 90 days of opening it, there is a $20 service charge fee. Alternatively, if you open an account by telephone and change your mind, you have 14 business days to close it without paying this fee. There are no fees after 90 days. 

No, most of the Scotia savings accounts do not charge a monthly account fee. The two exceptions are the Scotia U.S. Dollar Daily Interest saving account, which charges $1 US per month or waived with a $200 USD minimum daily closing balance, and the Scotia Euro Savings Account, which charges €1 US per month or waived with a €200 minimum daily closing balance. Scotia’s Preferred and Ultimate Package both come with a free Scotia U.S. Dollar Daily Interest Savings account too!

The monthly account fee varies depending on which account you have. However, many of our accounts provide the option to waive the monthly fee if a minimum daily closing balance is kept in the account. The minimum daily closing balance is indicated on each account detail page and must be maintained at the end of each day of the month to qualify for the fee waiver.