Scotiabank · Banks
Scotiabank Basic Business Account review
Scotiabank’s Basic Business Account suits businesses that keep a steady balance: the C$10.95 monthly fee is waived at C$8,000, and every C$1,500 of minimum balance earns a free transaction. It’s available in Canadian and US dollars, though businesses with low balances and lots of activity will pay per transaction.
Who Scotiabank is best for
Businesses that keep a steady balance and companies wanting CAD and USD accounts at a big bank.
Businesses with low balances and many transactions.
Scotiabank’s Basic Business Account suits businesses that keep a steady balance: the C$10.95 monthly fee is waived at C$8,000, and every C$1,500 of minimum balance earns a free transaction. It’s available in Canadian and US dollars, though businesses with low balances and lots of activity will pay per transaction.
Fees, features and eligibility
| Monthly fee | C$10.95 a month, waived with an C$8,000 minimum monthly balance |
|---|---|
| Transfers | One free transaction for every C$1,500 of minimum monthly balance; other transactions pay-per-use |
| Account type | Licensed bank (Big Five) |
| Currencies | CAD and USD |
| Who can open it | Canadian businesses |
Source: Scotiabank published product information.
What stands out
Pros
- Fee waived with an C$8,000 minimum balance
- Free transactions earned from your balance
- Available in CAD and USD
Cons
- C$10.95 a month below the balance threshold
- Transactions are pay-per-use beyond those earned
Scotiabank: common questions
How much is the Scotiabank Basic Business Account?
C$10.95 a month, waived when your minimum monthly balance is C$8,000 or more.
How many transactions are included?
You earn one free transaction for every C$1,500 of minimum monthly balance; others are charged per use.
Does Scotiabank have a cheaper business account?
Yes. The Right Size Account for business starts at C$6 a month with transactions priced per use.
Used Scotiabank? Help other businesses choose.