Scotiabank business account review and fees for 2026

Key takeaways

• A Deloitte survey of small businesses last year found that only half of Canadian SMB owners are satisfied with their banks.¹

• Scotiabank splits its three small business chequing accounts into six plan tiers, organized around expected monthly activity from sole proprietors up to high-volume commercial operations.

• If you transact across borders, the Airwallex Business Account can save you up to 80% on FX fees with local account details in 20+ countries and corporate cards with 0% foreign transaction fees.

Scotiabank is one of Canada’s Big Six national banks that serves millions of customers globally with a massive footprint in personal and commercial banking. It offers a suite of business chequing accounts, physical branch access, and a merchant processing tie-in built for Canadian small businesses. This review explores Scotiabank's account tiers, fee structures, balance waivers, and how a modern alternative such as Airwallex compares.

Scotiabank business accounts at a glance

Scotiabank splits its three small business chequing accounts into six plan tiers, organized around expected monthly activity from sole proprietors up to high-volume commercial operations. 

Types of Scotiabank business accounts

Scotiabank Basic Business Account

The Basic Business Account charges a $10.95 monthly fee, waived if you maintain an $8,000 minimum balance for the entire month.³ Instead of a fixed transaction limit, Scotiabank gives you one free transaction for every $1,500 in your monthly balance, and pay-per-use pricing for everything beyond that. It makes sense for low-activity accounts with healthy reserves.

Right Size Account for Business

The Right Size Account for business costs $6 a month with a sliding per-transaction rate: $1.25 each for the first 15 transactions, $1.15 for transactions 16 to 50, and $1 for 51 or more. There's no balance waiver because there's no larger fee to waive. Businesses with irregular or seasonal transaction volumes only pay for what they actually use.

Select Account for Business: Plans A, B, C, and Unlimited

The Select Account suite runs four tiers: Plan A ($20 a month, 25 transactions), Plan B ($40 a month, 70 transactions), Plan C ($75 a month, 125 transactions), and Unlimited ($120 a month, unlimited transactions).⁴ Each tier includes a cash deposit allowance from $6,000 to $30,000 and a balance waiver scaling from $20,000 to $75,000. Transactions beyond your plan's allowance cost $1.50 each.

Who is a Scotiabank business account best for?

Low-volume sole proprietors and side businesses

Sole proprietors and early-stage side businesses fit well with the Right Size Account's $6 entry price and pay-per-use structure, which ensures you're not paying for a transaction allotment you don't need. It gives you a business account without requiring you to maintain cash balances to avoid fees.

Businesses with predictable monthly transaction volumes

Businesses with predictable payment cycles can pick the appropriate Select Plan for their transaction volume and avoid surprise overage charges on routine debits and deposits. Those with enough cash reserves can also eliminate the monthly fee by meeting the balance waiver.

Merchants processing card payments through Chase

Retailers, restaurants, and other businesses using Chase Payment Solutions get next-business-day settlement into their Scotiabank account with no deposit fees. Qualifying merchants also get a full rebate on the Select Plan B monthly fee once their Chase account is active and processing, without needing to maintain a $35,000 balance.

Scotiabank business account detailed review

Beyond the plan tiers, a handful of features are worth considering to see how well Scotiabank fits your operational needs. These include its digital banking, Chase merchant services, accounting integrations, savings account, security, deposit insurance, and how the bank's service is perceived by real customers.

Scotia OnLine and ScotiaConnect compared

Scotia OnLine and Scotiabank's mobile app enable daily banking for sole proprietors and micro-businesses. ScotiaConnect, Scotiabank's cash management and treasury platform, supports larger companies with multi-user permissions, approval workflows, batch EFT, and bulk Interac e-Transfers authenticated with hardware keys or digital tokens.

Chase Payment Solutions merchant services and the Plan B fee waiver

Scotiabank and Chase Payment Solutions together offer in-person terminals, mobile card readers, and eCommerce payment gateways. Scotiabank also automatically waives Select Plan B’s $40 monthly fee and deposit fees on payment processing for businesses actively transacting with a Chase merchant account.

QuickBooks Online integration and the client discount

Scotiabank business accounts connect directly to QuickBooks Online for daily transaction syncs, invoice tracking, reconciliation, and tax accounting. Scotiabank account holders get a discounted QuickBooks subscription via Scotiabank's business portal.

Right Size Savings for Business

Right Size Savings for Business carries no monthly account fee and offers tiered interest, starting at 1.5% on balances under $100,000 and rising to 2.15% between $1 million and $2 million. 

Security, CDIC coverage, and token authentication

Eligible CAD deposits in Scotiabank business chequing and savings accounts are CDIC- insured up to $100,000 per category. Scotiabank secures its online banking with two-factor authentication, behavioural fraud analysis, and custom authorization matrices. Additionally, ScotiaConnect requires cryptographic token approval for high-value wires and payroll.

User reviews and customer support

Businesses that want in-person support appreciate Scotiabank's branch network with local commercial account managers. However, commercial clients commonly cite phone support delays and paperwork-heavy branch onboarding.

Scotiabank business account fees

Holding $8,000 to $75,000 in a non-interest-bearing chequing account to waive the monthly fee presents an opportunity cost. Scotiabank's own Right Size Savings pays 1.50% below $100,000, so $75,000 parked there earns about $1,125 a year against the $1,440 you'd save on Select Unlimited fees

Before evaluating accounts, look at your average monthly transaction, deposit, and transfer volume to choose an account with the correct allowances to avoid per-item excess fees. Also make sure to note extra charges for excess deposits over the included amount, paper statements, and NSF fees, which are $0.25, $6, and $48 respectively across all these Scotiabank account options. 

Scotiabank business account pros and cons

Is a Scotiabank business account worth it?

A Scotiabank business account works well for established storefronts, cash-intensive businesses, and companies already running Chase Payment Solutions for card processing. Businesses with large domestic cash reserves can meet the balance waivers easily, and those that need physical branches, cash handling, or CDIC insurance will find value in Scotiabank's institutional footprint.

Digital-first businesses, online merchants, and companies transacting internationally may find Scotiabank to be less of a fit, with high FX markups, wire fees, and balance waiver requirements. Those types of businesses can review our roundup of the best international business bank accounts in Canada for major banks and digital-first platforms designed for global business.

How to open a Scotiabank business account

Scotiabank supports online applications for most business structures, though non-residents and complex corporate entities need to visit a branch. For more details on the paperwork Canadian banks typically require, see our guide on how to open a business bank account.

Step 1: Check your eligibility and business structure

Ensure your business is registered as a Canadian sole proprietorship, partnership, or incorporated entity. Canadian residents can apply online but non-resident owners need to visit a branch for in-person identity and document verification.

Step 2: Gather your registration and identity documents

Collect your articles of incorporation, provincial registration certificates, and trade name licences. Every beneficial owner holding 25% or more of the company needs two pieces of valid government identification, including at least one photo ID.

Step 3: Apply online or book a branch appointment

Sole proprietorships and straightforward corporations can complete the online application in about 15 minutes. Complex entities with multi-tier holding structures or specialty industry requirements need an in-person meeting with a commercial banking specialist.

Step 4: Choose your plan and set up digital banking access

Choose a plan that fits your expected transaction and cash handling needs. Once approved, set up your ScotiaCard, register for Scotia OnLine or ScotiaConnect, and activate your security tokens.

Why Airwallex is the best alternative to Scotiabank

Airwallex is the best alternative to Scotiabank for Canadian businesses that operate globally because its Explore plan costs nothing to open and carries no monthly fee or transaction minimums.  Airwallex Multi-Currency Accounts with local account details in 20+ currencies to collect payments from 70+ countries, avoiding forced conversions. When conversion is needed, they cost 0.5% above interbank rates on major currencies and 1% on the rest.

Airwallex Corporate Cards charge 0% on foreign transactions and let you set individual card limits on employee spend. Direct feeds into QuickBooks Online and Xero push transactions into your books automatically, cutting the manual matching that stretches month-end close.  If you want to compare Scotiabank options to other Big Five banks and digital platforms, check out this comparison of the best business bank accounts in Canada.

Frequently asked questions about Scotiabank business accounts

How much does a Scotiabank business account cost per month?

Scotiabank business account costs per month range from $6 on the Right Size Account to $120 on the Select Unlimited plan. The Basic Business Account costs $10.95 a month, and Select Plans A, B, and C cost $20, $40, and $75, respectively.

Can a sole proprietor open a Scotiabank business account?

Yes, sole proprietors can open any Scotiabank business account online or in person. You'll need two forms of government ID and, if operating under a name other than your own, a registered trade name certificate.

Can I switch Scotiabank business account plans without closing my account?

Yes, you can upgrade or downgrade between Select Account tiers as your transaction volume changes. A Scotiabank small business advisor can make the switch without changing your account number or disrupting existing payment arrangements.

Does Scotiabank offer business accounts to non-residents of Canada?

Yes, Scotiabank offers business accounts to non-Canadian residents but they can't complete their application online. Instead, they need to present certified corporate documents and identity verification in person at a Canadian branch.

Are Interac e-Transfers free with a Scotiabank business account?

Yes, on the Select Unlimited plan, Interac e-Transfers are free with no limit. Select Plans A, B, and C include 20 free outgoing transfers a month before a $1 per-transfer fee applies, and on Basic and Right Size each transfer costs $1 plus the account's per-transaction charge

Does Scotiabank charge for incoming and outgoing business wires?

Yes, Scotiabank charges $18 for incoming wires on all standard accounts and 0.2% of value ($30 minimum, $100 maximum) plus a destination charge of $7 domestic, $7.50 to the US, or $15 international, and any intermediary bank fees

Is my money safe in a Scotiabank business account?

Yes, your money is safe in a Scotiabank business account because eligible CAD deposits are CDIC-insured up to $100,000 per category. Its online banking portal is also secured with multi-factor authentication, digital security tokens, and fraud monitoring.

Sources

1. https://www.deloitte.com/ca/en/Industries/financial-services/perspectives/small-business-banking.html

2. https://www.scotiabank.com/ca/en/business-banking.html

3. https://www.scotiabank.com/ca/en/business-banking/banking-solutions/business-bank-accounts/basic-business-account.html

4. https://www.scotiabank.com/ca/en/business-banking/banking-solutions/business-bank-accounts/select-account-for-business.html