Scotiabank Basic Business Account Review 2024 – Forbes Advisor Canada

This account is true to its name—basic. That said, it does offer services in Canadian and U.S. dollars, which is a boon to businesses operating in Canada and the U.S.

In addition, this account has a $10.95 monthly fee, which is waived if the monthly minimum balance is over $8,000.

This account is extremely limited in terms of transactions, only offering one transaction per $1,500 in the account.

The account is compatible with Chase Merchant Services, offering speedy, next-day access to funds from the Point-of-Sale service.

Scotiabank offers a plethora of other accounts and services, including:

Scotiabank Right Size Account for Business

This account has a monthly fee of $6 and charges for transactions based on the number of transactions you make per month. If you make 1 to 15 transactions per month, you’ll pay $1.25 per month, 16 to 50 transactions will cost $1.15, and over 51 transactions will cost $1 per transaction. It’s also compatible with Chase Merchant Services, offering next-day funds but no deposit fees on payment processing.

Scotiabank Select Account for Business

The Scotiabank Select Account for Business allows users to select one of four plans, ranging in monthly fees from $20 on the low end and $120 on the high end. They also include transaction fees, minimum monthly balances and additional transaction fees.

Other Business Accounts

Scotiabank also offers other business accounts tailored to specific businesses, including:

• Scotia Professional Plan Plus Account: A business solution for those with a high volume of transactions.
• ScotiaOne Account Plan for agriculture: A banking plan tailored to the agricultural industry.
• Scotia Community Account Plan: A plan for smaller charities and community groups to help maximize donation dollars.

Business Credit Cards

Pros

• Banking with Canadian or U.S. dollars
• Compatible with Chase Merchant Services

Cons

• Only one transaction per $1,500 in the account
• Monthly fee of $10.95 is only waived if $8,000 monthly minimum balance is maintained

Scotiabank Basic Business Account vs. Scotiabank Right Size Account for Business

The Scotiabank Basic Business account pails in comparison to the Scotiabank Right Size Account for Business. Consider that the Basic account has a $10.95 monthly fee and only offers one transaction per $1,500 balance. On the other hand, the Right Size account has a $6 monthly fee and charges for transactions based on how many you make. Like the Basic account, it’s compatible with Chase Merchant Services, offering next-day funds—but it also offers no deposit fees on payment processing from Chase. That said, the Scotia account does have the advantage of operating in both U.S. and Canadian currency.

Scotiabank Basic Business Account vs. TD Basic Business Plan

The TD Basic Business Plan is similar to the Scotia plan in that it’s only designed for a few monthly transactions. With the TD Basic plan, the monthly fee is lower, at just $5, and you get five deposits and five transactions. Extra deposits are $0.22 each and $1.25 for additional transactions. The Scotia plan has a higher monthly fee and no free transactions. However, the Scotia Basic account is better for banking in U.S. dollars.

Related: TD Business Banking Review

Scotiabank Basic Business Account vs. RBC U.S. Dollar Business Account

The Scotiabank Basic Business Account and the RBC U.S. Dollar Business Account can handle U.S. currency. The RBC account has a fee of $9 USD, which is waived if the monthly transaction fees exceed that amount or the balance is $2,500 USD or more. The Scotia account has a similar monthly fee but can also operate in Canadian currency, making it the better choice for businesses in Canada and the U.S.