Scotiabank is one of the leading big banks in Canada offering a wide range of banking solutions to over 23 million clients globally. As a result, banking with Scotiabank provides an optimal sense of security and reliability.
However, there are many reasons why you may want to close your Scotiabank account. Perhaps you’re looking to switch to another bank or migrate to another country where Scotiabank doesn’t operate.
Regardless of the reason behind closing your Scotiabank account, knowing how to do so will help you achieve the desired result.
In this article, I discuss the steps you need to follow to close a Scotiabank account in or outside Canada. Additionally, you will learn about some of the best Scotiabank alternatives in Canada.
4 Things to Do Before Closing a Scotiabank Bank Account
As with any other bank account, there are certain things you need to do before you can close your Scotiabank account successfully.
The following are four major exercises you should perform before closing your Scotiabank account.
- Open a new bank account: Except if you’re quitting the banking system, you need to open a new bank account to replace your Scotiabank account. I discussed some of the best alternative bank accounts to consider at the end of this article.
- Update your banking information: After opening a new bank account, you need to update your banking information in your place of work and anywhere you receive regular payments. If you set up Autodeposit with your Scotiabank account in the past, it’s time to update it with your new account.
- Empty your Scotiabank account: Ensure you bring down your Scotiabank account balance to zero before closing it.
- Clear outstanding balance: If you have any negative or outstanding balance on your Scotiabank account, kindly clear it off before closing the account.
Once you’re done with the above exercises, it’s time to follow the steps below to close your Scotiabank account.
How to Close Scotiabank Account
Unlike other banks that allow you to close your account online, you can only close your Scotiabank account in-branch or by mail – depending on your country of residence
That said, the following are the steps on how to close a Scotiabank account in Canada.
- Locate the nearest Scotiabank branch: There are currently more than 950 Scotiabank branches scattered across different parts of Canada. All you need is to locate the nearest one to you and book an appointment online.
- Visit a Scotiabank branch: Based on your appointment, you should visit the nearest Scotiabank branch and contact the staff in charge of bank accounts.
- Introduce yourself: Introduce yourself and tell them you want to close your bank account. You may be asked to provide reasons behind your decision to proceed to the next stage.
- Follow the instructions: Upon receiving your request, a Scotiabank representative will require you to perform some formalities which include filing and signing documents. Follow all the instructions to have your bank account closed.
If you’re already outside Canada and want to close your Scotiabank account, all you need is to follow the steps below.
- Write a letter and indicate the specific Scotiabank account you want to close. Get an account closing letter sample here.
- Sign and mail the letter to your Scotiabank branch address (you can easily find the branch by entering your full Scotiabank account on the Online Branch Locator)
Overview of Scotiabank Account
Understanding all Scotiabank accounts and their key features is essential to opening a new bank account with the bank or switching to another financial institution.
In what follows, I provide an overview of the six Scotiabank accounts and packages with their key features to help you understand how they compare.
1. Scotiabank Ultimate Package
The Scotiabank Ultimate Package is an all-in-one bank account with savings and chequing account features.
The package features a MomentumPLUS Savings Account that offers 5.00% interest for a limited time. This is in addition to a $350 welcome bonus and unlimited free Global non-Scotiabank ABM withdrawals.
With this account, you will enjoy unlimited Interac e-Transfer transactions, debit transactions and Scotia International Money Transfers.
The package costs $30.95 per month but the fee is waived when you have a minimum daily balance of $5k or a minimum of $30k balance in your MomentumPLUS Savings Account and Ultimate Package account.
Learn more: Scotiabank Ultimate Package Review
2. Scotiabank Preferred Package
The Scotiabank Preferred Package is also a hybrid bank account with savings and chequing account features.
Like the Scotiabank Ultimate Package, the Scotiabank Preferred Package also offers access to a limited 5.00% interest on MomentumPLUS Savings Account.
In addition to preferred GIC rates, the package also offers a $350 welcome bonus for new users.
Even though the Scotiabank Preferred Package charges a monthly fee of $16.95, the fee is waived if you leave a minimum daily balance of $4k throughout the month.
Some of the key features of the Scotiabank Preferred Package include:
- Zero monthly fees on Scotia U.S. Dollar Daily Interest Account
- Annual fee waiver on eligible credit cards
- Unlimited debit transactions
- Unlimited Interac e-Transfer transactions
- Overdraft protection
- Scene+ Program
3. Basic Bank Account
This is an award-winning basic bank account that is tailored to individuals with minimal everyday banking needs ranging from purchases, and payroll deposits to transactions.
The account charges a monthly fee of $3.95 in exchange for the following features:
- 12 free transactions per month
- 12 debit transactions per month
- Free monthly Interac e-Transfer transactions
- Overdraft protection
- Scotia International Money Transfer
4. Basic Plus Bank Account
This is the advanced version of the Scotiabank Basic Bank Account. The Basic Plus Bank Account cost $11.95 per month but the fee is waived if you have a minimum daily balance of $3k throughout the month.
Like the Basic Bank Account, you can use this bank account to make everyday banking activities such as ABM transactions, purchases and payroll.
Some of the key features of the Scotiabank Basic Plus Bank Account include:
- 25 free debit transactions/month
- Free Interac e-Transfer transactions
- Overdraft protection
- Scotia International Money Transfer
5. Student Banking Advantage Plan
This is a no-fee bank account tailored to students schooling full-time in Canadian or US post-secondary institutions.
The account comes with a $50-valued welcome bonus and it is ideal for everyday banking. In addition, students can make unlimited debit transactions and Interac e-Transfers with this account.
Electronic and paper statements are provided free and account users can earn rewards on debit transactions in addition to enjoying overdraft protection.
6. Youth Savings Program
The Scotiabank Youth Savings Program is tailored to individuals that are under 19 years old. The account doesn’t charge monthly fees and offers the following features:
- Unlimited debit transactions
- Unlimited Interac e-Transfer transactions
- Rewards on debit transactions
- 0.05% to 0.10% interest on deposits
- Free paperless or paper statements
If you’re looking for a low-cost bank account for everyday banking in Canada, you can’t go wrong with the Scotiabank Youth Savings Program.
Alternatives to Scotiabank Account
Chances are none of the above Scotiabank accounts is worth your alternative due to one reason or the other.
In this case, it’s best to consider bank accounts from other financial institutions in Canada if you’re currently residing in the country.
When it comes to choosing the best Scotiabank account alternative in Canada, you should narrow your selection to the best online banks in the country.
This is because traditional brick-and-mortar banks are less favourable in terms of fees and interest rates. Online banks are able to offer better terms because of their low operational costs.
The following are some best online banks in Canada with competitive savings and chequing accounts.
1. Tangerine Bank Accounts
If you’re a big fan of Scotiabank, you can maintain your loyalty by signing up with its online banking division, Tangerine (formerly ING Direct Canada).
Tangerine is one of the oldest online banks in Canada offering a wide range of banking and investment solutions.
Even though the bank is more popular for its competitive mortgages, it also offers a high-interest savings account and no-fee chequing account in addition to:
- Registered savings accounts
- Personal and business accounts
- Investment accounts
- Credit cards
- Lines of credit
- HELOC
As a division of Scotiabank, Tangerine gives you access to Scotiabank ABMs in and outside Canada.
That said, the Tangerine savings account offers a standard 1.00% interest on savings with high promotional interest of 5.00%. On the other hand, the Tangerine no-fee chequing account has the following features:
- Up to $400 sign-up bonus
- Up to 1% interest on balance
- Free Interac e-Transfer transactions
- Free daily transactions
- Free access to Scotiabank ABMs
Learn more: Tangerine Savings Account Review
2. EQ Bank Accounts
EQ Bank operates as Equitable Bank’s online bank. The bank offers a high-interest savings account, US Dollar account, GICs, RSPs and TFSAs.
While EQ Bank doesn’t offer a standard chequing account, its Savings Plus Account combines savings and mobile chequing account features.
EQ Bank is popularly regarded as one of the best online banks in Canada for savings. This is because it offers 2.50% interest on its Savings Plus Account which comes with the following features:
- $0 monthly fees
- $0 Electronic Funds Transfers (EFT) fees and Interac e-Transfers fees
- $0 bill payments fees
- $0 EQ to EQ Transfers fees
- $0 minimum balance
- Mobile cheque
What appears to be the major drawback of EQ Bank is its lack of credit cards. But if you’re just looking to earn decent interest on your savings, then EQ Bank is a safe and worthy alternative to Scotiabank.
Learn more: EQ Bank Review
3. Simplii Financial Bank Accounts
Simplii Financial is another top contender for the title of the best online bank in Canada due to its high promotional interest on savings accounts and full banking products.
As an online banking division of CIBC, Simplii offers a high-interest savings account, US Dollar savings account, no-fee chequing account, mortgages, loans, cashback credit cards and investing accounts.
The Simplii high-interest savings account currently offers 5.25% promotional interest with a 0.40% standard interest rate. In addition to zero monthly fees, the account also has zero transaction fees with no minimum balance.
With the Simplii no-fee chequing account, you will earn a $350 welcome offer if you set up a minimum of $100 direct deposit per month within three consecutive months.
The Simplii no-fee chequing account doesn’t also have minimum balance or transaction fees. It allows you to make free Interac e-Transfers, unlimited bill payments, withdrawals and debit purchases.
Learn more: Simplii Financial Review
4. Neo Financial Bank Accounts
Another good alternative to Scotiabank in Canada is Neo Financial. Despite being a newcomer in the Canadian online banking industry, Neo Financial is already leading on various grounds.
While Neo Financial is more popular for its cashback credit cards, it is also ideal for savings as it offers 2.25% interest rate.
Besides having no monthly fees, the Neo savings account doesn’t also have transaction fees and limits.
Back to the main catch, Neo Financial’s tripartite Mastercards set reward standards that other credit cards follow. The credit cards offer up to 15% welcome bonus on the first purchase at partner stores with an average of 4%-6% cashback on purchases at Neo partner stores.
All Neo Financial credit cards offer 1% guaranteed cash back on every purchase. And if your entitled cash back is below 1%, Neo will top it up to 1%.
Learn more: Neo Financial Review
Is there a fee to close a Scotiabank account?
There is no fee to close a Scotiabank account that is older than 90 days from the day of registration. However, Scotiabank charges $20 for closing an account that was opened within 90 days.
The following are the account closure fee for Scotiabank investment and registered accounts:
| Investment/Registered Account | Closure Fee |
|---|---|
| RSP, RLSP, LRSP & LIRA | N/A |
| RIF, RLIF, LIF, LRIF & PRIF | $50 if you close the account within one 1 year of opening it |
| TFSA, RESP & RDSP | N/A |
FAQs on How to Close Scotiabank Account
No! You can only close a Scotiabank account in person at the nearest Scotiabank branch if you reside in Canada. If you reside outside Canada, you can close your Scotiabank account by sending a signed mail to your Scotiabank branch.
You can contact Scotiabank at any of the following channels:
Visit your nearest Scotiabank branch
Call 1-800-472-6842
Send mail to the nearest Scotiabank branch
Chat with Scotiabank on Twitter @ScotiabankHelps
Final Thoughts
That’s everything you need to know on how to close a Scotiabank account. As you can see, closing a Scotiabank account is easier than the registration process.
What’s next? It’s up to you to decide whether to open another Scotiabank account or sign-up with a different bank entirely. The decision will depend more on your banking needs, location and current situation.
Above all, ensure your experience with Scotiabank influences the type of bank account you’re going to open next to avoid opening and closing bank accounts too often.
If you have any questions or concerns, kindly hit me up in the comment section. Thanks for reading!
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