EQ Bank vs Bank of Nova Scotia (Scotiabank)

Enjoy the day-to-day flexibility of a chequing account, with an interest rate up to 6x higher^** than the average savings account when you direct deposit your pay^*.

Key Highlights:

• Earns up to 2.75%* interest on your everyday balance (acts like chequing + savings in one)
• No monthly fees and no minimum balance
• Unlimited free transactions (e-Transfers, bill payments, EFTs)
• Comes with an EQ Bank prepaid Mastercard
• 0.5% cash back on card purchases
• Free ATM withdrawals in Canada, including reimbursement of third-party ATM fees
• No foreign transaction fees when using the card
• Fully online banking with a strong mobile app
• Ability to link multiple external bank accounts
• Eligible for CDIC protection^† (up to $100,000 per eligible category)

Things to Note:

• No physical branches
• No traditional debit card (uses prepaid Mastercard instead)
• Cash deposits not supported directly

Is the Personal Account right for you?

It’s right for you if:

• You’re looking for an account with no everyday banking fees and an unlimited number of transactions each month.
• You’re looking to make everyday banking transactions, such as direct deposits, pre-authorized debits, Interac e-Transfers^®, and bill payments.
• You’re looking to earn high interest on your day-to-day banking.
• You need instant access to your funds.
• You’re looking for an account that’s eligible for CDIC protection.
• You're looking for a completely digital banking experience.

It’s not right for you if:

• You’re looking for an account that offers cheques.
• You’re looking for an account that offers bank drafts and in-branch support.
• You need to deposit cash.

• You are eligible for the Preferred Package for Students and Youth (chequing account) if you are under 25 years of age or are enrolled full-time in a university, community college, or another recognized post-secondary institution in Canada or the United States. You will be required to confirm your student status by providing proof of enrollment.
• No monthly account fee*, unlimited debit and Interac e-transfer transactions
• Earn points on everyday purchases with the Scene+™ program
• Free trades for students and youth with Scotia iTRADE
• Rates, fees and other information are effective as of July 2, 2026. Subject to change.

• Up to $2,300 in first year value¹ when banking with Scotiabank, including up to $580 in value with the StartRight^® Program².
• Waive the monthly account fee for the first year⁵ when you open a Preferred Package chequing account.
• 24/7 banking through the Scotia app, phone, or chatbot, plus over 900 branches across Canada offering help in more than 50 languages.
• Collect rewards on everyday purchases with a Scene+ credit or debit card⁶ and get rewarded with travel, groceries, and more.
• Leverage your credit history from home to apply for a higher credit limit on your Scotia credit card³ with Nova Credit⁴.

How to Qualify for StartRight^®

Qualifications

• Canadian permanent resident for five years or less
• International student
• Foreign worker

Required Documentation

Gather these documents prior to applying:

Permanent Resident

• Resident card or Confirmation of Permanent Residence
• Foreign passport or Canadian government-issued photo ID, like your driver's license

Foreign Worker

• Work permit
• Foreign passport or Canadian government-issued photo ID, like your driver's license
• If applying for a credit card, you'll also need a letter from your Canadian employer confirming your annual income

International Student

• Study Permit (IMM 1442) or Temporary Resident Visa (TRV)
• One additional piece of government photo ID such as your passport or Canadian driver’s licence
• Proof of enrollment from your Canadian Educational Institution such as your Student ID card or your course timetable