Bank of Nova Scotia (Scotiabank) vs Wealthsimple

• 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

CHEQUING & SAVINGS:

For everyday spending and saving

Some accounts are good for parking and growing your money, while others are good for avoiding fees and restrictions. Wealthsimple chequing accounts are great for all of those things.

• Interest rates starting at 1.25% (up to 2.25%)²
• No minimums, monthly fees, or overdraft penalties
• No ATM fees or Foreign Transaction (FX) fees^4,5
• Access to 60,000 ATMs across the country
• Third-party ATM fee reimbursements without limits⁴
• Unlimited free Interac e-Transfers^®, bill payments, and debit transaction
• 0.5% interest boost (up to 2.25% total) when you set up eligible direct deposits⁶
• Up to $1 million in CDIC deposit insurance coverage on eligible CAD deposits⁷
• Up to eight individual and eight joint accounts to help organize your money for different goals like vacations, emergency fund, etc.