Scotiabank Preferred Package for Students and Youth review

What banking products does Scotiabank offer?

The Scotiabank Preferred Package for Students and Youth is only the tip of the iceberg of what this Big 5 bank provides. Here’s a basic rundown of its main products and services:

• Chequing and savings accounts. Scotiabank offers a suite of chequing and savings accounts to cover your primary banking needs.
• Loans and credit lines. You can borrow with Scotiabank through loans, lines of credit and credit cards.
• Mortgages. If you’re looking to finance your next home purchase, Scotiabank offers fixed- and variable-rate mortgages.
• Insurance. Scotiabank can help you protect your home, vehicle and travel plans through a comprehensive list of insurance products.
• Investing. Whether you’re looking to save for retirement, set up a tax-free savings account or trade financial assets, Scotiabank offers dedicated investor services, including GICs.

How does it compare to other banks or services?

Scotiabank isn’t the only Canadian bank that caters to students. RBC, TD, CIBC and Bank of Montreal all serve this growing demographic. Scotiabank offers some unique advantages over the competition. Earn up to $100 as a welcome cash bonus when you open an account. Apply by July 1, 2025. While most student bank accounts are free, not all of them are. That’s another tip in Scotiabank‘s favour.

Scotia is also a recent winner of a J.D. Power customer satisfaction award.

Scotiabank reviews and complaints

Like any other Canadian financial institution, Scotiabank has a lot of reviews written about it online. Some are positive, some are negative. With a nearly 190-year track record, Scotiabank is one of the most reliable financial institutions in the country. It also won a J.D. Power retail banking advice satisfaction award in 2019.

Why should I open an account at Scotiabank?

Some of the main benefits of a Scotiabank Preferred Package for Students and Youth include:

• Unlimited account features. The Scotiabank Preferred Package for Students and Youth lets you deposit, withdraw and send money from your account as much as you like.
• No-fee banking. You won't be charged a monthly account fee until you turn 23 years old (account holders older than 23 must be students enrolled in a post-secondary program with valid proof of enrolment to qualify for no account fee).
• Rewards. The Scotiabank Preferred Package for Students and Youth comes with a welcome bonus. Earn up to $100 as a welcome cash bonus when you open an account. Apply by July 1, 2025. It also lets you earn rewards on debit transactions.
• Other guaranteed benefits. Scotiabank account holders receive overdraft protection, access to more than 4,000 ABMs and personalized financial advice.
• Special offer. Get free trades for Students & Youth with Scotia iTRADE

What should I look out for?

Some of the drawbacks of a Scotiabank Preferred Package for Students and Youth include:

• Not free for part-time students. To be eligible for no-fee banking, students need to prove they’re pursuing full-time studies. That means a full course load.
• Other fees apply. With this account, only your monthly fee is waived. You’ll still have to pay for bank drafts, overdraft protection and international wire services.

How does this account compare to alternatives?

While there are many comparable accounts on the Canadian landscape, the best alternative is the BMO Performance Chequing Account. It is the highest-rated Big Five Bank chequing account on our list of the best chequing accounts in Canada. Besides offering top features, widespread ATM access and unlimited transactions, for a limited time when you sign up for the BMO Performance Chequing Account through Finder, you'll get an exclusive offer.

8.7 Great

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BMO Performance Chequing Account

Earn $750
Bonus Offer

$17.95
Monthly Account Fee

unlimited
Free Transactions

• Info
• More Details

Get a $150 digital Visa card from Finder when you become a Finder Member and open a BMO Performance Chequing Account through Finder. T&Cs apply.

The BMO Performance Chequing Account offers unlimited free transactions and e-Transfers, and a generous welcome bonus.

Get up to a $700 cash bonus plus a $50 Walmart Canada eGift Card. Valid until September 30, 2025. Plus, earn a 4.75% promo interest rate when you open a Performance Chequing and a Savings Amplifier Account.

Plus, get more when you sign up through Finder. Exclusive offer: Become a Finder member and receive a $150 digital Visa card from Finder when you open a BMO Performance Chequing Account through Finder. Offer ends July 31, 2025. T&Cs apply.

Min. Age	18
Min. Age Teen Account	13
Account Fee	$17.95
Youth Account Fee	$0
# of Accounts Included	20
Overdraft Fee	$5
ATM Out-of-Network Fee	$2
U.S. ATM Fee	$5
International ATM Fee	$5

Scotiabank customer service

Scotiabank is one of the nation’s largest financial institutions. That means you can reach it 24 hours a day, 7 days a week. Account inquiries can be directed to customer support at the following toll-free number: 1-800-4-SCOTIA. You can also tweet to @ScotiabankHelps for extra help.

Is this account different from the Scotiabank Student Banking Advantage Plan?

On May 26, 2025, Scotiabank discontinued The Getting There Savings Program for Youth and the Student Banking Advantage Plan, and effectively replaced those two accounts with a new student account, the Scotiabank Preferred Package for Students and Youth.

So while you can no longer sign up for the Student Banking Advantage Plan, you can get all of the same benefits, plus additional perks, with the new Preferred Package for Students and Youth.

The bottom line

Scotiabank Preferred Package for Students and Youth is a reliable account for individuals pursuing full-time studies. If you need a bank account that gives you unlimited transactions while waiving your monthly fee, visit Scotiabank’s website to review the details.