Comparing Scotiabank Basic Plus Account Vs. National Bank the Connected Chequing Account
COMPARATIVE ANALYSIS
| Parameters | Scotiabank Basic Plus Account | National Bank’s – The Connected Chequing Account |
| Opening Cash Bonus | Not applicable | $300 |
| Monthly Fees | $11.95, avoidable on maintaining a minimum daily closing balance of $3,000 | $15.95, avoidable on maintaining a minimum balance of $4,500 |
| Interest Rates | Not applicable | Not applicable |
| Minimum Balance | Not applicable | Not applicable |
| Transactions: Banking INTERAC e-Transfers | 25 free debit transactions Free and unlimited | The transactions are chargeable, Free and unlimited |
The Scotiabank Basic Plus Account offers several value-added features and serves all your basic banking needs. National Bank’s–The Connected Chequing Account gives you several benefits at a nominal monthly fee.
Are you unclear about which one is the best chequing account for you? Let us explore both and do a comparative analysis.
1. Scotiabank Basic Plus Account
This chequing bank accounts for those who need everyday banking, such as ABM transactions and payroll deposits. It can be the perfect banking option if you want an account that serves all your basic banking needs.
Scotiabank Welcome Offer
This chequing account does not offer bonus cash or any other offer at the time of account opening.
FEATURES
Eligibility
| a. | You must be a Canadian resident. |
| b. | Must be a major as per the age of the majority set by your province. |
Interest Rate:
- This account has a regular interest rate of 1.35% p.a.
Minimum Balance:
- You are not required to keep a minimum balance
Transactions:
- This account offers you 25 free debit transactions
- You can also do free Interac e-Transfer transactions
- The international money transfers will cost you $1.99 per transaction
Monthly Fees:
- The monthly fee of this account is $11.95
- You can avoid this monthly fee if you maintain $3,000 in daily closing balance for the entire month
Additional Benefits:
- The CDIC (Canada Deposit Insurance Corporation) protects your deposits via insurance
- You get the facility of mobile cheque deposit
- You can do mobile and online banking
- You can check your credit score for free
2. National Bank’s – The Connected Chequing Account
With this chequing account, you get unlimited access to all your digital transactions. You get to enjoy several benefits as well. Read out all the terms and conditions by clicking on this link.
National Bank Welcome Offer
If you open a chequing account until October 31, 2022, you are eligible to get a cashback of $300.
FEATURES
Eligibility
a. You must be a Canadian resident.
b. Be a major as per the age of the majority set by your province.
Interest Rate:
- This account does not offer any interest rate
Minimum Balance:
- There is no requirement for any minimum balance
Transactions:
- The Interac e-Transfer is unlimited and free
Monthly Fees:
- The monthly fee associated with this chequing account is $15.95
- However, the bank can waive your monthly charge if you maintain a minimum balance of $4,500.
Additional Benefits:
- If you get enrolled in any eligible credit card, you get $30 off
- You can transfer funds online and make international payments using Mastercard and Interac
- All contactless payments through this chequing account
- Mobile cheque deposits
OPINION of Expertbyarea.money
The Scotiabank Basic Plus Account is a basic chequing account that does not offer you any cash bonus at the time of account opening. It charges an $11.95 monthly fee, which is avoidable by maintaining a minimum daily closing balance of $3,000. You also get 25 free debit transactions, besides free and unlimited Interac e-Transfer.
The National Bank’s–The Connected Chequing Account offers you a lucrative $300 opening cash bonus. The bank will charge $15.95 as a monthly fee, which you can avoid once you maintain a minimum balance of $4,500.
The fee and the minimum balance are comparatively higher than the Scotiabank Basic Plus Account. The National Bank’s–Connected Chequing Account does not offer you 25 free monthly debit transactions.
Evaluate your requirements. Choose the best account that better serves your needs.
