RBC vs Scotiabank: everyday chequing fees compared
RBC and Scotiabank take different approaches to their standard chequing account. RBC’s Day to Day Banking is a low-cost, low-transaction account with no balance waiver. Scotiabank’s Basic Plus costs more but includes more transactions and can be made free with a balance. Here is the verified comparison — fees, waivers, senior pricing and the gaps each bank does not publish.
RBC
Day to Day Banking
$4.00/mo standard
- No balance waiver on the monthly fee
- 12 transactions a month included
- Seniors 65+ pay $0.00/mo
Scotiabank
Basic Plus Bank Account
$11.95/mo standard
- Fee waived with a $3,000 balance
- 25 transactions a month included
- Seniors 60+ pay $7.95/mo
The verified comparison
Fees verified · June 9, 2026| What you pay | RBC Day to Day Banking | Scotiabank Basic Plus Bank Account |
|---|---|---|
| Monthly fee | $4.00 | $11.95 |
| Fee waiver | No balance waiver No minimum-balance waiver — rebates only via RBC Value Program bundles. | $3,000 balance Fee waived with a $3,000 daily closing balance for the entire month. |
| Transactions included | 12/mo | 25/mo |
| Excess transaction fee | $1.25 per debit | Not published Scotiabank does not publish its excess-debit fee on its fees page — debits past 25 a month are not included in this estimate. |
| Senior pricing | $0.00/mo at 65+ Seniors 65+ get the full $4.00 rebated — the account is free. | $7.95/mo at 60+ Seniors pricing is $7.95 a month — a $4.00 discount. |
| Other-bank ATM fee | Not published RBC does not publish its other-bank Interac fee on its fee pages — ATM costs are not included in this estimate. | $2.00 $2.00 per withdrawal at other-bank Interac ATMs in Canada, plus any operator surcharge. |
| NSF fee | $10.00 | $10.00 |
Every figure above is read from each bank's own fee page — RBC and Scotiabank — last checked June 9, 2026. Banks change fees without notice; confirm before opening.
Cheap-and-capped vs pricier-and-waivable
RBC’s Day to Day Banking is $4.00 a month for 12 transactions, with no balance waiver — the fee is the fee unless you qualify for the senior rebate. Scotiabank’s Basic Plus is $11.95 a month for 25 transactions, but the fee is fully waived with a $3,000 daily closing balance for the whole month.
One caveat that matters: Scotiabank does not publish its excess-debit fee on its fees page, so if you routinely blow past 25 transactions the cost is hard to pin down in advance. RBC is transparent here — $1.25 per debit past 12.
Senior pricing: RBC is free, Scotia is discounted
For older clients, RBC again rebates its $4.00 fee in full at 65+, so the account is free. Scotiabank offers a senior discount from age 60 that brings Basic Plus down to $7.95 a month — better than nothing, but still about $95 a year. If free everyday banking in retirement is the goal, RBC’s rebate is the stronger offer; Scotia’s edge is the larger transaction count and the balance waiver.
Pick this one if…
RBC Day to Day Banking
- You are 65 or older (RBC rebates the fee — it is free)
- You bank lightly (12 transactions or fewer) and want a $4 floor
- You want a published per-debit excess fee you can plan around
Scotiabank Basic Plus Bank Account
- You can keep a $3,000 balance to waive the fee entirely
- You make up to 25 transactions a month
- You are a senior 60–64 (Scotia’s discount starts at 60, RBC’s rebate at 65)
Scotiabank’s Basic Plus offers more transactions and a clean balance waiver; RBC’s Day to Day is cheaper to run light and free for seniors 65+. Scotia’s unpublished excess-debit fee is the one blind spot. As always, a no-fee digital account undercuts both — worth comparing before you commit to either.
Keep comparing
Frequently asked questions
Is RBC or Scotiabank cheaper for everyday banking?
RBC’s Day to Day is $4.00 a month against Scotiabank Basic Plus at $11.95, so RBC is cheaper at face value. But Scotiabank waives its fee with a $3,000 daily balance, making it free with more transactions (25 vs 12). If you can keep $3,000, Scotia is effectively free and more generous; if not, RBC’s $4 floor is lower.
Does Scotiabank waive its chequing fee?
Yes — the Basic Plus $11.95 fee is fully waived if you keep a $3,000 closing balance every day of the month. RBC’s $4.00 Day to Day fee has no balance waiver; it can only be eliminated through the senior rebate at 65+ or a bundle.
Which is better for seniors, RBC or Scotiabank?
For free banking, RBC — it rebates the full $4.00 fee at 65+, so the account costs nothing. Scotiabank’s senior discount starts earlier, at age 60, but only reduces Basic Plus to $7.95 a month rather than zero. Seniors 60–64 get help at Scotia; seniors 65+ bank free at RBC.
What is Scotiabank’s fee for going over the transaction limit?
Scotiabank does not publish its excess-debit fee on its fees page, so transactions past the 25 included in Basic Plus carry an amount that is hard to confirm in advance. RBC is clearer: $1.25 for each debit beyond the 12 included in Day to Day. If you expect high transaction volume, that transparency matters.
This page is for educational purposes only and is not financial advice. Account fees, waivers, senior pricing and transaction limits change frequently and vary by institution; the figures referenced were last verified June 9, 2026 at each bank's own fee page. Confirm current terms with RBC and Scotiabank before opening an account. See our methodology.