
Scotiabank chequing account packages
Scotiabank has five checking account packages:
Package | Welcome bonus |
Scotiabank Ultimate Package | $350 |
Scotiabank Preferred Package | $350 |
Scotiabank Base Bank Plus Bank Account | – |
Scotiabank Student Banking Advantage Plan | $100 |
Scotiabank Basic Bank Account | – |
Scotiabank offers 5 savings accounts:
Savings account | Promotional rate |
MomentumPLUS Savings Account | Up to 5.15% interest for 5 months |
Savings Accelerator Account | – |
Money Master Savings Account | – |
Scotia U.S. Dollar Daily Interest Account | – |
Scotia Euro Daily Interest Savings Account | – |
Below, you will find the characteristics of all these packages and savings accounts.
The package that interests us the most as travellers – and recommended by several members of the Facebook group – is the Scotiabank Ultimate Package. For a limited time, this one also offers a welcome bonus of $350!
With this package, you avoid paying specific fees such as the annual credit card fee or withdrawal fees abroad.
Scotiabank Ultimate Package Review
The Scotiabank Ultimate Package is a single package:
- Usage
- Save
- Invest
Features
With our traveller’s eyes, the Scotiabank Ultimate Package includes many exciting benefits, including:
- Annual Fee Waiver (up to $150) on select credit cards such as the Scotiabank Passport™ Visa Infinite* Card or Scotia Momentum® VISA Infinite* card
- Unlimited free Global non-Scotiabank ABM withdrawals
Special offer
When you open a new Scotiabank Ultimate Package, you can get a $350 bonus!
To get this, you just have to:
- Open a new Scotiabank Ultimate Package through this promotional link
- Complete any two of the following three actions within 60 days of opening your Ultimate Package:
- Set up an eligible recurring direct deposit, which will recur monthly for a minimum of 3 consecutive months.
- Set up at least 2 eligible separate recurring pre-authorized transactions that are $50 or more, which will each recur monthly for a minimum of 3 consecutive months.
- Make an eligible $50 bill payment through online or mobile banking.
For example, to get this promotion, all you need to do is set up two pre-authorized transactions (such as Hydro-Québec and Bell) and make a bill payment of at least $50 (like your mobile provider).
A free credit card from year to year
By holding a Scotiabank Ultimate Package, you can keep your credit card year after year without paying an annual fee!
For example, the great Scotiabank Passport™ Visa Infinite* has the following perks:
- No conversion fees for foreign currency transactions
- 6 free airport lounge visits
- Participate in the Scene+ loyalty program to apply points to travel purchases such as Airbnb rentals, car rentals and flights.
Here is the current offer:
Or the Scotia Momentum® VISA Infinite* card, which is one of the best cash back credit cards in Canada:
- 4% for groceries and recurring payments
- 2% on gas and public transportation
- 1% on all other purchases
- Visa Infinite Concierge
- Premium insurance
Here is the current offer:
Or the Scotiabank Gold American Express® Card, which earns many travel points:
- 5X the points on grocery stores, restaurants, fast food, and drinking establishments. Includes popular food delivery and food subscriptions.
- 5X the points on eligible entertainment purchases. Includes movies, theatre, and ticket agencies.
- 3X the points on gas and daily transit. Includes rideshare, buses, taxis, subway, and more.
- 3X the points on streaming services (Netflix, Spotify, Cineplexstore)
- 1X the points on every other purchase
- Premium insurance
- Access to American Express offers
Here is the current promotional offer:
Detailed features
Here is the Scotiabank Ultimate Package’s features:
Usage:
- Unlimited debit transactions
- Unlimited no-fee Scotia International Money Transfers
- Unlimited Interac e-Transfer transactions
- No monthly Overdraft Protection fee
- Free personalized cheques and drafts
- Earn Scene+ points
- No monthly account fee on a Scotia U.S. Dollar Daily Interest Account
- $55 annual fee waiver (equivalent to a small safety deposit box)
Grow your money:
- Enjoy a high interest rate on your MomentumPLUS Savings Account for 5 months
- Ultimate rates on select GICs
- 10 free equity trades at Scotia iTRADE in your first year (approximately $100 value) and 5 free equity trades every year after
Rewards
Scotiabank is one of the only institutions to offer rewards on activities made with a DEBIT card linked to the Ultimate Package checking account.
For example, you can earn 1 Scene+ point for every $5 in purchases made with a Scotia Debit card
Fee
The Scotiabank Ultimate Package has a $30.95 monthly fee.
However, it could be FREE ($0 per month), by fulfilling one of these two conditions. By maintaining either:
- a minimum daily closing balance of $5,000 in your Ultimate Package
- a combined balance of $30,000 across your Ultimate Package and your MomentumPLUS Savings Account
If you have $5,000 not invested, it would be worth leaving them in your Ultimate Package chequing account so you pay:
- no monthly bank fees
- no annual credit card fees
The Scotiabank other banking packages
If the Scotiabank Ultimate Package is the best value for us, here are the other 4 packages offered by Scotiabank:
Scotiabank Preferred Package
The Scotiabank Preferred Package has the following main features:
- Unlimited Interac Debit and Transfer transactions
- First-year annual fee waiver on select credit cards (up to $150)
- Enjoy a high interest rate on your Momentum Savings Account for 5 months
Unlike the Ultimate Package, which allows you to avoid the annual fees of certain credit cards from year to year, the Preferred Package only waives the first-year annual fee on select Scotia credit cards such as:
Special offer
Right now, when you open a new Scotiabank Essential Plan, you can get a $350 bonus!
To get this, you just have to:
- To open a new Scotiabank Preferred Package through this promotional link
- Complete any two of the following three actions within 60 days of opening your Ultimate Package:
- Set up an eligible recurring direct deposit, which will recur monthly for a minimum of 3 consecutive months.
- Set up at least 2 eligible separate recurring pre-authorized transactions that are $50 or more, which will each recur monthly for a minimum of 3 consecutive months.
- Make an eligible $50 bill payment through online or mobile banking.
For example, to get this promotion, all you need to do is set up two pre-authorized transactions (such as Hydro-Québec and Bell) and make a bill payment of at least $50 (like your mobile provider).
Features
Here are the other features of the Scotiabank Preferred Package.
Redemption
- Unlimited debit transactions
- Send money globally for $1.99 with Scotia International Money Transfer
- Unlimited Interac e-Transfer transactions
Grow your money
- Enjoy a high interest rate on your MomentumPLUS Savings Account for 5 months
- Preferred rates on some GICs
No boundaries
- First-year annual fee waiver on select credit cards (up to $150)
- Fee waived on one non-Scotiabank ABM withdrawal per month in Canada
Rewards
it is possible to get either:
- 1 Scotia Rewards point for every $5 purchase (with a Scotia Passport debit card)
- 1 SCENE point for every $5 purchase (with a Scotia SCENE debit card)
Fee
The Scotiabank Preferred Package has a $16.95 monthly fee.
However, it could be FREE ($0 per month), by maintaining a minimum daily closing balance of $4,000 for the entire month in your checking account.
Scotiabank Student Banking Advantage Plan
Features
The Scotiabank Student Banking Advantage Plan has the following key features:
- Unlimited debit transactions
- Unlimited Interac e-Transfer transactions
- Earn Scene+ rewards on your debit transactions
- Free paperless or paper statements
Fee
Scotiabank Student Banking Advantage Plan has no monthly fees!
Special offer
Right now, when you open a Scotiabank Student Banking Advantage Plan, you can get a $100 bonus!
To get this, you just have to:
- To open a new Scotiabank Student Banking Advantage Plan through this promotional link
- To complete one of the following two transactions within 60 days of opening the eligible account:
- Set up your payroll so that it is deposited into your Eligible Account
- Set up a minimum of 2 separate recurring pre-authorized transactions (“PATs”) for a minimum of $25 per transaction for twelve (12) consecutive months.
Scotiabank Basic Plus Bank Account
Features
Scotiabank Basic Plus Bank Account has the following key features:
- 25 free debit transactions per month
- 10 free Interac e-Transfer transactions per month
- Send money globally for $1.99 with Scotia International Money Transfer
- Earn Scene+ rewards on your debit transactions
Fee
The Scotiabank Basic Plus Bank Account has an $11.95 monthly fee.
However, it could be FREE ($0 per month), by maintaining a minimum daily closing balance of $3,000 for the entire month in your Basic Plus Bank Account.
The Basic Bank Account
Features
Scotiabank Basic Bank Account has the following key features:
- 12 free transactions per month
- 2 free Interac e-Transfer transactions per month
- Earn Scene+ rewards on your debit transactions
Fee
Scotiabank Basic Bank Account has a $3.95 monthly fee.
MomentumPlus Savings Account
Features
The MomentumPLUS Savings Account has the following key characteristics:
- For a limited time, get a high interest savings rate for 5 months
- Save for multiple goals in one account
- No monthly account fees or minimum balance required
- Earn even more interest when you open and fund a Premium Period(s)
- The longer you save, the higher your interest rate
Money Master Savings Account
Features
The Money Master Savings Account has the following main characteristics:
- Convenient access to your money at any given time
- No monthly account fees or minimum balance required
- Grow your savings every time you use your debit card with Bank the Rest®