Scotiabank Preferred Package review

Our verdict

Our verdict

The Scotiabank Preferred Package offers unlimited free Interac e-Transfers and debit transactions, a generous welcome offer and an interest rate boost on the MomentumPLUS Savings account (which you can open free of charge). Since this is a premium chequing account, it does come with a monthly account fee of $16.95, however the monthly account fee will be waived if you have at least $4,000 in your account at all times.

Best for: Those who want more perks with a premium bank account.

Pros

• Unlimited and free debit transactions and e-Transfers
• Earn a generous welcome bonus of up to $350
• Enjoy an interest rate boost on your MomentumPLUS account
• Can get the monthly account fee will be waived if you have at least $4,000 in your account at all times

Cons

• You'll pay a monthly account fee of $16.95 if you don't meet the requirments to have it waived
• You won't earn any interest on the money in your chequing account

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Free Transactions

unlimited

Interac e-Transfer Fee

$0

Monthly Account Fee

$16.95

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Scotiabank Preferred Package

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The basics

If you’re looking for the best bundle of benefits and features with this reputable Big Five bank, the Scotiabank Preferred Package is a good place to start.

• Preferred rates. Earn up to 4.95% interest on your MomentumPLUS Savings Account for 5 months. The longer you save with the Scotia MomentumPLUS, the higher your interest rate. Plus, save for multiple goals in one account.
• Unlimited transactions. Lock in unlimited debit and Interac e-Transfer transactions (with the exception of withdrawals from non-Scotiabank ABMs).
• Fee waivers on account. monthly account fee will be waived if you have at least $4,000 in your account at all times
• First-year fee waived on credit cards. Get your first annual fee waived on select premium Scotiabank credit cards. Save up to $150 annual fee waiver each year on select credit cards. To qualify, certain conditions must be met.
• Free credit check. Get a free credit check sponsored by Scotiabank using TransUnion’s special CreditView service.
• Free trades. Trade 1 get 1 free at Scotia iTRADE. Get 20 free trades (stock or ETF) on the mobile app in your first year and 10 free trades every year after.

The perks

In addition to the basic benefits on offer, this account has a number of extra perks:

• International money transfers. For $1.99 send international money transfers with Scotia International Money Transfer.
• Online and mobile banking. You’ll be able to check and manage your account online or through Scotiabank‘s mobile banking app.
• Mobile cheque deposit. You can deposit cheques easily into your account without having to go into a branch.
• One free withdrawal per month. You’ll get one free non-Scotiabank ABM withdrawal per month in Canada.
• No fee on US dollar account. You won’t have to pay a monthly fee for your US Dollar Daily Interest Accounts if you hold this type of account.
• Contactless payment. You can pay on the go by linking your account to Apple Pay, Google Pay or Samsung Pay.
• Special discounts. You’ll be able to save money on your monthly account fees if you’re a senior or newcomer to Canada.

What to watch out for

While Scotiabank Preferred Package accounts are known for offering a wealth of benefits, there are also a couple of potential drawbacks you should be aware of.

• Monthly fee. You’ll have to pay $16.95 per month to maintain this account unless you hold enough cash to get your account fee waived.
• Charges for non-Scotiabank ABMs. You’ll be charged a small fee every time you use a non-Scotiabank ABM to withdraw money.
• Caps on credit card fee waivers. You’ll only get your annual fee waived for one year on any Scotiabank credit card you sign up for.

What should I know before I apply?

To open a Scotiabank Preferred Package account, you’ll need to meet the following criteria:

• Be a resident of Canada with a valid social insurance number
• Be 16 years of age or older
• Have an email account

How do I open an account?

To open a Scotiabank Preferred Package account, you’ll need to fill out a quick and easy online application. Follow these steps to get started:

1. Click on this secure link or on the “Go to Site” button on this page to get started.
2. Complete the application, which includes providing your name, email address, social insurance number (SIN) and birth date.
3. Review the details of your account and apply quickly and easily with the click of a mouse.

Bottom line

Scotiabank is one of Canada’s most reputable banks, offering a full suite of financial products to millions of clients each year. The Scotiabank Preferred Package offers a combination of Scotiabank‘s most popular account features along with exclusive rates and rewards. Find out what you need to qualify for this type of account and learn how you can apply online today.

Scotiabank chequing accounts guide

Scotiabank Preferred Package FAQs

• Do I have to pay a monthly fee with the Scotiabank Preferred Package?

  Yes. You'll need to pay a monthly fee to maintain the Scotiabank Preferred Package unless you keep $4,000 in your account at all times.

• Can I manage my Scotiabank Preferred Package account through mobile banking?

  Absolutely. Scotiabank's mobile app lets you do all sorts of banking activities – including depositing cheques, paying bills, transferring between your accounts and sending e-Transfers.

• How is my money protected with the Scotiabank Preferred Package?

  Your deposits are protected by the Canadian Deposit Insurance Corporation (CDIC) so you can rest assured that any money you deposit will be protected.

• Who can I contact if I have questions about my Scotiabank Preferred Package account?

  Scotiabank's customer service team works round the clock to help you with any questions you might have. You can get in touch with them at 1-800-472-6842. You can also visit a branch during business hours or send a tweet to @ScotiabankHelps for more information.

• Can I apply for a Scotiabank Preferred Package account online?

  Yes, you can apply online. Just click here to be securely redirected to the website or click "Go to Site" in the table above to be redirected to an application.