Scotiabank Ultimate Package review

Our verdict

Our verdict

The Scotiabank Ultimate Package is a premium chequing account that comes with a ton of perks including a generous welcome offer, unlimited and free transactions and e-Tranfers, and even free global ATM withdrawals. While this account does come with a hefty monthly account fee of $30.95, you can have the monthly account fee waived if you have at least $5,000 in your account at all times, or a combined balance of $30,000 across your Ultimate Package and your MomentumPLUS Savings Account.

Best for: Those looking for a premium chequing account with tons of perks.

Pros

• Unlimited transactions and e-Transfers
• Generous welcome offer of up to $350
• Enjoy an interest rate boost on your MomentumPLUS account
• 100 free cheques per year and unlimited free bank drafts
• Exclusive rates and rebates on other Scotia products

Cons

• High monthly account fee of $30.95, however this can be waived if you meet the requirements
• 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

$30.95

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Scotiabank Ultimate Package

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The basics

If you’re looking for the most comprehensive range of financial products on offer from a reputable Big Five bank, the Scotiabank Ultimate Package could be the right fit for you.

• Special rates. Earn up to 5.00% interest on your MomentumPLUS Savings Account for 5 months. The longer you save with your Scotiabank MomentumPLUS Savings Account, the higher your interest rate. Plus, save for multiple goals in one account.
• Welcome offer. Get a welcome bonus of $350. Conditions apply. Valid until July 31, 2023. Plus, earn up to 5.00% interest on your MomentumPLUS Savings Account for 5 months.
• Unlimited transactions. Send and withdraw money with an unlimited number of debit and Interac e-Transfer transactions.
• Free ABM withdrawals. Get free withdrawals from bank machines that don’t belong to Scotiabank within and outside of Canada.
• Free equity trades. Get 10 free equity trades at Scotia iTRADE in your first year, and 5 free trades in each subsequent year.
• Fee rebate on safety deposit box. Protect your valuables with a $60 annual fee waiver for a small safety deposit box.
• Personalized cheques. Personalize your cheque book and don’t pay any fees to order cheques or drafts.
• Complimentary credit check. Get a free credit check sponsored by Scotiabank using TransUnion’s special CreditView service.

The perks

Along with its handful of basic benefits, the Scotiabank Ultimate Package offers a wide range of exclusive perks that you can take advantage of:

• International money transfers. Unlimited no-fee Scotia International Money Transfers.
• Online banking. You’ll be able to check and manage your account online using Scotiabank‘s digital banking platform.
• Mobile app. Scotiabank‘s mobile app lets you use your phone to manage your bank account.
• Monthly fee waivers. Keep at least $5,000 in your account to waive your monthly fees.
• Credit card fee waivers. Save money on your credit card fees for the first year when you sign up for certain premium Scotiabank credit cards. Save up to $150 annual fee waiver each year on select credit cards. To qualify, certain conditions must be met.
• No monthly fees on affiliated accounts. Avoid paying a monthly account fee on your Scotia U.S. Dollar Daily Interest Account or Basic Plus Bank Account.
• No monthly overdraft protection fee. You won’t be charged a fee if you need to go into your available overdraft on your account.
• Contactless payment. You can pay on the go by linking your account to Apple Pay, Google Pay or Samsung Pay.
• Senior discounts. You’ll be able to save money on your monthly account fees if you’re over the age of 60.

What to watch out for

While the Scotiabank Ultimate Package is known for offering the widest range of benefits, there are also a couple of drawbacks you should watch out for:

• High monthly fee. You’ll have to pay $30.95 per month to maintain this account unless you hold $5,000 as a standing balance.
• 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 Ultimate Package account, you’ll need to meet the following criteria:

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

How do I open a Scotiabank Ultimate Package account?

To open a Scotiabank Ultimate 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 Scotiabank Ultimate Package link or the “Go to Site” button on this page .
2. Complete the application, which includes providing your name, email address, social insurance number and birth date.
3. Review your details and submit your application.

Compare with other chequing accounts

BMO Performance Chequing Account

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Monthly Account Fee

$16.95

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Free Transactions

unlimited

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e-Transfer Fee

$0

Coast Capital Free Chequing, Free Debit, and More Account

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Free Transactions

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e-Transfer Fee

$1.50

Simplii No Fee Chequing Account

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Free Transactions

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e-Transfer Fee

$0

Bottom line

As one of Canada’s Big Five banks, Scotiabank offers a full suite of financial products to millions of customers. The Scotiabank Ultimate Package is an all-inclusive banking bundle that offers popular account features along with exclusive rates and rewards. Find out how you can benefit and apply for this account online today.

Scotiabank chequing accounts guide

Scotiabank Ultimate Package FAQs

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

  Yes. You'll need to pay a high monthly fee to maintain the Scotiabank Ultimate Package unless you keep $5,000 in your account at all times.

• Is there a mobile banking app I can use to manage my Scotiabank Ultimate Package?

  Of course. Scotiabank has an online and mobile platform that will let you do almost every banking activity you can think of. This includes depositing cheques, paying bills, transferring between your accounts and sending e-Transfers.

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

  Like most large banks, Scotiabank has protective mechanisms in place to safeguard your personal data and the money in your account. Your deposits will also be protected by the Canadian Deposit Insurance Corporation (CDIC).

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

  Yes, you can apply online. Just go to the Scotiabank website or click "Go to Site" in the table above to be redirected to an application. You might also want to consider the Scotiabank Preferred Package or the Scotiabank Basic Account.