Scotiabank Ultimate Package review

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Get a suite of top-notch benefits and rewards with this premium bank account from Scotiabank.

If you want an all-inclusive account that will roll out the red carpet to meet your unique set of banking needs, then you might benefit from the Scotiabank Ultimate Package. This premium account gives you the best combination of Scotiabank’s most popular account features with tons of extra perks and benefits.


Account Fee


Monthly Transactions


OfferEarn 10,000 Welcome points when you open a new Scotiabank Ultimate Package. Terms apply. Apply by April 30, 2020.
Monthly Account Fee$30.95
Fee Waive ConditionsNo monthly account fee will be charged by maintaining a minimum daily closing balance of $5,000 in your Ultimate Package, or a combined balance of $30,000 across your Ultimate Package and your MomentumPLUS Savings Account.
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30-second take

  • Think about this account if you’re looking for an all-inclusive banking package or want to try your hand at investing.
  • Choose something else if you’d prefer to pay a low monthly fee or you don’t want a ton of extras.
  • This package deal comes with a $30.95 monthly fee unless you keep a minimum balance of $5,000 in your account at all times.

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 1.35% interest on your MomentumPLUS Savings Account, which includes an additional 0.10% interest rate boost.
  • Exclusive rewards. Earn 10,000 Welcome points when you open a new Scotiabank Ultimate Package. Terms apply. Apply by April 30, 2020.
  • 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 $55 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:

  • 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.
  • 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.
  • Requirements for rewards. You’ll need to fulfill certain requirements to Earn 10,000 Welcome points when you open a new Scotiabank Ultimate Package. Terms apply. Apply by April 30, 2020.
  • 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 requirements do I need to meet to collect my rewards?

To qualify for your bonus rewards, you’ll have to complete one of three activities in the first 60 days of opening your account.

Set up a recurring direct deposit. Set up a recurring direct deposit on your account for at least three consecutive months.

Register at least two recurring transactions. Set up two separate recurring pre-authorized transactions with a minimum value of at least $50 per transaction.

Make an online bill payment. Make at least one eligible online bill payment through the Scotiabank Mobile App or through Scotia OnLine.

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
  • Be 16 years of age or older
  • Have an email account

How do I open an 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 “Go to Site” on this page to be directed to your Scotiabank Ultimate Package account.
  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.

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.

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Frequently asked questions about the Scotiabank Ultimate Package

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