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  • $16.95 Monthly Fee
  • $350 Welcome Bonus
  • 100+ Transactions
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Earn a $350 welcome bonus with a new bank account - Claim this offer

Scotiabank Preferred Package Account Overview

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With a variety of banking packages available, it can be tough to decide which one meets your needs the best. The Scotiabank Preferred Package is one option that has garnered a lot of attention lately.

The Scotiabank Preferred Package Account offers a variety of benefits, including unlimited transactions and e-transfers for a $16.95 monthly fee. “By keeping a minimum balance of $4,000, this fee can be eliminated.

The account also provides access to a free safety deposit box, interest on the account balance, and a $350 welcome bonus. Other Scotiabank accounts, such as the Ultimate Package and Basic Plus Bank Account, cater to various customer needs.

This article aims to provide an exhaustive review of the Scotiabank Preferred Package, giving you all the details you need to determine if it’s the right choice for your banking needs.

Scotiabank Preferred Package features

When opening this chequing account, customers a met with an array of enticing features:

  • Unlimited debit transactions, including online purchases, ATM transactions, and payroll deposits.
  • Unlimited Interac e-Transfer transactions.
  • Eligibility for overdraft protection.
  • Access to the Scene+ program, allowing customers to earn points for everyday purchases.
  • An enticing $350 welcome bonus for new account holders.
  • A waiver for the first year’s annual fee on select credit cards, up to $150.
  • One non-Scotiabank ATM withdrawal per month fee is waived in Canada.
  • The opportunity to grow your money with preferred rates on select Guaranteed Investment Certificates (GICs) and bonus rates with the MomentumPLUS Savings Account.
  • Zero monthly account fee on a Scotia U.S. Dollar Daily Interest Account.
  • Discounts for seniors and newcomers to Canada

The pros of the Scotiabank Preferred Package

Attractive Welcome Bonus

One of the standout features of the Scotiabank Preferred Package is the $350 welcome bonus offered to new account holders. This is a substantial sum compared to most other banks, making it an enticing incentive for those considering opening an account.

Unlimited Transactions

For those who perform frequent transactions, this package is a boon. You get unlimited debit transactions and Interac e-Transfers, allowing you to use your account as much as you want without worrying about incurring additional charges.

Valuable Perks

The Preferred Package doesn’t stop at basic banking services. It offers a range of perks, such as special rates on select GICs (Guaranteed Investment Certificates), no monthly fee on a U.S. Dollar Daily Interest Account, and discounts for seniors or newcomers to Canada. This account caters to a broad customer base with a wide variety of requirements.

The cons of the Scotiabank Preferred Package

Scotiabank Preferred Package Account - Comparewise

Monthly Fee

The Scotiabank Preferred Package comes with a monthly fee of $16.95. While this fee can be waived by maintaining a minimum daily closing balance of $4,000, not everyone can or wants to keep this amount in their chequing account.

Limited Free Non-Scotiabank ATM Withdrawals

While the package offers one free non-Scotiabank ATM withdrawal per month in Canada, additional withdrawals from non-Scotiabank ATMs will incur charges. This could be inconvenient for those who often need to use ATMs not affiliated with Scotiabank.

Temporary Credit Card Fee Waiver

The first-year waiver on the annual fee for select credit cards is an excellent incentive, but it’s worth noting that this is a short-term advantage. After the first year, the annual fee for the credit card will become applicable.

Scotiabank Preferred Package account fees

The Scotiabank Preferred Package comes with a $16.95 monthly fee. However, by keeping a minimum daily closing balance of $4,000 throughout the month, this fee can be avoided.

Non-Scotiabank ATM withdrawals are free once a month, with subsequent withdrawals incurring a fee. If you are 60 years or older, you can enjoy up to $4 off the monthly account fee.

Scotiabank Preferred Package special offers

Scotiabank offers a $350 welcome bonus for new customers who open a Preferred Package account. It also provides a free year of Amazon Prime to new clients who set up two recurring transactions within the first 60 days of opening their account.

This includes any recurring bill payments or direct deposits. After the first year, Amazon Prime will automatically renew at the current rate unless cancelled.

Other Scotiabank chequing account options

Scotiabank offers a range of chequing accounts to cater to different needs. If the Preferred Package doesn’t seem to meet your needs, other options include:

  • Scotiabank Ultimate Package: This superior account includes unlimited debit transactions, Interac e-Transfer transactions, and Scotia International Money Transfers. The monthly fees are waived if a minimum daily closing balance of $5,000 is maintained or if the combined balance across this account and a MomentumPLUS Savings Account reaches $30,000. A notable perk is the $350 welcome bonus for new account holders.
  • Scotiabank Basic Bank Account: Ideal for those who prefer simple, no-frills banking, this account comes with 12 free monthly transactions and free Interac e-Transfer transactions. The monthly fee is just $3.95.
  • Student Banking Advantage Plan: Designed for full-time students, this account features unlimited debit and Interac e-Transfer transactions, Scene+ points earning, and a $0 monthly fee for those enrolled in a post-secondary institution.
  • Getting There Savings Program for Youth: This program promotes healthy financial habits for individuals 18 years or younger. It offers unlimited debit and Interac e-Transfer transactions and Scene+ points earning opportunities, all without any monthly fee.
  • The Basic Plus Bank Account: Being a level higher than the Basic Bank Account, this account grants 25 free debit transactions per month, free Interac e-Transfer transactions, and the potential to remove the $11.95 monthly fee if a minimum daily closing balance of $3,000 is maintained throughout the month.

How to open the Scotiabank Preferred Package

For those who would like to open this chequing account, there are just a few simple steps to follow:

  1. Prepare Your Documents: You will need two valid, non-expired government-issued forms of identification. Acceptable forms include a passport, driver’s license, or national identity card. For online account creation, you’ll need to furnish digital versions of these documents.
  2. Apply Online or In-Person: You can apply online by visiting the Scotiabank website and clicking on the “Open An Account” button. Alternatively, you can visit a local Scotiabank branch and apply in person.
  3. Complete the Application Form: You’ll need to provide personal information, including your full name, date of birth, home address, job details, and social insurance number (if applicable).
  4. Fund Your Account: Once your account is operational, you’ll need to add funds. A minimum initial deposit might be necessary.
  5. Set Up Recurring Transactions: Remember, to avail of the current special offer of a free year of Amazon Prime, you must set up at least two recurring transactions within the first 60 days.

Please note that terms and conditions apply for all accounts and benefits mentioned, so be sure to thoroughly read through all the information before opening an account. Always reach out to a Scotiabank representative if you have any questions or need further clarification.

Scotiabank Preferred Package conclusion

The Scotiabank Preferred Package presents a versatile banking solution, combining both everyday convenience and attractive benefits. Whether you’re seeking unlimited transactions, a beneficial interest on your balance, or a generous welcome bonus, it provides a well-rounded offering.

Not to forget, with several other Scotiabank chequing accounts available, such as the premium Ultimate Package or the student-friendly Banking Advantage Plan, Scotiabank caters to a range of customer needs.

So, whether you’re a student, a senior, or somewhere in between, Scotiabank has a package to support your financial journey.

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FAQs about the
Scotiabank Preferred Package

What happens if I fail to maintain the minimum daily closing balance in the Scotiabank Preferred Package?

If you can't maintain the minimum daily closing balance of $4,000, the $16.95 monthly fee will be charged.

Can I switch from one Scotiabank chequing account to another without closing my account?

Yes, Scotiabank allows you to switch between chequing accounts without the need to close and reopen an account.

Is the welcome bonus immediately available after opening a Scotiabank Preferred Package account?

Once all the necessary criteria are fulfilled, the welcome bonus will be credited to your account within two months of the account's initiation.

Scotiabank Preferred Package Account Details

Monthly Fee
$16.95
Transaction Fee
No fee
E-Transfer Fee
No fee
Monthly Self Serve Transactions
Unlimited
Monthly Cheque Transactions
Unlimited
Monthly E-Transfers
Unlimited
Number of Monthly Transactions
Unlimited
Bank Draft Cost
No fee
Travellers Cheques
Free
Personalized Cheques
Commission Fee
Paperless Statements
No fee
Mailed Monthly Statements
No fee
Other Features

Scotiabank Preferred Package Account Contact

Phone Number
1-800-472-6842
Hours
24/7
Website
scotiabank.com
Address
44 King St West Toronto ON M5H 1H1 Canada
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Scotiabank Preferred Package Account Details
  • Account Type : Chequing
  • Monthly Fee : $16.95
  • Monthly Transactions : Unlimited
  • Other Features :
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