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**Limited-time offer: Earn up to $1,000 when you bundle an Ultimate Package, savings account, and registered account. Offer available until October 29, 2026.

While many banks offer premium accounts, the Scotiabank Ultimate Package is often cited as the gold standard for those who want a best in class banking experience. If you are tired of being charged for every draft or ATM withdrawal, this package aims to turn your chequing account into a VIP membership.

The Ultimate Package sits at the top of Scotiabank’s hierarchy, designed for those who maintain higher balances in exchange for hundreds of dollars in annual savings on credit card fees, investment trades, and international services.

Scotiabank Ultimate Package Features

Choosing the Ultimate Package means unlocking Scotiabank’s most comprehensive suite of tools and perks:

• Unlimited everything including all debit transactions, Interac e-Transfers, and Scotia International Money Transfers.
• Global ATM freedom with unlimited free withdrawals at non-Scotiabank ATMs worldwide.
• Ongoing credit card rebates with an annual fee waiver of up to $40 every single year on select premium credit cards.
• Investment perks such as 10 free equity trades at Scotia iTRADE in your first year and 5 free trades every year after.
• Everyday essentials like no-fee overdraft protection, 100 free personalized cheques per year, and free Canadian or US dollar bank drafts.
• Safety deposit box access with a free small box worth about $80 in annual value.

The Pros of the Ultimate Package

Massive Ongoing Value

Unlike lower-tier accounts that offer a one-year teaser on credit card fees, the Ultimate Package waives the annual fee every year. If you already use a premium Scotiabank credit card, this feature alone covers nearly half the cost of the account’s annual fee.

Global Accessibility

For frequent travelers, the unlimited free global ATM withdrawals are a major win. You are not tethered to Scotiabank-specific machines, giving you one less thing to worry about when landing in a new country.

A Robust Welcome Bundle

Currently, new account holders can earn up to $1,000 by bundling the Ultimate Package with other products. Usually, this starts with a $500 cash bonus for opening the account and meeting transaction requirements, with an extra $200 available if you also open a savings or registered account.

The Cons of the Ultimate Package

High Bar for Fee Waivers

The monthly fee for the Ultimate Package is $30.95. To have this waived, you must maintain a minimum daily closing balance of $6,000. If your balance dips to $5,999 for even one day, you will be on the hook for the full monthly charge.

Opportunity Cost

While keeping $6,000 in a chequing account saves you money on fees, some investors might argue that those funds could earn a higher return if invested elsewhere.

Scotiabank Ultimate Package Account Fees

How to Open the Scotiabank Ultimate Package

Opening the account is straightforward and can be done online or at a local branch:

1. Gather ID such as a passport and driver’s license.
2. Submit an application through the Scotiabank website or at a branch.
3. Fund the account to avoid the first month’s fee by hitting the $6,000 threshold.
4. Qualify for the bonus by completing two qualifying actions like a recurring direct deposit or a $50 bill payment within 60 days.

Conclusion

The Scotiabank Ultimate Package is a powerful financial tool for those who can maintain the required balance. It turns standard banking into a suite of premium services that can save regular travelers and investors hundreds of dollars a year.

You might also like…

• Scotiabank Preferred Package
• Scotiabank Student Banking Advantage Plan
• Scotiabank Basic Bank Account