Scotiabank Ultimate Package Review 2024: Get $350 Bonus

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This Scotiabank Ultimate Package review covers everything you need to know about one of the best account packages from the big banks in Canada,

When it comes to banking, you want the best service that meets your unique set of needs. Fortunately, Scotiabank recently introduced a new premium banking account: the Scotiabank Ultimate Package. 

Why is the Ultimate Package so special? It is loaded with perks and benefits that you won’t find anywhere else. 

In this article, we’re going to cover everything you need to know about the account. We will also compare the Ultimate Package with other chequing accounts offered by the bank to help you make an informed decision. 

Scotiabank Ultimate Package Overview

Account typeChequing
Monthly feesNo monthly fees on selected accounts
Minimum balance$5,000 or pay a $30.95 monthly fee
Cheque feeNone
Overdraft protection feeNone
Transaction feesNone
Debit transaction limitUnlimited
Debit cardAvailable
Rewards1 point for every $5 purchases and 1 point for every $1 purchase at Cineplex
Welcome bonus$350
Other benefitsSpecial GIC rates, preferred mortgage rates, promotional savings rate, fee waiver on selected credit cards, and free equity trades at Scotia iTRADE etc.

Scotiabank is a Canadian multinational banking and financial services corporation headquartered in Toronto, Ontario. The bank was launched in 1832 and it has a presence in several countries.

With close to 200 million customers, Scotiabank is one of the world’s most trusted and respected financial institutions in Canada.

The bank has a wide range of products and services that include personal banking, commercial banking, wealth management, insurance, credit cards and debit cards. 

The bank also offers mortgages and loans for home improvement projects like renovations or new construction projects.

Whether it’s personal banking, business or corporate banking, Scotiabank has the products and services that meet your needs.

What is Scotiabank Ultimate Package?

The Scotiabank Ultimate Package is the tailored Scotiabank new account offer for those who want the convenience of an all-inclusive chequing account.

All-inclusive means that you get more than just a chequing account; you also get access to investment and borrowing products, as well as exclusive discounts and perks. 

So if you want to manage your finances better or just want a hassle-free account with great benefits, the package might be the perfect solution.

The account comes with unlimited free transactions and ATM withdrawals. Also, if you keep a closing balance of $5,000 daily or a collaborated balance of $30,000 in your MomentumPLUS Savings Account and Ultimate Package, your monthly fees will be completely waived.

Plus, you’ll enjoy other great benefits like free Interac e-Transfers, personalized cheques and a welcome bonus of $350. More on the bonus in the next section.

With the Ultimate Package, you can have peace of mind knowing that all your banking needs are covered.

Scotiabank Ultimate Package $350 Welcome Bonus (Scotiabank New Account Offer)

You will also earn a welcome bonus of $350 if you open a new Scotiabank Ultimate Package account.

However, to qualify for the welcome bonus, you have to open the Ultimate Package account on or before April 30, 2023.

Also, you must meet two of the following requirement within 60 days of account opening:

  • Establish and complete a minimum of two different recurring pre-authorized transactions monthly for at least 3 months.
  • Make a qualified bill payment of $50 using mobile or online banking.
  • Set up and complete one or more qualified recurring and automated direct deposits for at least 3 months in a row.

If you meet all the conditions of the offer, the welcome bonus of $350 will be deposited into your account within 6 months of the account opening date.

Scotiabank Ultimate Package Pros and Cons

Here are some of the Scotiabank Ultimate Package pros and cons you should consider before applying:


  • Welcome bonus: The Ultimate Package comes with a welcome bonus of $350.
  • Free unlimited transactions: It offers access to unlimited free transactions, eliminating deposit and withdrawal limits.
  • Rewards: You will earn 1 Scotia reward scene point for every $5 you spend on your daily purchases. Also, for every $1 you spend at Cineplex, you will earn one scene point. You can use the scene rewards points that you collect with this account towards entertainment options at participating theatres and more.
  • No Monthly fees: No monthly fees on U.S. Dollar Daily Interest Accounts and Basic Plus Bank Accounts. This means more money in your pocket, every month.
  • Free customized cheques: Scotiabank offers a free customized chequebook with their Ultimate package. 
  • Scotia iTrade benefits: Access to 10 equity trades at no cost within your first year. After your first year, you will start making 5 free trades per year.
  • No overdraft protection fee: The Ultimate Package doesn’t charge an overdraft protection fee. This can save you money and make sure that your account balance remains positive at all times.
  • High savings rate: The Ultimate Package provides you access to the Scotiabank MomentumPLUS Savings Account that offers up to a 5.00% promotional savings rate. This is one of the highest rates available among Canadian banks’ high-interest accounts.


  • Minimum balance requirement: The minimum balance required for the Ultimate Package is $5,000. This may make it difficult for some people to qualify for this account.
  • High monthly fee: Even though the Ultimate Package waives monthly fees, the monthly fee of $30.95 may be high for customers that can’t maintain the required minimum balance.

Scotiabank Ultimate Package Fees

The Ultimate Package charges a monthly fee of $30.95. However, the monthly fee is waived if you maintain a closing balance of $5,000 or a joint balance of $30,000 with your MomentumPLUS Savings Account and Ultimate Package.

Also, the account charges a senior’s monthly fee of $26.95 ($4 discount) and a paper statement fee of $2.25 per month. 

Scotiabank Ultimate Package Eligibility

If you’re looking for a no-fee chequing account, the Ultimate Package is a good choice. 

However, there are certain eligibility requirements you need to meet before you can open the account. Here are Scotiabank Ultimate Package requirements:

  • Be up to 16 years old
  • Have an email address
  • You must be a Canadian citizen or permanent resident
  • Have a valid Social Insurance Number

How to Open Scotiabank Ultimate Package Account

Applying for the Ultimate Package Account is easy and convenient. You can open the account online, in person or through the phone.

  • Online: You can open an account online by filling out a form with your basic information. After you submit the form, you will be required to verify your identity and complete the account opening process. 
  • In-Person: To open an account in person, simply visit your nearest Scotiabank branch and speak to a banker. They’ll walk you through the account opening process 
  • By Phone: You can also open an account by phone. Simply call the bank’s customer service number(1-800-472-6842) and a representative will assist you. Once again, they’ll need to verify your identity before completing the process. 

Whichever way you choose to apply, you’ll receive the same great service.

Is the Scotiabank Ultimate Package Worth it?

The Scotiabank Ultimate Package is worth it for customers looking to take advantage of all the features and benefits it has to offer. 

Rewards can be earned on all purchases made with the debit card, and there is no limit to the number of rewards that can be earned. There is also a welcome bonus of $350 for new account owners. 

In addition, the account comes with free personalized cheques and the ability to grow their money with a high-interest rate. 

Most importantly, customers won’t have to pay the monthly account fee as long as they maintain a minimum balance of $5,000. 

So whether you’re looking to save on your next vacation or just want to earn some extra rewards, the Ultimate Package may be worth considering.

Scotiabank Ultimate Package vs Other Scotiabank Chequing Accounts

In addition to Ultimate Package here are other chequing accounts offered by Scotiabank that may be worth considering.

Let’s compare the Ultimate Package to other Scotiabank chequing accounts with similar features so that you can see which one is best for you:

Scotiabank Ultimate Package vs Preferred Package

The Scotiabank Preferred Package and Ultimate Package are both great choices for those who want a full-featured chequing account. 

Both accounts offer unlimited transactions, free withdrawals at Scotiabank ATMs, and free Interac e-Transfers. Also, both accounts offer a welcome bonus of $350.

However, the Preferred Package has lower monthly fees of $16.95 as compared to the Ultimate Package monthly fee.

The Preferred Package monthly fee can be waived if you maintain a balance of $4,000 or more throughout the month. 

The Ultimate Package has a higher monthly fee of $30.95, but this can be waived if you maintain a balance of $5,000 or more throughout the month. 

So, if you’re looking for an account with low monthly fees, the Scotiabank Preferred Package is the better choice. 

But if you’re willing to pay higher monthly fees, then the Ultimate Package is the better choice.

Scotiabank Ultimate Package vs Basic Plus Account

The Basic Plus Account is a chequing account offered by Scotiabank that has a monthly fee of $11.95.

The account can be waived if the daily closing balance is $3,000 for the whole month.

Even though the monthly fees are lower, the account doesn’t have many benefits as the Ultimate Package does. 

Scotiabank Basic Plus Account doesn’t come with unlimited debit transactions, free customized cheques or rewards.

Also, unlike the Ultimate Package which offers a welcome bonus of $300, the Basic Plus Account doesn’t offer any welcome bonus to new account holders.

So, if you’re looking for an account with low monthly fees, the Scotiabank Preferred Package is the better choice. 

But if you’re willing to pay higher monthly fees in exchange for more benefits and features, the Ultimate Package is the better option.

Scotiabank Ultimate Package vs Basic Account

The Ultimate Package is indeed a great chequing account for those who want to earn rewards and enjoy perks like unlimited free transactions and free customized cheques. 

But if you’re looking for a more basic chequing account, the Scotiabank Basic Account may be a good option. 

The Scotiabank Basic Account, on the other hand, charges a lower monthly fee of just $3.95 which can’t be waived.

However, you should note that the account doesn’t offer some of the same perks as the Ultimate Package does. 

For example, it doesn’t offer unlimited free transactions, rewards, free customized cheques or a welcome bonus. 

If you are simply looking for a basic account with low monthly fees, the Scotiabank Basic Account may be a good option.

But if you’re looking for a comprehensive chequing account that offers plenty of value, the Ultimate Package may be the better option.

Alternatives to Scotiabank Ultimate Package

If the Scotiabank Ultimate Package or new account offers suits your needs, check out the following top alternatives:

Simplii No-Fee Chequing Account

The Simplii No-Fee Chequing Account is an all-round chequing account that gives you the best of spending and transaction.

With this account, you can make free unlimited debit purchases, bill payments, Interac e-Transfers and withdrawals.

In addition, the Simplii No-Fee Chequing Account gives you free access to 3,400+ CIBC ATMs across the country.

If you open this account by February 29, 2024 you will get up to a $400 cash bonus when you initiate a minimum of $100 direct deposit for 3 consecutive months.

Learn more about the Simplii Financial No-Fee Chequing Account Review

Tangerine No-Fee Daily Chequing Account

The Tangerine No-Fee Daily Chequing Account is also one of the best chequing accounts in Canada.

With this account, you can make free daily transactions, Interac e-Transfers and access 3,500 ABMs for free.

Besides having no monthly fees, the Tangerine No-Fee Daily Chequing Account also offers up to 0.10% interest on balance.

The most interesting part is that If you sign up for this account by March 30, 2023, with the promo code “EARNMORE”, you will get up to a $400 cash bonus.

Learn more about the Tangerine Promotions

FAQs on Scotiabank New Account Offer

How do I avoid monthly fees at Scotiabank?

If you keep the required minimum monthly balance on your Scotiabank chequing account, you can get your monthly account fee waived.

Why is Scotiabank a good bank?

Scotiabank is the third biggest bank in Canada, and its comprehensive list of unique products makes it a popular banking institution across the country.

Can I take money out of my credit card at Scotiabank?

Yes. You can take money out of your credit card by using your Scotiabank credit card as a method of accessing money through ABMs. You can take money out of your Scotiabank credit card by using a Scotia cheque.

What is the Scotia Premium period?

The Scotia premium period is a great way to earn some extra interest on your deposits. The given period can be anywhere from 90 to 360 days, and during that time you will earn a premium interest rate on your deposited funds. 
This interest is paid out at the end of the period, as long as no withdrawals or debits have been made from the account during that time. This is a great way to grow your savings.

Final Thoughts

Scotiabank offers a lot of great features that make it an attractive option for anyone looking for a chequing account. 

The Ultimate Package account offers free unlimited transactions, free customized cheques, and a host of other features that make it quite appealing. 

That said, it will largely depend on your individual needs as to whether or not the account is ideal for you. 

If you have a lot of transactions to make regularly, you may find the account more suitable.

But if you only do a few transactions a month, there are cheaper Scotiabank accounts such as the Scotiabank Basic Account that would suit your needs.

Hopefully, this review was helpful. If you have any questions or concerns about the account, please let me know in the comments section below. 

Scotiabank Ultimate Package Review


Scotiabank is a Canadian multinational banking and financial services corporation headquartered in Toronto, Ontario.

Simon is a CPA by day and a Personal Finance Blogger by night. With over a decade experience in financial services, he's passionate about personal finance, investing and helping people take control of their financial life.

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