Scotiabank recently rebranded its Momentum Chequing Account and changed its name to the Scotiabank Preferred Package Chequing Account.
The updated account offers unlimited free Interac e-Transfers, an interest rate boost on the Momentum PLUS Savings account, waives up to $139 on credit card annual fees for one year, and more.
While this premium chequing account comes with a $16.95 monthly fee, you can waive the fee by keeping a daily minimum closing balance of $4,000 for the entire month.
If you are looking for a Big Five bank chequing account that offers unlimited transactions, the Scotiabank Preferred Package account is worth looking at.
This Scotiabank Preferred Package Chequing Account review covers what it offers, fees, pros, cons, and alternatives.
Scotiabank Preferred Package Account Features
1. Unlimited Transactions: Access to unlimited debit and Interac e-Transfers. Debit transactions include cash withdrawals, cheques drawn on your account, bill payments, pre-authorized payments, transfers to other Scotiabank accounts or financial institutions, and Visa or Interac Debit purchases.
2. First Year Annual Fee Waiver on new select Scotiabank credit cards. You can save up to $139 on credit cards including the:
- Scotiabank Passport Visa Infinite
- Scotiabank Gold American Express
- Scotia Momentum Visa Infinite Card
- Scotiabank Value Visa Card
3. Earn Scene+ points at 1 point per $5 spent on everyday purchases and 1 Scene+ point for every $1 spent at Cineplex. Easily redeem points for travel, shopping, entertainment, and other rewards.
4. Other Perks: This account also offers cheap international money transfers for $1.99, preferred rates on select GICs, and the monthly account fee is waived on a Scotia U.S. Dollar Daily Interest Account.
5. $16.95 Monthly Account Fee: This fee is waived if you keep a daily minimum balance of $4,000 throughout the month. Seniors (age 60 or older) get a $4.00 discount.
6. ATM Fees: One free non-Scotiabank Interac ATM withdrawal per month in Canada. Additional withdrawals cost $1.50 each; $3.00 each for Visa or PLUS System ATM withdrawals in Canada or the U.S., and $5 for outside the U.S. and Canada. Withdrawals at Scotiabank ATMs are free.
Benefits of a Scotiabank Preferred Package Account
Scotiabank is the third-largest bank in Canada by deposits and market capitalization.
With more than 900 branches and 3,600 ATMs across Canada, and access to more than 44,000 ATMs worldwide via the Global ATM Alliance, Scotiabank customers can easily access their bank accounts.
Other benefits of the Preferred Package account include:
- You can waive the monthly account fee with a minimum balance of $4,000.
- Free unlimited debit and e-Transfer transactions so you don’t have to worry about racking up extra fees.
- Earn a savings rate of up to 3.20% on your MomentumPLUS Savings Account for a limited time.
- Access to mobile cheque deposits and mobile pay (Apple Pay, Samsung Pay, and Google Pay).
- Free credit score check.
- Newcomers to Canada can waive the monthly account fees for 1 year through the StartRight program.
- Canada Deposit Insurance Corporation (CDIC) coverage with protection on up to $100,000 for deposit accounts.
- $300 welcome cash bonus when you meet the eligibility requirements¹
The Scotiabank Preferred Package comes with a $16.95 monthly fee. You can waive the fee by keeping a minimum account balance which is a bit high at $4,000.
Preferred Package vs. Other Scotiabank Chequing Accounts
Scotiabank offers four other chequing accounts:
- Scotiabank Ultimate Package
- Scotiabank Basic Plus Account
- Scotiabank Basic Account
- Student Banking Advantage Plan
|Ultimate Package||Preferred Package||Basic Plus||Basic Account||Student Banking|
|Minimum balance to waive the monthly fee||$5,000||$4,000||$3,000||N/A||N/A|
|# of debit transactions||Unlimited||Unlimited||25/month||12/month||Unlimited|
|# of eTransfers||Unlimited||Unlimited||10/month||2/month||Unlimited|
|Special features||Earn Scene+ points; $300 welcome bonus;|
Up to $139 waived on credit card fees annually; 0.10% interest rate boost on savings; Unlimited free non-Scotiabank ATM withdrawals globally; No monthly overdraft protection fee; Up to 10 free equity trades on Scotia iTrade; Free personalized cheques and drafts
|Earn Scene+ points; $300 cash bonus;|
Up to $139 waived on credit card fees (1st year only); 1 free non-Scotiabank ATM withdrawal/month; International money transfer at $1.99
|Earn Scene+ points; International money transfer at $1.99||Earn Scene+ points||Get a $75 bonus|
|Learn more||Read review||Read review||Read review||–||–|
You can also compare this account with the free chequing accounts offered by online banks.
No-Fee Chequing Alternative
The Simplii Financial No-Fee Chequing Account has no monthly fees and provides benefits you would normally find with a premium chequing account including:
- $350 bonus when you sign up and set up direct deposits
- Unlimited free bill payments and debit transactions
- Unlimited free Interac e-Transfers
- No monthly or minimum balance requirement
- Unlimited free withdrawals
- Free access to 3,400+ CIBC ATMs across Canada
- Free international money transfers
You can also open a free savings account and earn high interest rates, plus Simplii also offers a no-fee cash back credit card, mortgages, lines of credit, personal loans, investments, and more.
Get a free Simplii Financial Chequing Account ($350 bonus)
How To Open a Scotiabank Preferred Package Account
To open a Scotiabank Preferred Package account, click here to fill out the online application on Scotiabank’s website.
The application process takes about 5 minutes or so and you will need your basic personal information including email address, social insurance number, phone number, and date of birth.