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If you are in the market for a premium chequing account, you are in luck.

Scotiabank is offering a $300 cash bonus to new clients who open a Scotiabank Preferred Package or Scotiabank Ultimate Package chequing account.

This promotion is available until December 16, 2020, and the eligibility requirements are straightforward.

These two accounts also provide access to some of the best credit card promotions for premium cards in Canada.

Scotiabank $300 Promotional Offer

To qualify for the $300 sign-up bonus, you will need to open an eligible Scotiabank chequing account by December 16, 2020, and complete two of the following three tasks:

  • Make an eligible $50 bill payment through online or mobile banking
  • Set up at least 2 eligible separate recurring pre-authorized transactions that are $50 or more, which will recur monthly for a minimum of 3 consecutive months
  • Set up an eligible recurring deposit which will recur monthly for a minimum of 3 consecutive months

After you have met these conditions, your $300 bonus is deposited into your account within 2 months.

The promotional link to take advantage of this offer is:

Students who open a Student Advantage Banking Plan account can earn up to 5,000 SCENE or Scotia Rewards points.

Below is a summary of the offers that are currently available:

Scotiabank Account
Sign-up Bonus
Scotiabank Ultimate Package
$300
Scotiabank Preferred Package
$300
Scotiabank Student Advantage Banking
Up to 5,000 points

Scotiabank Preferred Package Review

Scotiabank Preferred Chequing

The Preferred Package is Scotiabank’s most popular chequing account. It is a great option if you are looking for unlimited transactions without paying the top monthly rate.

It offers:

  • Unlimited debit transactions and Interac e-Transfers
  • First year fee rebate in select credit cards (up to $139)
  • Earn 1 SCENE point or Scotia Reward point for every $5 you spend on debit purchases
  • Earn an extra 0.05% on your Momentum Plus Savings Account
  • Cheap International Money Transfer

This account has a $15.95 monthly fee; however, you can waive it completely by maintaining a minimum daily closing balance of $4,000.

Promo Offer: Get $300 when you open a Preferred Package plan by December 16, 2020.*

Scotiabank Ultimate Package Review

Scotiabank Ultimate Chequing

This account is Scotiabank’s premium chequing account. While it has a $30.95 monthly fee, you can waive this fee by maintaining a minimum balance of $5,000 throughout the month. It offers the following perks:

  • Unlimited debit transactions and Interac e-Transfers
  • Unlimited non-Scotiabank ATM withdrawals worldwide
  • Free Scotia International Money Transfers
  • Earn an extra 0.10% on your Momentum Plus Savings account
  • Free personalized cheques and drafts
  • 10 free equity trades at Scotia iTrade and 5 free equity trades every year after
  • Ultimate rates on GICs
  • Annual fee rebates on select credit cards (up to $139/year)
  • $55 annual fee waiver on a small safety deposit box

Promo Offer: Get a $300 cash bonus when you open Ultimate Package account by December 16, 2020.*

* Terms and conditions apply.

The following cards qualify for a fee rebate if you open either a Preferred or Ultimate banking account:

Scotiabank Student Banking Advantage Plan Review

Scotiabank Student Chequing

This student bank account offers unlimited transactions and Interac e-Transfers to individuals who are enrolled in full-time post-secondary education.

It has no monthly account fee and you earn SCENE or Scotia Rewards points on debit purchases. To apply, you must show proof of enrollment at an eligible educational institution.

Promo Offer: Get up to 5,000 bonus SCENE or Scotia Rewards points when you open a Student Bank Account by October 31, 2020, and complete one of the following:

  • Set up payroll deposit to your account, or
  • Set up a minimum of 2 separate recurring pre-authorized transactions for a minimum of $25 per transaction for 12 consecutive months.
Scotiabank Ultimate Package Plan
Scotiabank Preferred Package Plan
Scotiabank Student Banking Advantage
Monthly fee
 $30.95
$15.95
$0
Minimum balance to waive fee
$5,000
$4,000
Not applicable
Number of free transactions and Interac e-Transfers
Unlimited
Unlimited           
Unlimited
Credit card fee waiver
Annually (up to $139)
First year only (up to $139)
Not applicable
Other perks
Free global non-Scotiabank ATM withdrawals; Free global money transfer; Free cheques and drafts; No monthly overdraft protection fee; Earn Scotia Rewards or SCENE points
Earn extra 0.05% interest on savings; Cheap money transfer; Earn SCENE or Scotia Rewards points
Earn Scotia Rewards or SCENE points; Free paper statement
Promo offer
$300 cash
$300 cash
Up to 5,000 points
Review

Bank Account Promotions in Canada

Some of the other new bank account promotions that are worth looking at include offers from big banks, international and online banks.

HSBC Promotions

HSBC has a new customer promotional offer of up to $1,000* in cash back and rewards when you open a new HSBC account and meet the eligibility requirements.

Get a welcome bonus of up to $500* in three easy steps:

  1. Open an eligible HSBC Chequing account¹
  2. Make a minimum deposit within 30 days²
  3. Register for Online banking within 30 days²

You can also earn an additional $500* in cash back and rewards.

Open an HSBC Account Now.

Issued by HSBC Bank Canada and HSBC Investment Funds (Canada) Inc.
*Terms and Conditions apply. Offer ends November 30, 2020.
¹Eligibility requirements apply.

²Steps 2 and 3 must be completed within 30 days of account opening and funds must be deposited and maintained as total relationship balance for a minimum of three months to receive the welcome bonus.

Tangerine Promotions

New Tangerine clients can earn a $200 cash bonus by setting up payroll deposits to their new Tangerine Chequing account.

Your first payroll must be deposited within 60 days of opening the account and should continue for at last 3 consecutive months.

You can also open a new savings account and earn 2.50% for the first 5 months.

Learn more about Tangerine Bank.

BMO Promotions

The Bank of Montreal is offering up to $300 when you open a BMO Performance Chequing or Premium chequing account plan by September 30, 2020.

To qualify, you must meet the eligibility requirements. Here’s a review of BMO Chequing accounts.

Related: Best BMO Credit Cards in Canada

Are Bank Promos Worth It?

If you need a new bank account, a bank promotional offer is one way to get free cash for something you need anyway.

Note that “unlimited” chequing account packages typically have a $15-$30 monthly fee. 

While you can waive this fee by keeping a minimum daily closing balance, having your account drop below the minimum threshold for even one day means you are on the hook for the monthly fee.

Also, pay attention to the terms and conditions required to qualify for the cash bonus. Generally, you won’t be able to cut and run for a few months to a year.

You can take advantage of the $300 offer from Scotiabank by signing up below:

How often do you take advantage of bank promotional offers?

Are they worth it?