If you are in the market for a premium chequing account, you are in luck.
Scotiabank is offering up to a $350 cash bonus to new clients who open a Scotiabank Preferred Package or Scotiabank Ultimate Package chequing account.
This promotion is available until December 16, 2021, 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 $350 Promotional Offer
To qualify for the sign-up bonus, you will need to open an eligible Scotiabank chequing account by December 16, 2021, 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 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 a $60 bonus.
Below is a summary of the offers that are currently available:
|Scotiabank Account||Sign-up Bonus|
|Scotiabank Ultimate Package||$350|
|Scotiabank Preferred Package||$300|
|Scotiabank Student Advantage Banking||$60|
Scotiabank Preferred Package Review
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.
- 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 $16.95 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, 2021.*
Scotiabank Ultimate Package Review
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 $350 cash bonus when you open Ultimate Package account by December 16, 2021.*
* Terms and conditions apply.
The following cards qualify for a fee rebate if you open either a Preferred or Ultimate banking account:
- Scotiabank Gold American Express (50,000 bonus points.)
- Scotiabank Passport Visa Infinite (up to 40,000 bonus points)
- Scotiabank Momentum Visa Infinite (10% cash back offer), and
- Scotiabank Value Visa card
Scotiabank Student Banking Advantage Plan Review
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 a $60 bonus when you open a Student Bank Account by October 31, 2021, 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 Accounts||Scotiabank Ultimate Package Plan||Scotiabank Preferred Package Plan||Scotiabank Student Banking Advantage|
|Minimum balance to waive fee||$5,000||$4,000||N/A|
|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)||N/A|
|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||$350 cash||$300 cash||$60 cash|
|Review||Learn More||Learn More||Learn More|
Bank Account Promotions in Canada
Some of the other new bank account promotions worth looking at in Canada include offers from big banks, international and online banks.
EQ Bank Promotions
EQ Bank offers a hybrid account that works like a high-interest savings and chequing account combined. You get unlimited free debits, Interac e-Transfers, and bill payments. There is also no monthly fee.
The EQ Bank Savings Plus account offers a 1.25%* savings rate.
Learn more in our EQ Bank review.
HSBC has a new customer promotional offer of up to $1,500* in cash back and savings when you bank with HSBC and meet the eligibility requirements.
You get a welcome bonus of up to $300* when you open an eligible HSBC Chequing account1 plus an extra $50* if you open the account online. Get up to an additional $250* in cash back when you set up various banking services within 6 months including payroll deposit, pre-authorized debit transactions, bill payments, and foreign currency wires.
You can also earn an additional $900* in cash back, savings and rewards1,2. This limited-time offer is available until December 31, 2021.
(This offer is for new to HSBC customers only)
Issued by HSBC Bank Canada. *Terms and Conditions apply. Offer value is composed of multiple products.
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.
New Tangerine clients can earn a cash bonus when they set 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 at the same time.
Learn more about Tangerine Bank.
The Bank of Montreal is offering up to $300 when you open a BMO Performance Chequing or Premium chequing account plan by October 31, 2021.
The BMO Performance Chequing has a $16.95 monthly fee and the BMO Premium Chequing has a $30 monthly fee. Both monthly fees can be waived if you keep a minimum balance of $4,000 and $6,000 respectively.
To qualify for the promo, 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-$350 offer from Scotiabank by signing up below:
How often do you take advantage of bank promotional offers? Are they worth it?