If you are in the market for a premium chequing account, you are in luck.
Scotiabank offers a $400 cash bonus to new clients who open a Scotiabank Preferred Package or Scotiabank Ultimate Package chequing account. This promotion is available until March 1, 2025 (expired), 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.
Read on to learn about the best Scotiabank and other juicy bank promotions worth checking out (including a $300 bonus offer from Simplii Financial for an unlimited transaction no-fee chequing account).
Simplii No-Fee Chequing Account
$300 cash welcome offer
No monthly account or maintenance fees
Unlimited debit transactions & Interac e-Transfers
Access to high interest savings account (CAD&USD)
Access to free FX transfers, investments, GICs, mortgages, line of credit, credit cards, and more
Free personalized cheques
Scotiabank Promotional Offer
To qualify for the sign-up bonus, you will need to open an eligible Scotiabank chequing account by March 1, 2025, and complete two of the following three tasks:
- Set up an eligible recurring deposit that will recur monthly for a minimum of 6 consecutive months
- 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 6 consecutive months
After you have met these conditions, your bonus is deposited into your account within 2 months.
Students who open a Student Advantage Banking Plan account can earn up to a $100 bonus.
Below is a summary of the offers that are currently available:
| Scotiabank Account | Sign-up Bonus |
|---|---|
| Scotiabank Ultimate Package | $400 |
| Scotiabank Preferred Package | $400 |
| Scotiabank Student Advantage Banking | $400 |
In addition to the $400 offer, you can earn up to an additional $400 ($800 total bonuses) when you meet further eligibility conditions as follows:
+$50 Offer:
- Meet all conditions of the $400 offer
- By March 1, 2025, open a new eligible RRSP, TFSA, or FHSA
- Then set up and clear one pre-authorized contribution from any Scotiabank personal account with a minimum value of at least $100 per month in your new eligible registered plan, which must have recurred for a minimum of 3 consecutive months by May 31, 2025
Option 1: +$150
Then, deposit $5,000 into your new eligible RRSP, TFSA, or FHSA by March 1, 2025, and keep that balance until May 31, 2025.
Option 2: + $350
- Then, open a second eligible RRSP, TFSA, or FHSA (this must be different than the registered plan you opened under the $50 offer).
- Deposit $5,000 into both of your new eligible registered plans by March 1, 2025 and keep those balances in both plans until May 31, 2025.
Scotiabank Preferred Package Review
The Preferred Package is Scotiabank’s most popular chequing account. It is a great option if you want unlimited transactions without paying the top monthly rate.
It offers:
- Unlimited debit transactions and Interac e-Transfers
- First-year fee rebate on select credit cards (up to $150)
- Earn a high savings rate for a limited time with the MomentumPLUS Savings Account
- Earn 1 Scene+ point for every $5 you spend on debit purchases
- 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.
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 $150/year)
- $55 annual fee waiver on a small safety deposit box
The following cards qualify for a fee rebate if you open either a Preferred or Ultimate banking account:
- Scotiabank Gold American Express
- Scotiabank Passport Visa Infinite
- Scotiabank Momentum Visa Infinite
- 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+ points on debit purchases. To apply, you must show proof of enrollment at an eligible educational institution.
| Scotiabank Accounts | Scotiabank Ultimate Package Plan | Scotiabank Preferred Package Plan | Scotiabank Student Banking Advantage |
|---|---|---|---|
| Monthly fee | $30.95 | $16.95 | $0 |
| 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 $150) | First-year only (up to $150) | N/A |
| Other perks | Free global non-Scotiabank ATM withdrawals; Free global money transfer; Free cheques and drafts; No monthly overdraft protection fee; Earn Scene+ points | Cheap money transfer; Earn Scene+ points | Earn Scene+ points; Free paper statement |
| 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.
Simplii Financial Offer ($300 Bonus)
Get a $300 bonus when you open a Simplii no-fee chequing account (limited-time offer).
To qualify for the cash reward, you must add a direct deposit of at least $100 for 3 consecutive months. This direct deposit payment can be your paycheck, government benefit, or pension.
The Simplii No-Fee Chequing Account includes unlimited debit transactions and Interac e-Transfers, free cheques, mobile cheque deposits, and you also earn interest on your balance.
Simplii also has a high-interest savings account that is currently paying a 6.00% interest rate.
Apply for the free Simplii Chequing Account or read our detailed review.
Related: Best BMO Credit Cards in Canada.
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 Personal Account offers up to a 3.75%* savings rate.
If you want to open an EQ Bank TFSA or EQ Bank RRSP, the savings rate is 2.50%*. Learn more in our EQ Bank review.
Tangerine Promotions
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 least 3 consecutive months.
You can also open a new savings account at the same time. Learn more about Tangerine Bank.
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.
Signed up for Scotia’s preferred chequing package in March as I changed banks recently. So should see the promo offer money in May/June as I’ve met the requirements.
Surprised that only 20 countries are currently available for their international money transfers, but perhaps this will change.
Currently using WISE and at cheaper rates anyways for money transfers.