Whether clients are looking to switch banks, or thinking about opening a new account, Scotiabank has a variety of options that are worth looking into. There is an all-in-one personal banking account package for Scotiabank clients; with this, customers can spend, save, and do so much more. In fact, the financial institution touts a $650 yearly value in savings and benefits with their Ultimate Package.
Scotiabank’s Ultimate Package
First, if clients maintain a minimum of a $5,000 closing daily balance on this account or $30,000 combined with a Scotia MomentumPLUS Savings account, then they don’t have to pay a monthly service fee. If this is unachievable, there’s a cost of $30.95 each month.
However, that fee may be worth it. With Scotiabank’s Ultimate Package, customers have unlimited Interac e-transfers and debit transactions. They also gain access to unlimited no-fee international money transfers. This account can also earn clients up to 0.10% in interest on money saved in their MomentumPLUS, and preferred rates on GICs.
Additionally, the Ultimate Package provides other perks. The primary cardholder can get an annual fee of $139 waived on select credit cards, every year. As well, the annual fee for safety deposit boxes of $60 is eliminated, and customers are given free monthly overdraft protection. Scotiabank also offers free personalized cheques and bank drafts on the Ultimate Package.
Lastly, clients on this account receive 10 free equity trades within Scotia’s iTRADE division in their first year of opening the account, a value of almost $100, as each trade normally costs $9.99. After their first year is complete, clients are offered five free trades annually. The Ultimate Package provides unlimited Global non-Scotiabank ATM withdrawals, and the monthly fee is waived for a U.S. Daily Interest Savings Account. Clients also don’t have to pay a fee each month on their Basic Plus Bank Account. Upon enrolling in the Ultimate Package, clients are given a choice between a Scotia Rewards or SCENE card to earn points as they bank. Customers collect points on either card and can redeem them for free movies and meals (SCENE), as well as merchandise, travel, gift cards, and more (Scotia Rewards).
The Ultimate Package holds its own when compared to what some of the other major five banks offer. RBC Royal Bank’s VIP Banking provides a similar package with a lot of the same benefits as Scotia’s Ultimate has. The RBC VIP offers unlimited debit transactions, Interac money e-transfers, an annual eligible credit card fee waived ($120), free safety deposit box, plus clients gain access to a rewards program that links to both Rexall and Petro Canada. There’s also a welcome offer where new clients can earn up to $300 in cash, although conditions do apply. The monthly fee is set at $30, and some customers are eligible for a partial rebate on this cost.
The Premium Chequing Account, offered by the Bank of Montreal (BMO) gives clients unlimited transactions, including debit and Interac e-transfers, and free withdrawals when using their BMO card any ATM, worldwide. Clients are given a $150 annual fee rebate on eligible BMO credit cards each year and gain access to a preferred U.S. exchange rate when funds are transferred between USD and Canadian accounts. BMO’s Premium Plan has a monthly fee of $30.00, but if the account maintains at least a $6,000 balance, then this fee is waived.
In addition, BMO offers something known as the “Family Bundle” option, which means family members can add accounts to the Premium package and enjoy more benefits and perks, without added bank fees. Everything is bundled into one household fee each month. Lastly, BMO provides a welcome offer of $350 to new clients who open up a Premium Chequing Plan.
View to learn more about Scotiabank’s Ultimate Package bank account.
While Scotiabank’s Ultimate Package offers some great benefits, not everyone is going to need what’s included. For these clients, Scotia provides a Preferred Package option. Clients still gain unlimited debit and Interac e-transfers, as well as a mere $1.99 fee linked to international money transfers. Customers can also earn 0.05% interest on their MomentumPLUS Savings account and are offered preferred rates on GICs. Plus, the monthly fee for a U.S. Dollar Daily Interest account is waived.
Some additional benefits include one non-Scotiabank ATM withdrawal monthly across Canada. Plus, the annual fee of $139 is waived on select Scotia credit cards for the first year.
If clients can maintain a minimum daily closing balance of $4,000 on their account, then they don’t have to pay a monthly fee. Otherwise, the cost for the Scotiabank Preferred Package is $16.95 each month.
Much like the Ultimate Package, clients with Preferred get a choice of either joining the SCENE Rewards program or Scotia Rewards.
TD’s Unlimited Chequing Account is comparable to Scotiabank’s Preferred Package. But It charges a monthly fee of $16.95 unless a minimum monthly balance of $4,000 is maintained. Transactions are unlimited, thus the name, and select credit cards can be eligible for a fee rebate for the first year of account opening. It’s important to note, there is no link to a rewards program, or a bonus sign-up offer with this TD account package.
View to learn more about Scotiabank’s Preferred Package bank account.
Basic Plus Bank Account
For those clients that need only a few banking “extras”, there’s Scotiabank’s Basic Plus Bank Account choice. It offers 25 free debit transactions, plus one free Interac e-transfer, each month. Clients are also charged only $1.99 for international money transfers sent globally.
Customers pay $11.95 monthly, but this fee is waived if an individual can maintain a closing balance of at least $3,000, daily, for the whole month. Plus, much like all the other Scotia accounts listed above, clients can choose to enroll in either the SCENE or Scotia Reward customer loyalty programs.
BMO’s Plus Chequing Account is much like Scotiabank’s Basic Plus. It offers a low monthly fee of $10.95; however, if clients maintain a minimum balance of $3,000, this is waived. Customers get 25 transactions each month, and unlimited Interac e-transfers. Additionally, there is a sign-up bonus of $100 for opening the account.
Learn more information on Scotia’s Basic Plus Bank Account.
Basic Bank Account
For clients who conduct minimal financial transactions on their account each month, Scotia’s Basic Bank Account might be adequate. With a monthly fee of $3.95, the account offers 12 free transactions and one free Interac e-transfer monthly. Plus, the option to earn rewards is offered too. Customers can choose to enroll in either the SCENE or Scotia Reward customer loyalty programs with this account.
If clients are looking for other comparable options, there’s RBC Royal Bank’s Day-To-Day Bank Account. Customers use the account as needed, with 12 free debits monthly, and a fee of $1.25 for each transaction, charged after the fact. Interac e-transfers are unlimited, and the account has a rewards component that can be linked to Rexall’s Be Well customer loyalty program, as well as offering savings on fuel at Petro-Canada, and earning bonus Petro-Points. The monthly fee on this account is set at $4.00.
Learn more about Scotiabank’s Basic Bank Account.
Student Banking Advantage® Plan
For students enrolled full-time in a post-secondary school either in Canada or in the United States (domestic or international), there is Scotiabank’s Student Advantage Banking Plan. No monthly fee is attached to the account, paper and paperless statements are free, plus clients are provided with unlimited Interac e-transfers and debit transactions.
This account was voted the 2020 Best Student Bank Account by MoneySense and customers can also choose between either the SCENE or Scotia Reward customer loyalty programs. There’s a sign-up bonus offer of up to 5,000 Scotia Rewards or SCENE points for new account holders. It’s important to note that certain conditions apply for these bonus points, and the offer ends April 30, 2021.
CIBC offers a student account option in the form of the Smart for Students Account. It provides unlimited transactions for students enrolled full-time in a post-secondary school either in Canada or in the United States (domestic or international). There’s also a welcome offer of $60 given to a new student account. Clients must register for CIBC’s online mobile banking, and then make two debit transactions within the first two months of opening the account to qualify.
RBC Royal Bank’s student banking option is quite similar. There’s no monthly fee, unlimited Interac e-transactions, but this account only allows for 25 transactions each month. Students can also qualify for a bonus sign-up of $60, by doing two of the three following transactions: conduct a mobile cheque deposit, complete an Interac e-transfer, or make a purchase either in-store or online through the RBC Student Bank Account. This offer ends June 30, 2021.
View more information on Scotia’s Student Advantage Banking Plan.