With the Scotiabank Ultimate Package, you’ll experience unlimited free transactions, including Interac e-Transfers, bid farewell to ATM withdrawal fees, benefit from exclusive credit card annual fee waivers, enjoy special interest rates, and receive free cheques for added convenience.
In this comprehensive Scotiabank Ultimate Package review, we’ll delve into every aspect of this account, the features and benefits, downsides, fees, and the latest promo offer, making it easy for you to compare it with other chequing accounts available in Canada.
Our Take on Scotiabank Ultimate Package Review
Scotiabank Ultimate Package Review
- Fee Waivers
- Free Unlimited Transactions
- Free ATM Withdrawals Globally
- Earn Rewards
- Free Safety Deposit Box
- Free Equity Trades
- Interest Rate Boost on MomentumPLUS Savings Account
- Free Unlimited Transactions
- Free Unlimited ATM Withdrawals
- Fee Waivers on Premium Credit Cards
- Rewards on Eligible Purchases
- Free Equity Trades
- Free Cheques and Drafts
- High Monthly Fee
- Minimum Balance Requirement
What is Scotiabank Ultimate Package?
Scotiabank Ultimate Package is more than just an ordinary chequing account. It’s a comprehensive and versatile banking solution designed to exceed your expectations. With its unlimited free transactions and ATM withdrawals, this account sets itself apart from the rest. But its true brilliance lies in the fact that it goes beyond traditional chequing features, offering you the ability to invest, save, spend, and borrow, all within a single account.
A standout feature of the Scotiabank Ultimate Package is its extensive list of fee waivers, including the complete waiver of the $30.95 annual fee for customers maintaining a $6,000 balance or a combined balance of $30,000 across their Ultimate Package and MomentumPLUS Savings accounts. This means you can enjoy this premium account’s benefits without worrying about additional costs.
Whether you want to grow your wealth, save for the future, manage your daily expenses, or access credit responsibly, this account has you covered. It’s more than just a chequing account – it’s your gateway to a truly all-inclusive banking experience.
Features of Scotiabank Ultimate Package
The Scotiabank Ultimate Package offers many unique features and benefits that make it stand out from other chequing accounts in the country.
1. Fee Waivers
With the Scotiabank Ultimate Package, you can enjoy an array of fee waivers that add up to substantial savings. You’ll get a $30.95 annual fee waiver on any Scotiabank credit card, saving you up to $139 annually.
In addition to that, you’ll benefit from unlimited free debit transactions, Interac e-Transfers, one free draft annually, free annual overdraft protection, a Basic Plus Account fee waiver, free domestic and international ABM access, and selected credit card annual fee waivers, among other perks. With all these combined, you could save up to $650 on fees annually.
2. Free Unlimited Transactions
If you frequently conduct many transactions each month, the Scotiabank Ultimate Package is perfect for you. This account offers unlimited free debits and Interac e-transfers, saving hundreds of dollars in transaction fees over time.
The Scotia International Money Transfer feature also enables you to make unlimited free money transfers across different countries.
3. Free ATM Withdrawals Globally
Say goodbye to ATM withdrawal fees, whether you’re in Canada or travelling abroad. The Scotiabank Ultimate Package offers free ATM withdrawals from Scotiabank and non-Scotiabank ATMs worldwide, making it a cost-effective choice for travellers and frequent ATM users.
4. Earn Rewards
Every purchase made with the Scotiabank Ultimate Package rewards you with Scene+ points. You can earn 1 Scene+ point for every $5 spent for everyday purchases and 1 Scene+ point for every $1 spent at Cineplex. These reward points can be redeemed for various options, including travel, gift cards, movies, food, drink, and tech, helping you reduce your spending costs.
5. Free Safety Deposit Box
Protect your valuable documents without extra cost through the Scotiabank Ultimate Package, which provides you with a free safety deposit box. Considering the average cost of a safety deposit box in Canada is $60, this benefit can be especially motivating for those seeking to safeguard their valuable belongings.
6. Free Equity Trades
The Scotiabank Ultimate Package offers free equity trades, unlike many other chequing accounts. With Scotia iTrade, you can make ten free equity trades in your first year of registration and five free equity trades in subsequent years, allowing you to invest without incurring additional charges.
7. Interest Rate Boost on MomentumPLUS Savings Account
By holding the Scotiabank Ultimate Package, you can enjoy an extra 0.10% on top of the regular savings interest rate and potentially earn up to 5.00% interest on your MomentumPLUS Savings Account for a limited time.
Benefits of the Scotiabank Ultimate Package
The Scotiabank Ultimate Package offers many benefits, making it a compelling choice for your banking needs. Let’s explore the remarkable advantages it provides:
1. Free Unlimited Transactions
With the Scotiabank Ultimate Package, say goodbye to transaction fees! This all-inclusive chequing account allows you to make unlimited free domestic and international transactions. Whether you frequently transfer funds or not, having the freedom of unlimited transactions will save you hundreds of dollars in the long run.
2. Free Unlimited ATM Withdrawals
Experience unparalleled convenience with the Scotiabank Ultimate Package, which offers free unlimited ATM withdrawals globally. This feature sets it apart from many other chequing accounts in Canada. No need to worry about costly ATM fees, whether you’re at home or travelling abroad.
3. Fee Waivers on Premium Credit Cards
By choosing the Scotiabank Ultimate Package, you’ll enjoy numerous fee waivers, including the $30.95 annual account fee. Additionally, when you subscribe to any Scotiabank credit card, you can save up to $139 annually in fees. This remarkable benefit lets you access premium credit card perks without the burden of extra charges.
4. Rewards on Eligible Purchases
As one of the few chequing accounts in Canada that rewards customers, the Scotiabank Ultimate Package offers a fantastic rewards program. For every $5 spent with your debit card on everyday purchases, you’ll earn 1 Scene+ point and 1 Scene+ point for every $1 spent at Cineplex. These reward points can be redeemed for various options, enhancing your overall banking experience.
5. Free Equity Trades
Unlike other banks, Scotiabank takes your investments seriously. With the Scotia iTrade, you can make up to 10 free equity trades in your first year of registration and 5 free trades in subsequent years. This benefit translates into significant savings on trading fees, boosting your investment portfolio.
6. Free Cheques and Drafts
Managing your finances becomes more convenient with the Scotiabank Ultimate Package, which offers a free book containing 100 customized cheques annually. You’ll also have the advantage of free unlimited bank drafts in Canadian and US dollars. Say farewell to the hassle and cost of purchasing cheques and drafts separately.
Drawbacks of the Scotiabank Ultimate Package
While the Scotiabank Ultimate Package offers numerous benefits, it’s also essential to be aware of its drawbacks. Here are the downsides you should consider:
1. High Monthly Fee
One notable drawback is the $30.95 monthly fee, which may appear steep compared to offerings from other banks. Although this fee can be waived for customers maintaining a $6,000 balance or a combined balance of $30,000 across their MomentumPLUS Savings Account and Ultimate Package, it’s still a significant consideration for those seeking lower-cost alternatives.
2. Minimum Balance Requirement
To qualify for the annual fee waiver, you must maintain a minimum balance of $6,000 in the Scotiabank all-inclusive chequing account. While this requirement can lead to savings on fees, evaluating the opportunity cost of keeping $6,000 tied up in a chequing account is essential. Investing that amount in fractional shares or other safe investments with potentially higher returns may be a more appealing option for some individuals.
Scotiabank Ultimate Package Fees
Here are the fees charged by Scotiabank Ultimate Package:
- Monthly fee: $0 or $30.95/month
- Monthly fee with senior’s discount: $23.95
- Overdraft protection: No fee
- Debit transactions: Unlimited
- International Money Transfer: No fee
- Paper statement: $2.25/month
How to Apply for the Scotiabank Ultimate Package
Applying for the Scotiabank Ultimate Package is a breeze, with straightforward requirements that appeal to many customers. To qualify for this all-inclusive chequing account, simply meet the following criteria:
- You need to be at least 16 years old and a Canadian resident.
- A valid SIN is required for the application process.
- Ensure you have an active email account to receive important notifications.
Once you meet these simple requirements, you’re good to go!
Scotiabank offers three convenient options for opening your Ultimate Package account, all of which provide the same level of service:
- Online Application: Visit the “Get the Ultimate Package” page on Scotiabank’s website to open your all-inclusive chequing account online. The process is easy; you just have to provide some personal details to get started.
- In-person Appointment: If you prefer a face-to-face approach, you can visit the nearest Scotiabank branch by booking an appointment in advance.
- Phone Application: For a quick and hassle-free process, simply call a Scotiabank representative at 1-800-472-6842 to open your Ultimate Package account in just minutes.
Regardless of your option, you will be asked to provide essential information, such as your address and valid SIN, to complete the application and set up your Ultimate Package account.
Scotiabank Ultimate Package Promo Offer
Open a new Ultimate or Preferred Package account between March 1st and July 31st, 2024 to get a free cash bonus of $350.
After opening the account, complete any two of the following within 60 days:
- Set up and clear one eligible automated recurring direct deposit, such as payroll or pension, recurring for 6 months.
- Set up and clear two eligible separate recurring pre-authorized transactions, like mortgage payments, of at least $50 each, recurring for 6 months.
- Make one eligible bill payment of at least $50 using online or mobile banking, such as phone or utility bills.
You can also earn an additional $50 if you open your new Package account and open a new RRSP, TFSA or FHSA, and within 60 days of opening the registered account, complete any one of the following activities in your Registered Account:
- Set up and clear a recurring pre-authorized contribution of at least $50 per month from your Scotiabank personal account, recurring for 6 months.
- Make a minimum deposit of $3,000 in your new eligible Registered Account and maintain it for 6 months.
Scotiabank Ultimate Package vs BMO Premium Chequing Account
Scotiabank Ultimate Package and the BMO Premium Chequing account, offered by the Bank of Montreal (BMO) are two major contenders in Canada that stand out in the world of all-inclusive chequing accounts.
The BMO Premium Chequing account is an exceptional chequing account that offers a competitive set of features. While its monthly fees are slightly lower at $30.00 compared to Scotiabank’s $30.95, to enjoy the fee waiver, you must maintain a minimum balance of $6,000. However, BMO sweetens the deal by offering a 1.25% interest rate for four months as a welcome bonus for new Smart Saver Account holders.
Also, if you’re looking for family-oriented benefits, the BMO Premium Chequing account has an edge with its BMO Family Bundle, providing unique advantages for family chequing accounts. This offering might make it a more suitable option for those with family banking needs than the Scotiabank Ultimate Package.
Ultimately, both accounts have their strengths. The Scotiabank Ultimate Package shines with its plethora of perks, including unlimited fee waivers and robust international banking services. On the other hand, the BMO Premium Chequing account excels in catering to family banking needs, offering specialized benefits through the BMO Family Bundle.
Final Thoughts on Scotiabank Ultimate Package Review
After diving deep into the features and benefits of the Scotiabank Ultimate Package, I’m truly impressed by its all-inclusive offerings. From unlimited worldwide ATM withdrawals to fee waivers that can save you big, this account is a game-changer for anyone seeking a comprehensive banking experience.
As a savvy banking enthusiast, I can confidently say that the Scotiabank Ultimate Package is a top contender in the world of chequing accounts. Its unmatched perks and rewards and the opportunity to waive the monthly fee make it a stand-out choice for my financial needs.
Join me in embracing the ultimate banking journey with Scotiabank Ultimate Package and secure your financial success today! Let’s make banking an effortless and rewarding experience together!
FAQs on Scotiabank Ultimate Package Review
Is the Scotiabank Ultimate Package worth it?
It’s absolutely worth it for anyone looking for unlimited domestic and international free transactions. In addition, this account waives a monthly fee and many other fees.
Does the Scotiabank Ultimate Package cost money?
Yes, this account charges a $30.95 monthly fee which is waivable if you have a $6,000 balance or a $30,000 combined balance on MomentumPLUS Savings and Ultimate Package account.
Furthermore, the Scotiabank all-inclusive chequing accounts also charge $2.25 for monthly paper statements.
How do I avoid monthly fees on my Scotiabank Ultimate Package Account?
You can avoid Scotiabank’s all-inclusive chequing account monthly fees by having a $6,000 balance or a combined balance of $30,000 in your Ultimate Package and MomentumPLUS Savings Account.
What age is considered senior at Scotiabank?
Scotiabank set 60 years as the requirement for seniors interested in accessing its no-monthly fee Basic Bank Account service or $4 discount on chequing account monthly fees.
What is the minimum balance for Scotiabank Ultimate Package?
$6,000 is the minimum closing balance of the Scotiabank all-inclusive chequing account, which attracts a monthly fee waiver.
