Scotiabank Preferred Package

Scotiabank is offering up to $1,000 in cash bonuses when you open a new Preferred Package by March 4, 2027 and bundle it with a registered account and a credit card. The offer comes in three parts:

• $700 for opening the Preferred Package, then within 60 days setting up an eligible direct deposit (such as payroll or a pension) that recurs for at least four consecutive months, plus one more activity within 60 days: a pre-authorized transaction of $50 or more that recurs for at least four months, a bill payment of $50 or more, or five Visa Debit purchases
• $200 for also opening your first eligible RRSP, TFSA or FHSA within 60 days of opening the chequing account
• $100 for also being approved for an eligible Scotiabank credit card within 60 days and making a purchase on it within 60 days of opening the card

Keep in mind that the $200 and $100 bonuses are only paid if you've met the conditions for the $700 package bonus.

The Scotiabank Preferred Package carries a monthly fee of $16.95.

You can have the fee waived by keeping a minimum daily balance of $4,000 in the account throughout the month. Scotiabank also waives the fee for up to one year if you hold an eligible mortgage.

Day-to-day banking is covered, as the plan includes unlimited transactions.

The Preferred Package is Scotiabank's full-featured everyday chequing plan, built around unlimited debit transactions.

You'll earn Scene+ points on your debit purchases, which is a rarity among Canadian chequing accounts. The plan also comes with an ongoing annual rebate of $40 on the fee of one eligible Scotiabank credit card, once that card has at least $15,000 in qualifying purchases over the 12 monthly statements before the fee is charged. The card's first-year annual fee isn't eligible.

Plus, account holders get up to 50 free trades a year with Scotia iTRADE and savings of 5 cents per litre on fuel at Shell.

Holding the Preferred Package also adds a 0.05% interest boost to a linked MomentumPLUS Savings Account. Deposits are eligible for CDIC coverage.