Banking is now more convenient and accessible than ever. Even before the pandemic, customers had options. They could bank online, through a mobile app, or in the branch. This variety provides more flexible opportunities to compare money products and services when it suits each customer the most.

Often, you can get the best deals by shopping around. By doing this, you may be able to score the best interest rates or promotions. But it can also lead to multiple accounts, paperwork and an organizational nightmare.

Sometimes, banking packages offer everything you need with added convenience. So, should you be banking in only one place?

Here are the top three benefits of banking packages:

  1. Save on fees. Usually, if you maintain a minimum balance in your account, the monthly fee is waived. Also, you may have access to unlimited transactions or money transfers—saving you on transaction charges.
  2. Freedom and flexibility. Generally, banking packages allow you to select specific products that suit your needs, like credit cards, savings accounts and investment products. You may even be able to use some banking products or features for free, like trading stocks.
  3. Extra perks. Some banking packages now offer rewards for your everyday purchases using debit. Although you may be able to earn more rewards through your credit card, it is a bonus. Additional perks may include a safety deposit box, overdraft protection, higher interest rates on savings accounts, or annual fee waivers on credit cards.

When shopping around for a great bank account, you should look for a few simple details.

  1. Transactions. Does the account offer unlimited transactions? If not, how many does it provide and are there additional benefits that outweigh this factor?
  2. Fees. What are the monthly fees? If you maintain a minimum balance, can you have these waived? Is the minimum balance too high? Are there other fees for e-transfers or ATM withdrawals?
  3. Features and rewards. Does the account provide extra incentives, interest rates or rewards?
  4. Rebates and waivers. Sometimes, banking packages provide ongoing annual fee waivers on credit cards, which is a great way to access top tier credit cards without the cost. However, some offer an annual fee waiver or rebate for the first year. So, you will have to consider if the annual fee suits your lifestyle long term.
  5. Convenience. Can you access your banking online or speak to a representative easily? Is the account compatible with contactless payment options?

Overall, if you have the extra funds to leave your minimum balance in the account, a banking package won’t cost you a monthly fee and may provide additional perks or exceptional interest rates. However, comparing packages and products is never a bad idea. It may be a little less convenient, but you could get a great value by mixing and matching products from many different financial institutions. But who says you can’t have both? A banking package can be a great home base.

Compare the Scotiabank Ultimate Package and the Scotiabank Preferred Package below.

Banking package details
Great features  

Scotiabank Ultimate Package

Scotiabank Preferred Package

Annual fee

  • $0* or $30.95/month
  • $0* or $15.95/month

Usage

  • Unlimited debit transactions, Interac e-Transfer transactions, and Scotia International Money Transfers
  • Unlimited free Global non-Scotiabank ABM withdrawals
  • Unlimited debit transactions and Interac e-Transfer transactions
  • One free non-Scotiabank ABM withdrawal per month

Savings

  • Earn an additional 0.10% on your MomentumPLUS Savings Account
  • Earn an additional 0.05% on your MomentumPLUS Savings Account

Credit card

  • Up to $139 annual fee waiver each year on select credit cards
  • Annual fee waiver (up to $139) on select credit cards for the first year

*Conditions apply.

Scotiabank Ultimate Package

The Scotiabank Ultimate Package offers account holders ongoing savings from earning additional interest to annual fee waivers on some of the top Scotiabank credit cards. Users can bank freely with unlimited debit transactions, no-fee Scotia International Money Transfers, Interac e-Transfers and free Global non-Scotiabank ABM withdrawals—offering flexibility and giving bankers peace of mind.

Not only that but for a limited time, new Scotiabank customers can earn $300 cash. Plus, if you apply through RATESDOTCA, you can also get an additional $100 e-Gift Card upon approval. That is an extra $400.

Package fees:

$0* or $30.95/month

*There is no monthly account fee if you maintain a daily closing balance of at least $5,000 in your Ultimate Package or a combined balance of at least $30,000 across your Ultimate Package and Momemtm SavingsPLUS Account.

Limited time offer/bonus:

For a limited time, new Ultimate Package account holders can earn $300 cash. To qualify, open a new Ultimate Package by December 16, 2020, and complete at least two of the following three actions within 60 days of opening the account:

  • Make an eligible bill payment of $50 through online or mobile banking.
  • Set up at least two eligible recurring pre-authorized transactions. These transactions must be at least $50, recur monthly for at least three consecutive months, and clear.
  • Set up an eligible recurring direct deposit. This deposit must recur monthly for at least three consecutive months and clear.

Once you have met the requirements, you should receive your $300 bonus in your Ultimate Package within two months.

Plus, until December 16, 2020, only, if you apply online through RATESDOTCA, receive a $100 e-Gift Card* upon approval. Conditions apply.

Offer expiry date: December 16, 2020

Usage:

  • Enjoy unlimited debit transactions.
  • Get unlimited Interac e-Transfers.
  • Access unlimited no-fee Scotia International Money Transfers.
  • You won’t be charged a monthly overdraft protection fee.
  • Get unlimited Global non-Scotiabank ABM withdrawals (may be charged a convenience fee from the other financial institution).

Rewards:

Select your choice of rewards!

  • SCENE: With the Scene®* ScotiaCard® debit card, you will earn one SCENE point per $5 you spend on eligible debit purchases.
  • Scotia Rewards: With the Passport ScotiaCard debit card, you will earn one Scotia Reward Point per $5 you spend on eligible debit purchases.

Earning potential:

How do these chequing accounts stack up in terms of rewards? We crunched the numbers using our Best of Finance methodology to see how much an average Canadian could earn over a 12-month period.

Scene®* ScotiaCard® debit card

Passport ScotiaCard debit card

Rewards earned over a 12-month period = 4,800 SCENE points   
Monetary value = $48.00
Rewards earned over a 12-month period = 114,400 Scotia Rewards points    
Monetary value = $48.00 

*Our Best of Finance methodology uses a $2,000 monthly spend.

You can redeem your rewards for:

Scene®* ScotiaCard® debit card

Passport ScotiaCard debit card

  • Movies
  • Merchandise
  • Meals
  • Gift cards
  • Travel
  • Experiences
  • Merchandise
  • Gift cards

Features and perks:

  • Get up to $139 ongoing annual fee waiver on select credit cards, including the Scotiabank Gold American Express, Scotiabank Passport™ Visa Infinite*, Scotia Momentum® Visa Infinite, Scotiabank Value® Visa* credit cards.
  • Earn an additional 0.10% on your annual Regular Interest Rate of any MomentumPLUS Savings Account.
  • Get 100 personalized cheques per year per account.
  • Access Ultimate Package GIC interest rates on select GICs.
  • Receive a $55.00 annual fee waiver each year when you get a safety deposit box. That is equal to the value of a small safety deposit box.
  • Enjoy no monthly account fees on a Scotia® U.S. Dollar Daily Interest Account and a Basic Plus Bank Account.
  • Receive 10 free equity trades at Scotia iTRADE in the first year and five free equity trades each year after.
  • Conveniently access mobile and online banking and use mobile cheque deposit.
  • Check your credit score for free using CreditView by TransUnion.
  • Access contactless payment options with VISA Debit and Interac Flash payment or connect your card to Apple Pay, Google Pay or Samsung Pay.
  • If you’re 60 or older, you can access the senior’s discount and save up to $4 on the monthly account fee.
banking mascot.png

Compare the best chequing accounts

Use RATESDOTCA to shop around and compare multiple accounts at the same time.

Scotiabank Preferred Package

New customers of the Scotiabank Preferred Package can enjoy unlimited debit transactions and Interac e-Transfers. Users can also access one non-Scotiabank ABM withdrawal per month and send money globally for $1.99 using the Scotia International Money Transfer service.

Qualifying Preferred Package account holders can earn $300 cash when they sign up before December 16, 2020, and complete two actions. And, for a limited time, if you apply through RATESDOTCA, you can also get a $100 e-Gift Card upon approval.

Package fees:

$0* or $15.95/month

*There is no monthly account fee if you maintain a daily closing balance of at least $4,000 for the entire month.

Limited time offer/bonus:

For a limited time, new Preferred Package account holders can earn $300 cash. To qualify, open a new Preferred Package by December 16, 2020, and complete at least two of the following three actions within 60 days of opening the account:

  • Make an eligible bill payment of $50 through online or mobile banking.
  • Set up at least two eligible recurring pre-authorized transactions. These transactions must be at least $50, recur monthly for at least three consecutive months, and clear.
  • Set up an eligible recurring direct deposit. This deposit must recur monthly for at least three consecutive months and clear.

Once you have met the requirements, you should receive your $300 bonus in your Preferred Package within two months.

Plus, until December 16, 2020, only, if you apply online through RATESDOTCA, receive a $100 e-Gift Card* upon approval. Conditions apply.

Offer expiry date: December 16, 2020

Usage:

  • Enjoy unlimited debit transactions.
  • Get unlimited Interac e-Transfers.
  • Send money globally for $1.99 using the Scotia International Money Transfer service.
  • Access one free non-Scotiabank ABM cash withdrawal (may be charged a convenience fee from the other financial institution).

Rewards:

Select your choice of rewards!

  • SCENE: With the Scene®* ScotiaCard® debit card, you will earn one SCENE point per $5 you spend on eligible debit purchases.
  • Scotia Rewards: With the Passport ScotiaCard debit card, you will earn one Scotia Reward Point per $5 you spend on eligible debit purchases.

Earning potential:

How do these chequing accounts stack up in terms of rewards? We crunched the numbers using our Best of Finance methodology to see how much an average Canadian could earn over a 12-month period.

Scene®* ScotiaCard® debit card

Passport ScotiaCard debit card

Rewards earned over a 12-month period = 4,800 SCENE points   
Monetary value = $48.00
Rewards earned over a 12-month period = 114,400 Scotia Rewards points    
Monetary value = $48.00 

*Our Best of Finance methodology uses a $2,000 monthly spend.

You can redeem your rewards for:

Scene®* ScotiaCard® debit card

Passport ScotiaCard debit card

  • Movies
  • Merchandise
  • Meals
  • Gift cards
  • Travel
  • Experiences
  • Merchandise
  • Gift cards

Features and perks:

  • Get up to a $139 annual fee waiver for the first year on select credit cards, including the Scotiabank Gold American Express, Scotiabank Passport™ Visa Infinite*, Scotia Momentum® Visa Infinite, Scotiabank Value® Visa* credit cards.
  • Earn an additional 0.05% on your annual Regular Interest Rate of any MomentumPLUS Savings Account.
  • Access Preferred Package GIC interest rates on select GICs.
  • Enjoy no monthly account fees on a Scotia® U.S. Dollar Daily Interest Account.
  • Conveniently access mobile and online banking and use mobile cheque deposit.
  • Check your credit score for free using CreditView by TransUnion.
  • Access contactless payment options with VISA Debit and Interac Flash payment or connect your card to Apple Pay, Google Pay or Samsung Pay.
  • If you’re 60 or older, you can access the senior’s discount and save up to $4 on the monthly account fee.

Rates, product information, and rewards estimates are subject to change at any time and do not constitute financial advice. Information in this article is accurate as of the date of this posting, November 27, 2020.

Hayley Vesh

Hayley Vesh is a creative, resourceful, and knowledgeable content producer who is passionate about financial literacy, storytelling, and generating ideas. She writes about credit cards, savings, debt management, and personal finance. In her spare time, Hayley can be found wandering in the woods, hunting for second-hand treasures, or curled up with a steeped tea and a good podcast.

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