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:
When shopping around for a great bank account, you should look for a few simple details.
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.
*Conditions apply.
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:
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:
Rewards:
Select your choice of rewards!
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.
*Our Best of Finance methodology uses a $2,000 monthly spend.
You can redeem your rewards for:
Features and perks:
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:
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:
Rewards:
Select your choice of rewards!
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.
*Our Best of Finance methodology uses a $2,000 monthly spend.
You can redeem your rewards for:
Features and perks:
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.