Scotiabank Preferred Package review

What is the Preferred Package from Scotiabank?

The Scotiabank Preferred Package is a day-to-day chequing account that offers unlimited monthly transactions. This means you can pay bills, send e-Transfers, pay for purchases and withdraw cash at ABMs without having to worry about exceeding your monthly limit.

The Preferred Package comes with a $16.95 monthly fee, but the fee is waived if you satisfy a minimum monthly balance requirement.

Scotiabank Preferred Package benefits

• Up to $800 welcome bonus

You can earn up to $800 when you sign up for the Scotiabank Preferred Package and eligible investment plans. You'll earn the first $400 if you sign up for the Preferred Package before March 1, 2025 and complete one of three specified transactions in the next 60 days.

To get the full $800, you’ll need to open at least two registered accounts with Scotiabank and meet deposit requirements. Time limits also apply.

• Unlimited debit transactions (including e-Transfers)

The Preferred Package allows you to perform unlimited debits on your account each month. So, if you’re the type of person who needs to perform a lot of daily banking transactions—transferring money, paying bills, paying for purchases and that sort of thing—this account is worth a closer look.

• One free non-Scotiabank ABM withdrawal per month

As well as Scotiabank’s nationwide network of over 3,500 ABMs, you can take advantage of 1 free withdrawal per month from an out-of-network ABM. This is a handy feature for those occasions when you’re short of cash and there isn’t a Scotiabank machine close by.

• Eligible for overdraft protection

The Preferred Package is eligible for Scotiabank overdraft protection to protect you from NSF fees when unexpected expenses arise. You can choose from two options:

• Monthly Overdraft Protection Plan: $5 a month. 21% (per annum) interest is payable on overdrawn balances, calculated daily and charged monthly.
• Pay-per-use Overdraft Protection Plan: $5 per use. 21% (per annum) interest is payable on overdrawn balances, calculated daily and charged monthly. This option is not available in Quebec.

Dive deeper: Benefits, costs and limits of overdraft protection in Canada

• Earn Scene+ points

You can use the debit card linked to your Scotiabank Preferred Package to earn Scene+ reward points. You'll earn 1 Scene+ Point for every $5 spent on debit purchases (up to a maximum of 300 points per transaction and 600 points per day).

You can redeem points for travel, tech and entertainment purchases as well as credits on eligible Scotiabank products and gift cards for over 60 brands. Scene+ partners include Home Hardware, Thrifty Foods, Sobeys and Foodland.

• Low fees on international money transfers

If you need to send an international money transfer, you can send a Scotia International Money Transfer for just $1.99 per transaction. It’s easy to submit a transfer via online or mobile banking, and you can send bank-to-bank transfers and cash pickup transfers to at least 20 countries around the world.

• Credit card fee waiver

You can take advantage of a first-year annual fee waiver (up to $150) on select Scotiabank credit cards. Eligible cards for this perk are:

• Scotiabank Gold American Express
• Scotiabank Passport Visa Infinite
• Scotia Momentum Visa Infinite
• Scotiabank Value Visa

• Preferred GIC rates

Scotiabank Preferred Package customers can access special interest rates on long-term non-redeemable GICs with terms ranging from 1 to 10 years.

• Bonus interest on a MomentumPLUS Savings Account

If you open a MomentumPLUS Savings Account with the Scotiabank Preferred Package, you’ll earn an extra 0.05% interest on a Scotiabank MomentumPLUS Savings Account balance. The total interest rate you can get depends on how long you go without making a withdrawal.

• Free trade offer at Scotia iTRADE

When you open a Scotiabank Preferred Package account, you can take advantage of a “Trade 1 Get 1 Free” offer at Scotia iTRADE. This entitles you to 20 free stock or ETF trades on the Scotia iTRADE mobile app in your first year and 10 free trades every year after that.

• Large branch and ABM network

Scotiabank has over 900 branches across Canada if you need to perform in-branch transactions or access face-to-face customer service. It also has a nationwide network of over 3,500 ABMs and is a member of the Global ATM Alliance, which provides access to over 44,000 ABMs in more than 40 countries around the world.

• Highly rated mobile app

It’s easy to manage your account via Scotiabank’s online and mobile banking platforms. Scotiabank Mobile Banking has also picked up plenty of positive user reviews, boasting average scores of 4.6/5 on Google Play and 4.7/5 on the Apple App Store from hundreds of thousands of ratings.

What are the drawbacks?

• $16.95 monthly fee

You’ll need to pay a $16.95 monthly fee to access the unlimited transactions and perks this account has to offer. That means you’ll pay more than $1,000 in fees over the course of 5 years. If you want to say farewell to bank fees, you may want to consider a no-fee chequing account instead.

Dive deeper: Best free (no-fee) chequing accounts in Canada

• High minimum balance requirement to avoid the monthly fee

You can avoid the monthly fee on the Preferred Package account, but only if you keep your daily closing balance at $4,000 or higher. That may not be a viable option for many people. Also, it’s a large sum of money just sitting in your account doing nothing when it could be earning interest in a high interest savings account.

• Non-Scotiabank ABM fees

While this account does come with 1 free ABM withdrawal from a non-Scotiabank ABM each month, subsequent withdrawals from out-of-network ABMs incur a $2 fee. With this in mind, you’ll want to make sure to withdraw from a Scotiabank cash machine whenever possible.

Related: Best chequing accounts in Canada

What is the Scotiabank Preferred Package monthly fee?

The Scotiabank Preferred Package monthly fee is $16.95. However, this fee is waived if you keep your balance above a specified minimum level each month.

If you’re a newcomer to Canada, you may also be eligible for Scotiabank’s StartRight program. Under the program, the Preferred Package monthly fee is waived for the first year.

Finally, if you’re aged 65 or older, you qualify for the senior’s discount, which reduces the monthly fee to $12.95.

How do I avoid the monthly fee on Scotiabank Preferred Package?

You can avoid the Preferred Package monthly fee by keeping your balance at $4,000 or higher. Your minimum daily closing balance will need to be at least $4,000 for the entire month to avoid paying the $16.95 fee.

Scotiabank Preferred Package fees and access

Type of fee	Fee details
Monthly fee	$16.95
Monthly fee if you have a minimum daily closing balance of $4,000 or more	$0
Monthly fee with senior’s discount	$12.95
Scotiabank ABM withdrawal fee	$0
Non-Scotiabank ABM withdrawal fee	1 free per month Subsequent transactions incur a $2 fee
Overdraft protection	$5 per month (Monthly Overdraft Protection Plan) or $5 per use (Pay-per-use Overdraft Protection Plan)
Interac e-Transfer fee	$0
International transfer fee	$1.99
Paperless statement	$0
Paper statement	$2.25 per month
Paper statement with cheque image return	$2.25 per month

Does the Scotiabank Preferred Package have a minimum balance?

No, you don’t need to meet a minimum balance requirement to have a Scotiabank Preferred Package account.

But if you want to avoid paying the account’s $16.95 monthly fee, you’ll need to have a minimum daily closing balance of $4,000 or more for the entire month.

Does the Scotiabank Preferred Package offer an interest rate?

No, the Preferred Package account does not pay any interest on your account balance. But it’s worth mentioning that, with the Preferred Package, you can earn an extra 0.05% interest on a Scotiabank MomentumPLUS Savings Account balance. Preferred rates are also available on select GICs.

Related: Scotiabank MomentumPLUS Savings Account review

Who is the Scotiabank Preferred Package best for?

The Scotiabank Preferred Package could be a good fit for you if you want an account that supports unlimited day-to-day transactions—and if you can keep your balance above the minimum level required to avoid the monthly fee.

It’s suitable for people who perform a lot of day-to-day transactions and want the security of dealing with a Big Five bank that has a large branch and ABM network as well as a highly rated mobile app.

But if you don’t want to have to worry about keeping your balance above the $4,000 mark, you may want to look elsewhere.

Compare with other chequing accounts

What should I know before I apply?

To open a Scotiabank Preferred Package account, you’ll need to meet the following criteria:

• Be a resident of Canada (or be in Canada to work or study)
• Be 16 years of age or older
• Have an email account
• Not interested in opening a joint account

How do I open a Scotiabank Preferred Package account?

To open a Scotiabank Preferred Package account, you’ll need to fill out a quick and easy online application. Follow these steps to get started:

1. Visit the Scotiabank website to get started.
2. Complete an application, which includes providing your name, email address, Social Insurance Number (SIN) and birth date.
3. Review the details of your account and submit your application.

Scotiabank Ultimate Package vs. Preferred Package

Both the Scotiabank Ultimate Package and the Preferred Package support unlimited monthly transactions, including debits and e-Transfers. However, the Ultimate Package comes with a higher monthly fee of $30.95.

That fee can be waived if you maintain a minimum daily closing balance of $6,000 or more or if you have a combined balance of $30,000 or more across the Ultimate Package and a MomentumPLUS Savings Account.

So, if both are unlimited-transaction accounts, why the higher monthly fee with the Unlimited Package? It all comes down to the extra perks of the Ultimate Package, which include:

• Waived overdraft protection fees
• No fees on international transfers
• A waived monthly account fee on a Basic Plus Bank Account
• You only earn an extra 0.05% interest on a Scotiabank MomentumPLUS Savings Account balance with the Preferred Package—versus 0.10% with the Ultimate Package
• 10 free equity trades at Scotia iTRADE in the first year and 5 free equity trades every year after
• Unlimited free global non-Scotiabank ABM withdrawals
• Special exchange rates on select foreign exchange transactions
• Waived $60 annual fee on a small safety deposit box

When you’re weighing the Scotiabank Ultimate Package vs. Preferred Package, realize that it all comes down to whether it’s worthwhile for you to pay for all those extra perks with the Ultimate Package.

If you don’t plan to cash in on those perks or maintain the minimum monthly balance required to waive the fee, you’re probably better off with the cheaper Premium Package for your day-to-day banking.

Related: Scotiabank Ultimate Package Review

Scotiabank customer reviews and ratings

Customer reviews verified as of November 4, 2024.

Feature	Details
Apple App Store	4.7 out of 5 stars based on 764,167 Scotiabank Mobile Banking reviews
Google Play	4.6 out of 5 stars based on 179,340 Scotiabank Mobile Banking reviews
Trustpilot	1.2 out of 5 stars based on 1,065 Scotiabank reviews

Customer reviews verified as of November 4, 2024.

Scotiabank earns praise for its mobile app, which has customer ratings of 4.7/5 on the Apple App Store and 4.6/5 on Google Play. For comparison, these Scotiabank ratings are on par with TD’s app and Simplii Financial’s app but run a little higher on average than CIBC’s banking app.

We also looked at Scotiabank’s BBB profile and, like other banks in Canada, it has a low rating—an overall F score and 1.22/5 stars based on 95 Scotiabank reviews. But before that puts you off of signing up with Scotiabank, keep in mind that almost all banks in Canada have similarly low ratings on the BBB website.

For example, both Simplii Financial and RBC have F ratings on the BBB. You’ll also see the same trend for Scotiabank along with many other Canadian Banks on sites like Trustpilot.

That said, positive Scotiabank reviews mention how easy it is to use the app, while negative reviews typically discuss things like poor customer service and customers having their accounts frozen.

What do people on Reddit say about the Scotiabank Preferred Package?

Scotiabank comes in for some mixed feedback on the r/PersonalFinanceCanada subreddit. There are plenty of negative reviews for Scotiabank as well as all the other Big Five, with poor customer service being a common complaint.

While many users comment that Scotiabank is not specifically better or worse than any other major bank, some users compliment Scotiabank for its user-friendly mobile app and range of credit cards.

Bottom line

The Scotiabank Preferred Package is well worth a look if you’re searching for an unlimited-transaction chequing account—provided you can meet the minimum balance requirement to avoid paying a monthly fee. Ultimately, you need to compare the Preferred Package against a wide range of other options to find the best chequing account for you.