If you’re looking for a new chequing account, your first stop should be the Scotiabank Ultimate Package.
This Scotiabank account is one of the most popular banking packages available in Canada.
The account is loaded with numerous advantages that simply can’t be found in any other bank account.
It comes with a host of benefits and perks, making it an excellent choice for those looking for a comprehensive banking solution.
In this Scotiabank Ultimate Package review, we’ll take a close look at what the account has to offer.
If you’re looking for an account loaded with lots of perks and benefits, read on to see if the Scotiabank Ultimate Package is right for you.
Table of Contents
Scotiabank Overview
Scotiabank is a leading Canadian bank that offers a wide range of products and services to personal, commercial and corporate clients.
The bank was founded in 1832 and has grown to become one of the largest banks in Canada with a presence in other countries.
Scotiabank’s product range includes personal and commercial banking, wealth management, and debit and credit cards.
The bank is committed to providing its clients with superior service and support, and its team of highly skilled professionals is always available to offer advice and guidance.
Also, the bank has a wide network of branches and ATMs across Canada and provides convenient online and mobile banking options.
Whether you are looking for a simple savings account or a comprehensive wealth management solution, Scotiabank has the right solution for you.
Scotiabank Ultimate Package Overview
The Scotiabank Ultimate Package is an ideal account for those who want to get the most out of their bank account.
This package includes all of the products that you need to manage your everyday finances.
It also includes an investment portfolio that could help you meet your long-term goals, as well as access to loans and other banking products.
With so many valuable features, it’s no wonder that the Scotiabank Ultimate Package is one of the most popular chequing accounts at the bank.
Here are the several benefits and perks you can get on the Scotiabank Ultimate Package account:
The Scotiabank Ultimate Package account offers one of the highest interest rates on your savings.
When you open a Scotiabank MomentumPLUS Savings Account, through the package, you will earn an interest rate of 4.25% for up to 5 months.
The Scotiabank Ultimate Package has a monthly fee of $30.95. However, if you maintain a daily balance of $5,000, your monthly fee will be waived.
Alternatively, if you maintain a minimum daily closing balance of $30,000 when you combine the Ultimate Package account and your MomentumPLUS Savings Account, your monthly fees will be waived.
Also, when you open the Scotiabank Ultimate Package account, you will get a welcome bonus of $300.
However, to earn this welcome bonus, you must open the account by October 31, 2022, and complete two of the requirements below:
- Set a least one qualified automatic direct deposit which reappears for 3 consecutive months
- Complete a qualified bill payment that is worth $50 online or through mobile banking
- Make at least two qualified different continuing pre-authorized transactions that are worth a minimum of $50. These transactions must reappear for 3 consecutive months
After completing the above tasks, you will receive your $300 welcome bonus within six months of opening your new account.
Pros and Cons of the Scotiabank Ultimate Package
Scotiabank Ultimate Package is one of the best chequing accounts on the market. It comes with an array of benefits that make it worth considering.
However, you need to consider the pros and cons of the account before you can decide whether to open an account or not.
Let’s look at the advantages and disadvantages of the Scotiabank Ultimate Package:
Pros
- Welcome bonus: The Scotiabank Ultimate Package account offers one of the highest welcome bonuses in Canada. When you open the account, you get a welcome offer of up to $300
- Rewards: The Scotiabank Ultimate Package account offers you redeemable points on your daily purchases. For each $5 you spent on daily purchases, you will get 1 Scene+ point. You will also get 1 Scene+ point for each $1 spent at Cineplex. You can redeem your points for things like entertainment, shopping, travel and so on
- Free unlimited transactions: The Scotiabank Ultimate Package allows you to make unlimited transactions at no cost
- Free customized cheques: When you open the Scotiabank Ultimate Package, you will get a customized chequebook at no cost
- No Monthly fees: When you open a Scotiabank Basic Plus Bank Account or Scotia U.S. Dollar Daily through the Ultimate Package, you will not pay any monthly fees
- No overdraft protection fee: There is no overdraft protection fee on the Scotiabank Ultimate Package. This is a great way to cut costs and maintain a positive account balance.
- Scotia iTrade benefits: The Scotiabank Ultimate Package account offers you free 10 equity trades in your first year. Making these free trades can save you up to $100. You will then be allowed to make only five free trades a year after your first year.
- Credit card fee waiver: With the Scotiabank Ultimate Package account, you can enjoy an annual fee waiver on eligible Scotiabank credit cards. This can save you up to $150 for the year
- Free safety deposit box: The account comes with a free safety small deposit box. Getting the box for free can save you up $60 on annual fees
Cons
- High monthly fee: You have to pay high monthly fees if you can’t maintain the required daily closing balance of $5,000, or the combined balance
- Minimum balance requirement: The Scotiabank Ultimate Package account has a minimum balance requirement of $5,000. As a result, if you can’t afford that amount then you won’t be able to open the account
Scotiabank Ultimate Package Eligibility
The Scotiabank Ultimate Package is an all-in-one chequing account that includes everything you need to use your account without paying transaction fees or overdraft charges.
However, before you can open the account, you have to meet the eligibility requirements.
If you meet the eligibility requirements, this account can help your finances grow faster and more efficiently.
Below are the eligibility requirements for the Scotiabank Ultimate Package account:
- You have to be a resident of Canada
- Be at least 16 years old
- Provide a valid email address
- Possess a Social Insurance Number (SIN)
Scotiabank Ultimate Package Fees
Although the Scotiabank Ultimate Package is a great account, it has some fees that you need to be aware of before deciding if it’s right for you or not.
As mentioned earlier, the account has a monthly of $30.95. But if you can maintain a daily balance of $5,000, your fee will be waived.
If you can’t maintain a closing balance of $5,000, you can maintain a combined balance of $30,000 on your Ultimate Package with the MomentumPLUS Savings Account.
However, if you are a senior and you open the account, you will only pay a monthly fee of $26.95.
Scotiabank also charges a paper statement fee of $2.25 monthly.
Is the Scotiabank Ultimate Package Worth it?
If you want to take full advantage of all the features and perks of the Scotiabank Ultimate Package, it is well worth the money.
For a monthly fee of $30.95 or $0, you can enjoy unlimited transactions, a free chequebook, and access to different ATMs across Canada.
The account also offers one of the highest interest rates you can get in Canada. You can enjoy an interest rate of up to 4.25% for the first 5 months on your savings in the account.
Also, the account offers a very attractive welcome bonus. When you open the account, you will receive a welcome bonus of $300.
In addition, the package also provides discounts on insurance and investment products, as well as preferential rates on mortgages.
With so much to offer, the Scotiabank Ultimate Package is an excellent value for any customer looking to maximize their banking experience.
How to Open Scotiabank Ultimate Package Account
The process of opening the Scotiabank Ultimate Package account is very straightforward.
You can open the account in 3 simple ways. You can either choose to open it online, by phone or in person.
Now let’s look at how you can open a Scotiabank Ultimate Package account in three different ways:
How to Open Scotiabank Ultimate Package Online
To open the account online all you have to do is go to the Scotiabank online banking portal and fill out the account opening form.
You will be required to provide some of your personal information. After filling out the form, you can go ahead and submit your form.
Next, you will be asked to verify your identity. Once you do that, your account opening process will be complete.
How to Open Scotiabank Ultimate Package by Phone
Another option for opening the Scotiabank Ultimate Package account is by phone. To open the account by phone all you have to do is call this Scotiabank customer support number “1-800-472-6842”.
Once you call the number, the call will be received by a Scotiabank representative who will help you with your account opening process.
Opening the Scotiabank Ultimate Package account by phone also requires you to verify your identity. Once you successfully verify your identity, your account opening process will be complete.
How to open Scotiabank Ultimate Package In-Person
The last option for opening the Scotiabank Ultimate Package account is in-person. This option is also very simple.
All you have to do is visit any Scotiabank branch that is closer to you. Once you get to the branch, talk to any of the bank’s representatives.
Tell the representative that you want to open an Ultimate Package account. Once you make your intentions known, the banker will help you with the account opening process.
Scotiabank is dedicated to providing you with exceptional service. Therefore, no matter the option you choose, there is a guarantee of the same exceptional service.
Scotiabank Ultimate Package vs Other Scotiabank Chequing Accounts
The Scotiabank Ultimate Package is one of the best chequing accounts available today.
It has several unique features, including no monthly fee if you can meet the requirements and an interest rate of up to 4.25% on your savings
It might seem like it’s the best option on the market, but there are other options available to you from Scotiabank that may also be worth looking at.
Here is how the Scotiabank Ultimate Package account compares to other chequing accounts offered by the bank:
Scotiabank Ultimate Package vs Basic Account
If you’re looking for an all-in-one chequing account, the Ultimate Package is undoubtedly a great choice.
With the account, you can enjoy a welcome bonus and high interest in your savings. You can also get unique perks such as a free customized cheque and free unlimited transactions.
Scotiabank Basic Account, on the other hand, may be an ideal account for you if you are looking for a basic account for just your savings needs.
However, while the Scotiabank Ultimate Package account offers more benefits, the basic account charges lower monthly fees.
The Scotiabank Basic Account has a monthly fee of just $3.95. And, if you are a senior and you open the account, your monthly fees will be waived completely.
The Ultimate Package account on the other hand has a monthly fee of $30.95 which can only be waived if you maintain the required balance.
This makes the Scotiabank Basic Account a more affordable bank account especially if you can’t afford to maintain the high balance requirement on the Ultimate Package.
If you can afford to pay the high fees or maintain the required closing balance to enjoy the great perks, then the Ultimate Package account might be a great option for you.
However, if you are looking for an account with a low monthly fee then the Basic Account might be the best option for you.
Scotiabank Ultimate Package vs Basic Plus Account
The Scotiabank Basic Plus Account is another great chequing account that you may want to consider.
The account has a monthly fee of $11.95. However, if you can maintain a closing balance of $3,000, your monthly fees will be waived.
On the other hand, Scotiabank Ultimate Package has a monthly fee of $30.95 which can be waived if you keep a closing balance of $5000.
As you can see, the Scotiabank Basic Plus Account has lower monthly fees with a lower closing balance for the fees to be waived.
However, the Basic Plus Account doesn’t offer the great perks offered by the Ultimate Package such as unlimited free transactions and a free chequebook.
Also, while the Scotiabank Ultimate Package offers a welcome bonus with high interest on your savings, the Basic Plus Account doesn’t offer such benefits.
Therefore, if you are looking for an account with low fees, the Basic Plus Account might be a great option.
But, if you can sacrifice the high fees in exchange for the great perks, then the Ultimate Package account might be the ideal account for you.
Scotiabank Ultimate Package vs Preferred Package
The Scotiabank Preferred Package account is similar to the Ultimate Package account.
Both accounts are a great option for you if you are looking for an all-in-one account. The two accounts allow you to make unlimited free transactions.
When you open any of the two accounts, you will receive a welcome bonus of up to $300.
Both accounts also offer one of the highest interest rates on your savings but the Ultimate Package account offers a higher interest rate.
When you open the MomentumPLUS Savings Account through the Ultimate Package, you will earn an interest rate of up to 4.25% for the first 5 months.
However, the Scotiabank Preferred Package offers an interest rate of 4.20% on your MomentumPLUS Savings Account for the first 5 months.
While the Ultimate Package account offers you a high-interest rate on your savings, it charges higher monthly fees than the Preferred Package.
The Scotiabank Ultimate Package account charges a high monthly fee of $30.95. This monthly fee can only be waived if you keep a closing balance of $5,000 or a combined balance of $30,000.
On the other hand, the Scotiabank Preferred Package account charges a lower monthly fee of $16.95. The fee can be waived if you maintain a closing balance of $4,000.
Nevertheless, the Scotiabank Ultimate Package offers more benefits than the Preferred Package account.
Therefore, if you are looking for an account with lower fees, the Scotiabank Preferred Package might be ideal for you.
But, if you are looking for an account with exceptional perks and don’t mind paying high fees, the Scotiabank Ultimate Package might be a better option.
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Take Away
Scotiabank Ultimate Package account offers some great perks that make it an attractive option for anyone looking for a new chequing account.
It’s especially worth considering if you’re looking for an account that offers you high interest on your savings.
Also, if you meet the criteria to waive the monthly fee, this account could be a great option for you.
In this Scotiabank Ultimate Package Review, we have discussed everything you need to know about the account.
We have also compared the Scotiabank Ultimate Package account with other chequing accounts offered by the bank.
Hopefully, now you have a good understanding of the Scotiabank Ultimate Package and can now decide whether it is the right chequing account for you or not.
