In this Scotiabank Preferred Package review we are going to take a deep dive into this account’s features, its pros and cons, and whether it is the right account for you. In this brief introduction, it’s worth mentioning this is a rebranding of Scotiabank’s old Momentum Chequing account.

The update does not amount to such huge changes. Look, a chequing account is a chequing account anywhere in the world. The only thing that makes one account win over the other is whether they charge maintenance or transaction fees. 

Preferably you don’t want to stick to an account that charges you any fees. However, even the ones that do sometimes offer ways for you to wave them. This is what happens with Scotiabank Preferred Package. We’ll tell you more about it in the next sections.

A few things changed since the Momentum Chequing Account became Scotiabank Preferred Package. The first one worth mentioning is the unlimited interact e-transfers. The old account offered only 2 free e-transfers a month, which sounds like bad old banking.

The other thing that changed is that now you can waive the monthly fee if you keep a minimum balance of $4,000 in your account every day of the month. It’s not such a great deal, especially if you consider your money won’t be earning interest. But if you like Scotiabank and want to keep your account there, it’s better than paying $16.95 every month.

Another important change (although not that eye-catching) was moving from a cash back system to a rewards system. Whereas before you would earn 1% cash back on all transactions up to $300 a year, now you get 1 point every $5 spent with no ceiling. 

One last change is the possibility of waiving fees for the first year if you acquire any of Scotiabank’s premium cards. To make things clear, you will be waiving fees for the cards, not for your Scotiabank Preferred Package account.

Enough talking about all the features in detail. It’s time to put the most important favorable and unfavorable points together for comparison. See what the pros and cons are next in our Scotiabank Preferred Package review.

The Scotiabank Preferred Package account does not require you to have a good credit history. In fact, the bank won’t run credit checks on you to open your account. But if you like to keep an eye on your credit score, this account does offer you a free credit score check.

To open a Scotiabank account you must fill out their online application on Scotiabank’s website. The application takes around 5 minutes to complete, and all you need is your basic personal information including date of birth, phone number, email address, and a few other things you probably know by heart.

If you’d like a more complete walkthrough of the application process, hit the link below and we’ll take you there.