Finances

Scotiabank Preferred Package account review: how does it work and is it good?

In this Scotiabank Preferred Package review you will find out whether this account is for you and what you can expect from it.

Advertisement

by Danilo Pereira

Published on 04/29/2022

Scotiabank Preferred Package chequing account: Get rewards with every $5 spent and unlimited interac e-transfers

Scotiabank logo
Scotiabank Preferred Package account review. Source: The Mad Capitalist.

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.

ATM FeesFree on Scotiabank ATM withdrawals.
1 free withdrawal per month on other ATMs. 
Additional withdrawals cost $3 each for Visa or PLUS System ATMs inside Canada or the U.S., and $5 outside these countries.
Minimum balance$0
Monthly fee$16.95
scotiabank on a computer screen

How to apply for the Scotiabank Preferred Package

Learn how to apply for a Scotiabank Preferred Package in just a few easy steps!

What is the Scotiabank Preferred Package account?

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.

Is the Scotiabank Preferred Package account good?

pros and cons
Time to assign weight to the factors. Source: Adobe Stock

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.

Pros

  • Unlimited Interac e-transfers
  • Waivable monthly fee with a $4,000 account balance
  • Earn rewards on transactions

Cons

  • $16,95 monthly fee
  • High balance requirement for waiving fees
  • No interest on account balance

Does it check credit scores?

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.

Want to open a Scotiabank Preferred Package account? We will help you!

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.

scotiabank on a computer screen

How to apply for the Scotiabank Preferred Package

Learn how to apply for a Scotiabank Preferred Package in just a few easy steps!

About the author  /  Danilo Pereira

Trending Topics

content

Qtrade investing review: #1 award-winning platform

This Qtrade investing review will show why this has been considered the #1 online broker to invest in Canada. Read on to learn more.

Keep Reading
content

First Access Visa® Card review

Should you give this excellent credit card a try? Find out in the First Access Visa® Card review. Keep reading!

Keep Reading
content

Discover it® Secured credit card review: is it worth it?

The Discover it® Secured credit card is the first step on your journey to a healthy credit score. Read this review to learn how!

Keep Reading

You may also like

content

U.S. Bank Smartly™ Checking review: Is it right for you?

Take a deep dive into this U.S. Bank Smartly™ Checking review. Open your account with only $25. Read on and learn how!

Keep Reading
content

Learn to apply easily for the Best Egg Personal Loans

We'll show you how easy it is to apply for Best Egg Personal Loans. Plus, learn about the benefits of borrowing with them. Check it out!

Keep Reading
content

What is overdraft: the invisible transaction cost

This article will discuss what overdraft fees are, the benefits and risks involved with them, and how to avoid being charged.

Keep Reading