Finances

Scotiabank Preferred Package Account Review

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

Get rewards with every $5 spent and unlimited interac e-transfers!

In this Scotiabank Preferred Package review, we explore the account’s features and benefits. Ideal for those seeking comprehensive banking solutions.

From fee waivers to welcome bonuses, we cover every aspect to help you decide if it’s the right fit for your banking needs. So read on to learn more about it!

How to apply for the Scotiabank Preferred Package

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

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ATM Fees	Account holders are entitled to one free non-Scotiabank ATM withdrawal per month in Canada. After this, there may be fees for using non-Scotiabank ATMs.
Minimum balance	To waive the monthly account fee, you need to maintain a minimum daily closing balance of $4,000 for the entire month.
Monthly fee	The account has a monthly fee of $16.95. However, this fee can be waived if the required minimum balance is maintained throughout the month.

Scotiabank Preferred Package: how does it work?

Firstly, the Scotiabank Preferred Package is a premium account offering unlimited transactions. It’s ideal for those with frequent banking needs.

Secondly, the account has a $16.95 monthly fee, waivable by maintaining a $4,000 minimum balance. This makes it cost-effective for regular users.

Thirdly, the package includes one free monthly non-Scotiabank ATM withdrawal in Canada, adding convenience for those on the go.

Additionally, the account offers attractive welcome bonuses and rewards, making it a lucrative choice for new customers.

Finally, it features extra perks like fee waivers on select credit cards, enhancing its overall value for users.

Scotiabank Preferred Package: should you start banking with it?

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

Offers unlimited debit and Interac e-Transfer transactions.
Monthly fee of $16.95 can be waived with a $4,000 minimum balance.
Attractive bonuses for new account holders.
Fee waivers on select Scotiabank credit cards.
Convenience for cash access.
Additional interest on the Momentum PLUS Savings Account.
Reduced fee for international money transfers.
Easy access to banking services digitally.

Cons

Monthly fee if you don’t maintain the minimum balance.
Fees apply after the first free monthly withdrawal.
The chequing account does not earn interest.
Requires a $4,000 balance to avoid fees.
Only one free withdrawal per month.
Welcome bonuses require fulfilling specific criteria.
Fee waivers limited to certain credit cards.
Benefits may vary based on location and ATM availability.

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 offers 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. Moreover, the application takes around 5 minutes to complete.

Additionally, all you need is your basic personal information including date of birth, email address, and a few other things.

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