Are you looking for a comprehensive chequing account in Canada? The Scotiabank Ultimate Package may be ideal for you.
A chequing account with unlimited free transactions and ATM withdrawals is hard to find in Canada.
But the Ultimate Package offers all of that in addition to free cheques, free overdraft protection, free equity trade and more.
As if that’s not enough, the Ultimate Package waives the $30.95 annual fee for having $5,000 in your account or a combined balance of $30,000 in your Ultimate Package and MomentumPLUS Savings Account.
These competitive offers make the Scotiabank Ultimate Package an alternative all-inclusive chequing account for Canadians.
But it doesn’t end there. This review covers everything you need to know about the Scotiabank Ultimate Package and how it compares to other chequing accounts in Canada.
Scotiabank is the third-largest among the five big banks in Canada, offering competitive international banking and financial services in Latin America, Europe, Asia, and the Caribbean,
With headquarters in Toronto, this bank was established in 1832 and has over $1 trillion assets under management and over 25 million customers.
Also known as Bank of Nova Scotia, Scotiabank offers a broad range of banking and financial services, including personal and commercial banking, wealth management, capital markets, and corporate and investment banking.
The Ultimate Package is one of the top banking products of Scotiabank, offering competitive chequing account services.
What is the Scotiabank Ultimate Package?
Scotiabank Ultimate Package is an all-inclusive chequing account with unlimited free transactions and ATM withdrawals.
Unlike other chequing accounts, you can use the Scotiabank Ultimate Package to invest, save, spend or borrow. This makes the account a true “ultimate package” because it comprises all banking features.
In addition to other fee waivers, this account waives the $30.95 annual fee for customers with a $5,000 balance or a combined balance of $30,000 in their Ultimate Package and MomentumPLUS Savings accounts.
Overall, the Scotiabank Ultimate Package is the perfect chequing account for anyone looking for a low-cost alternative to invest, save, spend or borrow.
6 Top Features of Scotiabank Ultimate Package
Scotiabank all-inclusive chequing account is unique because of the following features:
1. Fee Waivers
The Scotiabank all-inclusive chequing account offers a wide range of fee waivers such as $30.95 off the annual fee. You will save up to $139 annually when you subscribe to any of the Scotiabank credit cards.
Overall, you will save up to $650 on fees annually when you add up the following benefits and perks:
- Unlimited free debit transactions, Interac e-transfer and International Money Transfers = $203.40
- One free one draft annually = $9.50
- Free annual overdraft protection = $5
- Basic Plus Account fee waiver = $143.40
- Free domestic and international ABM annually = $17
- Selected credit cards annual fee waiver = $120
- Free US Daily Interest Savings Account = $12
- 100 free personalized cheques annually = $65
- Free safety deposit box = $60
- Up to 10 free equity trade with Scotia iTrade = $50.
2. Free Unlimited Transactions
The Scotiabank all-inclusive chequing account is one of the few chequing accounts with unlimited free transactions and Interac e-Transfers in Canada.
Also, the Scotia International Money Transfer allows you to make unlimited free money transfers across different countries.
This account is ideal for you if you make frequent transfers. The unlimited Interac e-Transfers and debits will save you hundreds of dollars in the long run.
3. Free ATM Withdrawals Globally
Withdrawal fees are one of the major costs of owning a chequing account in Canada.
But unlike other chequing accounts, the Scotiabank all-inclusive chequing account offers free ATM withdrawals anywhere in the world.
4. Earn Rewards
The Scotiabank all-inclusive chequing account rewards cardholders with 1 point upon spending every $1 at partner stores. The points are redeemable for gift cards, travel, drink, food, movies, tech etc.
Earning reward points on your purchases is one of the effective ways of reducing your spending costs.
5. Free Safety Deposit Box
Store your valuable documents in a safety deposit box for free through the Scotiabank all-inclusive chequing account. The average cost of a safety deposit box in Canada is $60.
This free package motivates those that are not willing or able to afford the cost of protecting their valuable documents against being stolen or damaged.
6. Free Equity Trades
Most banks charge a fee for trading equities through a chequing account. But the Scotiabank all-inclusive chequing account is an exception.
This allows you to use the Scotia iTrade to trade equity for free up to 10 times in your first year of registration and 5 times after.
Pros of Scotiabank Ultimate Package
The Scotiabank all-inclusive chequing account is your alternative chequing account because of the following:
1. Free Unlimited Transactions
This all-inclusive chequing account allows you to make free unlimited domestic and international transactions.
Whether you make frequent transfers or not, free unlimited transactions will save you hundreds of dollars in the long run.
2. Free Unlimited Withdrawal
The Scotiabank all-inclusive chequing account is one of the few chequing accounts in Canada that offer free unlimited ATM withdrawals globally.
When you add up the cost of domestic and international ATM withdrawals of most Canadian banks, it’s worth considering this account.
3. Fee Waivers on Premium Credit Cards
The Scotiabank all-inclusive chequing account waives many fees, including the annual fee ($30.95).
When you subscribe to any of the Scotiabank credit cards, you can save up to $139 annually in fees.
This chequing account is one of the few chequing accounts in Canada that rewards customers upon making eligible purchases.
The Scotiabank all-inclusive chequing account offers 1 point or scene upon spending $5 with your debit card.
5. Free Equity Trades
Unlike other banks, Scotiabank allows you to use the Scotia iTrade to trade equity for free up to 10 times in your first year of registration and 5 times after.
This will save you hundreds of trading fees in the long run, improving your investment.
6. Free Cheques and Draft
The Scotiabank all-inclusive chequing account offers free one book annually containing 100 customized cheques.
In addition, it offers free unlimited bank drafts across Canadian and US dollars.
Cons of Scotiabank Ultimate Package
Here are the downsides of the Sociabank all-inclusive chequing accounts you should know:
1. High Monthly Fee
The $30.95 annual fee is high compared to other banks even though it’s waived for customers with a $5,000 balance or $30,000 combined balance on MomentumPLUS Savings Account and Ultimate Package.
2. Minimum Balance Requirement
$5,000 is the minimum balance requirement of the Scotiabank all-inclusive chequing account annual fee waiver.
Even though you will save on fees annually, you will make more money by investing the $5,000 in fractional shares or one of the safe investments with high returns out there.
How Much Does the Ultimate Package Cost?
The Scotiabank all-inclusive chequing account doesn’t charge monthly fees for having a $5,000 balance or $30,000 combined balance on MomentumPLUS Savings Account and Ultimate Package.
Furthermore, the chequing account waives several fees except:
- $30.95 for having less than $5,000 balance – Monthly fee
- $26.95 – Monthly fee discount for seniors
- $2.25 – Monthly paper statement
Waiving the Scotiabank Ultimate Package Monthly Fee
Compared to other banks, Scotiabank charges high monthly fees ($30.95). However, this can be waived under the following condition:
- Have $5,000 balance
- Have a combined balance of $30,000 in your Ultimate Package and MomentumPLUS Savings Account.
For example, if you have $1,000 in your Ultimate Package account, you need $29,000 in your MomentumPLUS Savings Account to enjoy the monthly fee waive.
So if you can’t deposit up to $5,000 in your deposit account, you can still get the monthly fee waived once you save more on your MomentumPLUS Savings Account.
It’s worth getting a fee waived on your account because the overall monthly fee adds up to $371.4 annually.
Eligibility Requirements for the Scotiabank Ultimate Package?
The Scotiabank all-inclusive chequing account has low requirements that make it attractive to more customers.
All you need is to meet the following requirements to qualify for the Ultimate Package account:
- Be 16 years or older
- Be a Canadian resident
- Have a valid social insurance number (SIN)
- Have an active email account
You’re good to go once you meet the above requirements.
How to Open the Ultimate Package Account?
There are three options for opening the Ultimate Package account. That’s online, in person and by phone. You will get the same service regardless of the option you used:
- Online: Visit the Get the Ultimate Package page to open the Scotiabank all-inclusive chequing account online. You will be required to provide your details to proceed.
- In-person: Visit the nearest Scotiabank branch by booking an appointment here.
- By phone: Call Scotiabank representative on 1-800-472-6842 to open your account in minutes.
In all of this, you will be required to provide your details, including your address and a valid social insurance number (SIN), before opening the Ultimate Package account.
RELATED: Scotia Rewards Points Review
Scotiabank Ultimate Package vs. BMO Premium Chequing Account
The BMO Premium Chequing account is one of the competitors of the Scotiabank all-inclusive chequing account in Canada.
BMO is an abbreviation of the Bank of Montreal, which offers international banking and financial services.
Established in 1817, this bank is the fourth-largest among the five big banks in Canada.
Like the Ultimate Package account, the BMO Premium Chequing account also offers Unlimited worldwide ATM withdrawals worldwide.
The BMO Premium Chequing account offers up to $350 a welcome bonus of 4-month 1.25 interest rates for opening a new Smart Saver Account.
However, the BMO Premium Chequing account monthly fees ($30.00) are slightly lower than the Scotiabank Ultimate Package ($30.95). But unlike Scotiabank, you must have a minimum balance of $6,000 to enjoy the monthly fee waive on the BMO Premium Chequing account.
In addition, the BMO Premium Chequing account offers special benefits for family chequing accounts with free daily banking experience through the BMO Family Bundle. This offers more perks than the Scotiabank Ultimate Package for Families.
Thus, both Scotiabank and BMO chequing accounts have special features you need to consider. While the Scotiabank all-inclusive chequing account has more perks and unlimited fee waivers, the BMO Premium Chequing account is suitable for family chequing accounts.
Frankly speaking, each of the chequing accounts offers competitive features, and you can’t make a wrong choice with any of them.
Transaction, withdrawals and monthly fees make it costly to open a chequing account in most Canadian banks.
The Scotiabank Ultimate Package is a revolutionary all-inclusive chequing account that’s shaking the banking industry with unique and affordable chequing you can’t easily find elsewhere.
This review has explored everything you need to know about the Ultimate Package before making a decision. If it’s not perfect for you, the BMO Premium Chequing account will probably be since it offers competitive features as well.
The choice is yours to make. But ensure you choose an account that has all the features you need in order to save cost.
Is the Scotiabank Ultimate Package worth it?
It’s absolutely worth it for anyone looking for unlimited domestic and international free transactions. In addition, this account waives a monthly fee and lots of other fees.
Does Scotiabank Ultimate Package cost money?
Yes, this account charges a $30.95 monthly fee which is waivable if you have a $5,000 balance or $30,000 combined balance on MomentumPLUS Savings and Ultimate Package account.
Furthermore, the Scotiabank all-inclusive chequing accounts also charge $2.25 for monthly paper statements.
How do I avoid monthly fees on my Scotiabank Ultimate Package Account?
You can avoid Scotiabank’s all-inclusive chequing account monthly fees by having a $5,000 balance or a combined balance of $30,000 in your Ultimate Package and MomentumPLUS Savings Account.
What age is considered senior at Scotiabank?
Scotiabank set 60 years as the requirements for seniors interested in accessing its no-monthly fee Basic Bank Account service or $4 discount on chequing account monthly fees.
What is minimum balance for Scotiabank Ultimate Package?
$5,000 is the minimum closing balance of the Scotiabank all-inclusive chequing account which attracts a monthly fee waiver.