The Scotiabank Preferred Package is a feature-rich chequing account that packs in plenty of perks for everyday banking. For $16.95 per month, or free if you maintain a minimum daily balance of $4,000, you’ll enjoy unlimited debit transactions and Interac e-Transfers, so you never have to worry about counting swipes or transfers. Cardholders can earn Scene+ points on debit purchases, which you can redeem for movies, dining, travel, and more, adding extra value to everyday spending.
Preferred Package customers also receive a first-year annual fee waiver worth up to $150 on select Scotiabank credit cards, as well as a 0.05% bonus interest rate boost when linked with a Scotiabank MomentumPLUS Savings Account. While there is a fee for non-Scotiabank ATM withdrawals, and the $4,000 minimum balance might tie up funds you’d rather invest, the package remains a strong option for anyone seeking a chequing account that combines unlimited access with meaningful perks.
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Scotiabank Preferred Package features
Here’s everything this chequing account has to offer.
Verified on August 29, 2025
Why You Want It
$100 GeniusCash + Get up to a $700* welcome bonus + Earn Scene+ points on all debit purchases.Special Features
- First year annual fee waiver (up to $150) on select credit cards
- Earn Scene+ points on debit transactions
- Earn an additional 0.05% on your Momentum Plus Savings Account
Eligibility
- Age of majority
- Canadian citizen
Provinces
ALL
Features
Minimum Balance To Waive Fee
$4,000
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$16.95
Excess Transaction Fee
N/A
Excess Interac E-Transfer Fee
N/A
Maximum Credit Card Annual Fee Waiver
$150
Maximum Welcome Bonus
$700
Promo End Date
October 30, 2025
Physical Locations
Automatic Budgeting System
Minimum Interest Rate
N/A
Earn Rewards On Debit Purchases
Free Cheques
Free Bank Drafts
Max Rebates For Other Accounts
N/A
Discounts For Seniors
Discounts For Youth
Other Discounts
Terms
* Conditions apply. See Account Provider's website for complete account details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.
** Rates, fees, and other information are effective as of Aug 1, 2025. Subject to change.
Scotiabank Preferred Package product rating: 3.9 stars
The Scotiabank Preferred Package has most of the important features of a chequing account – and then some. You’ll have unlimited transactions and Interac e-Transfers so you never have to worry about keeping track of how many times you’ve used your debit card this month. And though the fee is $16.95 a month, you can get that waived if you keep $4,000 in the account. Topping it all off with perks for other accounts, and there’s a lot to love here.
The downsides are you’ll still be charged a fee for non-affiliated ATM withdrawals (though you do get 1 free per month in Canada) and encouraging you to tie up $4,000 may mean you aren’t taking advantage of more lucrative investment opportunities.
The Scotiabank Preferred Package gained major points for having unlimited transactions and a host of perks. Where it lost some ground was its high monthly fee, high minimum balance, and remaining fees for non-affiliated ATMs.
Learn more about our rating methodology.
The pros of the Scotiabank Preferred Package
Let’s go over what there Fis to like about this account in more detail.
Pros
Kickstart your account with a $100 GeniusCash bonus
Get the party started in your brand new chequing account when you use the moneyGenius offers page. You'll get a free $100 GeniusCash bonus, which can be delivered to your PayPal account or directly to your bank account through Interac e-Transfer.
Get a welcome bonus worth up to $700 (ends October 30, 2025)
You can earn up to $700, but there's some work you'll need to do. First, When you open your account, you'll start off with $500 when you complete a few specified transactions. Open both an eligible registered investment account and a savings account, complete a qualifying transaction, and you'll get $200.
Unlimited debit transactions and Interac e-Transfers
One of the most important features of a chequing account is to keep your money easily accessible. With the Scotiabank Preferred Package, you’ll never have to worry about surprise transaction fees – all debit transactions and Interac e-Transfers are completely free.
Ability to waive monthly fee with a minimum balance of $4,000
Though the $16.95 monthly fee can start to add up, if you keep $4,000 in your account every day of the month, you won’t have to pay a dime. There are some downsides to this, but if you like having a nest egg in your chequing account anyway, it’s worth it.
Earn Scene+ points on your debit transactions
One of Scotiabank's more unique chequing account features, you get to earn Scene+ points on your debit card payments. Though it’s only at a rate of 1 point per $5 spent, it’s still better than the 0 points most other debit cards reward you with.
First year annual fee waiver on select Scotiabank credit cards
If you have the Preferred Package and open 1 of 4 eligible credit cards, you’ll get the first year annual fee waived – a savings of up to $150. The eligible cards are the Scotiabank Gold American Express, Scotiabank Passport Visa Infinite, Scotiabank Momentum Visa Infinite, and Scotiabank Value Visa.
The cons of the Scotiabank Preferred Package
What are the downsides to this account?
Cons
High monthly fee
If you pay $16.95 a month for this account, that's $203 that's coming out of your pocket every year. With many no fee chequing accounts out there now, this can seem hard to justify unless you take advantage of all the other perks this account offers.
High minimum balance to waive fee
There's 2 downsides to Scotiabank's minimum balance requirement to waive the account's monthly fee. First, if you go under $4,000 just once at any time during the month, you'll be charged the fee. You have to make sure the balance is always over $4,000 – no exceptions. On top of that, $4,000 is a lot of money that maybe could be better spent on investments.
Need to watch out for non-affiliated ATM fees
Though this account gives you 1 free non-affiliated ATM withdrawal in Canada per month, you'll be charged between $2 and $5 every other time you make a withdrawal (depending where you are). If you find yourself needed access to cash often – especially when you're out of the country – this could get expensive quickly.
How much are your Scene+ points worth?
Curious to know what the value of your Scene+ points are?
Simply select the rewards program from the drop down below, then input how many points you have stockpiled so far – and we’ll show you how much they’re worth in real dollars for the various redemption options.
Savings Info
Scotiabank Preferred Package alternatives
So how does this account stack up against other chequing accounts in Canada?
 |  |  | |
|---|---|---|---|
| Account | BMO Performance Chequing Account | Simplii No Fee Chequing Account | Coast Capital Elevate Chequing Account |
| Genius Rating | |||
| Why You Want It | $50 GeniusCash + Up to $700 in cash + a Walmart Delivery Pass Subscription for up to 12 months*. *T&Cs apply. | $50 GeniusCash + Earn $300 and a $50 Skip gift card + Unlimited free transactions for no monthly fee. | $125 GeniusCash + New members can get $400** when they open and use an Elevate Chequing Account.
|
| Minimum Balance To Waive Fee | $4,000 | $0 | N/A |
| # Of Free Monthly Transactions | Unlimited | Unlimited | Unlimited |
| # Of Free Monthly Interac E-Transfers | Unlimited | Unlimited | Unlimited |
| Monthly Fee | $17.95 | $0.00 | $16.95 |
| Excess Transaction Fee | N/A | N/A | N/A |
Show More | |||
| I Want This Deal See more BMO products Compare | I Want This Deal See more Simplii Financial products Compare | I Want This Deal See more Coast Capital Savings products Compare |
Comparison to other Scotiabank chequing accounts
Thinking of sticking to Scotiabank but not sure which account to go with? Here’s a comparison of their 4 main chequing accounts.
 | | | |
|---|---|---|---|
| Account | Scotiabank Ultimate Package | Scotiabank Basic Plus Bank Account | Scotiabank Basic Bank Account |
| Genius Rating | |||
| Why You Want It | $100 GeniusCash + Get up to a $700* welcome bonus + Up to $150 annual credit card fee waivers. | Get 25 free debit transactions + unlimited Interac e-Transfers per month. | Free for seniors + Low $3.95 monthly fee. |
| Minimum Balance To Waive Fee | $6,000 | $3,000 | N/A |
| # Of Free Monthly Transactions | Unlimited | 25 | 12 |
| # Of Free Monthly Interac E-Transfers | Unlimited | Unlimited | Unlimited |
| Monthly Fee | $30.95 | $11.95 | $3.95 |
| Excess Transaction Fee | $0.00 | $1.25 | $1.25 |
Show More | |||
| I Want This Deal See more Scotiabank products Compare | Open an account See more Scotiabank products Compare | Open an account See more Scotiabank products Compare |
FAQ
What is the Scotiabank Preferred Package?
The Scotiabank Preferred Package is a chequing account with unlimited transactions and Interac e-Transfers. The monthly fee is $16.95, but you can get it waived if you keep $4,000 in your account every day. Learn more about what this account has to offer here.
Does the Scotiabank Preferred Package have a minimum balance?
There’s no minimum balance to keep the account open. That being said, if you want to waive the monthly fee you have to keep $4,000 in the account every day. Learn more about this balance here.
Does the Scotiabank Preferred Package have a promotion?
Yes, you can get up to $400 if you open your account by March 1, 2025 and meet conditions. You can earn another $400 by opening up 2 Scotia investment accounts and depositing $5,000 into both accounts.
Rating methodology
In order to determine our star rating, we break up each product type (in this case, chequing accounts) into a list of features, which you can see in the table above. We then give each feature a score out of 5. The average score across the board becomes its final star rating.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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