The Scotiabank Preferred Package for Students and Youth is one of the best chequing accounts for students. It's basically the Scotiabank Preferred Package, except this version has no monthly fee. To qualify, you simply need to be under the age of 23 or be enrolled at a post-secondary institution.
And with it, you'll get unlimited transactions and Interac e-Transfers, bonus interest rates, and even earn Scene+ rewards on all your debit purchases.
Scotiabank Preferred Package for Students and Youth features
Here are the full details on the Scotiabank Preferred Package for Students and Youth and its features:
Why You Want It
$50 GeniusCash + Get up to a $175* welcome bonus + Earn Scene+ points on all debit purchases.Special Features
- No monthly fee.
- Earn Scene+ points on debit transactions
Eligibility
- Age of majority
- Enrolled in a post secondary institute in the US or Canada
Provinces
ALL
Features
Minimum Balance To Waive Fee
$0
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$0.00
Excess Transaction Fee
$0.00
Excess Interac E-Transfer Fee
$0.00
Maximum Credit Card Annual Fee Waiver
$150
Maximum Welcome Bonus
$175
Promo End Date
July 31, 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
Scotiabank Preferred Package for Students and Youth product rating: 4.0 stars
There isn't much to complain about with the Scotiabank Preferred Package for Students and Youth. Unlimited transactions? Check. Free Interac e-Transfers? Check. And the ability to earn Scene+ points on your debit purchases? Double check. It's pretty much the perfect chequing account for a student – except that it has quite a low interest rate, one that looks particularly sad when compared with online chequing accounts.
Rating methodology
To assess chequing accounts, we examine more than 30 data points to provide a reliable Genius Rating. We take into account all aspects of the account, such as fees, benefits, interest rates, customer satisfaction, accessibility, and promotions, to determine its overall value. The features of the account are then rated in comparison to other available options.
Learn more about our rating methodology.
The pros of the Scotiabank Preferred Package
There's quite a bit we like about this account – here are the highlights:
Pros
Unlimited transactions
No matter how many transactions you may make, whether it be debit purchases, bill payments or Interac e-Transfers, they're always free for Scotiabank Preferred Package for Students and Youth account holders.
Earn rewards on debit purchases
No credit card? No problem. You can still earn rewards while making debit purchases with Scotiabank chequing accounts. The rates aren't anything special; you'll earn 1 Scene+ point for every $5 spent, increased to 1 point per $1 spent at Cineplex. But since most bank accounts don't offer any rewards, these are more valuable than they may first seem.
No monthly fee
If a big bank offers unlimited transactions, it's a very safe bet that it'll come with a decent monthly fee. With the Scotiabank Preferred Package for Students and Youth, though, students don't have to pay a cent. They get the full, rather premium package here, all for free.
Get $175 with a new account
You can get $175 with a new account. All you have to do is complete two of these steps: set up a direct deposit (and keep it going for at least three months), set up a pre-authorized payment of at least $25 (to recur for three months), or make five online purchases with your Visa debit card.
The cons of the Scotiabank Preferred Package
There's only one major drawback we can see:
Cons
Only for youth and students
You only get this account as long as you're under the age of 23 or enrolled in a post-secondary institution in Canada or the U.S. Once you're no longer eligible, you'll automatically be transferred over to the Scotiabank Preferred Package, which has a monthly fee of $16.95.
Scotiabank Preferred Package for Students and Youth alternatives
Consider how these other accounts compare with the Scotiabank Preferred Package for Students and Youth:
 |  |  |  | |
|---|---|---|---|---|
| Account | Scotiabank Preferred Package for Students and Youth | RBC Advantage Banking for students | CIBC Smart for Students | BMO Performance Chequing Account for Students |
| Genius Rating | ||||
| Why You Want It | $50 GeniusCash + Get up to a $175* welcome bonus + Earn Scene+ points on all debit purchases. | A full featured bank account for students with no monthly fees. | Free SPC+ for big shopping discounts + Unlimited free transactions. | Earn a $175 welcome cash bonus + no monthly plan fees while in school and one year after graduating. |
| Minimum Balance To Waive Fee | $0 | $0 | $0 | N/A |
| # Of Free Monthly Transactions | Unlimited | Unlimited | Unlimited | Unlimited |
| # Of Free Monthly Interac E-Transfers | Unlimited | Unlimited | Unlimited | Unlimited |
| Monthly Fee | $0.00 | $0.00 | $0.00 | $0.00 |
| Excess Transaction Fee | $0.00 | $0.00 | N/A | N/A |
Show More | ||||
| I Want This Deal See more Scotiabank products Compare | Learn More See more RBC products Compare | Learn More See more CIBC products Compare | Open an account See more BMO products Compare |
FAQ
What is the Scotiabank Preferred Package for Students and Youth?
The Scotiabank Preferred Package for Students and Youth is Scotiabank's student chequing account. Essentially, ot offers the same features as the Scotiabank Preferred Package – unlimited transactions, free Interac e-Transfers, earns Scene+ points, etc. – but this student version costs $0.
What are some features of the Scotiabank Preferred Package for Students and Youth?
Some of the key features of the Scotiabank Preferred Package for Students and Youth include unlimited transactions, fee-free Interac e-Transfers, and earning Scene+ rewards on debit purchases. Students can also trade for free with a Scotia iTRADE account.
What are the eligibility requirements for the Scotiabank Preferred Package for Students and Youth?
To be eligible for this account, you need to be under the age of 23 or enrolled at a post-secondary institution in Canada or the U.S. Upon graduation, account holders are automatically switched to the Scotiabank Preferred Package.
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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