If you want the most you can get out of a chequing account, the Scotiabank Ultimate Package is all about the extra perks.
Not only will you get unlimited free transactions – including free global ATM withdrawals – you’ll also get credit card annual fee waivers, special rates, and umlimited transactions. This all comes with a $30.95 monthly fee that’s waived if you keep $6,000 per month in your account.
Scotiabank Ultimate Package features
This premium chequing account comes with all the features you'd expect – plus a whole lot more you never knew you wanted.
Why You Want It
$100 GeniusCash + Get up to a $700* welcome bonus + Up to $150 annual credit card fee waivers.Special Features
- Earn Scene+ points on debit transactions
- No monthly overdraft protection fee
- Unlimited free Scotia International Money Transfers
- Up to $150 annual fee waiver each year on select credit cards
Eligibility
- You must be at least 16 years old
- A Canadian resident or you're here for work or study
- Opening this account in your own name
Provinces
ALL
Features
Minimum Balance To Waive Fee
$6,000
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$30.95
Excess Transaction Fee
$0.00
Excess Interac E-Transfer Fee
$0.00
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
$11.95
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 Ultimate Package product rating: 5.0 stars
If you prefer physical bank locations and keeping all your money in one place, the Scotiabank Ultimate Package could have a lot of value for you. If you take advantage of all the fee waivers offered, you'll be saving $337 per year. That means the account will cost you a net fee of $34 per year, or $2.83 per month. And that's only if you don't keep the minimum balance of $6,000 – which will waive all your fees completely.
But if you're just looking for a normal chequing account with free transactions, going for a free chequing account instead may be a better bet for you.
Rating methodology
In order to decide a star rating for products, we first identify the key features that other products in the same category offer. This then becomes the feature table we include at the beginning of this page. From there, we give each feature a score out of 5 – considering the overall value it brings as well as how it compares to other available options.
The Scotiabank Ultimate Package has the highest monthly fee we've seen on a chequing account, but brings great value in other areas, like unlimited transactions and special rates for other accounts.
Learn more about our rating methodology.
The pros of the Scotiabank Ultimate Package
The Scotiabank Ultimate Package hits all the major must-haves for a chequing account – and then some.
Pros
Get a $100 GeniusCash boost
Before we get into the multitude of perks that come with this premium chequing account, if you use the moneyGenius offers page to create your account, you'll start things off right with a $100 GeniusCash boost.
Get up to $700 in welcome bonus cash
If you open a new account now, you'll get $500 when you complete a few specified transactions. Plus you'll get another $100 if you open an eligible investment account, and another $100 when you open a savings account.
Unlimited transactions
Send and transfer money whenever you want, wherever you are, and however much you want to. Free and unlimited transactions, Interac e-Transfers, Scotia International Money Transfers, and global ATM withdrawals.
Plenty of physical bank locations
As a Big 5 bank, Scotiabank has lots of physical locations for you to go to – perfect for people who prefer doing things face-to-face with someone who can help.
Save money on premium credit cards
Get up to $150 off every year on 1 of 4 premium Scotiabank credit cards, including the Scotiabank Value Visa – a no-nonsense card with low interest rates on purchases and balance transfers.
Exclusive rates and fee rebates for other accounts
When you have this account and the Scotiabank Basic Plus Bank Account, your $11.95 monthly fee for the latter is completely waived. The same goes for the Scotiabank U.S. Dollar Daily Interest Account – no need to worry about the 0.05%, even if it is a small amount. On top of this, you'll also have access to exclusive GIC rates and bonus interest on any savings held in a Scotiabank MomentumPLUS Savings Account.
Earn rewards
A unique feature for Scotiabank chequing accounts is the ability to earn 1 Scene+ point for every $5 you spend on your debit card – plus you'll get 1 Scene+ for each dollar spent at Cineplex. As if you need more reason to reward yourself with a movie night.
Minimum balance to waive fee
Keep at least $6,000 in your account to waive the monthly fee. Or the fee can be waived by keeping a combined balance of $30,000 in both this account and a Momentum Plus Savings Account.
The cons of the Scotiabank Ultimate Package
Though this account has plenty of high-end features, there are a few downsides to consider.
Cons
High monthly fee
$30.95 is a high price to pay, especially when you consider all your no fee chequing account options that can get you free unlimited transactions too.
Minimum balance is a wasted investment opportunity
Sure, saving $371 in annual bank fees is great, but if you'd be making more than that in savings account interest or other investments, it's a waste.
You may still be charged for non-Scotiabank ATM withdrawals
Though this account itself won't charge you any fees for withdrawals made through a non-Scotiabank ATM, it doesn't cover any convenience fees the machine itself may charge you.
Your Scotiabank rewards calculators
Want to know how much your Scene+ points are worth?
Simply select "Cineplex SCENE" from the dropdown in the calculator below and put in how many points you have:
Savings Info
Scotiabank Ultimate Package alternatives
It's always good to know your options. Here's a direct comparison between the Scotiabank Ultimate Package and the similar accounts from BMO and RBC. Plus we've thrown in a no fee chequing account too, so you can see what you sacrifice for that sweet $0 monthly fee.
 |  |  | |
|---|---|---|---|
| Account | RBC VIP Banking | Coast Capital Elevate Chequing Account | BMO Performance Chequing Account |
| Genius Rating | |||
| Why You Want It | Get an Apple Watch Series 10 + Save 3 cents per litre at Petro-Can. | $125 GeniusCash + New members can get $400** when they open and use an Elevate Chequing Account.
| $50 GeniusCash + Up to $700 in cash + a Walmart Delivery Pass Subscription for up to 12 months*. *T&Cs apply. |
| Minimum Balance To Waive Fee | N/A | N/A | $4,000 |
| # Of Free Monthly Transactions | Unlimited | Unlimited | Unlimited |
| # Of Free Monthly Interac E-Transfers | Unlimited | Unlimited | Unlimited |
| Monthly Fee | $30.00 | $16.95 | $17.95 |
| Excess Transaction Fee | $0.00 | N/A | N/A |
Show More | |||
| Open an account See more RBC products Compare | I Want This Deal See more Coast Capital Savings products Compare | I Want This Deal See more BMO products Compare |
How the Ultimate Package stacks up against other Scotiabank chequing accounts
Interested in some more Scotiabank products? Here's how the Ultimate Package stacks up against the rest.
 | | | |
|---|---|---|---|
| Account | Scotiabank Preferred 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 + Earn Scene+ points on all debit purchases. | Get 25 free debit transactions + unlimited Interac e-Transfers per month. | Free for seniors + Low $3.95 monthly fee. |
| Minimum Balance To Waive Fee | $4,000 | $3,000 | N/A |
| # Of Free Monthly Transactions | Unlimited | 25 | 12 |
| # Of Free Monthly Interac E-Transfers | Unlimited | Unlimited | Unlimited |
| Monthly Fee | $16.95 | $11.95 | $3.95 |
| Excess Transaction Fee | N/A | $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
Who can open an account?
In order to be eligible for the Scotiabank Ultimate Package chequing account, you must be at least 16 years old, a resident of Canada (or here for work or study), and have an email account.
How do I open an account?
Simply go to this link and click on "Get Ultimate Package." You'll be asked to either sign in to your existing Scotiabank account or choose the rewards program you want to participate in. Throughout the application, you'll be asked to provide basic information like your name, address, birthday, and social insurance number. Scotiabank states this will take about 5 minutes.
Are Scotiabank chequing accounts safe?
Scotiabank, like most Canadian chequing accounts, offers a security guarantee that they'll fully reimburse you if you suffer from financial losses. Just be sure you follow all their security guidelines or they may deny you coverage. Your deposits are also covered by the Canada Deposit Insurance Corporation (CDIC) in case Scotiabank goes under.
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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