Are you in Canada?
Are you thinking about opening a Scotiabank account and wondering if they’ll give you a little bonus cash to get you started?
If so, you’re in luck because Scotiabank has a new account bonus on two of their accounts:
- Scotiabank Ultimate Package
- Scotiabank Preferred Package
Both come with a welcome bonus and you can even earn interest when you pair a MomentumPLUS Savings account.
We’ll go into the requirements on each account so you know exactly what you need to do to get the bonus!
Table of Contents
Scotiabank Ultimate Package – $350
This offer is very straightforward.
Open an Ultimate Package and then do one of the any two within the next 60 days:
- Make a $50 bill payment through online or mobile banking,
- Set up and clear a minimum of two separate recurring, pre-authorized transactions of at least $50 – these transactions must recur for at least 3 consecutive months,
- Set up and clear at least one eligible automated and recurring direct deposit (like a payroll or pension) – this direct deposit must also recur for at least 3 consecutive months.
Once you meet the requirements, you will get the $350 deposited into your account within two month. If you open the package in September 2021 and immediately set up the recurring transactions, you would get your bonus in November.
The account has a monthly fee of $30.95 that is waived if you maintain a minimum daily closing balance of $5,000 in your Ultimate Package or a combined balance of $30,000 across your Ultimate Package and MomentumPLUS Savings Account.
(Offer expires September 30, 2022)
Scotiabank Preferred Package – $300
The Preferred Package are the same as the Ultimate Package terms, the account itself is just slightly differently. For example, this account has a monthly fee of $16.95 that is waived if you maintain a minimum daily closing balance of $4,000 for the entire month.
As a refresher, this is what you’ll need to do to get the $300 for the Preferred Package (it’s the same as above):
- Make a $50 bill payment through online or mobile banking,
- Set up and clear a minimum of two separate recurring, pre-authorized transactions of at least $50 – these transactions must recur for at least 3 consecutive months,
- Set up and clear at least one eligible automated and recurring direct deposit (like a payroll or pension) – this direct deposit must also recur for at least 3 consecutive months.
The bonus payout schedule is the same as well.
(Offer expires September 30, 2022)
Who is Eligible?
You are not eligible for this bonus if you were a customer of Scotiabank within the last two years or you are an employee of Scotiabank.
Otherwise, you just need to satisfy the typical rules for opening a Scotiabank account:
- Be at least 16 years old
- A resident of Canada or in Canada to wrok or study
- You are not opening a joint account (joint accounts may only be opened in a branch)
- And be OK with paperless document delivery
How Does This Compare?
We don’t have many Canadian bank offers to compare this to but if you were to look at some offers in the United States, it’s as good an offer as any.
Here are some US offers as a basis of comparison:
⭐ BMO Smart Advantage Checking – $400
BMO Bank is offering a $400 bonus* when you open a BMO Smart Advantage Checking and when you have a total of $4,000 or more in qualifying direct deposits within the first 120 days. It is a very straightforward offer that is available nationwide.
*Conditions apply
⭐Citi Priority Account – up to $2000
Citi Priority is offering up to $2000 bonus when you open an account by 1/9/2024. Then, within 20 days of opening your account, deposit at least $10,000 in New-to-Citi® funds and keep it there for 60 days after the 21st day. The bonus amount is based on how much you can transfer but the lowest tier starts at $10,000.
Discover Online Savings Account – $150 or $200
Discover Bank is offering a $150 or $200 bonus when you open your first Discover Online Savings Account with the promotion code WH923 and deposit at least $15,000 into the account within 30 days. You get $150 if you deposit $15,000 or more and $200 if you deposit $25,000.
Bank of America – $200 Bonus Offer
Bank of America offers a $200 Bonus Offer cash bonus if you open a new account and Set up and receive qualifying direct deposits totaling $2,000 or more into that account within 90 days of account opening. It has a monthly fee that is easy to have waived.
Chase Total Checking® – $200
Chase Bank will give you $200 when you open a Total Checking account and set up and receive a direct deposit within 90 days. There is a $12 monthly fee that is waivable with a monthly direct deposit of just $500, so no gotchas on this deal!
As you can see, the Scotiabank offer is a higher dollar amount with similar requirements.
