Scotiabank $300 New Bank Account Bonus Promotions

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
  1. Scotiabank Ultimate Package – $300
  2. Scotiabank Preferred Package – $300
  3. Who is Eligible?
  4. How Does This Compare?

Scotiabank Ultimate Package – $300

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 $300 deposited into your account within two month. If you open the package in April 2021 and immediately set up the recurring transactions, you would get your bonus in July.

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.

Get $300 from Scotiabank

(Offer expires July 29, 2021)

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.

Get $300 from Scotiabank

(Offer expires July 29, 2021)

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:

Citi Priority Account – $300, $700, or $1,500

Citi is offering $300, $700, or $1,500 bonus when you open an account by 10/4/2021. Then, within 20 days of opening your account, deposit at least $15,000 in New-to-Citi funds and keep it there for 60 days. The bonus amount is based on how much you can transfer but the lowest tier starts at $15,000.

Chase Total Checking® – $225

Chase Bank will give you $225 when you open a Total Checking account and set up and set up 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!

Capital One 360 Checking – $150

Capital One 360 has a $150 cash bonus when you open a new account and then receive 2 direct deposits totaling $250 or more within 75 days of account opening. Valid for new 360 Checking account customers. If you had a 360 Checking account with Capital One on or after January 1, 2018, you are ineligible.

HSBC Premier Checking – $600

HSBC has an offer where you can get up to $600 with a 3% cash bonus checking offer on qualifying direct deposits each month for the first six months of opening. It’s one of the more interesting deposit bonuses as it doesn’t rely on your account balance being a certain size. Click here to learn more about this offer.

Bank of America – $100

Bank of America offers a $100 cash bonus if you open a new account and set up and receive at least 2 qualifying direct deposits of $250 or more into that account within the first 90 days of opening. It has a monthly fee that is easy to have waived, you can learn more about this offer here.

As you can see, the Scotiabank offer is a higher dollar amount with similar requirements.

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About Jim Wang

Jim Wang is a thirty-something father of four who is a frequent contributor to Forbes and Vanguard's Blog. He has also been fortunate to have appeared in the New York Times, Baltimore Sun, Entrepreneur, and Marketplace Money.

Jim has a B.S. in Computer Science and Economics from Carnegie Mellon University, an M.S. in Information Technology - Software Engineering from Carnegie Mellon University, as well as a Masters in Business Administration from Johns Hopkins University. His approach to personal finance is that of an engineer, breaking down complex subjects into bite-sized easily understood concepts that you can use in your daily life.

One of his favorite tools (here's my treasure chest of tools,, everything I use) is Personal Capital, which enables him to manage his finances in just 15-minutes each month. They also offer financial planning, such as a Retirement Planning Tool that can tell you if you're on track to retire when you want. It's free.

He is also diversifying his investment portfolio by adding a little bit of real estate. But not rental homes, because he doesn't want a second job, it's diversified small investments in a few commercial properties and a farm in Illinois via AcreTrader.

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