Scotiabank $350 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!

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.

Get $350 from Scotiabank

(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.

Get $300 from Scotiabank

(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:

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