Scotiabank up to $700 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 or Preferred Package – $700

You can get $500 for opening a new Ultimate or Preferred Package chequing account and meet the requirements below.

To earn the $500 for the Ultimate or Preferred Package you must do two of the following within 60 days:

• Have an eligible automated recurring direct deposit clear the account, like a payroll or pension, that recurs for 6 months in a row.
• Have two eligible separate recurring pre-authorized transactions clear the account, like a mortgage payment, of at least $50 that recurs for 6 months in a row.
• Make one eligible bill payment, like a phone bill payment or a utility bill payment, of at least $50 with online or mobile banking.

Once you meet the requirements, you will get the $500 deposited into your account within two months.

You can get an additional $100 if you open a Money Master Savings Account and set up either a regularly occurring direct deposit into your savings or a regular deposit into savings for at least 90 days in a row.

Then, for an additional $100, you can open an eligible registered account and deposit and maintain a $5,000 balance for at least 90 days in a row.

Get up to $800 from Scotiabank

(Offer expires 3/2/2026)

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 work 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.