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:

Wells Fargo – $200

Wells Fargo has a nationwide promotion of $200 for a new checking account when you open a new checking account with at least $25 and receive a total of $2,000 or more in qualifying direct deposits into the new checking account within 90 days from account opening.

You can learn more about the Wells Fargo promotions to see how to get it.

Axos Bank – $100

Axos Bank has a great promotion where you can get $100 when you open a high yield savings account and an Essential Checking account using promotion code GET100. The high yield savings account has a $250 minimum deposit. On the checking account, you have to receive direct deposits totaling $1,000 or more within 60 days.

Click here to see how you can get $100 from Axos Bank.

SoFi Money – $50 – $100

SoFi Money will give you $50 if you open an account and deposit $500. The bonus is small but the requirements are so simple that I had to list it first.

If you are willing to set up a deposit of $500 or more, you can get a bonus of up to $100.

These bonuses are so easy to get. Learn more about SoFi promotions here.

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 three 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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