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!

Table of Contents
  1. Scotiabank Ultimate Package – $350
  2. Scotiabank Preferred Package – $300
  3. Who is Eligible?
  4. How Does This Compare?

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:

⭐Citi Priority Account – up to $2000

Citi Priority is offering up to $2000 bonus when you open an account by 1/9/2023. 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.

Click here to learn more

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 WH622 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.

Click here to learn more

Chase Total Checking® – $200

Chase Bank will give you $200 when you open a Total Checking account 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!

Click here to learn more

SoFi Money – up to $300

SoFi Money will give you up to $300 if you open an account and make direct deposits of at least $1,000. The bonus will be based on the total amount of those direct deposits in a 30-day evaluation period.

Click here to learn more

Huntington Bank – up to $300

If you are a resident of Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Dakota, West Virginia, or Wisconsin then you could get up to $300 from Huntington Bank for opening a new checking account. There are several checking accounts that qualify but they’re great offers if you live in their geographic region.

Click here to learn more

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 forty-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 farms in Illinois, Louisiana, and California through AcreTrader.

Recently, he's invested in a few pieces of art on Masterworks too.

>> Read more articles by Jim

Opinions expressed here are the author's alone, not those of any bank or financial institution. This content has not been reviewed, approved or otherwise endorsed by any of these entities.

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