Scotiabank Preferred Package Review. Best Choice for Everyday Banking!

Updated: Jul 21, 2021

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The preferred package is one of the most popular packages in Scotiabanks’ vast assortment, and it comes with all the benefits an everyday policyholder could need. A lot of ATMs, seamless transactions, and effortless checking account management are all features that make this chequing account package stand out among the crowd. The fees are decent, but there’s still room for improvement. In short, the benefits outweigh the downsides significantly when it comes to the Preferred Package. You can open an account is easy and it takes less than a couple of minutes. As long as you read your loan terms and conditions, you’re guaranteed to enjoy this fantastic package.

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Scotiabank Preferred Package
Review

Scotiabank is one of the best-known banks across North America, and it owes all its fame to its many packages and user-friendly options. It’s a fantastic option for loans, banking services, credit cards, and accounts. Scotiabank is a Canadian multinational banking company and is the third-largest bank in Canada. It’s a part of the big five Canadian banks and is known for its fantastic user-orientated chequing accounts and cards. One of the most popular options offered by Scotiabank is the Preferred Package chequing account. It allows you to get the first year free for select premium cards. Below, we’ll explore everything there is to know about this package, pros, cons, and give you our unbiased opinion.

Scotiabank Preferred Package Offer Details

A Preferred Package is a fantastic option, as it allows for unlimited debit transactions and Interac e-Transfer transactions. Aside from this, it is an ideal option for international payments, as it’s fee is capped at $1.99 for all international transactions.

This package comes with fantastic custom bonus options from both the SCENE and Scotia Rewards packages, which we will get into a bit later in the article.

It’s an ideal package option for people who use their cards every day and need a checking account that accommodates their lifestyle.

Its monthly fee is capped at $15.95, but you can avoid it by maintaining a daily closing balance minimum of $4,000 for every day of the month.

Besides this, having the Scotiabank Preferred Package allows you to get the first year for free up to $139 with any of the following premium cards:

One of the most user-friendly bonuses that this package includes is the SCENE point system. It allows you to earn one point per five dollars spent on everyday purchases.

There are also frequent special deals that allow you to get huge amounts of scene points for a low price. You can redeem these points at Cineplex Entertainment theatres or scene.ca.

If you prefer, you can earn points at the Scotia Rewards program. While the scene point program is tied to movies, the Scotia Rewards program includes:

  • Apple Products;
  • Best Buy;
  • Merchandise;
  • Credit Statements;
  • Travel and Booking;
  • Gift Cards;
  • SCENE Points;
  • And Exclusive Deals!
PRO Tip
Aside from all the benefits you can get with the Preferred Package chequing account, you’ll get all the benefits from individual cards. All the cards in this package are based on popular credit card platforms, which offer an array of unique benefits on their own.

Scotiabank Preferred Chequing Package Advantages

  • Multiple Card Options
  • SCENE Points and Scotia Rewards
  • Free Debit Transactions
  • Affordable International Transaction Fees
  • 10k Scene Welcome Points
  • Standard Platform-Based Bonuses
  • Free Interac E-Transfer Transactions
  • Multiple ATMs All Across Canada
  • Transaction-Based Rewards and Cashback

Scotiabank Preferred Chequing Package Disadvantages

  • Relatively high monthly fees
  • The minimum waiver balance fee is high at $4000

Why We Like It

  • Scotiabank is one of the best options that Canada has to offer. It’s one of the most popular banks in Canada and part of the big five banks. It operates outside Canada, too, and has an immaculate reputation when it comes to operation and user reviews.
  • It is a very user oriented bank, and it offers multiple packages to fit all kinds of needs. The Preferred Package is an ideal everyday option. The bonuses and features of this chequing account are fantastic.
  • Since it offers relatively cheap transfer fees, it’s an ideal everyday package. There are many ATMs both in and out of Canada, so you can get quick cash if you like it. Its internet forefront is also superb, meaning you can handle all your eBanking needs with the utmost ease. It also comes with free transfers, which is a fantastic feature.
  • Many benefits come courtesy of this chequing account, but some of our favorites are:

List of Most Attractive Features

  • Fantastic eBanking and mBanking features
  • Top of the Line Rewards and Bonuses
  • Additional 0.05% on Your Momentum Plus Savings Account
  • User Orientated Features
  • Annual Waiver Fee Option
  • Great Rates on GICs
  • One Free Withdrawal on Non-Scotiabank ATMs per Month
  • Eligibility for CDIC Insurance

This checking account doesn’t tax the policyholder for trying to make transactions. You can use the eBanking and mBanking features with ease and transfer anything you like.

You can set up deposits, recurring payments, and centralize your banking – it’s simple. The Scotiabank Preferred Package is a very user-orientated chequing account package, and all of its features are centered on the user.

Even while this chequing account is for the everyday man, it allows you to get the first year waiver free with premium cards.

What Can Be Better

  • While we do love the low fees associated with this card, the minimum $4000 needed to waiver the annual fee could be better. That money could be put to better use than merely sitting in your account. If you don’t invest $4000 to waiver the fee, you’ll face a $13.95 monthly fee.
  • The lack of annual fees is made up of this high monthly fee. Seniors discount, which is present across most chequing account packages, is relatively low with this package and is capped at $4. Another bad aspect of this package is that the monthly account fee increases from $13.95 to $15.95 per month.
  • Aside from these drawbacks, the Scotiabank Preferred Package is a fantastic option for anyone who needs a daily chequing account. Its features outweigh the drawbacks significantly.
  • The Preferred Package is a fantastic everyday chequing account option. It has all the things you need, including cashback, reward features, and an abundance of ATMs worldwide.

What Are Costs & Fees

  • $13.95 monthly fee
  • Free debit transactions
  • Free Interac e-Transfer transactions
  • No account opening fees
  • One free withdrawal on any ATM globally per month
  • $1.99 international money transfers

How Easy & Convenient It Is to Use It

One thing that makes Scotiabank as a whole stand out from the crowd is its convenience. The Preferred Package, and Scotiabank in turn, is the everyday bank for everyday people. Everything that can be automated is.

All the features of this package are user-orientated. There are many ATMs, a lot of bonuses and rewards, and getting accommodated to using this checking account is as simple as possible.

Scotiabank has a very friendly customer support team, meaning that if you run into any issues, you will have an easy time resolving them. You can reach the customer support team via landline, live chat, or your local branch.

PRO Tip
Scotiabank rewards users for using their accounts and cards. If you want to get the most points, rewards, and bosques, you should use your card as much as possible. This particular package is designed for everyday use – which makes this chequing package a fantastic option for your primary account.

What Are Best Alternatives & Competition

Qualifications & Requirements

Scotiabank is the people’s bank, and qualifying for this package is as simple as possible. The requirements are all as minimum as mandated by law.

All you need to do to apply for this package is to meet the following requirements:

  • Be of legal age (16+)
  • Have a valid address (P.O. Box not included)
  • Have a valid Canadain Visa or Citizenship
  • Guarantee that you’re opening the account on your behalf
  • Make an account on Scotiabank
  • Provide paperless documents online

How to Apply for Scotiabank Preferred Banking Package

Applying for this package is as easy as possible, and you can even do it online. If you want, you can open it at a nearby branch of Scotiabank near you. The application process is as quick as possible and should not take more than a couple of minutes.

The first thing you need to do is visit the application page on the website, fill out all of your information, and wait for approval. It shouldn’t take more than one business day for your account to be open.

The information you need to provide when opening an account for the Scotiabank Preferred Package is:

  • Your birth date
  • Phone number
  • Email address
  • A valid address
  • Your full legal name
  • Your Social Insurance Number

You’re unlikely to get rejected for an account as long as you’ve provided valid information, and you meet all of the minimal requirements for opening a Preferred Package chequing account.

Our Verdict

The Scotiabank Preferred Package is a great all-around package for anyone who needs an everyday chequing account. It comes with an abundance of pros, perks, bonuses, and benefits, and using the card is as simple as possible.

The annual fee is nonexistent, and you can waive the monthly fee by keeping $4000 on your account. It offers free withdrawals on any ATM once a month or infinite free withdrawals on Scotiabank ATMs, and its seamless depositing plays into its favor. The Scotiabank Rewards and SCENE point system allow you to get many perks from using your account.

Scotiabank is a fantastic bank and is very simple to use – you can apply for a Preferred package chequing account with minimal effort. The requirements are low, and the application process itself is speedy. You’ll need to meet the minimum legal requirements for a chequing account – and that’s it.
After you apply for an account, it should be active within one business day. 

In short, this is one of the best packages offered by one of the best banks in Canada.

What People Ask About Scotiabank Prefered Package

Methodology

MarketProSecure® Canada requires authors and content creators to use primary sources to support their work. These include original data, government information, white papers, and interviews with industry experts. We also reference unbiased original studies from other reliable writers where appropriate.

  1. Scotiabank.com. “Personal Banking“. Last Accessed January 20, 2021
  2. Scotiabank.com. “Preferred Package“. Last Accessed January 15, 2021

MarketProSecure® Canada is dedicated to providing consumers with comprehensive and unbiased reviews of credit cards, banking, loans, and other Canadian personal finance products. We collect and analyze 45+ data points for cost, value, benefits, usability, availability, and other aspects to ensure that our research and reviews help visitors make the right decision for their credit credits, banking, and credit needs.



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