The Scotia Bank is one of the best Canadian banks with a long history and a great reputation. Having Scotiabank Ultimate Package – a premium chequing account with this bank is very beneficial, especially if you want to take advantage of the benefits offered. Apart from managing your finances, you can reap certain rewards, track your spending with ease, make online transactions, get a safe deposit box, and even track your credit score. You get everything at a single place with a variety of card options. But before you open up the Ultimate Package account, make sure that you’ve understood all the features, benefits, and how to make most of them.
What is the Ultimate Package Offered by Scotiabank?
Scotiabank is a well-known bank throughout the Americas – everyone living in Canada has heard of it, and many of these people are loyal customers. The bank offers various credit cards, banking services, trading, and different types of accounts. One of their best offers is the “Ultimate Package” chequing account that comes with all the special perks offered by premium accounts. People with this account have unlimited free transactions globally. They also get free cheques, exclusive rates, fee waivers, and much more.
You get all of this at a low monthly fee that can also be waived. Here’s what you can expect from the Scotiabank Ultimate Package account.
Ultimate Package Offer Details
This chequing account really deserves the “ultimate” title as it comes with all the premium features and then some. The monthly fee is set at $30.95, but you can waive the fee if you keep the monthly balance at $5,000. There are no fees for transactions or eTransfers or fees for using ATMs globally. However, ATMs can have their own fees, which don’t have anything to do with your account. If you have a Scotiabank credit card along with your account, you can waive the annual credit card fee. All the fees up to $139 can be waived when using one of these Scotiabank cards:
Scotia Rewards & Scene Points
This account lets you earn SCENE points and Scotia Rewards. You get 1 point for every $5 you spend. These points can be redeemed for different things, including:
- Gift cards
- Travel expenses
Users also get 10 equity trades for free through Scotia iTrade in the first 12 months. After that, they get 5 free trades each year.
Scotiabank Ultimate Package Advantages
- Waiving fees with a minimum balance
- Easy to save up on bank drafts and cheques
- Free equity trades on Scotia iTrade
- Bonus points with high value
- Free rebates on other Scotiabank accounts
- Exclusive rates
- Credit card fee waives
- Lots of physical branches
- Unlimited withdrawals and transactions
Scotiabank Ultimate Package Disadvantages
- Fairly high monthly fee
- The welcome bonus has lots of requirements
- You will be charged with fees by the ATM outside of the bank’s network
Why We Like Ultimate Banking Package
In general, we like Scotiabank. We can safely say that it’s one of the top 5 banks operating from North to South America. This Canadian bank offers a lot of conveniences to customers, especially with their premium chequing account. The bank has over 3,600 international ATMs and 900 branches. All the banking services are always available, and you can use over 40,000 ATMs globally. You get seamless banking accompanied by ATM withdrawals, money transfers both domestic and international, stock trading, e-Transfers, and unlimited debits. But on top of all this we especially like these things:
List of Most Attractive Ultimate Package Features
- Online and mobile banking
- Cheque deposits through mobile
- Exceptional mobile pay functions with Apple Pay, Google Pay, and Samsung Pay
- Checking credit score for free
- Premium rates
- Personalized drafts and cheques that are free
- Overdraft protection at no cost
What Can Be Better
- The Scotiabank Ultimate Package chequing account also comes with some downsides. First of all, even though you can waive your monthly fee, you do have to maintain a $5,000 balance, which isn’t that easy. Another way to do this is to combine a total of $30,000 balance and a savings account.
- It’s a bit high, and not everyone can afford it. Opening an account gives you a nice bonus, but you have to make a $50 payment for some bills online. Besides, you have to set up a minimum of 2 recurring payments that are at least $50 and will happen in the next three months.
- Also, you need to set up a recurring direct deposit that will happen for the next three months. You have to do all these things in the first 60 days of opening your account, or you won’t get the bonus. Luckily, with a bit of effort, you can do this in a day.
Usage & Applications
The ultimate package is a good option for anyone out there looking for a premium chequing account. It’s a comprehensive banking package that’s up there with some of the best chequing accounts available. This account makes your transactions simple and easy. You can set it up easily to receive all your paychecks, set up automated deposits, and recurring payments. On top of that, you can use this account as your payment hub, no matter where you go.
You can customize it with any credit card offered by the same bank. No matter your payment habits, you can set up your account flawlessly with the right credit card. On top of that, the bonus points can also be translated into anything. Whether you like shopping for gadgets or you travel a lot, this account can help you save money and make your finances readily available at all times.
What Are the Costs & Fees
- $30.95 monthly fee
- Free transactions
- Free eTransfers
- No fee for opening an account
- Free ATM withdrawals globally
- Credit card fee waivers
- No overdraft protection fees
- Free bank drafts
- Free cheques
- Account fee waivers
How Easy and Convenient is to Use it
What’s really special about this account is its convenience. Everything is hassle-free, and everything works! No matter if you want to combine it with another account at the bank or add multiple cards, it’s all available quickly and easily. Furthermore, Scotiabank offers a wide range of cards for different uses. You can get multiple cards attached to the same account. The bank has thousands of ATMs and a large number of branches. You can always find them no matter where you go, from Canada to South America. With Scotia Rewards and SCENE rewards, you can easily get back a good portion of the money you’ve spent. At the same time, Scotiabank is known for its exceptional customer support that’s always available.
What Are Qualifications & Requirements
What’s really amazing about this account is that it has really low requirements. That’s where it beats its direct competition like the BMO Premium Chequing Account and TD ALL Inclusive Chequing Account. The main requirements are:
- Applicants need to be at least 16 years old
- Applicants need to be Canadian residents, study, or work in the country
- Have a valid email address
- Provide paperless documents online
How to Apply for Scotiabank Ultimate Banking Package
To apply for the Scotiabank Ultimate Package, you can either go directly to a nearby branch or do it online. In our opinion, it’s best to do it online as you can get everything done in less than 10 minutes. You won’t have to stand in line or commute to the nearest branch. Simply click on the “Apply Now” button on this page and you will be directed to the application page. Once you’ve on the application page will be asked to provide following information:
- Email address
- Phone number
- Full name
- Current address
- Social insurance number
Once you’ve done that, your account will be opened in 24 hours if you are eligible to get one, and you’ve added accurate information.
What Are Best Ultimate Package Alternatives Available for Application
The Scotiabank Ultimate Package is an all-encompassing chequing account recently added by the bank as its premium account. This account gives you free transactions and free withdrawals across the globe. For each $5 you’ve spent, you get one point, and by accumulating them, you can get various discounts and perks on your purchases or payments, and the online and mobile banking is smooth and easy. It has a monthly fee that you can waive by keeping your balance at a certain amount. It also has a nice welcome bonus that can benefit everyone. Overall it’s a great account that can be combined with other accounts and multiple card options.