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Scotiabank Preferred Package Chequing Account

Scotiabank StartRight Program

Reviewed by Jen, founder of MoneyMint · Updated September 25, 2026

Scotiabank®Chequing Account

Scotiabank Preferred Package Chequing Account

Our take: The mainstream Scotiabank chequing account, and currently the vehicle for the biggest bank cash offer in Canada — up to $1,000* if you bundle it with a savings account and a credit card. The $16.95 monthly fee is waivable with a $4,000 balance.

At a glanceUp to $1,000 Cash Bonus Bundle Offer · ends October 29, 2026*
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The Preferred Package is Scotiabank’s most popular chequing account and the one most people are steered toward in a branch. It gives you unlimited everyday transactions, a $40 annual rebate on an eligible Scotiabank credit card, and access to the bank’s current cash bonus offer, which is the largest on the market right now. The fee is $16.95 a month unless you keep $4,000 in the account. Here is what the offer actually requires and when the account is worth paying for.

4.0out of 5

MoneyMint rating

#7 of 16 chequing accounts · How we rate

Real annual cost
7/10
Transactions
10/10
Interest paid
0/10
Welcome bonus
9/10
Access
10/10
Deposit protection
10/10

$96

real annual cost — the fee, or the interest given up on the balance that waives it, whichever is lower. Run your own numbers →

MoneyMint · Real annual cost
$96a year, if you use the balance waiver

The $4,000 waiver does not make this account free. It changes what it costs from $203 a year to about $96 — because that $4,000 earns nothing sitting in a chequing account.

Pay the fee$203.40$16.95 × 12 months
Or hold $4,000$96.00Interest that $4,000 would earn at 2.40% elsewhere
Real annual cost$96.00The cheaper of the two

The waiver is the better of the two options here. You would need to tie up close to $8,475 before paying the $16.95 outright became cheaper. But it is not the same as a free account.

There is a third option this comparison makes visible: a chequing account with no monthly fee at all, with the $4,000 kept in savings instead. That costs nothing and earns the $96.

Which is right depends on whether you would keep that $4,000 idle anyway. If it is a buffer you never touch and never intended to invest, the waiver costs you little in practice. If you are stretching to hit the minimum, or that money could be working, the real cost is the full $96 — and a no-fee account is the better answer. See our chequing account ranking and best high-interest savings rates.

Real annual cost is the lower of the annual fee and the interest given up on the balance needed to waive it. The 2.40% comparison rate is the highest rate available with no conditions among the savings accounts we track, checked September 17, 2026. Run your own numbers →

At a Glance

Monthly Fee

$16.95waived with a $4,000 daily closing balance

Account Type

ChequingCDIC-insured through Scotiabank

Cash Offer

Up to $1,000*$700 chequing plus up to $300 bundled

Offer Deadline

October 29, 2026account must be opened in the offer period

Transactions

Unlimiteddebit and Interac e-Transfer

Card Fee Rebate

$40/yearon eligible Scotiabank credit cards

Scotia iTRADE

Up to 50free trades per year

Scotiabank’s Cash Bonus Bundle Offer runs from July 3 to October 29, 2026*. The $700 requires opening the chequing account during the offer period, then within 60 days setting up an eligible automated recurring direct deposit such as payroll or pension that recurs monthly for at least six consecutive months, and completing one of: a recurring pre-authorized debit of at least $50 a month for six months, an online bill payment of at least $50 through the Scotiabank app or Scotia OnLine, or an eligible Visa Debit purchase. Clients who meet those conditions can earn up to $300 more by also opening a new Money Master Savings Account and/or a new eligible Scotiabank credit card, for up to $1,000 in total. Verified against Scotiabank’s offer terms on September 16, 2026.

Pros & Cons

Pros

  • Up to $1,000 in cash bonuses is the largest bank welcome offer we currently track
  • Unlimited debit and Interac e-Transfer transactions with no per-transaction charges
  • The $16.95 monthly fee is fully waived if you keep $4,000 in the account
  • Ongoing $40 annual fee rebate on an eligible Scotiabank credit card, which offsets a card like the Scotiabank Gold American Express
  • Up to 50 free Scotia iTRADE trades a year, worth roughly $500 if you would otherwise pay commission
  • Earns Scene+ points on everyday banking

Cons

  • $16.95 a month is $203 a year if you cannot keep $4,000 sitting in a chequing account earning nothing
  • The $700 needs a payroll or pension direct deposit that keeps running for six consecutive months, so it is not a quick in-and-out
  • Reaching the full $1,000 means opening a savings account and a credit card as well, each with its own conditions
  • The $4,000 waiver balance earns no interest, so the real cost is the interest you forgo elsewhere
  • Cash bonuses are usually paid months after you qualify, not on account opening
  • The offer closes October 29, 2026

Who It’s For

Best For

  • People who can park $4,000 and want unlimited banking at no net cost
  • Anyone already planning to hold a Scotiabank credit card, where the $40 rebate applies
  • Readers willing to move their payroll deposit for six months in exchange for a large cash bonus

Not For

  • Anyone who cannot maintain $4,000 and does not want a $203 annual fee
  • People who want a no-fee account with no conditions at all
  • Savers who would rather keep that $4,000 earning interest somewhere else
InstitutionScotiabank
Monthly Fee$16.95
Fee Waiver$4,000 balance
Cash OfferUp to $1,000*

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Get a MoneyMint claim code, then open your account on Scotiabank’s site — we pay you $75 by Interac e-Transfer once Scotiabank confirms your approval (terms). MoneyMint earns a commission, which funds the Mint Rebate; it doesn’t affect our rating. Continue without the Mint Rebate.

Fees, features and offer terms confirmed on scotiabank.com on September 16, 2026. Offers change often — check Scotiabank’s page before you apply.

Compare all accounts

Not Sure? Three Accounts People Compare It With

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BMO Performance Chequing

BMO Performance Chequing

Pick this instead if you want a comparable big-bank chequing account with its own cash offer.

Fee $17.95Bonus up to $700

Read review

TD Unlimited Chequing

TD Unlimited Chequing

Pick this instead if you want unlimited transactions from another big bank with a cash offer.

Fee $17.95Bonus $500

Read review

Simplii No Fee Chequing

Simplii No Fee Chequing

Pick this instead if you would rather pay no monthly fee at all than meet a balance waiver.

Fee $0Bonus $350

Read review

Scotiabank Preferred Package Chequing Account

Cash Bonus Bundle Offer ends October 29, 2026 · $75 Mint Rebate from MoneyMint

Get $75 Mint Rebate – Open an AccountCompare all accounts

J

Jen, founder of MoneyMint

Reviewed by Jen. We verify every rate, fee and offer term against the financial institution’s own published material before we publish it, and we re-check on a set schedule.

Fees, features and the Cash Bonus Bundle Offer terms were confirmed on scotiabank.com on September 16, 2026. Scotiabank may change or withdraw offers at any time. This is general information, not financial advice — confirm the current terms with Scotiabank before opening an account.

Frequently Asked Questions

How much does the Preferred Package cost?

$16.95 a month, or nothing if you keep a daily closing balance of $4,000. At $16.95 a month the account costs $203.40 a year, so the waiver is worth meeting if you can.

How do I actually get the $1,000?

The $1,000 is two offers stacked. First, $700 for opening the chequing account during the offer period (July 3 to October 29, 2026) and, within 60 days, setting up a recurring direct deposit that continues monthly for at least six months plus one other qualifying transaction. Then up to $300 more for also opening a new Money Master Savings Account and/or a new eligible Scotiabank credit card and meeting their conditions. If you only open the chequing account and set up payroll, you are looking at the $700, not the $1,000.

What do I get besides unlimited transactions?

A $40 annual fee rebate on an eligible Scotiabank credit card, up to 50 free trades a year with Scotia iTRADE, Scene+ points on everyday banking, and free Interac e-Transfers.

Is the Preferred Package better than the Ultimate Package?

It depends on the balance you carry and the card you hold. Preferred costs $16.95 and waives at $4,000; Ultimate costs $30.95, waives at $6,000 and rebates up to $150 of credit card fees rather than $40. If you hold a premium Scotiabank card with a fee near $150, Ultimate can work out cheaper despite the higher headline fee.

Is my money protected?

Yes. Scotiabank is a member of the Canada Deposit Insurance Corporation, so eligible deposits are insured within CDIC limits.

Offer Terms and Conditions

*Terms and conditions apply. See Card Provider’s website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.