Reviewed by Jen, founder of MoneyMint · Updated September 25, 2026
Scotiabank Ultimate Package Chequing Account
Our take: Scotiabank’s premium chequing account. The $30.95 fee only makes sense if you hold a Scotiabank credit card with a fee near $150, since the rebate is what pays for it — otherwise the Preferred Package does the same job for less.
- Mint Rebate paid by MoneyMint
- Our review
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The Ultimate Package sits at the top of Scotiabank’s chequing lineup at $30.95 a month. What you are really buying is the credit card fee rebate: up to $150 a year against an eligible Scotiabank card, roughly four times what the Preferred Package rebates. Whether the account is worth it comes down almost entirely to which card you hold and whether you can meet the fee waiver. It carries the same cash bonus offer as the Preferred Package.
MoneyMint rating
#10 of 16 chequing accounts · How we rate
$144
real annual cost — the fee, or the interest given up on the balance that waives it, whichever is lower. Run your own numbers →
The $6,000 waiver does not make this account free. It changes what it costs from $371 a year to about $144 — because that $6,000 earns nothing sitting in a chequing account.
The waiver is the better of the two options here. You would need to tie up close to $15,475 before paying the $30.95 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 $6,000 kept in savings instead. That costs nothing and earns the $144.
Which is right depends on whether you would keep that $6,000 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 $144 — 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 →
Not Sure? Three Accounts People Compare It With
Scotiabank Preferred Package
Pick this instead if you want the same cash offer with a lower fee and a lower waiver balance.
Fee $16.95Waiver $4,000Bonus up to $1,000
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
TD Unlimited Chequing
Pick this instead if you want unlimited transactions from another big bank with a cash offer.
Fee $17.95Bonus $500
Scotiabank Ultimate Package Chequing Account
Cash Bonus Bundle Offer ends October 29, 2026 · $100 Mint Rebate from MoneyMint
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 Ultimate Package cost?
$30.95 a month, or $371.40 a year. The fee is waived if you keep a minimum daily closing balance of $6,000 for the entire month in the account, or a Total Relationship Balance of $100,000 across your eligible Scotiabank accounts.
Is the Ultimate Package worth it over the Preferred Package?
Only if you hold a Scotiabank credit card with a substantial annual fee. Ultimate rebates up to $150 a year against $30.95 a month; Preferred rebates $40 against $16.95 a month. The $14 monthly difference is $168 a year, so you need to be using well over $40 of card rebate for Ultimate to come out ahead. If you are not, take the Preferred Package.
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 does the iTRADE benefit actually save me?
Up to 100 commission-free trades a year. At Scotia iTRADE’s standard commission that is a meaningful sum if you trade regularly, but worth nothing if you do not trade at all.
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.