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
Scotiabank Ultimate or Preferred Package – $800
This offer has three steps: $400 for opening a new Ultimate or Preferred Package chequing account and completing the qualified transactions listed below. Next, get $50 for opening an eligible registered plan and setting up a $100 pre-authorized contribution.
Lastly, you can either earn $150 for depositing and maintaining $5,000 in your new registered plan, or you can earn $350 by opening another registered plan type and maintaining a $5,000 balance.
To earn the $400 for the Ultimate or Preferred Package you must do two of the following within 60 days:
- Have an eligible automated recurring direct deposit clear the account, like a payroll or pension, that recurs for 6 months in a row.
- Have two eligible separate recurring pre-authorized transactions clear the account, like a mortgage payment, of at least $50 that recurs for 6 months in a row.
- Make one eligible bill payment, like a phone bill payment or a utility bill payment, of at least $50 with online or mobile banking.
Once you meet the requirements, you will get the $400 deposited into your account within two months.
Get up to $800 from Scotiabank
(Offer expires 3/1/2025)
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 work 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:
U.S. Bank – up to $450
Earn up to $450 when you open a new U.S. Bank Smartly® Checking account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through December 31, 2024. Member FDIC.
Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
BMO Checking – $300
BMO is offering a $300 bonus* when you open a BMO Checking account and have $4,000 in direct deposits within 90 days of opening. It is a very straightforward offer that is available nationwide.
*Conditions apply
Bank of America – $300 Bonus Offer
Bank of America offers a $300 Bonus Offer cash bonus if you open a new account and Set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer. It has a monthly fee that is easy to have waived.
Chase Total Checking® – $300
Chase Bank will give you $300 when you open a Total Checking account and set up and receive direct deposits totaling $500 or more 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!
As you can see, the Scotiabank offer is a higher dollar amount with similar requirements.
