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Scotiabank

Earn $300 cash plus up to 2.70% interest with the Scotiabank Ultimate Package.

  • Last Updated:
  • May 6th, 2021 8:55 pm
[OP]
Sr. Member
Jun 13, 2019
829 posts
892 upvotes
Toronto

[Scotiabank] Earn $300 cash plus up to 2.70% interest with the Scotiabank Ultimate Package.

Deal Link:
Expiry:
July 30, 2020
Retailer:
Scotiabank
More offers from Scotiabank
Regular offer is back with added limited time interest bonus. Please refer the old threads for reviews and feedbacks.

bank-did-not-fulfill-its-cash-bonus-promise-2347225/
ymmv-scotiabank-300-bonus-ultimate-pref ... t-2350436/

MITC
$300 Cash Offer Conditions: To qualify for the $300 cash offers (each an “Offer”, collectively the “Offers), you must:

Open a new Ultimate Package or new Preferred Package (each an “Eligible Account”) by July 30, 2020; and
Complete two (2) of the following three (3) activities in your Eligible Account within 60 days of Eligible Account opening:
Make at least one (1) eligible online bill payment of at least $50 through the Scotiabank Mobile App or through Scotia OnLine, or
Set up a minimum of two (2) separate eligible recurring pre-authorized transactions† with a minimum value of at least $50 per transaction which will each recur monthly for a minimum of three (3) consecutive months, or
Set up an eligible recurring direct deposit† which will recur monthly for a minimum of three (3) consecutive months.
Includes Regular Interest Rate of 0.15% plus an Interest Rate Boost of 0.10% for Ultimate Package account holders or 0.05% for Preferred Package account holders, 360-Day Premium Period Interest Rate of 1.10%, and a limited time Bonus Interest Rate of 1.35% on New Funds. Regular Interest is calculated daily, paid monthly. Premium Period Interest is earned when you choose a 90, 180, 270 and/or 360-day Premium Period. A longer Premium Period earns a higher Premium Period Interest Rate. Premium Period Interest is calculated daily, paid at the end of the applicable Premium Period. Bonus Interest is calculated daily and payable until August 31, 2020 on the first $5,000,000 of New Funds deposited between April 9, 2020 – August 31, 2020 and will be paid monthly. Interest rates are per annum and subject to change. Visit scotiabank.com/rates for current rates.
488 replies
Sr. Member
User avatar
May 8, 2013
682 posts
620 upvotes
London
well shit here we go again. thansk op :D lets hope the cash comes through this time around tho...
Jr. Member
Jul 16, 2016
137 posts
58 upvotes
So "package" is just a chequing account. So just need to park 4 or 5k for 4 months to get the 300. So I have that right?
Jr. Member
Feb 20, 2011
148 posts
45 upvotes
Toronto
Doese account need to be open for a year like RBC to be eligible? Or I can cancel once bonus is received like TD?
Do they do hard pull on opening chequing account?
Last edited by John Ber on May 2nd, 2020 1:12 am, edited 1 time in total.
Sr. Member
User avatar
May 8, 2013
682 posts
620 upvotes
London
jiajiajia wrote: Next year, working on TD and Tangerine now.
I'm on TD, tangerine , tangerine cc, and CIBC. Step ur game up. Gonna hope on this as soon as TD pays out I think.
Sr. Member
Apr 19, 2012
713 posts
183 upvotes
TORONTO
Thanks op I have been waiting for this
Sr. Member
Nov 20, 2009
617 posts
135 upvotes
With their weird "Momentum Saving" rate scheme, the interest rate until Aug 31st works out to just 2.1% using the 90 day term rate.
Sr. Member
Sep 16, 2019
982 posts
1040 upvotes
Do I understand this correctly?
The first option seems incredibly easier than the other two. Making a payment online and that's it? The third option requires you to have PADs for three months! What's the catch?
Newbie
Feb 24, 2016
99 posts
817 upvotes
Winnipeg
Eligibility and Exclusions: Individuals who are currently holders of a Scotiabank Chequing Account are not eligible for the Offers.
Individuals who were previously holders of a Scotiabank Chequing Account within the last two (2) years are not eligible for the Offers.
“Scotiabank Chequing Account” means any of the following accounts: Ultimate Package, Preferred Package, Scotia One Account, Basic Plus Bank Account, Basic Banking Plan, Basic Bank Account, Momentum Chequing, Power Chequing, Scotia One Service, Scotia Value, Student Banking Advantage Plan.
Employees of Scotiabank are also not eligible for the Offers.
General Terms: The $300 cash bonus, as applicable, will be paid into the primary account holder’s Eligible Account within two (2) months following the satisfaction of the Offer conditions outlined above. The Eligible Account must be open and in good standing until the time of payout of the cash bonus. The Eligible Account is not in "good standing" if:
It has a negative balance exceeding the authorized overdraft limit, or
If it has been in continuous overdraft for a period of three (3) consecutive months.
Terms and conditions
PM: J5N308
Deal Addict
User avatar
Aug 4, 2008
2184 posts
410 upvotes
If one has an eligible credit card for the fee discount and at least 5K in cash, this seems to be a no brainier I think.

No monthly fee on the account + discount in annual credit card fee + 2.70% interest on your money is awesome. Not to mention the $300 bonus. Am I missing anything?

Interest on your cash is also nice for those who are afraid to invest in light of COVID.

EDIT: I have a Scotia chequing account so I guess I don't qualify for the $300.00 bonus. I assume the other perks are still in play though, which is not bad.
Last edited by enhanced on May 2nd, 2020 8:43 am, edited 2 times in total.
Newbie
Jul 8, 2017
36 posts
47 upvotes
can you open this completely online, or need to go to the branch?
Deal Fanatic
User avatar
Jul 4, 2005
7454 posts
1457 upvotes
Ottawa
What if you applied to open online and they stated to come into the branch to finish the application? I never ended up going, but would I have been an account holder and thus ineligible?
Banned
Aug 2, 2015
321 posts
505 upvotes
Toronto
I believe you can double dip with GCR offer. For example, Ultimate Package has $40 GCR + $300 bonus offer.

On top of that, apply for credit card through GCR and link to your chequing account and get annual fee waived. (which I've done in the past and it works).
Deal Addict
Feb 10, 2018
1468 posts
973 upvotes
ysg103907 wrote: I believe you can double dip with GCR offer. For example, Ultimate Package has $40 GCR + $300 bonus offer.

On top of that, apply for credit card through GCR and link to your chequing account and get annual fee waived. (which I've done in the past and it works).
I got this promo in the past.

$300 got credited after 4 months.

Free waiver, safety deposit box and 5 free trades in the second year on Itrade are great.

Scotia Amex is a fantastic card too.

I think some people applied for a Scotia Ultimate Plan first, and applied for GCR on Scotia Momentum/ AMEX Gold after

That is a great way to double dip on top of the existing bonuses on Momentum's 10% for 2k spend and $200 bonus on Scotia Amex if you were going to get the card anyway.
Banned
Aug 2, 2015
321 posts
505 upvotes
Toronto
Best value is to go with Scotiabank Passport™ Visa Infinite* Card. 30K Points + GCR $55.
Deal Addict
Nov 16, 2016
1642 posts
1945 upvotes
Edmonton, AB
John Ber wrote: Doese account need to be open for a year like RBC to be eligible? Or I can cancel once bonus is received like TD?
Do they do hard pull on opening chequing account?
It's 2 months after you complete the requirements. And you gotta keep the requirements for a minimum of 3 months. Takes most people 2 months to line everything up and have the PADs started, so a total of 7 months is what it'll come out to.
Sr. Member
Apr 13, 2016
539 posts
353 upvotes
Bigboy16 wrote: It's 2 months after you complete the requirements. And you gotta keep the requirements for a minimum of 3 months. Takes most people 2 months to line everything up and have the PADs started, so a total of 7 months is what it'll come out to.
wouldn't it be 4-5 months based on what you've described?
Deal Addict
Oct 12, 2008
2264 posts
4977 upvotes
Markham
redflag0 wrote: wouldn't it be 4-5 months based on what you've described?
2 months to "line things up", 3 months to satisfy requirements, 2 months after completing requirements = 7. You can do it in 4-5 if you can line things up right away and Scotia deposits earlier than 2 months.

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