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Email this5:03 am
September 18, 2018
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BANK OF NOVA Scotia has a new chequing account just noticed called Ultimate Package. For 30.95 month or fee waiver with 5,000 left in account with no interest.
Momentum savings account gets a boost of .10% interest
Account opening offer is 300.00 for preferred .And 350.00 bonus for ultimate account opening.
Looks like an excellent account from a BIG BANK.
8:52 am
February 17, 2013
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To qualify for the special offer, make sure to:
1. Open a new Ultimate Package by December 30, 2019.
2. Complete two of the following three actions within 60 days of opening your account:
Set up an eligible recurring direct deposit, which will recur monthly for a minimum of 3 consecutive months.
Set up at least 2 eligible separate recurring pre-authorized transactions that are $50 or more, which will each recur monthly for a minimum of 3 consecutive months.
Make an eligible $50 bill payment through online or mobile banking.
We’ll deposit $350 cash directly into your new account within 2 months of completing the above requirements. See terms and conditions below for full details.
Some stuff from the T&C
If the monthly balance of the Ultimate Package account is less than the daily minimum of $5,000 but has a combined minimum daily closing balance of $30,000 across the Ultimate Package account and MomentumPLUS Savings Account(s) for the entire month, the monthly account fee of the Ultimate Package account will be charged then rebated within the first 10 business days of the following month. The account must have sufficient funds to cover any fees, including the monthly fee.
Individuals who are currently holders of a Scotiabank Chequing Account are not eligible for the $350 or $300 cash offers (each an “Offer”, collectively the “Offers”). Individuals who were previously holders of a Scotiabank Chequing Account within the last two (2) years are not eligible for the $350 or $300 cash offers.
The $350 or $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 conditions outlined above.
Accountholders who add Overdraft Protection to their account will have the $5.00 Overdraft Protection fee automatically waived when the account is overdrawn.
Ultimate Package account holders receive an additional 0.10% annually added to the annual Regular Interest Rate of any MomentumPLUS Savings Account
If you open an Ultimate Package account (the “Account”), on or after the date you open the Account (“Account Open Date”) you will receive an annual fee waiver (“Annual Fee Waiver”), each year for as long as you have one eligible Scotiabank Credit Card account (an “Eligible Card”) and the Account.
The Preferred Package account includes 1 free non-Scotiabank Interac⁺ ABM cash withdrawal within Canada per month. Access fee for each subsequent cash withdrawal at non-Scotiabank Interac⁺ ABMs will be charged $1.50 per withdrawal. Each cash withdrawal from non-Scotiabank Visa* or PLUS* ABMs will be charged $3.00 in Canada and the U.S. and $5.00 outside of Canada and the U.S. Account holders may still be charged a convenience fee by the other bank and ABM operator, not by Scotiabank.
The primary account holder of the Ultimate Package qualifies for a monthly account fee waiver on a Scotia® U.S. Dollar Daily Interest Account.
So basically your monthly fee is whatever waived interest you'd lose by keeping 5K in a chequing account. Using their own Momentum account, after the promo period, would cost you 4 bux + change per month. If you take it out of Motive to keep in ScotiaBank, would cost over $11 per month in lost interest. Good promo...
but once it ends, your use of the continuing perks would be a factor on whether or not it's worth it to you.
12:26 pm
December 12, 2009
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Useless account so long as the balance requirement is limited to one's chequing account. Only HSBC's Advance, Premier, and CIBC's Smart Plus Account let you avoid monthly fees on one or more chequing accounts if you have between $5,000 and $100,000 as your relationship balance (deposits + investments).
Bottom line: this is bright, red, and fresh lipstick on the "pig" that is chequing account minimum balance fee waivers. 
To Scotia, call me when you include free & unlimited Interac e-Transfers and free chequings on free & unlimited debit transactions for no monthly fee when one maintains, say, $25,000 or more in their Scotia HISA, Scotia iTRADE, or Scotia mutual fund accounts.
Cheers,
Doug
1:01 pm
December 18, 2008
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$30+ for premium bank accounts now... Insane people pay that.
6:21 pm
December 12, 2009
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Shawguy said
$30+ for premium bank accounts now... Insane people pay that.
Geez, for an extra $10 or so, they could get a Me-Dian Credit Union chequing account, eh, @Shawguy? 😉
Cheers,
Doug
9:44 pm
May 15, 2007
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The balance requirement is not limited to one's chequing account. Rick's post says that the fee is rebated if you have "a combined minimum daily closing balance of $30,000 across the Ultimate Package account and MomentumPLUS Savings Account(s) for the entire month". I'm not saying it's a better idea to hold all your money in that savings account, though -- aside from the current Scotiabank savings account promotion, you'd be giving up at least an additional couple hundred dollars of forgone interest per year (since the base rates of other financial institution savings accounts are higher).
10:10 pm
December 12, 2009
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So this is in addition to their soon-to-be-renamed Scotia One Account that is being renamed the Preferred Package?
Yeah, I guess that's a baby step by including the MomentumPLUS Account, but until they include ScotiaFunds, Scotia GICs, and Scotia iTRADE accounts, I don't see the advantage here.
That said, Scotia is still my primary "bank" in terms of my credit card (Scene Visa) and investment accounts (Scotia iTRADE). I just don't use them for, well, banking. 😉
Cheers,
Doug
4:26 am
February 17, 2013
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Peter said
The balance requirement is not limited to one's chequing account. Rick's post says that the fee is rebated if you have "a combined minimum daily closing balance of $30,000 across the Ultimate Package account and MomentumPLUS Savings Account(s) for the entire month". I'm not saying it's a better idea to hold all your money in that savings account, though -- aside from the current Scotiabank savings account promotion, you'd be giving up at least an additional couple hundred dollars of forgone interest per year (since the base rates of other financial institution savings accounts are higher).
They also state that the fee will be refunded within 10 days, so they charge the fee then you wait a couple weeks and they refund it. Not complicated at all
So the minimum for that being 30K, after the promo rate ends, it would end up costing you more in lost interest than it's worth. Drop any below 30K for 1 day of the month and you get charged. 
Playing the Tang game?... hope you forget about your funds in their account once the promo is over?
9:08 am
December 12, 2009
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Rick said
They also state that the fee will be refunded within 10 days, so they charge the fee then you wait a couple weeks and they refund it. Not complicated at all
@Rick, sarcasm!?
I sometimes have difficulty with that, but I think you're being sarcastic when you say, "[n]ot complicated at all." To which, if that's correct, I say, touché! 
Cheers,
Doug
9:11 am
February 17, 2013
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Doug said
@Rick, sarcasm!?I sometimes have difficulty with that, but I think you're being sarcastic when you say, "[n]ot complicated at all." To which, if that's correct, I say, touché!
Cheers,
Doug
Yeah...sarcasm. Confused emoji was the clue.
4:41 am
September 18, 2018
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If you keep 30,000 in the Momentum Savings account you do not pay the monthly fee and collect interest on the deposit.Therefore do not have to keep 5,000 in your chequing account. It says chequing account 5,000 or 30,000 including Momentum Savings account
4:45 am
September 18, 2018
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All refund the fee a the same day or a few days later.This way it shows you that you have received the rebate.
BMO World Elite credit card does the samething .The annual fee is 120.00 which is rebated the following month as long as you have the Premium chequing account.
The account fee is 30.00 month waived with 6,000.00 balance in account.
4:53 am
September 18, 2018
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HSBC the fee is waived with 5,000.00 on deposit in any account.
I have had bad experiences with them have to waite 12 months after receiving account bonus to close account.
Will be closing that in 2020.
Would go near them again for anything.
Same as Manulife BANK. That is my own fault for reading off here about their 3.25% offer and jumping on it.I will be closing the account end of the month despite reduced rate down from 3.25% to 3.00%.Does not expire tell end of November.They can keep it. Would not touch them again.Left 1,000 in their to avoid monthly fees. They have horrible customer service.
Excellent site at least you can learn about others experiences.
1:32 pm
September 18, 2018
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Excellent account Ultimate package.
Keep 5,000 in your chequing account. Based on maximum 3.00% interest works out to 150.00 year.
You get up to 139.00 rebate on a credit card. Safety deposit box credit of $55.00. Book of 100 cheques once per year. Momentum savings account boost of 0.10%. Unlimited debits .Bank drafts.Unlimited interact transfers.
Just off the credit card rebate you can get $120.00 or $139.00 plus safety deposit box credit of $55.00.You would receive back either $175.00 or $194.00.
Interest you are forgoing is 150.00 on your $5,000 balance you have to maintain.
You can"t lose on this account.
If you do not put in $5000.00 then the account would cost $30.95 month. This way it is not worth it.
7:03 pm
January 4, 2017
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I plan on opening this Ultimate package and closing my Manulife Bank combo ( savings, chequing, credit card, higher interest savings). I am a bit at a loss on how to do this.
- when opening the Ultimate package do you have to put in the $5k/$30k the very same day to avoid fees, or is there a grace period? Does it matter if you apply for the credit card before or after opening the package in terms of the annual fee being rebated/waived?
- when closing the Manulife accounts can you move the money out first and then close, or will they charge the monthly service fee?
The order of opening, closing, depositing, etc... is a bit confusing. Any help would be appreciated.
Philip
7:37 pm
April 6, 2013
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No grace period is mentioned in the fine print. My guess is that the $5,000 or $30,000 minimum must be met by close of the account opening day to have the $30.95 monthly fee waived or rebated for the first month:
1. The Ultimate Package monthly account fee is waived if a minimum daily closing balance of $5,000 is maintained for the entire month in the Ultimate Package. If the monthly balance of the Ultimate Package account is less than the daily minimum of $5,000 but has a combined minimum daily closing balance of $30,000 across the Ultimate Package account and MomentumPLUS Savings Account(s) for the entire month, the monthly account fee of the Ultimate Package account will be charged then rebated within the first 10 business days of the following month. The account must have sufficient funds to cover any fees, including the monthly fee. The account balance of one (1) Ultimate Package Account plus more than one (1) MomentumPLUS Savings Account(s) qualifies to pay no monthly fees on one (1) Ultimate Package account. Account holders of the Ultimate Package who are also account holders of the MomentumPLUS Savings Account(s) qualify.
12:10 am
January 4, 2017
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Thank you. This makes sense. I just applied for the Ultimate package and the process was excellent. I liked that they made a point that the application and approval would not affect my credit score. More banks should take note. In any case, you can’t actually use the account until the debit card is sent. So, there’s no way of depositing money for the first week or so. Also applied for their Amex Gold card and it arrives after the debit card, so that deals with any fee rebate issue, although they do say that you can get the card before applying for the Ultimate package and they will still rebate the card fee. Everything is pretty well set up to go, including their Momentum Plus account.
Very pleasantly surprised with this introduction to Scotia.
5:56 am
October 11, 2015
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I have a similar package at TD--which provides a free TD aeroplan card.
I have a large portfolio with Scotia McLeod. Why can't they just comp me the new Scotia Passport Visa ($139 annual fee) without trying to force me to purchase this new Ultimate package?
4:08 pm
August 4, 2010
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When calculating the lost interest on the $5000 minimum balance for these sorts of fee-waivers, remember that your actual average balance is going to be higher than that, to the extent that you have payroll or other deposits going into the account, and debits going out, and you have to ensure that the transaction flow doesn't take the balance below the waiver amount. Although in most cases that extra would be needed in your chequing account anyway.
Also, if your TFSA/RRSP is already maxed out, the lost interest is probably going to be taxable at your marginal rate, which increases the value of the waiver option a bit more.
I've got the similar TD All-Inclusive also; the safe-deposit box and credit card-fee waiver have made it worthwhile for me.
Tying these sorts of $30 full-meal plans' fee waiver to brokerage/investment relationship balances is probably going to be rare at a Big 5 bank, since it would let a lot of their investment clients reduce their chequing balances by quite a bit and their float would probably go down more than additional business would justify. Looks like CIBC now has the Smart Plus which does it at $100K, although that plan doesn't throw in a safe-deposit box.
The really wacky one is RBC VIP, which has no balance-waiver option. You can reduce the $30/month to $20 if you have two of RBC credit card/investments/mortgage, but that's still $240/year!
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