The Momentum Chequing Account is changing to the Preferred Package
We’re bringing you a better banking experience
On December 1, 2019, the Momentum Chequing Account will be changing to the new Preferred Package.
We’ve listened to our customers and are making some big updates, including new and improved features and benefits. Starting December 1, 2019, you will start earning SCENE®* or Scotia Rewards points on debit purchases instead of 1% cash back.
Here are some of the new and improved features
Unlimited free Interac e-Transfer† transactions
No fees to safely and securely send money to friends and family in Canada.
1st year credit card annual fee waiver1
1st year annual fee waiver on select Scotiabank credit cards.
No monthly account fee on Scotia® U.S. Dollar Daily Interest Account2
A smart way to save U.S. dollars with access to competitive foreign exchange rates.
Interest Rate Boost on MomentumPLUS Savings Account3
+0.05% Interest Rate Boost on all balances in your MomentumPLUS Savings Account to help you save faster.
Preferred Rates on Select GICs4
Access to Preferred Package GIC rates on select GICs4 to help you save for the future and achieve your financial goals.
Your monthly account fee of $15.95 per month won’t change. And now, with the Preferred Package, you’ll be able to pay $0 or no monthly account fee if you maintain a minimum daily closing balance of $4,000 for the entire month.
Your account number and any direct deposits or pre-authorized transactions you’ve set up with your Momentum Chequing Account will not change and will carry over to your new Preferred Package.
Key dates for your cash back
You’ll continue to earn cash back on debit purchases made on your Momentum Chequing Account until November 30, 2019.
Cash back payout for eligible purchases made between November 2018 and October 2019
- By November 30, 2019
Last cash back payout for purchases made in the month of November 2019
- By December 15, 2019
You’ll continue to enjoy unlimited debit transactions5 and earn rewards on your everyday purchases with the SCENE or Scotia Rewards program.6,7
Received a Passport ScotiaCard in the mail? Please activate it prior to December 1, 2019 by making a debit purchase, visiting Scotia OnLine or using an ABM so you can start earning Scotia Rewards points on December 1, 2019.
Already have a SCENE or Passport ScotiaCard? You can continue using your existing debit card and will automatically start earning points with your Preferred Package on December 1, 2019.
Don't have a ScotiaCard? Don't worry. You can visit any branch to select a new card so you can start earning points on your debit purchases.
We’re happy to offer choices for rewards on your everyday purchases. Enjoy the flexibility of using your points throughout the year, or save and redeem them for larger rewards.
SCENE®* Rewards Program
- Earn SCENE points faster towards entertainment rewards like movies, meals and more
- Earn 1 SCENE point for every $5 you spend on all your everyday purchases using your SCENE debit card
- Learn more about SCENE by visiting scene.ca
Scotia Rewards® Program
- Collect Scotia Rewards points to enjoy more rewards, more often - redeem for travel, gift cards, the latest in tech, and more
- Earn 1 Scotia Rewards point for every $5 you spend with your Passport ScotiaCard
- Learn more about Scotia Rewards at scotiarewards.com
You can always swap your reward program by signing into Scotia OnLine and changing your ScotiaCard type.
- Go to “Manage my account” at the top right
- Click “Change or replace ScotiaCard”
- Choose your reward program by selecting a new ScotiaCard
Or, change your reward program by visiting a branch or calling 1-888-999-7185. You can convert your points between SCENE and Scotia Rewards at any time.
Make sure that you have an activated SCENE or Passport ScotiaCard to automatically start earning SCENE or Scotia Rewards points on December 1, 2019, when your account changes to the Preferred Package.
Your satisfaction is important to us
To accept the changes above, simply keep using your account or keep it open after December 1, 2019 when the changes will take effect and your account will become the Preferred Package. There will be no additional changes to your account at this time.8
As the bank with the Highest Customer Satisfaction with Retail Banking Advice9, we always want to find solutions that best suit our customers. If you don’t think these changes fit your needs, you can close your account without additional cost or penalty within 90 days of the changes taking effect.
If you have any questions about these changes, or want to see other banking options we may have that may benefit you, please visit your local branch, or call 1-888-999-7185 from Monday to Saturday, 7:00AM to 11:00PM EST. We would be happy to assist.
Thanks for choosing Scotiabank for your banking needs.
Summary of changes
Registered trademark of The Bank of Nova Scotia.
Trademarks of The Bank of Nova Scotia.
Interac e-Transfer is a registered trade-mark of Interac Corp. Used under license.
Registered trademarks of SCENE IP, LP, used under license.
If you keep your Preferred Package account (the “Account”) open after December 1, 2019 (the “Account Open Date”), you will receive an annual fee waiver for the first year only (the “First Year Annual Fee Waiver”) on one eligible Scotiabank Credit Card account (an “Eligible Card”) opened on or after the Account Open Date. Eligible Cards are the Scotiabank Gold American Express, Scotiabank Passport™ Visa Infinite*, Scotia Momentum® Visa Infinite and Scotiabank Value® Visa* credit cards. Eligible Cards are subject to change. Each Account can only receive one First Year Annual Fee Waiver regardless of the number of accountholders on the Account or Eligible Cards opened. The First Year Annual Fee Waiver will be applied to the first annual fee for a primary card charged on an Eligible Card after the Account Open Date. If there is more than one Eligible Card opened after the Account Open Date, the First Year Annual Fee Waiver will be applied only to the first annual fee for a primary card that is charged on an Eligible Card after the Account Open Date. This First Year Annual Fee Waiver is only available for new Eligible Cards opened on or after the Account Open Date. Current or previous cardholders of an Eligible Card or cardholders that transfer to an Eligible Card on or after the Account Open Date will not receive the First Year Annual Fee Waiver. All other fees and charges applicable to the Eligible Card continue to apply. First Year Annual Fee Waiver will not be applied if the Account or Eligible Card is not open or is not in good standing and cannot be combined with any other annual fee waiver offer. Current annual fees, rates and other features for Eligible Cards are subject to change.
The primary account holder of the Preferred Package qualifies for a monthly fee waiver on a Scotia® U.S. Dollar Daily Interest Account. The primary account holder on the Preferred Package account can be either the primary or joint account holder on the Scotia® U.S. Dollar Daily Interest Account to qualify. If the primary account holder of the Preferred Package had a Scotia U.S. Dollar Daily Interest Account prior to activating a Preferred Package the fee waiver will apply to the bill cycle following the activation of the Preferred Package. Limit of one (1) Scotia® U.S. Dollar Daily Interest Account per Preferred Package account. Both accounts must be in good standing.
Preferred Package account holders receive an additional 0.05% annually added to the annual Regular Interest Rate of any MomentumPLUS Savings Account (the “0.05% Interest Rate Boost”) held by the Preferred Package account holders. It will take 10 business days after activating a Preferred Package account for the 0.05% Interest Rate Boost to apply. The 0.05% Interest Rate Boost will cease to apply effective the Preferred Package closing date. The Regular Interest Rate plus the 0.05% Interest Rate Boost is calculated daily on the MomentumPLUS Savings Account(s) closing balance and paid monthly. Refer to the Current Rates Page on Scotiabank.com for current interest rates, which are subject to change at any time without advance notice.
Preferred Package account holders will receive Preferred Package GIC interest rates (“Preferred Package GIC Rates”) on Long Term Non-Redeemable GICs with terms between 1 and 10 years, excluding Special Rate GICs, Market Linked GICs and Guaranteed Income Optimizer GICs. The Preferred Package GIC Rates are subject to change without notice. For the latest Preferred Package GIC Rates, contact your branch or call 1-800-4-SCOTIA. Interest is accrued daily on your GIC from the issue date up to, but not including, the maturity date. For Scotiabank GICs that pay interest during their term (monthly, semi-annually or annually) the last interest payment is paid at maturity.
Additional fees apply for shared ABM services, cross-border debit transactions and other banking services not included.
SCENE ScotiaCard® debit card: Earn 1 SCENE point for every $5 you spend on debit purchase transactions including Interac Flash and Visa Debit transactions from an eligible account using your SCENE ScotiaCard debit card. Normal Interac Flash transaction limits apply. Other conditions and limitations apply. Visit scotiabank.com/scene for complete details. General information: A card must be connected to a SCENE membership in order to earn and redeem SCENE points. SCENE points accumulated using a card will be updated within 2-3 days. SCENE points can only be redeemed at participating Cineplex Entertainment theatres or online at www.scene.ca for other points offers (or rewards).
Passport ScotiaCard® debit card: Earn 1 Scotia Reward Point for every $5 you spend on debit purchase transactions including Interac Flash and Visa Debit transactions from an eligible account using your Passport ScotiaCard® debit card. Normal Interac Flash transaction limits apply. Other conditions and limitation apply. Visit scotiarewards.com for complete details.
Customers who are currently receiving special offers or discounts on a Momentum Chequing Account will continue to enjoy those benefits without disruption or, if applicable, until they expire.
Scotiabank received the highest score in the 2019 J.D. Power Canada Retail Banking Advice Satisfaction Study of customers’ satisfaction with bank-provided advice. Visit jdpower.com/awards.