The Scotia One™ Account is changing to the Preferred Package
We’re bringing you a better banking experience
On October 1, 2019, the Scotia One 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.
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.
1 free non-Scotiabank ABM withdrawal per month1
Access to cash at ABMs wherever you are in Canada.
1st year free - Fee waiver on new select Credit Cards2
First year annual fee waiver on new select Scotiabank credit cards.
No fee Scotia® U.S. Dollar Daily Interest Account3
A smart way to save U.S. dollars with access to competitive foreign exchange rates.
Interest Rate Boost - MomentumPLUS Savings Account4
+0.05% Interest Rate Boost on all balances in your MomentumPLUS Savings Account to help you save faster.
Preferred Package GIC rates on select GICs5
To help you save for the future and achieve your goals.
The monthly account fee will increase from $13.95 to $15.95 per month. Customers will continue to get their monthly account fee waived (pay $0 per month) when they maintain a daily minimum closing balance of $4,000 or more in their Preferred Package for the entire month.
Customers will continue to enjoy unlimited debit transactions6 and earn points on every purchase with their choice of rewards program7.
Earn SCENE points and redeem for entertainment rewards like movies, meals and more.
Earn Scotia Rewards points and redeem for travel, gift cards, the latest in tech, and more.
Are you an existing customer?
If you are an existing Scotia One account holder, you will start to see some of the above changes, including the name of your account changing to Preferred Package, starting approximately September 16, 2019.
Your monthly account fee will change from $13.95 to $15.95 effective October 1, 2019. Keep your account open or use it after October 1, 2019 to accept these changes. After this date, 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.10
If you have any questions about these changes, or want to see other banking options we may have for you, please visit www.scotiabank.com/chequing, 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 you.
Thank you for choosing Scotiabank for your banking needs.
Summary of changes
Ranked "Highest in Customer Satisfaction with Retail Banking Advice" by J.D. Power for 2019
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.
The Preferred Package account includes 1 free non-Scotiabank Interac⁺ ABM withdrawal within Canada per month. Access fee for each subsequent 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.
If you keep your Preferred Package account (the “Account”) open after September 16, 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. Other conditions and limitations apply. Visit www.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, 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. Other conditions and limitation apply. Visit scotiarewards.com for complete details.
Customers who are currently receiving special offers or discounts on a Scotia One 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.
If you decide to close your account within 90 days of the changes taking effect, we will refund you the difference between the monthly account fee for the Preferred Package and the monthly account fee for the Scotia One Account from October 1, 2019 until the date you cancel.