Scotiabank Preferred Package or BMO Performance chequing account?
Which is the best: Scotiabank Preferred Package or BMO Performance? Find out more about the accounts and choose the one that fits your needs better!
by Aline Augusto
Scotiabank Preferred Package chequing account or BMO Performance chequing account: which is the best?
If you’re trying to decide between a Scotiabank Preferred Package or BMO Performance chequing account, this article is for you. It is good to have more offers available on the market; it becomes more challenging to choose one that fits your needs, budget, and objective.
However, we are here to help you with that.
First of all, we decide to choose two significant financial institutions that convey reliability and security.
So, BMO and Scotiabank are the chosen ones. These banks are large enough to offer access to many branches and ATMs, attendance to a customer, a range of products, services, and solutions, whether you are looking for something for yourself or your business.
Today, we will review and compare two personal chequing accounts so you can learn about their details and choose wisely the best for you.
Keep reading to understand how they work, the pros and cons, and our suggestions.
|Scotiabank Preferred Package||BMO Performance|
|See terms & Conditions||See terms & Conditions|
|See terms & Conditions||See terms & Conditions|
|Balance Transfer Fee||See terms & Conditions||See terms & Conditions|
Scotiabank Preferred Package chequing account
Let’s get started with the fantastic welcome bonus offered By Scotia when you decide to open a Preferred Package account.
By signing up for a new chequing, you earn a $300 bonus, which is pretty good if we compare it to other offers.
Although it charges a $16.95 monthly fee, it allows you to waive the fee when you maintain a minimum daily balance of $4,000 for the month.
The ATM fee for non-Scotiabank ABM withdrawal is waived once per month in Canada, too.
This chequing account is one of the most popular available if you look for an everyday banking experience.
It provides you with unlimited debit transactions as well as Interac e-Transfer transactions. Also, it features overdraft protection and the Scotia International Money Transfer program that allows you to send money across the world for only $1.99.
This account allows you to earn a higher APY of up to 2.70% on the Momentum Savings Account. But, this promotion is limited.
In the same way, it offers you the possibility to earn a higher rate on savings; it allows you to access preferred rates on some GICs.
And if you decide to go with a Scotia U.S. Dollar Daily Interest Account, you won’t pay any monthly fee whatsoever by maintaining your Preferred Package chequing account active.
Furthermore, the account lets you waive fees on select cards in the first year and access the Scene+TM Program, which gives you rewards on purchases.
Finally, this account from Scotia provides you with CDIC Insurance, online & mobile banking, access to free credit scores, mobile cheque deposits, a Visa debit card, and different payment options like Interac Flash, Google, Apple, and Samsung Pay.
BMO Performance chequing account
BMO also offers a popular chequing account for those who look for convenience and competitive prices in their everyday banking experience.
Besides the great welcome bonus of up to $350 and access to personalized BMO Insights, this account offers you the possibility to add family members through the BMO Family Bundle with no extra fees.
In addition, you can get some credit cards’ annual fees waived by up to $40.
The account provides you with unlimited transactions and Interac e-Transfer®§ every month. Also, you get an OnGuard Identity Theft Protection for free.
Although it charges a $16.95 monthly fee, you can waive it by maintaining a minimum $4,000 balance.
The account offers one withdrawal per month at no charge in Canada. And it lets you earn bonuses on mutual funds and GICs.
Moreover, it provides you with online and mobile banking, and you can add Standard Overdraft protection for $5 per month.
Benefits of Scotiabank Preferred Package
Scotiabank offers a Preferred Package account full of perks. Besides the welcome bonus, it provides you with a rewards program, better interest rates on a select savings account & GICs, the possibility of overdraft protection, CDIC Insurance, online & mobile banking, access to credit score for free, and a Visa debit card, and much more.
Furthermore, this chequing account features unlimited debit and Interac e-Transfer transactions and the possibility to waive the monthly fee.
Also, it allows you to send money internationally for only $1.99 by Scotia International Money Transfer.
Benefits of BMO Performance
On the other hand, the BMO Performance chequing account offers bonuses on mutual funds, GICs, and other promotions, including a fantastic welcome bonus.
You can add a savings account at no charge, as well as an OnGuard Identity Theft Protection.
Plus, the account allows you to waive the monthly fee and rebate annual fees for select credit cards.
Like the Scotiabank account above, this BMO offers unlimited transactions every month.
But unlike the Preferred Package from Scotia, this Performance account allows you to add family members with no extra fees.
Disadvantages of Scotiabank Preferred Package account
Unfortunately, this account charges a monthly fee. And you only waive it if you maintain a minimum daily balance of $4,000, which is high.
Also, it only offers one non-Scotiabank ABM withdrawal for free each month in Canada.
Disadvantages of BMO Performance account
This account also charges a monthly fee that can only be waived by maintaining a high minimum balance.
In addition, the account charges fees for overdraft protection, paper statement, and non-BMO ATM withdrawals.
Scotiabank Preferred Package or BMO Performance: which chequing account you should choose?
Both accounts charge the same monthly fee that can only be waived if you maintain a minimum balance of $4,000.
However, the Scotiabank Preferred Package chequing account offers more features for free, including a rewards program.
On the other hand, if you want to add family members at no extra cost to control the entire family finances, the BMO Performance will be an excellent choice for you.
If you want another option, check out our next post!
Find the best cards even if you have poor credit
Check our list of the very best cards for those with poor credit scores, a selection of solid choices to get you back into the credit scene!Keep Reading
PenFed Power Cash Rewards Visa Signature® card application
Do you want great cash back rewards? If so, read our post about the PenFed Power Cash Rewards Visa Signature® card application!Keep Reading
Using Quick Check™ Capital One®: know if you are approved with 100% certainty
Are you looking for a platform to check your credit score without harm? Read on to know how to use Quick Check™ by Capital One®!Keep Reading
You may also like
Sable Card application: how does it work?
Applying for a Sable card is an excellent idea. Open your account online and get your debit card with no fees. This article will show you how to get a Sable card.Keep Reading
Learn to apply easily for Upgrade Personal Loan
Do you need personal loans for an emergency? If so, you can read on to learn how to apply for Upgrade Personal Loan and get up to $50,000!Keep Reading