For those who are loyal to Scotiabank, you may be familiar with their essential banking products—Chequing, Savings, and Credit Cards—that are part of our everyday financial life. But here’s the catch: selecting the best mix of Scotiabank Banking Stack can be tricky.
- A premium chequing account offers VIP banking services, benefits, and perks; however, it also incurs significant monthly fees. In contrast, a low monthly fee chequing account typically comes with limited banking services, which can lead to service fees later on, potentially resulting in higher overall costs than the monthly fees of a premium account during certain months.
- A premium credit card offers a handful of rewards or cashback points for every dollar spent, but it also has substantial annual fees. In contrast, no-annual fee credit card provides limited rewards. Depending on your spending levels, the difference in rewards and benefits can become significant over the course of a year.
What if there is a way to enjoy all the excellent chequing, savings, and credit card options from Scotiabank without any fees coming out of your pocket? Let’s explore this together.
Emergency Fund is your Key
This strategy is ideal for anyone who has saved at least $6,000 for an emergency fund; it serves as a linchpin for optimal banking setup. Rather than letting it sit idle and earn minimal interest, we can unlock the optimal Scotiabank Banking Stack by simply relocating the fund. In this setup, you can say goodbye to hefty bank fees while ensuring your emergency fund remains readily available for unexpected “rainy days.”
If you’re not yet familiar with the idea of an Emergency Fund and why it’s so important, We highly recommend checking out Emergency Fund: We all got ‘rainy days’. It’s a great resource that will guide you in preparing for those unexpected rainy days — on top of all the potential benefits you can unlock!
Scotiabank Product Range*
| Chequing Accounts | Savings Accounts | Credit Cards |
| Ultimate Package | Momentum+ Savings Account | Scotia Momentum Visa Infinite* |
| Preferred Package | Money Master Savings Account | Scotiabank Passport Visa Infinite* |
| Basic Plus Bank Account | Savings Accelerator Account | Scotiabank Gold American Express |
| Basic Banking Account | Scene+™ Visa* Card | |
| Scotiabank Value Visa* Card | ||
| Scotiabank American Express (No Fee) | ||
| Momentum No-Fee Visa* Card |
*As of June 2025 – Product offerings and names are subject to change.
There are 84 potential combinations. One combination is having a Scotiabank Basic Banking Account (monthly fee of $3.95), a Momentum+ Savings Account, and a no-annual-fee Scotia Momentum No-Fee Visa Card. The question lingers: Is this the best we can do? In this setup, banking services are quite limited, yet we still pay a monthly fee, and the credit card that has no annual fee offers relatively low cash-back rewards.
Feel free to use our Banking Stack Directory to effortlessly navigate every possible combination. This powerful tool evaluates all potential pairings of Chequing, Savings, and Credit Card, helping you discover the best options with ease.
Our choice for ‘Optimal Banking’ with Scotiabank unlocks a VIP premium package with no fees. All you need to do is relocate and maintain an emergency fund of $6,000 in a chequing account, not in a savings account. Counter-intuitive?
Scotiabank Banking Stack – example
- Chequing: Scotiabank Ultimate Package
- Savings: Scotiabank Momentum+ Savings Account
- Credit Card: Your choice of Scotia Momentum® Visa Infinite* Card or Scotiabank Passport® Visa Infinite* Card
Chequing: Scotiabank Ultimate Package
- The monthly fee is $30.95. Parking your $6,000 emergency fund (or other available funds) here directly eliminates the monthly fee.
- Key Concept: You’re essentially earning 6.19% interest, as the $30.95 monthly fee is waived. Plus, you get all premium banking services and perks.
- Digest Concept: One way to replicate this effect is to find a savings account that earns $30.95 monthly on a $6,000 balance, which translates to a 6.19%. Then, use this amount to cover the monthly fee for this chequing account, allowing you to enjoy all the VIP banking services, plus an annual fee rebate of up to $150 on an eligible credit card. So, unless you find a savings account with a 6.19% interest rate, parking $6,000 here remains the optimal choice.
- Standout Perks: An annual fee rebate (up to $150) on an eligible premium Scotiabank credit card.
Savings: Scotiabank Momentum+ Savings Account
- This account incurs no monthly fee. You earn a base interest rate of 0.55%, plus an additional 0.10% simply for holding the Ultimate Package Chequing. Furthermore, you can receive extra rates (0.25% – 0.50%) if you manage to keep your funds deposited for specified periods (e.g., 90, 180, 270, or 360 days) without making withdrawals during that specific premium period.
- It is the optimal choice in a general sense. Since most of your emergency fund of $6,000 is sitting in your chequing account to waive fees, this account is perfect for saving extra cash or for short-term savings goals where you can benefit from the premium interest periods.
- BrushMoney Tip: Transfers between your Scotiabank savings and chequing accounts are free and unlimited when completed through self-service (online or mobile banking). If you need to access funds from your savings, transfer them to your chequing account before making a withdrawal to avoid transaction fees.
- Transferring funds prior to the end of the Premium Period still gives you Regular Interest, but you will lose any accumulated Premium Interest. And a new Premium Period of equal length will automatically begin the same day with your remaining balance.
Credit Card: Scotia Momentum Visa Infinite or Scotiabank Passport Visa Infinite Card
- The annual fee for the Scotia Momentum Visa Infinite is $120, while the Scotiabank Passport Visa Infinite is $150. However, holding the Scotiabank Ultimate Package effectively makes these cards free. The best choice depends entirely on your personal spending patterns and the type of rewards you value most. Please refer to the rewards comparison table below.
- Scotia Momentum® Visa Infinite* Card – The dollar value is the same as the cashback percentage. For example: 4% cash back is $4.00 for every $100 spent on groceries and recurring bill payments. This card is a strong contender for cash back on everyday spending. Important Note: With this card, cash back is paid annually as a lump sum on your November statement
- Scotiabank Passport® Visa Infinite* Card – The dollar value is based on the Scene+ points, where 1 Scene+ point = $0.01 (or 1 cent). No foreign transaction fees is a major boon for anyone who travels internationally or makes purchases from foreign websites, saving you approximately 2.5% on every transaction. Only the exchange rate applies.
- Rewards Comparison Table shows how much you earn in dollar terms for every $100 spent in a specific category.
| Spending Category | Scotia Momentum® Visa Infinite* | Scotiabank Passport® Visa Infinite* |
| Groceries (Scene+ Merchants) | $4.00 (at 4%) | $3.00 (at 3 points per $1) |
| Groceries (none) | $4.00 (at 4%) | $2.00 (at 2 points per $1) |
| Recurring Bill Payments | $4.00 (at 4%) | $1.00 (at 1 point per $1) |
| Gas & Daily Transit | $2.00 (at 2%) | $2.00 (at 2 points per $1) |
| Dining & Entertainment | $1.00 (at 1%) | $2.00 (at 2 points per $1) |
| Travel (via Scene+ Travel) | $1.00 (at 1%) | $1.00 (at 1 point per $1) |
| Foreign Currency Purchases | $1.00 (at 1%) minus 2.5% FX fee | $1.00(at 1 point per $1) NO FX Fee |
| All Other Purchases | $1.00 (at 1%) | $1.00 (at 1 point per $1) |
*Spending Caps: The Scotia Momentum® Visa Infinite* card has annual spending caps of $25,000 for the 4% categories combined (groceries and recurring bill payments) and $25,000 for the 2% categories combined (gas and daily transit), after which the rate drops to 1%. Subject to change as rewards can be refreshed by Scotiabank.
Scotiabank Banking Stack – Value Report
Enough talk—let the numbers speak. What are the total benefits in dollar terms?
To quantify the value of the optimal Scotiabank Banking Stack, we simulated the total annual benefits in dollar terms based on a hypothetical monthly spending pattern that reflects more daily essential expenses. For a travel-focused simulation, please contact us—we would be delighted to add it if there is demand.
For this simulation, we assume you hold the following portfolio of Scotiabank products:
- Scotiabank Ultimate Package
- Momentum+ Savings Account
- Scotia Momentum Visa Infinite Card
Value #1 – No Fees & some Interest
- $371 annual value from Scotiabank Ultimate Chequing Account – No monthly fee
- $120 annual value from Scotia Momentum Visa Infinite – No annual fee
- 0.65% (0.55% + 0.10%) annual interest rate from Momentum+ Savings Account – No monthly fee. Additional interest is available depending on lack-in periods.
Value #2 – Cash Back Rewards: The table below shows estimated monthly and annual cash back based on hypothetical spendings
| Category | Monthly Expense | Cash Back Rate | Monthly Cash Back | Annual Cash Back |
| Groceries | $700 | 4.00% (Note 1) | $28 | $336 |
| Recurring Bills | $350 | 4.00% (Note 1) | $14 | $168 |
| Gas & EV Charge | $400 | 2.00% (Note 2) | $8 | $96 |
| Personal Shopping | $150 | 1.00% | $1.5 | $18 |
| Outing & Social Life | $300 | 1.00% | $3 | $36 |
| Total | $1,900 | $54.5 | $654 |
- Note 1 (4% Rate): This rate applies to the first $25,000 in annual spending on groceries, bills, and subscriptions. An annual spend of $12,600 is within this limit—the rate drops to 1% thereafter.
- Note 2 (2% Rate): This rate applies to the first $25,000 in combined annual spending on gas and eligible daily transit. The simulated annual spending of $4,800 is within this limit. The rate for subsequent spending decreases to 1%.
- Important Note: With this card, cash back is paid annually as a lump sum on your November statement.
Value #3 – When you pay with your Scotia Momentum® Visa Infinite at an Esso or Mobil station, you will also earn Scene+ points.
- Assuming $1.75 per litre
- Purchased Monthly: $400 / $1.75 per litre ≈ 228.6 litres
- Earn 1 Scene+ point per litres => 228 Scene+ points / month
- Now, 100 Scene+ points = $1. Save $2.28 / month
- Additional Annual Savings: $27
- This saving is in addition to the 2% cash back you already earn on gas purchases.
We have applied this identical spending profile to comparable Optimal Banking Trios from other major banks—BMO, CIBC, and TD Canada Trust. RBC was excluded because its Value Program relies on bundling multiple products for discounts, which differs from the minimum-balance-based fee waivers used in this simulation.
Curious if you can find a better deal? Use the Banking Stack Directory by selecting your favorite Credit Card or Chequing Account from Scotiabank, and watch as the overall benefits recalculate instantly, allowing you to compare all possible banking stacks and uncover the best options for you.
Upfront Welcome Bonus Package
If you’re new to Scotiabank, Don’t miss out the attractive welcome bonuses! As of June 2025, typical offers may include:
- Scotiabank Ultimate Package: Earn up to $700 in bonuses. This includes a $500 cash bonus when you open a new Ultimate Package and complete the qualifying actions. An additional $100 bonus is available for opening a Money Master Savings Account with the ‘smart savings tool’ setup. Also $100 for an eligible registered account with a $5,000 deposit. Conditions apply.
- Note that ‘Money Master Savings Account’ is good for building savings habits but does not align with our Optimal Banking view. The base annual rate is 0.01%, with a maximum bonus interest rate of 0.40%. Consider maintaining this account until you collect a $200 bonus, then switch to Momentum+ Savings, which offers a base rate of 0.65% and can go up to 1.15%. Conditions apply.
- Scotiabank Momentum+ Savings Account offers a ‘Welcome Bonus Interest Rate’ of 4.10% for first three month on Scotiabank Momentum+ Savings Account on top of a base rate.
- Scotia Momentum® Visa Infinite* Card: Often includes a welcome offer such as 10% cash back on up to $2,000 in purchases in the first 3 months (a $200 value). Conditions apply.
- Scotiabank Passport® Visa Infinite* Card: Frequently offers a significant Scene+ points bonus, such as up to 40,000 Scene+ points ($400 travel value). Please note that this offer may come with an expiry date (e.g., July 1, 2025).
*Important: Welcome offers change frequently and have specific conditions (e.g., minimum spend, account activities, expiry dates). Always check the official Scotiabank website for the latest details and eligibility before applying. Conditions apply.
ScotiabankOptimal Banking Benefits at a Glance
Chequing & Savings
| Key features | Scotiabank Ultimate Package | Scotiabank Momentum+ Savings |
| Monthly Account Fee | $0 (Value of $30.95/month saved)¹ | $0 |
| Credit Card Fee Rebate | Yes – rebate up to $150 annual fee | No |
| Unlimited Transactions | Yes | No (fees apply per transaction) |
| Free Interac e-Transfers® | Yes | No |
| Free Bank Draft | Yes | No |
| Free Personal Cheques | Yes | No |
| Free Safety Deposit Box | Yes – small size | No |
| Welcome Offer | Yes (value of $450)* | Yes (Promo Interest Rate)* |
¹Based on the $30.95 monthly fee, waived with a $6,000 minimum daily closing balance or $30,000 in combined eligible savings (Ultimate Package and Momentum+ Savings Account). *Subject to change as promotional Welcome Offers are often refreshed.
Scotiabank Visa Infinite* Card Options
| Feature / Benefit | Scotia Momentum® Visa Infinite | Scotiabank Passport® Visa Infinite* |
| Annual Fee (with Smart Plus Account) | $0 (Regularly $120) | $0 (Regularly $150) |
| Primary Rewards | Cash Back | Scene+ Points (Travel Focus) |
| Welcome Bonus | Often available (check current offers) | Often available (check current offers) |
| Rewards Highlights | • 4% on groceries, recurring bills • refer to Rewards Comparison Table | • refer to Rewards Comparison Table |
| Key Travel Perks | • Comprehensive Travel Insurance | • Comprehensive Travel Insurance • No Foreign Transaction Fees • 6 Free Airport Lounge Passes |
| Shopping & Other Perks | • Purchase Security & Extended Warranty • Mobile Device Insurance | • Purchase Security & Extended Warranty • Mobile Device Insurance |
| Best For You If: | You prefer straightforward cash back on everyday spending, especially on gas and groceries. | You are a frequent traveller who values airport lounge access and flexible travel rewards. |
Note: Please contact Scotiabank for more details. *Subject to change as the promotional Welcome Offer is often refreshed each term.
Final Thoughts
Any amount exceeding $6,000 should go into a Savings Account. Why? The value you unlock stays the same whether you deposit $6,000 or $20,000 into your chequing – adding another $1 provides NO additional value. Therefore, it’s optimal to allocate any remaining emergency funds into a Savings Account where it can earn some interest.
The Scotiabank Gold American Express® Card is another strong option for consumers. You’ll earn 6 Scene+ points at Sobeys, Safeway, IGA, Foodland, and participating co-ops, 5 points at other grocery stores, dining, and entertainment venues, and 3 points on gasoline and daily transit. As a result, it competes well with the Momentum Visa Infinite’s cash back percentages. Additionally, it offers ‘No Foreign Transaction Fees’ on all purchases made in foreign currencies, a notable advantage also found with the Passport® Visa Infinite. Thus, it can certainly be included in the Optimal Banking Trio.
However, while acceptance is strong in North America, particularly among major brands, it is significantly limited internationally. Furthermore, even in Canada, many large grocery chains owned by Loblaws (such as Loblaws, No Frills, and Real Canadian Superstore) do not accept American Express.
This cash study of Scotiabank Banking Stack is just one possible potential setup for you. Banking Stack Directory can help to make apple-to-apple comparison, not only amongst Scotiabank Banking Stacks, but across all other big banks in Canada.
Important Note: If you need to access the Emergency Fund, ensure you switch your Credit Card to one with no annual fee and change your Chequing account to one with a lower minimum balance requirement before withdrawing the funds to avoid fees.
Disclaimer: Information is as of June , 2025, and is subject to change. Account features, fees, and promotional offers are based on publicly available information from Scotiabank. Always refer to the official website for the most current details to ensure any product is right for your financial situation. Credit card approval is subject to Scotiabank’s credit criteria.
