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Yes, we love credit cards and premium cabin travel, but we certainly won’t say no to free cash straight into the wallet! BMO launched their bank account bonus for up to $900 early last month, and we’re seeing Scotiabank launch an even higher $1,000 bonus for opening a new chequing account — this must be an all-time high.
The typical part of bank account bonuses that I consider “easily achievable” is $500 or so, and Scotiabank is bumping that up to $900 this time around, making this squarely the best available bank bonus today.
Get $900 with Scotiabank Bank Account Bonus — Apply Now
$900 is broken down into two parts: $700 and $200.
The First $700
Qualifying for the first $700 with Scotiabank is very simple. You must open either a Scotiabank Preferred Package ($16.94/month) or Scotiabank Ultimate Package ($30.95/month) by October 29, 2026. Scotia waives the monthly fee when you maintain a minimum balance ($4,000 for Preferred, $6,000 for Ultimate), then fulfil the following requirements within 60 days of account opening:
- Set up and receive one eligible automated recurring direct deposit (like a payroll or pension), which will recur monthly for at least 6 months
- Complete one of the following:
- Set up and make one eligible pre-authorized transaction of at least $50, which will recur monthly for at least 6 months
- Make one eligible bill payment (like a phone or utility bill) of at least $50 with online or mobile banking
- Complete one Visa Debit purchase using your ScotiaCard, either online debit or in-store outside of Canada
To get the first $700, it really just boils down to opening a bank account, routing your payroll to that account, and using it to make a single bill payment.
The Next $200
The next $200 is also super easy to earn by completing the following within 60 days of account opening (you must also qualify for the first $700):
- Open a new Money Master Savings Account
- Enroll your new Savings Account in either the Pay Yourself First or the Savings Finder tool
- Remain enrolled for 90 consecutive days
To use Pay Yourself First, you set a fixed amount from your payroll or other eligible recurring deposits to automatically transfer from your Scotia chequing account to your Money Master Savings Account. I believe the minimum is $20.
The Savings Finder tool is better for fluctuating income and expenses, and it automatically transfers money from your Scotia chequing account to your Money Master Savings Account up to 3 times per week until it reaches the total amount you indicate you wish to save per month. The amount moved each time fluctuates based on your account standing.
Scotiabank smart savings tools
Pay Yourself First is a little more straightforward, in my opinion, and just requires automatically transferring $20 from your paycheque to savings for 90 days, earning you the $200 bonus.
None of the above is particularly arduous: you don’t need to maintain a minimum balance, open a credit card, or open an investment account. $900 is quite a sum, so this is a bank account bonus worth serious consideration.
Remember that most banks offer ~$700 after completing all requirements, with $500 as the initial chunk, while Scotiabank is currently offering $900 as the initial chunk and $1,000 if you complete all the requirements.
How to Get All $1,000 — Apply Now
For completeness, let’s look at how to unlock the full $1,000 bonus. After qualifying for the previous two chunks of points, the final $100 is earned by completing the following within 60 days of account opening:
- Apply for and be approved for an eligible credit card account
- Complete at least one qualifying purchase on your eligible credit card account
A qualifying purchase is exactly what you think it is (excludes refunds, cash advances, balance transfers, interest charges, fees) and here’s the complete list of eligible credit cards:
- Scotiabank Scene+ Visa Card
- Scotiabank Passport Visa Infinite+
- Scotiabank Passport Visa Infinite Privilege Card
- Scotiabank American Express Card
- Scotiabank Gold American Express
- Scotiabank Platinum American Express Card
- Scotia Momentum No-Fee Visa Card
- Scotia Momentum Visa Card
- Scotia Momentum Visa Infinite+
- Scotiabank Value Visa Card
For the sake of earning $100, it’s easy to sign up for one of the no-annual-fee credit cards.
However, quite a few of the above are PMB favourites, and we actually recommend picking them up even independent of earning this bank account bonus:
- Scotiabank Passport Visa Infinite+ and Scotiabank Passport Visa Infinite Privilege is our favourite travel cards, with categorized earn rates working abroad, no foreign transaction fees, and generous lounge allowance
- Scotiabank Gold American Express is a great everyday spend card, earning 6X at at Sobeys, Safeway, and more, while earning 5X on all other grocery stores, dining, and entertainment
- Scotiabank Momentum Visa Infinite+ earns 4% cashback on groceries, recurring bills, and subscriptions and the $120 annual fee is waived in the first year
Scotia Momentum Visa Infinite+ is currently offering an elevated signup bonus
Might As Well Earn a Signup Bonus
My take is that picking up a premium credit card is the move here, as you’ll also earn a hefty sign-up bonus; full details are on our Scotiabank credit card page. It’s worth highlighting the Scotia Momentum Visa Infinite+ in particular because it’s first year is free and currently offers an elevated bonus (15% cash back on all purchases in the first 3 months, up to $2,000 in total purchases).
Takeaway
The headline $1,000 bonus is plenty attention-grabbing on its own. What’s even better is that Scotiabank has extremely reasonable requirements, and picking up the first $900 requires a set of remarkably simple banking activities: essentially opening an account, setting up payroll, making a bill payment, and setting up a savings account with automatic transfers from chequing.
The final $100 follows the usual formula of needing to pick up an additional product — in this case, a credit card — but there are no-annual-fee cards that qualify, along with several fantastic cards for travel and everyday spending if you’re looking to grab a sign-up bonus. Only a single purchase is required on your new credit card, and you’ll have earned all $1,000 on offer.
