How does the Scotiabank Preferred Package $4,000 fee waiver work?
Scotiabank currently lists the Preferred Package at $16.95 per month or $0 when you maintain at least $4,000 as the minimum daily closing balance for the entire month.
Short answer
Scotiabank currently lists the Preferred Package at $16.95 per month or $0 when you maintain at least $4,000 as the minimum daily closing balance for the entire month.
Scotiabank currently waives the $16.95 Preferred fee when the $4,000 daily closing-balance condition is met.
Current numbers to know
- Published monthly fee: $16.95.
- Published balance condition: $4,000 minimum daily closing balance.
- StartRight currently waives the monthly fee for the first year for eligible newcomers.
What this can cost over time
If the account is kept unchanged after the newcomer waiver, its current modeled recurring fee is based on a 12-month newcomer fee waiver followed by a standard monthly fee of $16.95. Use the bank-specific calculator to model one through five years rather than focusing only on the introductory period.
Scotiabank newcomer account fee calculator →
Why this matters for newcomers
Introductory banking terms are temporary. A useful comparison separates the newcomer waiver from the normal account structure that follows it. The same principle applies to credit: having no Canadian credit file does not automatically mean you need to pay an annual fee, lock up a security deposit or accept the first product offered.
Official source
Scotiabank Preferred Package →
Related CanadaStarter tools
Newcomer Bank Fee Calculator →
Credit Utilization Calculator →
Credit Cards With No Canadian Credit History →
2026 Newcomer Banking Cost Study →
Terms checked September 12, 2026. Provider pricing and eligibility can change; verify the official source before applying or changing accounts.