Premium bank accounts bundle unlimited everyday banking with extra perks, like credit card fee rebates, rewards points, and free ATM withdrawals. They also carry some of the highest monthly fees in Canadian banking. You can often avoid the fee by keeping enough money on deposit. Here’s how premium bank accounts work in Canada, what you actually get, and how to tell whether one makes sense for you.
What premium bank accounts are
A premium bank account is a top-tier chequing package from a bank. Each of the big banks offers one, usually under a name like “Ultimate,” “All-Inclusive,” or “Premium.” The core is a regular chequing account with unlimited debit transactions and Interac e-Transfers. On top of that, the bank layers on benefits that lower-tier accounts don’t include.
Typical extras include a rebate on the annual fee of a premium credit card, free withdrawals at other banks’ ATMs, a free small safety deposit box or cheques, discounts on other products, and loyalty points on debit spending. The exact list varies by bank, so always read the account’s fee and features page before you switch.
How fees on premium bank accounts work
Premium bank accounts usually charge a flat monthly fee, often around $30. Most banks let you avoid it by holding a minimum daily balance in the account for the whole month. Some also count a combined balance across chequing, savings, GICs, and investments. That helps if your money is spread around.
The key detail is that the balance usually has to stay above the threshold every single day. Dip below it for one day, and the full fee may apply for that month. The Financial Consumer Agency of Canada’s guide to chequing accounts and fees also suggests asking whether keeping a large balance in a low-interest account is the best use of your money.
A real example: Scotiabank Ultimate Package
Here’s how one current premium account is set up. The Scotiabank Ultimate Package costs $30.95 per month. Scotiabank waives that fee when you hold $6,000 or more in the account, or a Total Relationship Balance of $100,000 across eligible accounts, every day for the entire month.
The package includes unlimited debit and Interac e-Transfer transactions and unlimited free withdrawals at non-Scotiabank ATMs worldwide. It also offers up to a $150 annual fee waiver each year on select Scotiabank credit cards. Extras include Scene+ points on debit purchases, value at Shell Canada pumps, and up to 100 free trades per year with Scotia iTRADE.
For new clients, Scotiabank currently advertises up to $1,000 in bundle bonuses for accounts opened from October 30, 2026 to March 4, 2027. The main $700 bonus requires a recurring direct deposit plus one more qualifying activity within 60 days. People who held a Scotiabank chequing account in the last two years don’t qualify. Great Canadian Rebates also lists a $150 cash-back rebate when you start from the Scotiabank Ultimate Package details page, subject to GCR’s rebate conditions.
When premium bank accounts make sense
A premium package tends to pay off in a few situations:
- You can keep the balance without strain. If the waiver balance sits in your account anyway, the perks cost you nothing extra.
- You already pay a premium card fee. A yearly credit card fee rebate can cover a big part of the package’s value on its own.
- You use other banks’ ATMs. Free withdrawals add up if you travel or live far from your own bank’s machines.
- You want one bank for everything. Relationship balances reward people who keep savings, GICs, and investments in the same place.
When a simpler account is better
If you can’t reliably keep the minimum balance, a fee like $30.95 a month adds up to more than $370 a year. Most people use far fewer features than a premium package offers. A mid-tier account or a no-fee online account may cover your everyday banking just as well.
Also look at the opportunity cost. Money sitting in chequing to waive a fee often earns little or no interest. If that same cash could earn more in a high-interest savings account or GIC, weigh the interest you give up against the perks you gain.
How to choose between premium bank accounts
Start with a quick review of your last few months of banking. Count your transactions, ATM use, and the credit card fees you pay. Then compare that against what the package includes and whether you can hold the waiver balance every day.
Read the fine print on any welcome bonus too. Bonus conditions often require a recurring payroll deposit and a set number of transactions. You may also need to keep the account open for a minimum period. Set reminders so you don’t miss a step.
The bottom line
Premium bank accounts work best when the monthly fee is waived and you actually use the extras, especially the credit card fee rebate. If that describes you, a package like the Scotiabank Ultimate Package can bring real value plus a strong switching bonus. If not, a simpler account may save you more.
Ready to compare current banking offers? Check the Scotiabank Ultimate Package rebate, then visit Great Canadian Rebates to find more Canadian bank account and credit card deals with cash-back rebates on top of the bank’s own welcome offer.