All you need to know about saving automatically with Bank The Rest
We're happy to answer any questions you may have about saving & investing with Bank The Rest.
Bank The Rest is a savings program exclusive to Scotiabank. Each time you buy something with your ScotiaCard, we'll round your purchase to the nearest multiple of $1.00 or $5.00 and transfer the difference from your Day to Day account to your linked Money Master account.
At the end of each business day, we'll total the round up amounts from all your point of sale purchases (including Interac Online and Cross Border debit) and make a single transfer to your Money Master account.
* Business ScotiaCards are not eligible for Bank The Rest.
You can enrol in this program through your branch, by calling the Customer Contact Centre at 1-800-4-SCOTIA (1-800-472-6842) or through Scotia OnLine®.
To enrol into Bank The Rest you will need
In this example, you have decided to round up transactions to the nearest multiple of $5.00.
Let's assume that in one day, you complete three POS purchases:
|Transaction Amount||Round up Amount|
|Total Round Up||$10.32|
At the end of the day, we'll transfer the total rounded up amount of $10.32 ($2.92 + $4.35 + $3.05) for all 3 transactions from your Day to Day account to your Money Master account.
Bank The Rest transfers will not be processed if the transfer will place your account into overdraft or put it further into overdraft, even if there is overdraft protection available.
Yes. Each account setup for debit purchases will be eligible for the Bank The Rest program.
For each account used, there will be one debit transaction combining all round up amounts for that day and one corresponding credit to your Money Master account. If you made debit purchases from both accounts on the same day, you will see two transfers to your Money Master account.
Bank The Rest enrolment is specific to each ScotiaCard. All joint account holders will need to enrol into Bank The Rest through their respective ScotiaCards to ensure that all debit purchase transactions will contribute to the program. If only one customer enrols, only transactions performed with their specific ScotiaCard will be eligible for Bank The Rest.
Changes to your Day to Day banking accounts will not affect the Bank The Rest program unless you remove debit access from your ScotiaCard. As long as one account is set up for debit purchases, and your Money Master account remains open, the Bank The Rest savings program will remain active. If you close an account, then that day's eligible Bank The Rest transactions will be cancelled for that particular account. Closing the Money Master account linked to Bank The Rest will de-activate the program.
You can enrol, make changes or cancel the Bank The Rest investment option through your branch, by calling the Customer Contact Centre at 1-800-4-SCOTIA (1-800-472-6842) or through Scotia OnLine.
Note: Scotia Securities Inc (SSI) Tax-Free Savings Accounts can only be setup at a branch or via Scotia OnLine.
The rounded-up proceeds accumulated in the Money Master Savings Account each month will be totalled, and a single transfer will be made from the Money Master Savings Account to your Scotia TFSA. The single transfer will occur on the first business day of the following month. (Example: Your July's Money Master Bank The Rest proceeds will be credited to your Scotia TFSA on the first business day in August).
If you close your Scotia TFSA, the Bank The Rest investment option will be automatically de-activated. However, your round up amounts will continue to be transferred to your Money Master Savings Account. To re-activate the Bank The Rest investment option, you will be required to open a new TFSA and re-enrol in the program.
The monthly transfer transaction from your Money Master Savings Account will be described as "Bank The Rest", while the monthly transfer transaction to your Scotia TFSA will be described as "Bank The Rest Contribution".