Scotia RSP Catch-Up® Line of Credit

Right for you if:

  • You want to save for your future
  • You want to maximize your RSP contributions
  • Borrow to save Get a preferred lending rate and invest in an RSP for your future.
  • Access funds throughout the year Make regular contributions to your RSP.
  • Save on interest Pay no interest until you use your line of credit.

PLUS:

Choose how quickly you pay back the borrowed amount and if you would like to make minimum monthly payments or a one-time payment.

Payment deferral feature lets you defer for three monthly payments while you wait for your tax refund.²

Affordable Line of Credit Protection to reduce your family's financial risk

Up to $50,000 in available credit

Save for your future and you could save on the taxes you pay in that year.

Service Fees

Dishonoured payment fee: $42.50
Fee is charged for each account payment dishonoured by your financial institution on the date the payment is returned/dishonoured.

Non-sufficient fund fee: $42.50
For each cheque that is drawn on a personal line of credit but returned due to insufficient credit available.*

Overlimit fee: $25.00
Charge if an account balance exceeds its credit limit. This fee will apply any time during the statement period, but only once per period.

Find full information on interest and non-interest costs on lines of credit on the Personal Credit Agreement (400 kb).


Ready to apply

  • PhoneTakes just a few minutes 1 (888) 882-8958 Mon-Fri (8am-6pm)
  • In person Make an appointment at your local branch Find a local branch
  • Online Existing Scotiabank Customers sign-on to get started Apply Today
  • 1 The interest rate for the Scotia RSP Catch-Up Line of Credit is Scotiabank Prime +1% if the RSP contribution is invested with a Scotiabank Group Member. The interest rate will increase to Scotiabank Prime + 4.50% if the RSP is not held with a Scotiabank Group member or is later transferred to another financial institution.

    The interest rate you pay on a Scotia RSP Catch-Up Line of Credit will vary with Scotiabank Prime. Scotiabank Prime is the prime lending rate of The Bank of Nova Scotia as published from time to time. For current rates and information on fees and interest cost, call 1-888-882-8958.

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  • 2 Interest will continue to accrue on the account from the date of the advance and will be charged to the account balance monthly.