Let the Saving Begin - Terms & Conditions

Build up your savings or have a little extra available when you need it

If you signed up by October 31, 2010 for any combination of at least 2 of the following:
- Bank The Rest® savings program round ups
- Scotia Momentum® VISA* card cash back savings
- At least $50 in new or increase in Pre-Authorized Contributions to a Savings or Investment account

... we'll match 10% of your savings up to $150 that you accumulate between July 5, 2010 and October 31st, 2011.

  1. Program Overview. Subject to these Terms and Conditions, The Bank of Nova Scotia ("Scotiabank") will award eligible customers with bonus interest (a "Bonus"), to a maximum of $150, in an amount equal to 10% of the savings generated by the customer's Scotia Momentum VISA* card, Bank the Rest savings program and pre-authorized contribution savings program ("PAC") during the period of July 5, 2010 to October 31, 2011 (the "Program Period").
  2. Eligible Accounts. In these Terms and Conditions, the following accounts are referred to as "Eligible Accounts": Powerchequing® Account, Basic Banking Account, Basic Banking Plan, Scotia One™ Account, Scotia Value® Account, Scotia Plus® Program for Seniors, Student Banking Advantage® Plan.
  3. Original Accounts. In these Terms and Conditions, the following accounts are referred to as "Original Accounts": Scotia® Chequing, Scotiaclub, Scotia One Service.
  4. Eligibility requirements - All Customers. Individuals must be aged 18 or older.
  5. Eligibility requirements - New Customers. New customers must meet each of the following three requirements:
    (a) open a new Eligible Account on or after July 5, 2010 and prior to October 31st, 2010;
    (b) set up an automated payroll deposit or two other automated entries (pre-authorized debit/bill payment or pre-authorized contributions/credit) to/from the Eligible Account that will be executed by December 31st, 2010; and
    (c) acquire at least two of the following products/services before October 31, 2010 and maintain them in good standing:
    (i) a new Scotia Momentum VISA card (card approval required where applicable);
    (ii) Bank The Rest savings program including a Money Master® Savings Account; and
    (iii) a new PAC with pre-authorized contributions of at least $50 per month (in total) and meet the minimum contribution sizes required by the product receiving the pre-authorized contributions.
  6. Eligibility requirements - Existing Customers. Existing customers must meet each of the following three requirements:
    (a) have an Original or Eligible Account in good standing or open a new Eligible Account;
    (b) have an automated payroll deposit or two other automated entries (pre-authorized debit/bill payment or pre-authorized contributions/credit) to/from the Eligible Account that will be executed by December 31st, 2010; and
    (c) acquire at least two of the following products/services before October 31, 2010 and maintain them in good standing:
    (i) a new Scotia Momentum VISA card (card approval required where applicable);
    (ii) a new enrollment in the Bank The Rest savings program, including a Money Master Savings Account, or maintenance of an existing Bank the Rest savings program that has a round-up of $5/transaction or the increase from $1/transaction to $5/transaction for an existing Bank the Rest savings program; and
    (iii) a PAC with pre-authorized contributions of at least $50 per month (in total) that meets the minimum contribution sizes required by the product receiving the pre-authorized contributions, or if the customer has a PAC that existed prior to July 5, 2010, an increase in that PAC of at least $50 per month (in total).
  7. Eligible PACs. Only the first two PACs set up (or increased by at least $50 per month) between July 5, 2010 and October 31, 2010 will be included for purposes of calculating the Bonus, provided that only one of those PACs (if any) is connected to a TFSA or RRSP.
  8. Maintenance of Eligibility Requirements. To receive the Bonus, customers must maintain the eligibility requirements set out in these Terms and Conditions up to and including the month of October, 2011.
  9. Calculation of Bonus. For each customer, the Bonus will be equal to the lesser of
    (i) $150 and (ii) 10% of the sum of:
    (a) all "cash back" amounts earned with the Scotia Momentum VISA card, subject to Paragraph 13 (for co-borrower (secondary) cardholders);
    (b) all "round-up" amounts saved under the Bank the Rest savings program; and
    (c) subject to Paragraph 10 (for joint accountholders), all contributions made under each PAC that qualifies under these Terms & Conditions, and for clarity it is only the PAC increase that qualifies under Paragraph 6(c)(iii); during the Program Period.
  10. PACs for Joint Accountholders. For purposes of the Bonus calculation in Paragraph 9(c), PAC amounts that are not directed to a Scotiabank account in the name of one, and only one, joint holder of an Eligible or Original Account will be allocated evenly among all joint accountholders.
  11. Deposit of Bonus. The Bonus will be deposited between November 30, 2011 and January 31, 2012 according to the following rules:
    (a) If a PAC is connected to a TFSA or RRSP, the entire Bonus will be deposited to either the TFSA or RRSP as applicable.
    (b) If a PAC exists but is not connected to a TFSA or RRSP, the Bonus will be allocated to the account to which the PAC amount is transferred.
    (c) If there is no PAC, the entire Bonus will be deposited to the Money Master Savings Account.
  12. Regulatory Matters. Scotiabank reserves the right to change the allocation of the Bonus as set out in these Terms and Conditions due to changes to the Income Tax Act and/or guidelines issued by the Canada Revenue Agency.
  13. Special Limitations. Maximum of one Bonus will be awarded to each customer. Co-borrower (secondary) cardholders of Scotia Momentum VISA will not be eligible for the Bonus based on "cash back" amounts earned if the associated borrower (primary) cardholder is an eligible customer under these Terms and Conditions. Supplementary cardholders are not eligible to receive the Bonus based on cash back amounts earned.
  14. General. This offer cannot be combined with any other offer, other than the introductory VISA offer, and is not available for accounts with a fee waiver. Scotiabank may withdraw or change this offer at any time without notice.
® Registered trademarks of The Bank of Nova Scotia.
™ Trademark of The Bank of Nova Scotia.
*Visa Int./Lic. user, The Bank of Nova Scotia.
† Suggested savings amount is not guaranteed and is based on enrollment in the Bank the Rest savings program a Scotia Momentum VISA card and pre- authorized contributions. Actual savings will depend on each individual's financial situation.