Questions

1. What is the Bank The Rest savings program?
2. How do I enrol into the Bank The Rest savings program?
3. What do I need to enrol into the Bank The Rest savings program?
4. How does the Bank The Rest round-up work?
5. What if there are not enough funds in my Day to Day account to complete a transfer to my Money Master account?
6. I don’t have a Money Master account. Can I transfer my Bank The Rest Savings to another type of savings account?
7. I make Point of Sale purchases from both of the accounts set up on my ScotiaCard. Will the round-up transfer apply to both of my accounts?
8. Is there a charge to enrol into Bank The Rest?
9. I have a joint account. Can I still enrol?
10. How can I see how much money I’ve saved?
11. How can I modify or cancel the program?
12. What happens if I return the item I purchased with my ScotiaCard?
13. I make debit transactions in the U.S. and when I’m abroad. Will those count towards the program?
14. What happens if I change or close my accounts?

1. What is the Bank The Rest savings program?

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.

2. How do I enrol into the Bank The Rest savings program?

You can enroll 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.

3. What do I need to enrol into the Bank The Rest savings program?

To enrol into Bank The Rest you will need
• a day-to-day banking account
• a Money Master High Interest Saving account
• a ScotiaCard that is set up to make debit purchases


4. How does the Bank The Rest round-up work?

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:

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.

5. What if there are not enough funds in my Day to Day account to complete a transfer to my 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.

6. I don’t have a Money Master account. Can I transfer my Bank The Rest Savings to another type of savings account?

Only the Money Master savings account is eligible for this program.

7. I make Point of Sale purchases from both of the accounts set up on my ScotiaCard. Will the round-up transfer apply to both of my accounts?

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.

8. Is there a charge to enrol into Bank The Rest?

No. This is a free service offered by us to help you save.

9. I have a joint account. Can I still enrol?

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 enrolls, only transactions performed with their specific ScotiaCard will be eligible for Bank The Rest. 

10. How can I see how much money I’ve saved?

You can see the Bank The Rest Year-to-Date total for your Money Master account through Scotia OnLine, by calling the Customer Contact Centre or by visiting a branch.

11. How can I modify or cancel the program?

The program can be modified at a Branch, by calling the Customer Contact Centre or through Scotia OnLine. The program can be cancelled at a Branch or by calling the Customer Contact Centre. POS purchase transactions are not eligible for Bank the Rest on the day it is cancelled.

12. What happens if I return the item I purchased with my ScotiaCard?

Bank The Rest will still round up the original debit purchase, even if it was later returned.  No adjustment will be made.

13. I make debit transactions in the U.S. and when I’m abroad. Will those count towards the program?

Debit transactions made in the U.S. are eligible for Bank The Rest.  The round-up amount will be based on the converted Canadian dollar amount of the transaction. 

14. What happens if I change or close my accounts?

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 setup 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.

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