Banking advice and solutions for medical residents

All banking and credit products and services are offered by The Bank of Nova Scotia (“Scotiabank”) unless otherwise noted. Credit and lending products are subject to credit approval by Scotiabank. Terms and conditions apply to all reward programs and benefits and should be reviewed carefully before applying. All offers, rates, fees, features, reward programs and benefits and related terms and conditions are subject to change. Visit scotiabank.com or speak with your MD Advisor or a Scotiabank representative for full details.

Registered trademarks of The Bank of Nova Scotia.

Scene+ and the Icon Design are trademarks of Scene Plus IP Corporation, used under license. 

American Express is a registered trademark of American Express. The Scotiabank Gold American Express® credit card program is issued and administered by The Bank of Nova Scotia under license from American Express.

Visa Int./ Licensed User.

MD Advisor refers to an MD Management Limited Financial Consultant or Investment Advisor (in Quebec), or an MD Private Investment Counsel Portfolio Manager.

Click here for a list of eligible direct deposits, pre-authorized transactions and online bill payments. Notwithstanding a transaction may be included in these lists, certain exclusions may still apply and Scotiabank reserves the right to modify these lists and to determine whether a specific direct deposit, pre-authorized transaction or bill payment is eligible for the Offers.Fund transfers initiated to other Scotiabank accounts (one time or recurring, e.g. credit card or savings account), to chequing or savings accounts held at other financial institutions, or to payment processing firms, are not eligible for the Offers.

MD Financial Management includes MD Financial Management Inc., MD Management Limited, MD Private Trust Company, MD Life Insurance Company and MD Insurance Agency Limited.

MD Financial Management provides financial products and services, the MD Family of Funds and investment counselling services through the MD Group of Companies. For a detailed list of these companies, visit md.ca.

To be eligible for the Physician Banking Program benefits you must be a Canadian resident that meet one of the following conditions: 

• Enrolled in a Canadian university medical degree program 

• Has been accepted or is completing a medical residency in Canada 

• Medical fellow who is completing a Canadian fellowship granted by the Royal College of Physicians and Surgeons of Canada

• Physician with a medical doctorate (MD) and licensed to practice medicine in a Canadian province or territory

• Retired physician with a medical doctorate (MD) and has practiced medicine in a Canadian province or territory  

The variable annual interest rate will vary with Scotiabank Prime and, where applicable, the adjustment factor. Scotiabank Prime is the prime lending rate of Scotiabank published from time to time and is subject to change. We may also change the adjustment factor with prior notice. You can find the current Scotiabank Prime lending rate at https://www.scotiabank.com/ca/en/personal/rates-prices.html or by contacting Scotiabank 1(800) 4SCOTIA (1-800-472-6842). Credit Limits are subject to program and credit approval.  Upon approval, the credit limit (total authorized credit limit) may be allocated into annual credit limit(s) per year, depending on your program year(s) and type of student program.  Please contact us for details and see your disclosure statement and credit agreement for full details.

While you remain in school and for 24 months after your residency program ends (the “Repayment Grace Period”) no payments will be required on your Scotia Professional Student Plan Line of Credit (the “Account”) so long as your balance does not exceed the credit limit on your Account but interest will continue to accrue during that Repayment Grace Period and is charged on any amount you borrow starting from the day you borrow until you pay that amount in full. See your Disclosure Statement we provide you or speak with your Scotiabank Advisor for more information about the repayment grace period and how interest is charged to your Account.

The Ultimate Package monthly account fee is waived for eligible physician clients on one (1) Ultimate Package account (“Account”). The monthly account fee will be waived and will not appear as a charge on your Account provided the Account is open and in good standing at the time of the waiver. All other applicable service charges on the Account will continue to be applied. Maximum one offer per customer. This offer is non-transferable and may be changed, cancelled, or extended at any time without notice.

Additional fees apply for shared ABM services, cross-border debit transactions and other banking services not included in the chequing account package. Fees may initially be charged for Interac e-Transfer transactions in excess of 99 in a month but will be reversed in the subsequent month. For accounts that do not provide unlimited debit transactions, a charge for additional debit transactions may apply if you perform an Interac e-Transfer transaction over and above the number of debit transactions allowed in the account. 

For Ultimate Package customers, no service fee is charged for the transfer, however, foreign currency exchange rates apply. Subject to daily limits and additional terms and conditions as set out in the Scotiabank International Money Transfer Agreement found at www.scotiabank.com/ca/en/personal/ways-to-bank/scotiabank-international-money-transfer-agreement.html.

If you open an Ultimate Package account (the “Account”), on or after the date you open the Account (“Account Open Date”) you will receive an annual fee rebate of up to $150 on one Eligible Card that you hold as the primary cardholder (“Annual Fee Rebate”), for each year as long as you have one eligible Scotiabank Credit Card account (an “Eligible Card”) and the Account  which are open and in good standing. You will receive the Annual Fee Rebate, even if you opened an Eligible Card prior to the Account Open Date. Eligible Cards are the Scotiabank Gold American Express®, Scotiabank Passport® Visa Infinite*, Scotiabank Passport® Visa Infinite Privilege*, Scotia Momentum® Visa Infinite* and Scotiabank Value® Visa* credit cards. Eligible Cards are subject to change. Each Account will only receive one Annual Fee Rebate regardless of the number of accountholders on the Account or Eligible Cards held or opened. The Annual Fee Rebate will be applied to the first annual fee charged on the Eligible Card after the Account Open Date. If you are the primary cardholder of multiple Eligible Cards, the Annual Fee Rebate will be applied to the first annual fee that is charged on an Eligible Card after the Account Open Date. If your Eligible Card has an annual fee that is greater than $150, you remain responsible for any difference after the Annual Fee Rebate is applied.  All other fees and charges applicable to the Eligible Card continue to apply. Annual Fee Rebate cannot be combined with any other annual fee rebate or waiver offer. Current annual fees, rates and other features for Eligible Cards are subject to change.

Ultimate Package account holders will receive a boost to the Regular Interest Rate (the “Ultimate Interest Rate Boost”). Refer to the Current Rates Page on Scotiabank.com for the Total Annual Interest Rate applicable to the Ultimate Package (current Regular Interest Rate plus Ultimate Interest Rate Boost), which is subject to change at any time without advance notice. It will take up to 10 business days after activating an Ultimate Package account for the Ultimate Interest Rate Boost to apply. The Ultimate Interest Rate Boost will cease to apply effective as of the date that the Ultimate Package account is closed. The Ultimate Interest Rate Boost is an annual rate calculated daily on the Momentum^PLUS Savings Account(s) closing balance and paid monthly.

The Ultimate Package account includes non-Scotiabank Interac⁺ ABM cash withdrawals in Canada and cash withdrawals at non-Scotiabank Visa* or PLUS* ABMs within and outside of Canada. Account holders may still be charged a convenience fee by the other bank and ABM operator, not by Scotiabank.

If you open a new Scotiabank Passport Visa Infinite credit card account (“Account”) you will receive an annual fee waiver (“Annual Fee Waiver”) each year for as long as you are a Scotia Professional Student Plan customer and provided the Account remains open and in good standing. Customers not in Scotia Professional Student Plan will receive a first-year annual fee rebate only provided the Account remains open and in good standing. The Account is considered in good standing if it is not delinquent (past due) or over limit and there is no breach of the Revolving Credit Agreement or any other agreement(s) that applies to the Account. The Account will only receive one Annual Fee Waiver regardless of the number of accountholders on the Account.  All other fees and charges applicable to the Account continue to apply.  Annual Fee Waiver is non-transferable and cannot be combined with any other annual fee waiver offer. Current annual fees, rates and other features for the Account are subject to change.

* Savings and reward potential in first 12 months includes welcome offer value, first year point earn potential, foreign transaction fee and airport lounge savings as of October 25, 2024:   $300 in travel rewards (30,000 bonus Scene+ points) for new Scotiabank Passport Visa Infinite Card clients who spend $2,000 within the first 3 months;   $100 in travel rewards (10,000 bonus Scene+ points)  when you spend $40,000 annually on your Account each year (12-months);   $50 supplementary card annual fee waiver on the first supplementary card for new Scotiabank Passport Visa Infinite Card clients;   $137 in foreign transaction fee savings based on average first year annual foreign spend per account (save the 2.5% foreign transaction fee markup typically charged by othercard issuers);   $399 in first year point earn potential (30,000 Scene+ points) on everyday purchases based on average annual spend per account with an average spend of 20% in 2X accelerator categories;   $359 value with a complimentary Visa Airport Companion Program Membership that includes 6 lounge passes (based on ‘Preferential’ membership valued at approx. CAD$359/USD$259). Currency conversion as at October 25, 2024.   Potential First Year Value = up to $1,345   Actual offers, savings and rewards earned will depend on individual card usage and eligibility for applicable offers. Conditions apply. 1 Offer Description and Conditions: The 30,000 Bonus Scene+ Points Offer  (the “Offer”) applies only to new Scotiabank Passport Visa Infinite credit card accounts (“Accounts”) that are opened between January 3, 2025 and July 1, 2025 subject to the conditions below. Offer may be changed, cancelled or extended at any time without notice and cannot be combined with any other offers.     Plus, as a Scotiabank Passport Visa Infinite credit cardholder you are always eligible to earn an annual 10,000 Scene+ point bonus when you spend at least $40,000 in everyday eligible purchases annually on your Scotiabank Passport Visa Infinite account. Conditions apply - see below for further details.   30,000 Bonus Scene+ Point Offer Description and Conditions: To qualify for the 30,000 bonus Scene+ points (the “30,000 Point Bonus”), you must have at least $2,000 in eligible purchases posted to your new Account within the first 3 months of the Account open date. Eligible purchases include purchases (less any refunds, returns or other similar credits) but do not include payments, cash advances (including balance transfers or cash-like transactions), interest, fees or other charges.     10,000 Annual Bonus Scene+ Point Conditions: As a Scotiabank Passport Visa Infinite credit cardholder you can earn an annual Scene+ point bonus starting at 10,000 Scene+ points (“the Annual Point Bonus”) when you make at least $40,000 in eligible purchases annually on your Account each year (12-months). Annual period starts from the Account open date and resets every 12 months thereafter. You will earn 2,000 bonus Scene+ points for every additional $10,000 in eligible purchases thereafter in that same year, after the $40,000 annual spend has been reached.  Eligible purchases include purchases (less any refunds, returns or other similar credits) but do not include payments, cash advances (including balance transfers or cash-like transactions), interest, fees or other charges.   Point Bonus Fulfillment: The applicable point Bonus(es) will be credited within approximately 8 weeks after qualifying for a Bonus, provided the Account is open and in good standing. For Joint Accounts with a Primary Borrower and Co-borrower, the applicable point Bonus will be credited as follows: (i) the 30,000 Point Bonus and Annual Point Bonus will be credited to the Scene+ account linked to the Account of the borrower that completed the last transaction to meet the qualifying amount of eligible purchases (i.e., $2,000 or $40,000) in the appropriate time frame (i.e., first 3 months or first 12 months). If a supplementary cardholder completes the last qualifying transaction to meet the qualifying amount of eligible purchases for the 30,000 Point Bonus or the Annual Point Bonus, the applicable point Bonus will be credited to the Primary Borrower’s Scene+ account linked to the Account. Points can be transferred between Primary and Co-Borrower or Supplementary Cardholder’s Scene+ accounts by contacting Scene+.  The Account is considered in good standing if it is not past due or over limit and the Cardholder(s) is not in breach of the Revolving Credit Agreement that applies to the Account. All other terms and conditions of the Program Terms continue to apply during the Offer period.   Offer Eligibility and Exclusions: Individuals who are currently or were previously primary or secondary cardholders of a Scotiabank personal credit card in the past 2 years, including those that switch from an existing Scotiabank personal credit card, as well as employees of Scotiabank, are not eligible for the Offer. Subject to the above exclusions, Scotiabank business credit cardholders are also eligible for the Offer.   Rates and Fees: The current annual fee is $150 for the primary card, $0 for the first additional card and $50 for each additional card thereafter (including those issued to co-borrowers and supplementary cardholders). The current preferred annual interest rates for this Account are: 20.99% on purchases and 22.99% on cash advances (including balance transfers and cash-like transactions). All rates, fees, features and benefits are outlined in the Application Disclosure Statement and are subject to change.

You are awarded three (3) Scene+ Points for every eligible $1.00 purchase made at Sobeys, Safeway, IGA, Foodland, Foodland & Participating Co-ops, FreshCo, Chalo! FreshCo, Thrifty Foods, Rachelle Béry, Les Marchés, Voilà by Sobeys, Voilà by Safeway and Voilà par IGA locations charged and posted to the Scotiabank Passport Visa Infinite Account. This list of eligible grocers may be changed from time to time without notice. See full list of participating merchants across Canada at scotiabank.com/participatingstores.

 

You are awarded two (2) Scene+ Points for every eligible $1.00 purchase on all other grocery (not listed above), dining, entertainment, and daily transit purchases charged and posted to the Scotiabank Passport Visa Infinite Account (the earn rates for each of the above categories and merchants are referred to as the “Accelerated Earn Rates”). See below for the Spend Threshold that applies to this Accelerated Earn Rate.

 

You are awarded one (1) Scene+ Point for every $1.00 in all other purchases of goods and services charged to the Scotiabank Passport Visa Infinite Account (the “Regular Earn Rate”).

 

Spend Threshold for the Accelerated Earn Rate (Scotiabank Passport Visa Infinite Accounts only):

You will earn the Accelerated Earn Rate on the first $50,000 in purchases made on your Scotiabank Passport Visa Infinite account (the “Account”) annually at the following: purchases made at merchants classified in the Visa credit card network as: Grocery Stores and Supermarkets; Eating Places and Restaurants, Drinking Places, Fast Food Restaurants; Entertainment including Motion Picture Theatres, Theatrical Producers, Ticket Agencies, Bands, Orchestras, Miscellaneous Entertainers; Railroads, Local and Suburban Commuter Passenger Transportation, including Ferries, Passenger Railways, Taxicabs and Limousines, Bus Lines, Transportation Services (Not Elsewhere Classified). Some merchants may sell other products/services or are separate merchants who are located on the premises of these merchants, but are classified by the credit card network in another manner, in which case this added benefit would not apply. The annual spend calculation for the $50,000 maximum threshold is calculated annually from January 1st to December 31st each year. You will earn 1 point per $1 on purchases made on the Account after the 2 points per $1 / $50,000 annual spend maximum is reached and on all other purchases made on the Account. Scene+ points are only awarded on purchases. Scene+ points are not awarded for cash advances, balance transfers, Scotia® Credit Card Cheques, payments, returns, refunds or other similar credits, fees or interest or other charges. Scene+ points must be redeemed within 60 days of Account closure or they will be deleted permanently. If your Account is not in good standing, the accumulated Scene+ points are not eligible for redemption.

 

All dollar amounts are in Canadian currency unless otherwise stated.

Primary Cardholders with a valid Scotiabank Passport Visa Infinite Card account (the “Account”) have access to participating lounges within the Visa Airport Companion Program (“Program”), hosted and managed by DragonPass International Ltd.  Cardholders must enroll for this benefit either through the Visa Airport Companion App (available to download for free) or on the Program Website using a valid Card on the Account. Upon enrollment, 6 complimentary lounge visits will be available for the Primary Cardholder per membership year; the complimentary visits can be used by any Cardholder for themselves and for their accompanying guests at participating lounges (however, Primary Cardholder must be present for each such use).  Lounge visits are counted on a per person per visit basis (e.g. lounge access by a Cardholder and one accompanying guest will count as two (2) visits). All additional visits beyond complimentary visits are subject to a fee of $32 USD (subject to change) per person per visit. Applicable lounge access fees will be charged to the Card connected to the Cardholders’ Program membership (i.e. the Card enrolled in Program).

To view a full list of participating airport lounges, their facilities, opening times and restrictions Cardholders can visit the Program App and Website.  To view the full Terms and Conditions for the Program, including DragonPass Terms of Use and Privacy Policy and Visa’s Privacy Policy that apply to the Program, visit the Visa Airport Companion Program App or Website. 

The Program services and benefits are provided by DragonPass and applicable third party offer providers and neither Visa nor The Bank of Nova Scotia is responsible for the Program or any claims or damages arising from participation in the Program.

Unless the Program membership is suspended or cancelled, the Program membership and any included complimentary lounge visits (if applicable) will automatically renew annually on the anniversary date (based on date when the Cardholder enrolled for the Program). Program membership will be cancelled if your Scotiabank Passport Visa Infinite Card is cancelled. If your Scotiabank Passport Visa Infinite Card is renewed or replaced, remember to update your card details within the Visa Airport Companion Program (either on the App or on the Program Website).

Access upon presentation of a valid and enrolled Scotiabank Passport Visa Infinite Card, while available in most lounges within the Visa Airport Companion Program, is subject to availability.

We will not charge you Foreign Transaction Fees on foreign currency transactions including purchases, only the exchange rate applies. The term “Foreign Transaction Fees” is a substitute for “Foreign Currency Conversion” as described in the Disclosure Statement for this Card. This fee relates to the 2.5% mark-up that is typically charged by credit card issuers in addition to the exchange rate. See the Foreign Currency Conversion section of the Welcome Kit for this Card or download it at www.scotiabank.com/welcomekits for full details. Rates and fees are subject to change

Scotiabank is not an insurer. All claims for insurance indemnities must be forwarded to the insurers. Complete details of the coverage are in the Certificate of Insurance and Terms and Conditions provided with the new Card.

If you open a new Scotiabank Gold American Express credit card account (“Account”) you will receive an annual fee waiver (“Annual Fee Waiver”) each year for as long as you are a Scotia Professional Student Plan customer and provided the Account remains open and in good standing.  Customers not in Scotia Professional Student Plan will receive an annual fee rebate provided the Account remains open and in good standing The Account is considered in good standing if it is not delinquent (past due) or over limit and there is no breach of the Revolving Credit Agreement or any other agreement(s) that applies to the Account. The Account will only receive one Annual Fee Waiver regardless of the number of accountholders on the Account.  All other fees and charges applicable to the Account continue to apply.  Annual Fee Waiver is non-transferable and cannot be combined with any other annual fee waiver offer. Current annual fees, rates and other features for the Account are subject to change.

* Savings and reward potential in first 12 months includes welcome offer value, first year point earn potential and foreign transaction fee savings as of October 25, 2024:   $400 in travel rewards (40,000 bonus Scene+ points) for new Scotiabank Gold American Express Card clients who spend $2,000 within the first 3 months (to earn 20,000 points) and who spend $7,500 within the first 12 months (to earn an additional 20,000 points);   $55 in foreign transaction fee savings based on average first year annual foreign spend per account (save the 2.5% foreign transaction fee markup typically charged by card issuers);   $325 in first year point earn potential (32,500 Scene+ points) on everyday purchases based on average annual first year spend per account with an average spend of 25% in 5X accelerator, 5% in 3X accelerator categories, and 70% in 1x categories.   Potential First Year Value = up to $780   Actual offers, savings and rewards earned will depend on individual card usage and eligibility for applicable offers. Conditions apply. 1 Offer Description and Conditions: The 40,000 Bonus Scene+ Points (the “Offer”) applies only to new Scotiabank Gold American Express credit card accounts (“Accounts”) opened between January 3, 2025 and July 1, 2025and is subject to the conditions below.   To be eligible for 20,000 bonus Scene+ points (the “20,000 Point Bonus”), you must have at least $2,000 in eligible purchases posted to your new Account in the first 3 months of the Account open date. To be eligible for an additional 20,000 bonus Scene+ points (the “Additional 20,000 Point Bonus”), you must have at least $7,500 in eligible purchases posted to your new Account in the first year (12 months) of Account open date. Eligible purchases include purchases (less any refunds, returns or other similar credits) but do not include payments, cash advances (including balance transfers or cash-like transactions), interest, fees or other charges.    Point Bonus Fulfillment: The applicable point Bonus(es) will be credited to the Scene+ account within approximately 8 weeks after qualifying for a Bonus, provided the Account is open and in good standing. For Joint Accounts with a Primary Borrower and Co-borrower, the applicable point Bonus will be credited as follows: (i) the 20,000 Point Bonus and Additional 20,000 Point Bonus will be credited to the Scene+ account linked to the Account of the borrower that completed the last transaction to meet the qualifying amount of eligible purchases (i.e., $2,000 or $7,500) in the appropriate time frame (i.e., first 3 months or first 12 months). If a supplementary cardholder completes the last qualifying transaction to meet the qualifying amount of eligible purchases for the 20,000 Point Bonus or the Additional 20,000 Point Bonus, the applicable point Bonus will be credited to the Primary Borrower’s Scene+ account linked to the Account. Points can be transferred between Primary and Co-Borrower or Supplementary Cardholder’s Scene+ accounts by contacting Scene+.  The Account is considered in good standing if it is not past due or over limit and the Cardholder(s) is not in breach of the Revolving Credit Agreement that applies to the Account.  All other terms and conditions of the Program Terms continue to apply during the Offer period. Offer may be changed, cancelled or extended without notice at any time and cannot be combined with any other offers.   Eligibility and Exclusions: Individuals who are currently or were previously primary or secondary cardholders of a Scotiabank personal credit card in the past 2 years, including those that switch from an existing Scotiabank personal credit card, as well as employees of Scotiabank, are not eligible for the Offer. Subject to the above exclusions, Scotiabank business credit cardholders are also eligible for the Offer.   Rates and Fees:  The current annual fee is $120 for the primary card and $29 for each additional card (including those issued to co-borrowers and supplementary cardholders). The current preferred annual interest rates for the Account are: 20.99% on purchases and 22.99% on cash advances (including balance transfers and cash-like transactions). All rates, fees, features and benefits are outlined in the Application Disclosure Statement and are subject to change.

You are awarded six (6) Scene+ Points for every eligible $1.00 CAD purchase made at Sobeys, IGA, Safeway, Foodland, FreshCo, Voilà by Sobeys, Voilà by IGA, Voilà by Safeway, Chalo! FreshCo, Thrifty Foods, IGA West, Les Marchés Tradition, Rachelle Béry, and Co-Op locations charged and posted to the Scotiabank Gold American Express Account. This list of eligible grocers may be changed from time to time without notice. See full list of participating merchants across Canada at scotiabank.com/participatingstores.

 

You are awarded five (5) Scene+ Points for every eligible $1.00 CAD purchase on all other grocery (not listed above), dining, and entertainment charged and posted to the Scotiabank Gold American Express Account. You are awarded three (3) Scene+ Points for every eligible $1.00 CAD purchase in gas, public transit and select streaming services purchases charged and posted to the Scotiabank Gold American Express Account (the earn rates for each of the above categories and merchants are referred to as the “Accelerated Earn Rates”). You are awarded one (1) Scene+ Point for every $1.00 in all other purchases of goods and services charged to the Scotiabank Gold American Express Account (the “Regular Earn Rate”).

 

You will earn the accelerated Scene+ Points (6X, 5X or 3X as applicable) under the Scene+ program if you make purchases in Canadian currency only. For purchases that are made in foreign currency, you will only earn 1 Scene+ Point for every $1 charged to the Scotiabank American Express® credit card once that foreign currency has been converted into Canadian dollars.

 

Merchant classifications – American Express network Purchases must be made at merchants classified through the American Express network with a Merchant Category Code (“MCC”) that identifies them in the American Express network in the “grocery”, “dining”, “entertainment”, “gas”, “streaming service” or “transit” category. Purchases at merchants where these categories are not their primary business do not qualify. Some merchants may (i) provide other goods or services; or (ii) have separate merchants located on their premises that may not be classified with an MCC under the Accelerated Earn Rate categories and such purchases will not earn the Accelerated Earn Rate as applicable. The Accelerated Earn Rates for the Scotiabank Gold American Express Card applies to the first $50,000 in purchases charged to the Scotiabank Gold American Express Account annually at merchants qualifying for the Accelerated Earn Rate, calculated annually from January 1st to December 31st each year. Once you exceed the applicable annual spend threshold, you will continue earning points at the Regular Earn Rate of one (1) Scene+ Point per $1.00 in purchases charged and posted to the Scotiabank Gold American Express Account. Eligibility: Only purchases earn Scene+ Points. Cash advances (including Balance Transfers and Cash-Like Transactions), fees, interest or other charges, returns, refunds or other similar credits to your Account do not qualify for Scene+ Points. Scene+ Points will not be posted to an Account that is not in good standing when purchases are made or when a statement is issued, or if the Account is not open when a statement is issued. See your Scene+ Points terms at www.scotiabank.com/sceneplus for full program details. All dollar amounts are in Canadian currency unless otherwise stated.

All mortgages are subject to meeting Scotiabank’s standard credit criteria, residential mortgage standards and permitted loan amounts.  Some conditions apply.  The offers can be changed or withdrawn at any time without notice.  

The projected income is an average estimated amount based on available industry data and is subject to change.  Your actual income may vary.  Terms and conditions apply.

You may be required to repay cashback if your mortgage is paid out, assumed, transferred or renewed before maturity.  

The Miss-a-Payment and Match-a-Payment options are not available during the interest-only portion of any progress draw construction mortgage and may not be available depending on the mortgage solution you select

The Scotiabank Cash Bonus Bundle Offer (the “Offer”) is available between May 1, 2025 and July 31, 2025 (the “Offer Period”) to individuals who open new eligible accounts. Subject to the Offer conditions, eligible clients can earn $500 when they open a new Preferred Package or Ultimate Package chequing account and complete certain qualifying transactions. Plus, clients who meet the conditions for the $500 bonus are also eligible to earn up to $200 in additional cash bonuses when they bundle their new Preferred or Ultimate Package chequing account with a new Money Master Savings Account and/or a new eligible Registered Account and complete certain qualifying transactions.    

 

$500 Cash Bonus for Preferred or Ultimate Package Conditions: To qualify for the $500 cash bonus (the “$500 Package Bonus”), you must:

1. Open a new Ultimate Package or new Preferred Package chequing account (the “Eligible Chequing Account”) during the Offer Period; and
2. Complete any two (2) of the following activities in your Eligible Chequing Account within 60 days of Eligible Chequing Account opening:
   • Set up and receive at least one eligible automated and recurring direct deposit^†, such as payroll or pension, which will recur monthly for a minimum of six (6) consecutive months in total, or
   • Set up and make a minimum of two (2) separate eligible recurring pre-authorized transactions^† with a minimum value of at least $50 per transaction which will each recur monthly for a minimum of six (6) consecutive months in total, or
   • Make at least one (1) eligible online bill payment^† of at least $50 through the Scotiabank Mobile App or through Scotia OnLine.

^† Click here for a list of eligible direct deposits, pre-authorized transactions and online bill payments. Notwithstanding a transaction may be included in these lists, certain exclusions may still apply and Scotiabank reserves the right to modify these lists and to determine whether a specific direct deposit, pre-authorized transaction or bill payment is eligible for the $500 Package Bonus. Fund transfers initiated to other Scotiabank accounts (one time or recurring, e.g. credit card or savings account), to chequing or savings accounts held at other financial institutions, or to payment processing firms, are not eligible for the $500 Package Bonus.

 

$100 Money Master Savings Account Bundle Conditions: To qualify for the $100 cash bonus (the “$100 Savings Bundle Bonus”), you must meet all of the conditions for the $500 Package Bonus, and:

1. During the Offer Period and within 60 days of opening your Eligible Chequing Account   :
   i. Open a new Money Master Savings Account (the “Eligible Savings Account”).
   ii. Enroll your new Eligible Savings Account in either the Pay Yourself First or the Savings Finder tool (each a “Smart Savings Tool”). 
2. Remain enrolled in your selected Smart Savings Tool for 90 consecutive days.
   Note: Enrolment in a Smart Savings Tool is subject to certain eligibility requirements and can only be done through the Scotiabank mobile banking app. For example, enrollment in the Pay Yourself First tool will not be available if you have not had at least 4 recurring deposits to your Scotia Chequing Account at the time you attempt to enroll. Also, both the Eligible Chequing and Savings Accounts must be “Any to Sign” to be eligible for the Smart Savings tools. Only one Smart Savings Tool can be enrolled in at a time but you can switch tools at any time, however, you must remain enrolled in a Smart Savings Tool for 90 consecutive days from the date of first enrolment in step ‘1 (ii)’ above. See the Smart Savings Tool Agreement for full terms and conditions. 

$100 Registered Account Bundle Conditions: To qualify for the $100 cash bonus (the “$100 Registered Bundle Bonus”), you must meet all of the conditions for the $500 Package Bonus, and:

1. During the Offer Period and within 60 days of opening your Eligible Chequing Account,  open a new Eligible Registered Account (as defined below); and 
2. Within 60 days of the Eligible Registered Account opening, contribute or transfer in a minimum of CAD $5,000 into your new Eligible Registered Account  and maintain that minimum amount each day for at least three (3) consecutive months.

For the purposes of this Offer, the following Scotia Registered Accounts opened with either The Bank of Nova Scotia (“Scotiabank”) or Scotia Securities Inc. are defined as “Eligible Registered Accounts”:  Scotia Registered Retirement Savings Plans (excluding Spousal RRSPs and locked-in plans such as LIRAs and LRSPs) (each an “RRSP”), Scotia Tax-Free Savings Accounts (each a “TFSA”) and Scotia First Home Savings Accounts (each a “FHSA”). Scotia RRIFs (including locked-in income plans), RESPs, RDSPs, and non-registered Scotia Investment Accounts are not included in the definition and are not eligible for the Offer.

 

Offer Eligibility and Exclusions: Individuals who are currently holders of, or who were previously holders within the last two (2) years, of a Scotiabank Chequing Account are not eligible for the Package Bonus. “Scotiabank Chequing Account” means any of the following accounts: Ultimate Package, Preferred Package, Scotia One Account, Basic Plus Bank Account, Basic Banking Plan, Basic Bank Account, Momentum Chequing, Power Chequing, Scotia One Service, Scotia Value, Student Banking Advantage Plan. In order to qualify for the $100 Savings Bundle Bonus the individual cannot currently hold or have held a Money Master Account with Scotiabank in the six (6) months preceding the Offer Period. In order to qualify for the $100 Registered Bundle Bonus, the individual cannot have held the same type of Eligible Registered Account (as that opened during the Offer Period) with Scotiabank in the six (6) months preceding the Offer Period.  Employees of Scotiabank are also not eligible for these Offers.

 

General Offer Terms: Provided all of the $500 Package Bonus conditions have been met, the $500 Package Bonus will be deposited to the Eligible Chequing Account within approximately nine (9) months from account open date. Provided all of the $100 Savings Bundle Bonus conditions outlined above have been met, the $100 Savings Bundle Bonus will be deposited to your Eligible Savings Account within approximately thirteen (13) months   from the account open date. Provided all of the $100 Registered Bundle Bonus conditions have been met, the $100 Registered Bundle Bonus will be deposited to your Eligible Registered Account within approximately ten (10) months from the account open date.      You have 24 months from the date you believe you have fulfilled the applicable Offer conditions to notify us if you have not received the applicable cash bonus so that we may confirm your eligibility. For clients investing in non-Canadian dollar currencies, the investment will be calculated based on Canadian dollar equivalent at the Scotiabank rate on the transaction date to determine eligibility for the offer. All bonuses will be paid in Canadian dollars. 

 

For any cash bonus to be fulfilled, the Eligible Chequing Account, the Eligible Savings Account and the Eligible Registered Account, as applicable, must be open and in good standing until the time of payout of the cash bonus. The Eligible Chequing Account is not in "good standing" if: (i) it has a negative balance exceeding the authorized overdraft limit, (ii) it has been in continuous overdraft for a period of three consecutive months, or (iii) the Account holder is in breach of the Account agreement with Scotiabank. The Eligible Savings Account is not in 'good standing' if it has a negative balance, or the Account holder is in breach of the Account agreement with Scotiabank.  An Eligible Registered Account is not in 'good standing' if the account holder is in breach of the Eligible Registered Account’s client account agreement. Clients are responsible to confirm their applicable registered plan contribution limits prior to making any contribution to their Eligible Registered Account(s). The $100 Registered Bundle Bonus is not considered a contribution. Scotiabank and Scotia Securities Inc. are not responsible for any contribution over a client’s applicable registered plan limit in connection with this Offer. Clients should consult with a tax advisor to discuss any tax implications in connection with this Offer and clients are responsible for any required tax reporting.     

 

This Offer is non-transferable and may not be duplicated. Limit of one (1) $500 Package Bonus, (1) $100 Savings Bundle Bonus, and one (1) $100 Registered Bundle Bonus per client (for a total bonus of up to $700), regardless of the number of Eligible Chequing Accounts, Eligible Savings Accounts or Eligible Registered Accounts opened.

 

If more than one (1) Eligible Chequing Account is opened, only the first Eligible Chequing Account opened will be eligible for the $500 Package Bonus. If more than one (1) Eligible Savings Account is opened, only one Eligible Savings Account  that fulfilled the $100 Savings Bundle Bonus conditions will be eligible for the $100 Savings Bundle Bonus. If more than one (1) Eligible Registered Account is opened, only the first Eligible Registered Account that fulfilled the $100 Registered Bundle Bonus conditions will be eligible for the $100 Registered Bundle Bonus. If two Eligible Registered Accounts fulfill    on the same day, the $100 Regist ered Bundle Bonus will be paid into only one of the Eligible Registered Account(s) in the following order: (1) Eligible TFSA, then (2) Eligible FHSA, then (3) Eligible RRSP. For joint accounts, only the primary Eligible Chequing Account holder is eligible to receive the $100 Savings Bundle Bonus and $100 Registered Bundle Bonus into their Eligible Savings Account and Eligible Registered Account, as applicable. The primary account holder must be the same client on both the Eligible Chequing Account and Eligible Savings Account. 

 

All rates, fees, features and benefits are subject to change. All other terms and conditions of the Account and Smart Savings Tools Agreement continue to apply. The Offer is non-transferable and may not be duplicated. Offer may be changed, cancelled or extended at any time without notice and cannot be combined with any other offers on the Account, unless otherwise permitted by Scotiabank. 

Subject to conditions