1)      This rate is only available for purchases, renewals, refinances and switches.

2)      Available with the Scotiabank Flexible Mortgage solution which allows you to:

  • pay an extra regular mortgage payment on any regular payment date during the year,
  • prepay up to 15% of the original principal amount of the mortgage anytime during each year of the term, and
  • increase your principal and interest payment by up to 15% of the principal and interest payment originally set for the term.

3)      Click here to find an advisor or branch near you.

Terms and Conditions of the offer

DOUBLE THE CASH OFFER ($300 + $300)

 The $300 Ultimate/Preferred Package Offer (the “Package Offer”) and the Scotiabank Double the Cash Offer (the “Double the Cash Offer”) (the “Offers”) are available from April 1, 2021 to July 29, 2021 (the “Offer Period”). The Package Offer consists of a $300 cash bonus (the “Package Bonus”) for new and existing Scotiabank clients who open a Preferred Package or Ultimate Package during the Offer Period and fulfill all of the Package Offer Conditions below. The Double the Cash Offer consists of an additional $300 cash bonus (the “Double the Cash Bonus”) for primary account holders of an Eligible Account who (1) have met all Package Offer Conditions, and (2) receive approval on a new or switched residential mortgage within the Offer Period which must fund before September 30, 2021 and fulfill all of the Double the Cash Offer Conditions below. Subject to all of the below Offer terms and conditions, qualifying clients will receive a cash bonus of either $300 or $600.

Scotiabank reserves the right, at its sole discretion, to suspend, disqualify, limit or revoke these Offers for any account holder it finds or believes to be manipulating or otherwise abusing the process, fairness, or integrity of the Offers or who otherwise is deemed ineligible. All rates, fees, features and benefits are subject to change. Offers may be changed, cancelled or extended at any time without notice and cannot be combined with any other offers except as otherwise permitted by Scotiabank.

 

1. $300 Package Offer Conditions

To qualify for the Package Offer, you must:

  • Open a new Ultimate Package or Preferred Package account (the “Eligible Account”) by July 29, 2021; and
  • Complete any two (2) of the following activities in the Eligible Account within 60 days of Eligible Account opening:    
  1. Make at least one (1) eligible online bill payment of at least $50 through the Scotiabank Mobile App or through Scotia OnLine, or
  2. Set up and clear 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 three (3) consecutive months, or
  3. Set up and clear at least one eligible automated and recurring direct deposit, such as payroll or pension, which will recur monthly for a minimum of three (3) consecutive months; and
  • Meet all other Package Offer terms and conditions.

† 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 Package Offer. 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 Package Offer.

Individuals who are currently holders of a Scotiabank Chequing Account are not eligible for the Package Offer. Individuals who were previously holders of a Scotiabank Chequing Account within the last two (2) years are not eligible for the Package Offer. “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. Employees of Scotiabank are also not eligible for the Package Offer.

The $300 Package Bonus will be deposited to the Eligible Account within six (6) months from Eligible Account open date provided all Package Offer conditions outlined above have been met. The Eligible Account must be open and in good standing until the time of payout of the cash bonus. The Eligible Account is not in “good standing” if: (i) it has a negative balance exceeding the authorized overdraft limit, or (ii) it has been in continuous overdraft for a period of three (3) consecutive months and would not be eligible for the package bonus.

The Package Offer is non-transferable and may not be duplicated. Limit of one (1) Package Offer per customer, regardless of the number of Eligible Accounts opened. If more than one (1) Eligible Account is opened, only the first Eligible Account opened will be eligible for the Package Offer. For joint accounts, only one (1) Package Bonus will be applied to the primary account holder’s Eligible Account.

 

2. Double the Cash Offer Conditions

To qualify for an additional $300 under the Double the Cash Offer, you must:

  • Meet all of the Package Offer Conditions above;
  • Obtain approval on a new or switched residential mortgage for which an application has been initiated and approved between April 1 to July 29, 2021 and funded before September 30, 2021; and
  • Meet all other Double the Cash Offer terms and conditions.

New mortgage applications must be for a home purchase or the transfer of an existing mortgage with another lender or financial institution to Scotiabank. In either case, the new mortgage must be funded on or before September 30, 2021 to qualify for the Double the Cash Offer. If switching an existing non-Scotiabank mortgage, note that prepayment charges with the existing lender may be applicable if the mortgage has not reached the maturity date. Applications for non-residential mortgages, lines, refinancing of existing Scotiabank mortgages, applications for increases to existing Scotiabank mortgage amounts, renewals of existing Scotiabank mortgages and/or transfers of existing Scotiabank mortgages to new properties are excluded from this Offer.

All mortgage applications require a credit check and are subject to meeting Scotiabank’s standard credit criteria residential mortgage standards and maximum permitted loan amounts. All other terms and conditions applicable to a Scotiabank Financial Mortgage continue to apply.

The $300 Double the Cash Bonus will be deposited into the Eligible Account up to 4 months following when the $300 Package Bonus is deposited into the Eligible Account provided all conditions of the $300 Double the Cash Offer  outlined above have been met. The Eligible Account must be open and in “good standing” (as defined above) until the time of payout of the cash bonus.   The Eligible Account is not in “good standing” if: (i) it has a negative balance exceeding the authorized overdraft limit, or (ii) it has been in continuous overdraft for a period of three (3) consecutive months and would not be eligible for the package bonus.

The Double the Cash Offer is non-transferable and may not be duplicated. Limit of one (1) Double the Cash Bonus per mortgage.   For co-borrowers, only one (1) Double the Cash Bonus will be applied to the primary account holder of the Eligible Account. If more than one (1) Eligible Account is opened, only the first Eligible Account opened will be eligible for the Double the Cash Offer.

 

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Special Offer

Earn $300 when you open a new Ultimate or Preferred banking package. Plus, double the cash and get an additional $300 with a Scotiabank mortgage. That's a total of $600*.

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Scotia Mortgage Protection Insurance

Protect your biggest financial investment by adding optional Scotia Mortgage Protection insurance on your new mortgage. Scotia Mortgage Protection offers three types of coverage to choose from.  It can help pay off your outstanding balance if you become critically ill or suddenly pass away, giving your family financial support. Or it can help to cover your regular mortgage payments, including property tax and interest if you’re unable to work due to a disability, so you can focus on getting better**. Calculate your estimated insurance premium in a few steps with our Mortgage Insurance Premium Calculator.

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