Frequently Asked Questions
All you need to know about saving automatically with Bank The Rest
We're happy to answer any questions you may have about saving & investing with Bank The Rest.
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.
You can enrol 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®.
To enrol into Bank The Rest you will need
- a day-to-day banking account
- a Money Master Savings account
- a ScotiaCard that is set up to make debit purchases
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:
|Transaction Amount||Round up Amount|
|Total Round Up||$10.32|
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.
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.
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.
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.
No. This is a free service offered by us to help you save.
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 enrols, only transactions performed with their specific ScotiaCard will be eligible for Bank The Rest.
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.
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.
Bank The Rest will still round up the original debit purchase, even if it was later returned. No adjustment will be made.
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.
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 set up 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.
The Bank The Rest investment option is exclusive to Scotiabank. It is a new feature which allows existing Bank The Rest savings customers to automatically transfer the money saved in their Money Master Savings Account into the cash component of their Scotia Tax-Free Savings Account (TFSA).
You can enrol, make changes or cancel the Bank The Rest investment option through your branch, by calling the Customer Contact Centre at 1-800-4-SCOTIA (1-800-472-6842) or through Scotia OnLine.
Note: Scotia Securities Inc (SSI) Tax-Free Savings Accounts can only be setup at a branch or via Scotia OnLine.
To enrol in the Bank The Rest investment option, you will need all of the following:
- a Day-to-Day banking account
- a Money Master Savings Account
- a ScotiaCard that is set up to make debit purchases
- a Scotiabank Tax-Free Saving Account (TFSA)
The rounded-up proceeds accumulated in the Money Master Savings Account each month will be totalled, and a single transfer will be made from the Money Master Savings Account to your Scotia TFSA. The single transfer will occur on the first business day of the following month. (Example: Your July's Money Master Bank The Rest proceeds will be credited to your Scotia TFSA on the first business day in August).
What if there are not enough funds in my Money Master Savings Account to process the transfer to my Scotia TFSA?
If the full Bank The Rest rounded-up amounts for the month are no longer in your Money Master Savings Account, the Bank The Rest Investment transfer to your Scotia TFSA will not be processed.
At this time, only your Scotia TFSA is eligible for the Bank The Rest investment option.
Yes, your savings can be transferred from a joint Money Master Savings Account into an individual Scotia TFSA.
No. If you cancel your Bank The Rest investment option, your Bank The Rest savings program will not be cancelled automatically. However if you cancel your Bank The Rest savings program, your Bank The Rest investment option will be automatically cancelled.
Your Bank The Rest Investment Year-to-Date and Since Inception totals for your Scotia TFSA will be reported on your quarterly Personal Portfolio Statement.
If you close your Scotia TFSA, the Bank The Rest investment option will be automatically de-activated. However, your round up amounts will continue to be transferred to your Money Master Savings Account. To re-activate the Bank The Rest investment option, you will be required to open a new TFSA and re-enrol in the program.
No. Only one Scotia TFSA can be linked to the Bank The Rest investment option.
How will my Bank The Rest investment transactions appear on my Money Master Savings Account and Personal Portfolio statements?
The monthly transfer transaction from your Money Master Savings Account will be described as "Bank The Rest", while the monthly transfer transaction to your Scotia TFSA will be described as "Bank The Rest Contribution".