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Banking advice and solutions for medical residents

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Want to learn more about how our Physician Banking Program can best serve your needs? Please share your contact information and how we can best reach you and one of our Scotiabank Advisors or Healthcare Specialists will contact you.

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Advice for medical residents

Your medical residency can bring new financial questions. Finding the right balance between paying your medical school debt and starting to enjoy the benefits of your new income can be stressful. You deserve specialized financial advice and answers to your financial questions to help you navigate this important chapter in your career. We break down some of the top questions medical residents ask.

Frequently asked questions

Banking solutions for medical residents

Scotiabank has worked with MD Financial Management to bring you the Scotiabank Healthcare+ Physician Banking ProgramΔ with banking solutions that are designed with the unique needs of medical residents in mind. In addition to the Scotia Professional® Student Plan Line of Credit, as a resident you can receive savings and rewards on personal banking solutions to help you manage your finances.

Scotia Professional® Student Plan Line of Credit

  • Up to $350,000 at Prime -0.25%1 fully available at account opening 
  • No payments required until you're finished residency, plus another two years repayment grace period2
  • Option to continue with a revolving line of credit post-schooling and residency 
  • No annual fee

Scotiabank Ultimate Package

  • Monthly account fee waiver with no minimum balance required (approximate value of $371/year)3 
  • Earn $300 cash4 when you open a new Scotiabank Ultimate Package by September 30, 2022
  • Unlimited debit transactions5, Interac e-Transfer transactions and Scotia International Money Transfers6
  • Up to $139 annual fee waiver each year on select credit cards7
  • Earn an additional 0.10% interest on your MomentumPLUS Savings Account8
  • Unlimited free Global non-Scotiabank ABM withdrawals9

Select one or both cards below to get a combined pre-approved credit of up to $10,000

Scotiabank Passport™ Visa Infinite* Card

  • Save the annual fee10
  • Earn up to 35,000 bonus Scene+ TM points in your first year (that’s up to $350 towards travel)11
  • Earn up to 2X Scene+TM points on eligible purchases12
  • Complimentary airport lounge membership including 6 free visits per year13
  • No foreign transaction fees on foreign currency purchases made on your card (only the exchange rate applies)14 and comprehensive insurances15
  • To qualify, the customer must have a minimum annual income of $60,000 or a minimum household income of $100,000 or a minimum assets under management of $250,000

  • Preferred annual interest rates are 19.99% on purchases and 22.99% on cash advances, annual fee $139 for primary card, $0 for one additional supplementary card and $50 for each additional supplementary card thereafter

Scotiabank Gold American Express® Credit Card

  • Save the annual fee16
  • For a limited time, earn up to 40,000 bonus Scene+TM points in your first year17 (value of up to $400)
  • Earn up to 5X Scene+TM points on eligible purchases18
  • No foreign transaction fees on foreign currency purchases made on your card (only the exchange rate applies)14 and comprehensive insurances15
  • Preferred annual interest rates are 19.99% on purchases and 22.99% on cash advances, annual fee $120 for primary card, $29 for each additional supplementary card

Scene+ makes every experience more rewarding.

Scene+ is our enhanced rewards program that allows members to earn and redeem points for travel, shopping, dining and more.

Mortgages and Home Equity Lines of Credit

Learn about mortgage solutions
  • Flexible solutions with preferred rates for residents, fellows and physicians on fixed, closed and variable rate mortgage terms19
  • For residents, fellows and new-to-practice physicians, the mortgage amount qualified for is based on estimated projected income20 
  • Preferred interest rate of Prime -0.25%1 on Scotiabank Personal Line of Credit under the Scotia Total Equity® Plan (STEP)
  • Option to earn Scene+TM points on your mortgage advance and cashback on your annual interest payments21
  • Miss-a-Payment and Match-a-Payment option22
  • Portability of your mortgage

Ready to talk?

Find the right Advisor for your personal needs.

Scotiabank Advisor

To learn more, contact an Advisor or call Scotiabank Healthcare+ at 1-888-222-3918

Your journey in medicine starts here

Everything you need to start, build, and navigate your career as a Canadian physician. Visit onboardMD.com to learn more