Banking advice and solutions for medical residents

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Beginning a new stage in your medical career? For a limited time, get up to $650** to help with your monthly expenses.

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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

  • Get up to $650** when you open a new Scotia Professional® Plan Line of Credit and Scotiabank Ultimate Package
  • 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 $350 cash22 when you open a new Scotiabank Ultimate Package by April 30, 2023
  • Unlimited debit transactions4, Interac e-Transfer transactions and Scotia International Money Transfers5
  • Up to $150 annual fee waiver each year on select credit cards6
  • Earn an additional 0.10% interest on your MomentumPLUS Savings Account7
  • Unlimited free Global non-Scotiabank ABM withdrawals8

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 fee9
  • Earn up to 35,000 bonus Scene+ TM points in your first year (that’s up to $350 towards travel)10
  • Earn up to 3X Scene+TM points on eligible purchases11
  • Complimentary airport lounge membership including 6 free visits per year12
  • No foreign transaction fees on foreign currency purchases made on your card (only the exchange rate applies)13 and comprehensive insurances14
  • 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 20.99% on purchases and 22.99% on cash advances, annual fee $150 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 fee15
  • For a limited time, earn up to 40,000 bonus Scene+TM points in your first year16 (value of up to $400)
  • Earn up to 6X Scene+TM points on eligible purchases17
  • No foreign transaction fees on foreign currency purchases made on your card (only the exchange rate applies)13 and comprehensive insurances14
  • Preferred annual interest rates are 20.99% 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 terms18
  • For residents, fellows and new-to-practice physicians, the mortgage amount qualified for is based on estimated projected income19 
  • 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 payments20
  • Miss-a-Payment and Match-a-Payment option21
  • 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