Business banking advice and solutions for practising physicians
Banking that grows with you throughout your career
Business banking advice
Scotiabank's Healthcare Specialists understand the unique financial needs of starting, managing and growing your medical practice. We have the business banking experience to provide you with tailored advice and solutions to help you manage your finances.
Frequently asked questions
Banking solutions for your practice
Scotiabank’s Healthcare Specialists have partnered with MD Financial Management (MD) to offer tailored advice and banking solutions for your medical practice. The Scotiabank Healthcare+ Physician Banking ProgramΔ offers you business banking solutions and benefits to help you manage your finances.
Scotia Professional® Plan
- Up to 100% financing for purchase and renovation of a medical building1
- Scotia Professional® Plan line of credit and term loans available with preferred interest rates
- Scotia Professional® Plan Lite with up to $10,000 in overdraft protection
- Low monthly plan fees
Select Account for Business
- Monthly plan fee waiver for Plan B (value of $40 a month ) with no minimum balance required
- Plan B is a premium operating account which includes 70 transactions2 and 60 deposit3 items per month
- Other Select Account for business plans are available
Scotiabank Passport Visa Infinite Business Card4
- First year $199 annual fee waiver for primary card holder
- For a limited time, earn up to 40,000 bonus Scotia Rewards® points in your first year5 (value of up to $400)
- No annual fee for secondary card
- Earn up to 1.5X Scotia Rewards® points on eligible business purchases6
- Complimentary airport lounge membership including 6 free visits per year (value of $300)7
- No foreign transaction fees on foreign currency purchases made on your card (only the exchange rate applies)8 and comprehensive insurances9
- Preferred annual interest rates are 19.99% on purchases and 22.99% on cash advances
Scotiabank Momentum for Business Visa Card
- Save the annual fee ($79 continuous annual fee rebated)
- 3% cash back on eligible gas station, restaurant and office supply store purchases, and on eligible recurring bill payments and 1% cash back on all other everyday purchases for your business10
- Longer interest-free grace period of 25 days11
- 2.99% introductory interest rate on balance transfers for the first 6 months (22.99% after that)12
Chase Merchant Services13
- Comprehensive payment processing solution with competitive rates for debit and credit card processing
- Free deposits with Scotiabank Business Account Plan14
- Next business day funding15
Thinking about incorporating?
Answer these 5 questions to see whether you should incorporate your medical practice.
Ready to lease or buy real estate for your medical practice?
Here is what you need to know about growing your medical practice, whether you are getting started or ready to expand.
Ready to talk?
Find the right Advisor for your business needs.
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
Subject to credit approval. This is not a commitment to lend. Open to physicians that meet one of the following conditions:
- Physician with a medical doctorate (MD) and licensed to practice medicine in a Canadian province or territory; or
- Retired physician with a medical doctorate (MD) and was licensed to practice medicine in a Canadian province or territory.
To apply for the Scotiabank Passport Visa Infinite Business Card you must declare that you meet at least one of the following requirements:
You have a minimum business annual sales revenue of CAD $500,000, you have at least $60,000 in personal annual income, you spend at least $30,000 annually on your credit card, you have a least $100,000 in annual household income, or you have at least $250,000 in assets under management.
For a limited time, open a new Scotiabank Passport Visa Infinite Business credit card account (“Account”) and earn a 30,000 Scotia Reward point bonus with your first $5,000 in everyday eligible purchases if made within the first 3 months. Plus, earn a bonus 10,000 Scotia Rewards points when you spend at least $60,000 in everyday eligible purchases on your Account in your first year. Conditions apply - see below for further details. Offers apply to new Accounts only opened by October 31, 2021. Offers may be changed, cancelled or extended and cannot be combined with any other offers.
Offer Description and Conditions: To be eligible for the 30,000 bonus Scotia Rewards points (the “30,000 Point Bonus”), you must open a new Account by October 31, 2021 and have at least $5,000 in eligible purchases posted to your new Account in the first 3 months from the Account open date. To be eligible for the 10,000 bonus Scotia Rewards points (the “10,000 Point Bonus”), you must have at least $60,000 in eligible purchases posted to your new Account in your first year (12 months) from 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, Scotia® Credit Card Cheques or cash-like transactions), interest, fees or other charges. The 30,000 Point Bonus will be credited to the primary cardholder’s Scotia Rewards account within approximately 2-3 business days after the qualifying $5,000 in eligible purchases being posted to your Account within the first 3 months from the Account open date, provided the Account is open and in good standing at time of payout. The 10,000 Point Bonus will be credited to the primary cardholder’s Scotia Rewards account within approximately 2-3 business days after you have met the $60,000 annual spend threshold on the Account, provided your Account is open and in good standing. The Account is considered in good standing if it is not delinquent (past due) or over limit and the Cardholder(s) is not in breach of the Revolving Credit Agreement that applies