Business banking advice and solutions for practising physicians
Banking that grows with you throughout your career
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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.
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 PassportTM Visa* Infinite Business Card5
- First year annual fee waiver for primary card holder6
- For a limited time, earn up to 40,000 bonus Scene+TM points in your first year7 (value of up to $400)
- Earn up to 1.5X Scene+TM points on eligible business purchases8
- Complimentary airport lounge membership including 6 free visits per year9
- No foreign transaction fees on foreign currency purchases made on your card (only the exchange rate applies)10 and comprehensive insurances11
- Preferred annual interest rates are 19.99% on purchases and 22.99% on cash advances, annual fee $199 for the primary card, $0 for one additional supplementary card and $50 for each additional supplementary card thereafter
Scotiabank Momentum® for business Visa* Card
- Annual fee rebate for primary card holder 12
- 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 business13
- Longer interest-free grace period of 25 days14
- 2.99% introductory interest rate on balance transfers for the first 6 months (22.99% after that)15
- Preferred annual interest rates are 19.99% on purchases and 22.99% on cash advances, annual fee $79 for the primary card, $29 for each additional supplementary card
Chase Merchant Services16
- Comprehensive payment processing solution with competitive rates for debit and credit card processing
- Free deposits with Scotiabank Business Account Plan17
- Next business day funding18
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.
The 40,000 Bonus Scene+TM Points Offer (the “Offer”) applies only to new Scotiabank Passport Visa Infinite Business credit card accounts (“Accounts”) opened by October 31, 2022 and is subject to the below terms and conditions. Offer may be changed, cancelled or extended without notice at any time and cannot be combined with any other offers.
Offer Eligibility and Exclusions: Individuals who are currently or were previously primary or secondary cardholders of a Scotiabank small business credit card in the past 2 years, including those that switch from an existing Scotiabank small business credit card, as well as employees of Scotiabank, are not eligible for the Offers. Subject to the above exclusions, Scotiabank retail credit cardholders are eligible for the Offers.
Offer Description and Conditions: To qualify for 30,000 bonus Scene+TM points (the “30,000 Point Bonus”), you must open a new Account by October 31 , 2022 and have at least $5,000 in eligible purchases posted to your new Account in the first 3 months. To qualify for an additional 10,000 bonus Scene+TM points (the “10,000 Point Bonus”), you must have at least $60,000 in eligible purchases posted to your new Account in the first year (12 months). 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 Scene+TM 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. The 10,000 Point Bonus will be credited to the primary cardholder’s Scene+TM 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 past due or over limit and the Cardholder(s) is not in breach of the Revolving Credit Agreement that applies to the Account.
Rates and Fees: The current annual fee is $199 for the primary card, $0 for one additional supplementary card and $50 for each additional supplementary card thereafter.
The current preferred annual interest rates for the Account are: 19.99% on purchases and 22.99% on cash advances (including balance transfers, Scotia® Credit Card Cheques and cash-like transactions). All rates, fees, features and benefits are subject to change.
Primary Cardholders with a valid Scotiabank Passport™ Visa* Infinite Business Card account (the “Account”) have access to participating lounges within the Visa Airport Companion Program (“Program”), hosted and managed by DragonPass International Ltd. Cardholders must enroll for this benefit either through the Visa Airport Companion App (available to download for free) or on the Program Website using a valid Card on the Account. Upon enrollment, 6 complimentary lounge visits will be available for the Primary Cardholder per membership year; the complimentary visits can be used by any Cardholder for themselves and for their accompanying guests at participating lounges (however, Primary Cardholder must be present for each such use). Lounge visits are counted on a per person per visit basis (e.g. lounge access by a Cardholder and one accompanying guest will count as two (2) visits). All additional visits beyond complimentary visits are subject to a fee of $32 USD (subject to change) per person per visit. Applicable lounge access fees will be charged to the Card connected to the Cardholders’ Program membership (i.e. the Card enrolled in Program).
The Program services and benefits are provided by DragonPass and applicable third party offer providers and neither Visa nor The Bank of Nova Scotia is responsible for the Program or any claims or damages arising from participation in the Program.
Unless the Program membership is suspended or cancelled, the Program membership and any included complimentary lounge visits (if applicable) will automatically renew annually on the anniversary date (based on date when the Cardholder enrolled for the Program). Program membership will be cancelled if your Scotiabank Passport™ Visa* Infinite Business Card is cancelled. If your Scotiabank Passport™ Visa* Infinite Business Card is renewed or replaced, remember to update your card details within the Visa Airport Companion Program (either on the App or on the Program Website).
Access upon presentation of a valid and enrolled Scotiabank Passport™ Visa* Infinite Business Card, while available in most lounges within the Visa Airport Companion Program, is subject to availability.
Offer Description and Conditions: The Introductory 2.99% Balance Transfer Rate Offer (the “Offer”) applies only to cash advances (including balance transfers, Scotia® Credit Card Cheques and cash-like transactions) (collectively “Cash Advances”) subject to the conditions below. This introductory rate applies when the new Scotia Momentum for business Visa credit card account (“Account”) is opened by August 31, 2022 and will continue for 6 months from date of Account opening (the “Promotional Period”). This Offer is subject to any available limit for Cash Advances (the “Cash Advance Available Limit”) on your Account. This Offer cannot be used to transfer a balance from another Scotiabank Account, or to make a payment or deposit to another Scotiabank Account. After the Promotional Period, the 2.99% interest rate on any promotional Cash Advances (including any that remain unpaid after the Promotional Period ends) will increase to the preferred interest rate on Cash Advances (currently 22.99%). There is no balance transfer fee on balances transferred during the Promotional Period. If you don’t pay the minimum payment on your Account by the payment due date on your statement, two times in any consecutive 12-month period, you will lose the benefit of this promotional rate Offer and the interest rates that apply on any unpaid balance will increase to the standard annual interest rates that apply to your Account (currently 24.99% on purchases and 27.99% on Cash Advances). Offer may be changed, cancelled or extended at any time without notice and cannot be combined with any other offers.
Eligibility and Exclusions: Individuals who are currently or were previously primary or secondary cardholders of a Scotiabank small business credit card in the past 2 years, including those that switch from an existing Scotiabank small business credit card, as well as employees of Scotiabank, are not eligible for Offer. Subject to the above exclusions, Scotiabank retail credit cardholders are eligible for the Offer.
Payment Allocation: In general, if you make a payment that exceeds the minimum payment on your statement, we will apply your payment on a proportionate basis among each group of billed charges on your Account. We group charges based on the interest rate that applies to the group of charges. Your payment cannot be applied to the balance(s) of your choice. See your credit card agreement for more information about how we apply payments to your Account.
Rates and Fees: The current annual fee is $79 for the primary card and $29 for each additional supplementary card. The current preferred annual interest rates for the Account are: 19.99% on purchases and 22.99% on Cash Advances.
All rates, fees, features and benefits are subject to change.