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Banking advice and solutions for practising physicians

Banking that grows with you throughout your career

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Fit in a mortgage when it’s convenient for you.

The Scotiabank Healthcare+ Physician Banking Program has flexible mortgage solutions designed for your busy schedule.

Learn more

Advice for practising physicians

Scotiabank has worked with MD Financial Management to deliver the Physician Banking ProgramΔ with customized solutions to meet your unique needs as a physician. In addition to saving and rewards, this includes specialized policies and banking solutions created with medical professionals like you in mind. 

Frequently asked questions

As a physician, continuing to build your practice, focusing on your family and planning for what’s next creates new and different financial opportunities.

With Scotia Wealth Management Private Banking, you can simplify your life with a single point of contact for both your personal and practice banking needs. We place a heavy emphasis on being responsive, working with a sense of urgency to prioritize your needs and requests. You can transact with confidence, meaning fewer delays or challenges and more time for you to focus on your medical practice and your family.

Speak with our Private Banking team

Retirement is highly personal — for some physicians, a nest egg of $2 million may not be enough, while for others, $1 million may be more than enough. One of the hardest things about planning for retirement is articulating your retirement goals — it takes time and active reflection. The earlier you start thinking and talking about it, the more time you have to explore what retirement means to you, and how to create the retirement you want.

Find out what a physician's magic number is and how much you need to save for retirement, read MD's article.

Scotia Wealth Management Private Banking provides access to our innovative Total Wealth Credit Solution™, a flexible borrowing platform that allows you to take advantage of investment opportunities using any combination of real estate, investment portfolios and/or insurance as loan collateral. Contact a Scotia Wealth Management Private Banker who can help you navigate these decisions.

Speak with our Private Banking team

If you’re an incorporated physician, estate planning can be more complex than for other physicians. Your executor must have the time — as well as the knowledge of business, tax and estate laws — to manage your estate and the corporation you’re leaving behind. There are possible taxes that many incorporated physicians need to take care of in their estate plan. Your MD Advisor can refer you to an MD Estate and Trust Advisor to discuss estate planning strategies to help protect your family’s assets.

Banking solutions for practising physicians

Scotiabank has worked with MD to deliver the Scotiabank Healthcare+ Physician Banking ProgramΔ with customized solutions to meet your unique needs as a physician. In addition to saving and rewards, this includes specialized policies and banking solutions created with medical professionals like you in mind. 

Personal Line of Credit

  • Preferred interest rate of Prime -0.25%1
  • No annual fee

Scotiabank Preferred Package Chequing Account

  • Monthly account fee waiver (value of $16.95 a month)
  • Unlimited free Interac e-Transfer transactions
  • 1 free non-Scotiabank ABM withdrawal per month in Canada2
  • Earn points on every purchase with choice of reward program (SCENE® or Scotia Rewards®)3
  • No monthly fee on a U.S. Dollar Daily Interest Account4

Scotiabank PassportTM Visa Infinite* Card

  • Save the annual fee ($139 annual fee waived continuously for Scotia Professional® Plan customers5; customers not in Scotia Professional® Plan receive a first-year fee rebate only)
  • Earn up to 40,000 bonus Scotia Rewards® points in your first year6 (value of up to $400)
  • Earn up to 2X Scotia Rewards® points on eligible purchases7
  • Complimentary airport lounge membership including 6 free visits per year8 (value of $300)
  • No foreign transaction fees on foreign currency purchases made on your card (only the exchange rate applies)and comprehensive insurances10
  • Preferred annual interest rates are 19.99% on purchases and 22.99% on cash advance
  • 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 

Scotiabank Gold American Express®  Card

  • Save the annual fee ($120 annual fee rebated11 or waived continuously)12
  • For a limited time, earn up to 40,000 bonus Scotia Rewards® points in your first year13 (value of up to $400)
  • Earn up to 5X Scotia Rewards® points on eligible purchases14
  • No foreign transaction fees on foreign currency purchases made on your card (only the exchange rate applies)15 and comprehensive insurances10
  • Preferred annual interest rates are 19.99% on purchases and 22.99% on cash advances

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 terms16
  • For residents, fellows and new-to-practice physicians, the mortgage amount qualified for is based on estimated projected income17 
  • Preferred interest rate of Prime -0.25%1 on Scotiabank Personal Line of Credit under the Scotia Total Equity® Plan (STEP)
  • Option to earn Scotia Rewards® points on your mortgage advance and cashback on your annual interest payments18
  • Miss-a-Payment and Match-a-Payment option19
  • Portability of your mortgage

Private Banking solutions for practising physicians

As a physician, continuing to build your practice, focusing on your family and planning for what’s next creates new and different financial opportunities. With Scotia Wealth Management Private Banking, you can simplify your life with a single point of contact for both your personal and practice banking needs.

We place a heavy emphasis on being responsive, working with a sense of urgency to prioritize your needs and requests. You can transact with confidence, meaning fewer delays or challenges and more time for you to focus on your medical practice and your family.

As a Private Banking client, you have access to banking and credit solutions for your personal and practice needs all in one place.

  • 12-month Private Banking monthly service package fee waived for your household, for up to five accounts16
  • Reduced monthly service package fee of $75 after the first 12 months16
  • Dedicated Private Banker and Associate, including access to their network of wealth management specialists
  • Access to our innovative Total Wealth Credit Solution™, a flexible borrowing platform that allows you to take advantage of investment opportunities using any combination of real estate, investment portfolios and/or insurance as loan collateral
  • Financing for clinic purchase and renovation: up to 100% financing/12-year amortization; leasing option available
  • Complimentary access to Pursuits™ our concierge and travel management platform17
  • Preferred foreign exchange rates
  • Annual fee waived for Scotiabank Passport™ Visa Infinite* Card18. No foreign currency conversion mark-up applies to foreign currency transactions made. Only the exchange rate applies19. You also receive six complimentary airport lounge visits20.
  • 10,000 SCENE Point welcome gift to use in theatres or online

Your Scotia Wealth Management Private Banker can provide credit solutions that support your immediate and long-term investment needs. As a credit strategist with expertise in debt structuring we will work directly with you to consider:

  • Your personal investment objectives
  • Assets held personally or through professional corporations
  • Tax-efficiency
  • Funding of interest expenses

When it comes to service and proactivity, insight and innovation are essential to maximize your opportunities and enable your life.

Ready to talk?

Find the right Advisor for your personal needs.

Scotiabank Advisor

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

 

 

MD Advisor

Already an MD client and want to talk about your financial plans? Contact your MD Advisor or visit md.ca