Banking advice and solutions for retired physicians

Banking that grows with you throughout your career

Retired couple.

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Advice for retired physicians

You dedicated your medical career to taking care of others and now it is time to enjoy the next chapter of your life — retirement. You deserve specialized advice and answers to your questions to help you manage your retirement finances. We break down some of the top banking questions that retiring and retired physicians ask.

Frequently asked questions

Private Banking solutions for retired physicians

We recognize that your wealth story is uniquely yours. How you manage its complexities to achieve your financial goals is something we care about as much as you do. At Private Banking we offer strategic borrowing solutions, customized banking support and a leading-edge concierge and travel management service.

With your dedicated Private Banker and support team we are ready to ensure your personal and practice needs are considered with care and tailored to your preferences.

Banking solutions for retired physicians

Together, Scotiabank and MD Financial Management deliver the Scotiabank Healthcare+ Physician Banking ProgramΔ tailored advice and banking solutions for retired physicians to enable you to enjoy your retirement.  Let our team of experts focus on your financial well-being so you can spend your valuable time on what matters most – your loved ones and yourself.

Personal Line of Credit

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

Scotiabank Ultimate Package

  • Monthly account fee waiver with no minimum balance required (approximate value of $371/year)2
  • Earn $350 cash23 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

Scotiabank PassportTM 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® 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
  • 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 payments19
  • Miss-a-Payment and Match-a-Payment option20
  • Portability of your mortgage

As a Private Banking client1, you have access to banking and credit solutions for your personal and practice needs all in one place.

  • Preferred pricing for your Private Banking Package Fee of $75/month1
  • You will be assigned your own dedicated Private Banker and support team
  • Access to strategic financing through our Total Wealth Credit Solution™
  • Access to information on our borrowing to invest strategies
  • Pursuits™: our concierge and travel management service2
  • Hands-on management of time-sensitive transactions in coordination with your other advisors
  • Access to a range of exclusive banking benefits3 to complement your everyday banking needs, including:
    o   Preferred foreign exchange rates4
    o   Annual fee waivers on the following Scotiabank credit cards: ScotiaGold Passport® Visa*, Scotia Momentum® Visa Infinite*, Scotiabank Passport® Visa Infinite*, Scotiabank® U.S. Dollar Visa*, and Scotiabank® Gold American Express®*5

Borrowing can be strategic

Some affluent investors borrow to invest as part of a comprehensive wealth management strategy. They use a customized line of credit to create liquidity against various wealth holdings, allowing them to act quickly to take advantage of opportunities.

Lending for investment purposes (also known as leveraged investing) is a core competency of our Private Banking teams:

  • We combine our knowledge of wealth management, transactional banking and valuation to provide lending guidance customized to your situation and your unique assets.
  • We will work in coordination with your tax and investment advisors to help you avoid unnecessary trade-offs when raising capital for acquiring new assets.
  • We can discuss ways to mitigate the risks associated with borrowing to invest.

Borrowing to invest is not for everyone and suitability is paramount as it can add risk. Any investment strategy should be discussed with your investment and tax advisors and should take into account your long-term and personal circumstances.

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 or want to talk about your financial plans? Contact your MD Advisor or visit