Banking advice and solutions for retired physicians

All banking and credit products and services are offered by The Bank of Nova Scotia (“Scotiabank”) unless otherwise noted. Credit and lending products are subject to credit approval by Scotiabank. Terms and conditions apply to all reward programs and benefits and should be reviewed carefully before applying. All offers, rates, fees, features, reward programs and benefits and related terms and conditions are subject to change. Visit scotiabank.com or speak with your MD Advisor or a Scotiabank representative for full details

Registered trademark of The Bank of Nova Scotia, used under license.  ™ Trademark of The Bank of Nova Scotia, used under license. Scotia Wealth Management® consists of a range of financial services provided by The Bank of Nova Scotia (Scotiabank®); The Bank of Nova Scotia Trust Company (Scotiatrust®); Private Investment Counsel, a service of 1832 Asset Management L.P.; 1832 Asset Management U.S. Inc.; Scotia Wealth Insurance Services Inc.; and ScotiaMcLeod®, a division of Scotia Capital Inc. Private banking services are provided by The Bank of Nova Scotia. Estate and trust services are provided by The Bank of Nova Scotia Trust Company. Portfolio management is provided by 1832 Asset Management L.P. and 1832 Asset Management U.S. Inc. Insurance services are provided by Scotia Wealth Insurance Services Inc. Wealth advisory and brokerage services are provided by ScotiaMcLeod, a division of Scotia Capital Inc. International investment advisory services are provided by Scotia Capital Inc. Financial planning services are provided by The Bank of Nova Scotia and ScotiaMcLeod. Scotia Capital Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada.  Scotia Wealth Insurance Services Inc. is the insurance subsidiary of Scotia Capital Inc., a member of the Scotiabank group of companies. When discussing life insurance products, ScotiaMcLeod advisors are acting as Life Insurance Agents (Financial Security Advisors in Quebec) representing Scotia Wealth Insurance Services Inc.

Trademark of Scene IP LP, used under license.

American Express is a registered trademark of American Express. This credit card program is issued and administered by The Bank of Nova Scotia under license from American Express.

Trademark of Visa International Service Association and used under license.

Click here for a list of eligible direct deposits, pre-authorized transactions and online bill payments. Notwithstanding a transaction may be included in these lists, certain exclusions may still apply and Scotiabank reserves the right to modify these lists and to determine whether a specific direct deposit, pre-authorized transaction or bill payment is eligible for the Offers.Fund transfers initiated to other Scotiabank accounts (one time or recurring, e.g. credit card or savings account), to chequing or savings accounts held at other financial institutions, or to payment processing firms, are not eligible for the Offers.

Pursuits™ is provided for clients of The Bank of Nova Scotia by Ten Lifestyle Group plc, doing business as Ten Group (“Ten Group”). All travel and entertainment services provided through Pursuits will be provided by Ten Group, an independent third party, and not The Bank of Nova Scotia or its affiliates. The Bank of Nova Scotia and its affiliates do not make any representations, warranties, or guarantees in respect of the services offered by Ten Group, and do not accept any liability for any loss arising from any use of the services offered by Ten Group. Calls to Pursuits are charged at a local rate. Charges for the products or services provided will be notified at the time of booking. Calls may be recorded. Your contact details are held with permission so we can keep you informed of special events and access. They are never passed on to a third party. Pursuits service is made available to clients of The Bank of Nova Scotia for their convenience.

MD Financial Management provides financial products and services, the MD Family of Funds and investment counselling services through the MD Group of Companies. For a detailed list of these companies, visit md.ca.

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  

This preferred pricing is available to eligible physician clients who obtain the Private Banking Package. The Private Banking Package services and pricing are subject to change. Please refer to the terms and conditions of the Private Banking Package Agreement for more detail.   

Pursuits™ is provided for clients of The Bank of Nova Scotia by Ten Lifestyle Group plc, doing business as Ten Group (“Ten Group”). All travel and entertainment services provided through Pursuits will be provided by Ten Group, an independent third party, and not The Bank of Nova Scotia or its affiliates. The Bank of Nova Scotia and its affiliates do not make any representations, warranties, or guarantees in respect of the services offered by Ten Group, and do not accept any liability for any loss arising from any use of the services offered by Ten Group. Calls to Pursuits are charged at a local rate. Charges for the products or services provided will be notified at the time of booking. Calls may be recorded. Your contact details are held with permission so we can keep you informed of special events and access. They are never passed on to a third party. Pursuits service is made available to clients of The Bank of Nova Scotia for their convenience.

All banking benefits, fees and rates are subject to change. Please visit: www.scotiawealthmanagement.com/pbbenefits for the most current banking benefits that are available to Private Banking clients. 

Rates vary based on currency and amount requested.

Private Banking clients will receive an annual fee waiver on any of the cards listed above (the “Eligible Cards”). The fee waiver will be applied to the first annual fee charged on an Eligible Card after the cardholder becomes a Private Banking client, including if the Eligible Card was opened prior to the cardholder becoming a Private Banking client. The annual fee waiver will not be applied if the Eligible Card is not open or is not in good standing. All other fees and charges applicable to the Eligible Card continue to apply. Eligible Cards are subject to change.

If you open an Ultimate Package account (the “Account”), on or after the date you open the Account (“Account Open Date”) you will receive an annual fee waiver (“Annual Fee Waiver”), each year for as long as you have one eligible Scotiabank Credit Card account (an “Eligible Card”) and the Account. You will receive the Annual Fee Waiver, even if you opened an Eligible Card prior to the Account Open Date. Eligible Cards are the Scotiabank Gold American Express, Scotiabank Passport™ Visa Infinite*, Scotia Momentum® Visa Infinite and Scotiabank Value® Visa* credit cards. Eligible Cards are subject to change. Each Account will only receive one Annual Fee Waiver regardless of the number of accountholders on the Account or Eligible Cards opened. The Annual Fee Waiver will be applied to the first annual fee for a primary Card charged on an Eligible Card after the Account Open Date. If there is more than one Eligible Card after the Account Open Date, the Annual Fee Waiver will be applied only to the first annual fee for a primary card that is charged on an Eligible Card after the Account Open Date. All other fees and charges applicable to the Eligible Card continue to apply. Annual Fee Waiver will not be applied if your Account or Eligible Card is not open or is not in good standing and cannot be combined with any other annual fee waiver offer. Current annual fees, rates and other features for Eligible Cards are subject to change.

Ultimate Package account holders will receive a boost to the Regular Interest Rate (the “Ultimate Interest Rate Boost”). Refer to the Current Rates Page on Scotiabank.com for the Total Annual Interest Rate applicable to the Ultimate Package (current Regular Interest Rate plus Ultimate Interest Rate Boost), which is subject to change at any time without advance notice. It will take up to 10 business days after activating an Ultimate Package account for the Ultimate Interest Rate Boost to apply. The Ultimate Interest Rate Boost will cease to apply effective as of the date that the Ultimate Package account is closed. The Ultimate Interest Rate Boost is an annual rate calculated daily on the Momentum^PLUS Savings Account(s) closing balance and paid monthly.

The Ultimate Package account includes non-Scotiabank Interac⁺ ABM cash withdrawals in Canada and cash withdrawals at non-Scotiabank Visa* or PLUS* ABMs within and outside of Canada. Account holders may still be charged a convenience fee by the other bank and ABM operator, not by Scotiabank.

If you open a new Scotiabank Passport Visa Infinite credit card account (“Account”) you will receive an annual fee waiver (“Annual Fee Waiver”) each year for as long as you are a Scotia Professional Plan customer and provided the Account remains open and in good standing. Customers not in Scotia Professional Plan will receive a first-year annual fee rebate only provided the Account remains open and in good standing The Account is considered in good standing if it is not delinquent (past due) or over limit and there is no breach of the Revolving Credit Agreement or any other agreement(s) that applies to the Account. The Account will only receive one Annual Fee Waiver regardless of the number of accountholders on the Account.  All other fees and charges applicable to the Account continue to apply.  Annual Fee Waiver is non-transferable and cannot be combined with any other annual fee waiver offer. Current annual fees, rates and other features for the Account are subject to change.

The 25,000 Bonus Scene+^TM Points Offer (the “Offer”) applies only to new Scotiabank Passport Visa Infinite credit card accounts (“Accounts”) that are opened by October 31, 2022 and is subject to the below terms and conditions.  All other terms and conditions of the Program Terms continue to apply.  Offer may be changed, cancelled or extended at any time without notice and cannot be combined with any other offers.

 

Plus, as a Scotiabank Passport Visa Infinite credit cardholder you are always eligible to earn an annual 10,000 Scene+^TM point bonus when you spend at least $40,000 in everyday eligible purchases annually on your Scotiabank Passport Visa Infinite account. Conditions apply - see below for further details.

 

Offer Eligibility and Exclusions: Individuals who are currently or were previously primary or secondary cardholders of a Scotiabank retail credit card in the past 2 years, including those that switch from an existing Scotiabank retail credit card, as well as employees of Scotiabank, are not eligible for the Offer. Subject to the above exclusions, Scotiabank small business credit cardholders are eligible for the Offer.

 

25,000 Bonus Scene+^TM Point Offer Description and Conditions: To qualify for the 25,000 bonus Scene+^TM points (the “Bonus Offer”), you must have at least $1,000 in eligible purchases posted to your new Account within the first 3 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 25,000 Bonus Offer points will be credited to the primary cardholder’s Scene+^TM account within approximately 2-3 business days following the qualifying $1,000 in eligible purchases being posted to your Account within 3 months from the Account open date, provided the Account is open and in good standing. The Account is considered in good standing if it is not past due or over limit and the Cardholder(s) is not in breach of the Revolving Credit Agreement that applies to the Account. Bonus Offer applies to new Accounts only opened by October 31, 2022.

 

10,000 Annual Bonus Scene+^TM Point Conditions: As a Scotiabank Passport Visa Infinite credit cardholder you can earn an annual Scene+^TM point bonus starting at 10,000 Scene+^TM points when you make at least $40,000 in eligible purchases annually on your Account each year (12-months). Annual period starts from the Account open date and resets every 12 months thereafter. You will earn 2,000 bonus Scene+^TM points for every additional $10,000 in eligible purchases thereafter in that same year, after the $40,000 annual spend has been reached.  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 Annual bonus Scene+^TM points will be credited within approximately 2-3 business days after you have met the $40,000 annual spend threshold on the Account and within approximately 2-3 business days after you have met each additional $10,000 annual spend threshold on the Account, provided your Account is open and in good standing (as defined above).

 

Rates and Fees: The current annual fee is $139 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 this 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. 

You will earn 2 points per $1 on the first $50,000 in purchases made on your Scotiabank Passport Visa Infinite account (the “Account”) annually at the following: purchases made at merchants classified in the Visa credit card network as: Grocery Stores and Supermarkets; Eating Places and Restaurants, Drinking Places, Fast Food Restaurants; Entertainment including Motion Picture Theaters, Theatrical Producers, Ticket Agencies, Bands, Orchestras, Miscellaneous Entertainers; Railroads, Local and Suburban Commuter Passenger Transportation, including Ferries, Passenger Railways, Taxicabs and Limousines, Bus Lines, Transportation Services (Not Elsewhere Classified). Some merchants may sell these products/services or are separate merchants who are located on the premises of these merchants, but are classified by the credit card network in another manner, in which case this added benefit would not apply.   The annual spend calculation for the $50,000 maximum threshold is calculated annually from January 1st to December 31st each year.

 

You will earn 1 point per $1 on purchases made on the Account after the 2 points per $1 / $50,000 annual spend maximum is reached and on all other purchases made on the Account.

 

Scene+^TM points are only awarded on purchases.  Scene+^TM points are not awarded for cash advances, balance transfers, Scotia Credit Card Cheques, payments, returns, refunds or other similar credits, fees or interest or other charges. Scene+^TM points must be redeemed within 60 days of Account closure or they will be deleted permanently. If your Account is not in good standing, the accumulated Scene+^TM points are not eligible for redemption.

Primary Cardholders with a valid Scotiabank Passport Visa Infinite 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).

To view a full list of participating airport lounges, their facilities, opening times and restrictions Cardholders can visit the Program App and Website.  To view the full Terms and Conditions for the Program, including DragonPass Terms of Use and Privacy Policy and Visa’s Privacy Policy that apply to the Program, visit the Visa Airport Companion Program App or Website. 

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 Card is cancelled. If your Scotiabank Passport Visa Infinite 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 Card, while available in most lounges within the Visa Airport Companion Program, is subject to availability.

We will not charge you Foreign Transaction Fees on foreign currency transactions including purchases, only the exchange rate applies. The term “Foreign Transaction Fees” is a substitute for “Foreign Currency Conversion” as described in the Disclosure Statement for this Card. This fee relates to the 2.5% mark-up that is typically charged by credit card issuers in addition to the exchange rate. See the Foreign Currency Conversion section of the Welcome Kit for this Card or download it at www.scotiabank.com/welcomekits for full details. Rates and fees are subject to change.

Scotiabank is not an insurer. All claims for insurance indemnities must be forwarded to the insurers. Complete details of the coverage are in the Certificate of Insurance and Terms and Conditions provided with the new Card.

If you open a new Scotiabank Gold American Express credit card account (“Account”) you will receive an annual fee waiver (“Annual Fee Waiver”) each year for as long as you are a Scotia Professional Plan customer and provided the Account remains open and in good standing.  Customers not in Scotia Professional Plan will receive an annual fee rebate provided the Account remains open and in good standing The Account is considered in good standing if it is not delinquent (past due) or over limit and there is no breach of the Revolving Credit Agreement or any other agreement(s) that applies to the Account. The Account will only receive one Annual Fee Waiver regardless of the number of accountholders on the Account.  All other fees and charges applicable to the Account continue to apply.  Annual Fee Waiver is non-transferable and cannot be combined with any other annual fee waiver offer. Current annual fees, rates and other features for the Account are subject to change.

Offer Description and Conditions: The 40,000 Bonus Scene+^TM Points Offer (the “Offer”) applies only to new Scotiabank Gold American Express credit card accounts (“Accounts”) opened by October 31, 2022 and is subject to the below terms and conditions. We will waive the initial annual fee for the primary card issued before October 31, 2022 on the Account for the first year only. Offer may be changed, cancelled or extended without notice at any time and cannot be combined with any other offers.

 

40,000 Bonus Scene+^TM Point Offer Description and Conditions: To be eligible for 20,000 bonus Scene+^TM points (the “20,000 Point Bonus”), you must open a new Account by October 31, 2022 and have at least $1,000 in eligible purchases posted to your new Account in the first 3 months of the Account open date. To be eligible for 20,000 bonus Scene+^TM points (the “20,000 Point Bonus”), you must have at least $7,500 in eligible purchases posted to your new Account in your first year (12 months) of 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 or cash-like transactions), interest, fees or other charges.

 

The 20,000 Point Bonus will be credited to the primary cardholder’s Scene+^TM account within approximately 2-3 business days after the qualifying $1,000 in eligible purchases being posted to your Account within the first 3 months of Account open date, provided the Account is open and in good standing. The 20,000 Point Bonus will be credited to the primary cardholder’s Scene+^TM account within approximately 2-3 business days after you have met the $7,500 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 past due or over limit and the Cardholder(s) is not in breach of the Revolving Credit Agreement that applies to the Account. 
 

First Year Annual Fee Waiver Offer Description and Conditions: We will waive the initial annual fee for the primary card issued before October 31, 2022 on the Account for the first year only. 

 

Eligibility and Exclusions: Individuals who are currently or were previously primary or secondary cardholders of a Scotiabank personal credit card in the past 2 years, including those that switch from an existing Scotiabank personal credit card, as well as employees of Scotiabank, are not eligible for the Offer. Subject to the above exclusions, Scotiabank small business credit cardholders are eligible for the Offer.

Rates and Fees:  The current annual fee is $120 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 (including balance transfers and cash-like transactions).

 

All rates, fees, features and benefits are subject to change.  

You will earn the accelerated Scene+^TM points (5X or 3X as applicable) under the Scene+^TM program (the “Program”) if you make purchases in Canadian currency only. For purchases that are made in foreign currency, you will only earn 1 Scene+^TM point for every $1 charged to the Scotiabank American Express® credit card (the “Account”) once that foreign currency has been converted into Canadian dollars.

 

Scene+^TM points are awarded for purchases charged to Account. Scene+^TM points earn rate: The first accelerated earn rate is 5 Scene+^TM points (as applicable) per $1 charged to the Account for purchases in Canadian currency at merchant locations classified as Groceries, Dining and Entertainment. The second accelerated earn rate is 3 Scene+^TM points (as applicable) per $1 charged to the Account for purchases in Canadian currency at merchant locations classified as Gas, Daily Transit and Select Streaming Services. The regular earn rate is 1 Scene+^TM point per $1 for all other purchases charged to the account. Merchants qualifying for the accelerated earn rate: The accelerated earn rates applies to purchases made at American  Express merchants in the Grocery Stores and Supermarkets (Merchant Code: 5411), Dining including Eating Places and Restaurants, Drinking Places, and Fast Food Restaurants, and Delivery of Food as a primary business. (Merchant Code: 5812, 5813, 5814, 5824, 5967 and 7311). Entertainment including Motion Picture Theatres, Theatrical Producers and Ticket Agencies, Bands, Orchestras and Miscellaneous Entertainers (Merchant Code: 7832, 7922, 7929) and 3X points for Gas including Gas Service Stations (with or without Ancillary Services) and Automated Fuel Dispensers (Merchant Code: 5541 and 5542). Daily Transit including Local and Suburban Commuter Passenger Transportation, including Ferries, Passenger Railways, Taxicabs and Limousines, Bus Lines, Transportation Services (Not elsewhere Classified) (Merchant Code: 4121, 4111, 4112, 4131, 4784, 4789). Select Streaming Services including (4899, 5967, 5969, 7399) and whose primary business and related services as identified by Scotiabank are eligible streaming services (excluding gaming). Eligible streaming service merchants are subject to change. Some merchants may sell these products/services or are separate merchants who are located on the premises of these merchants, but are classified by American Express in another manner, in which case this added benefit would not apply. Spend threshold for the accelerated earn rate: The first and second accelerated earn rate applies to the first $50,000 in purchases annually on the Account, at merchants qualifying for the accelerated earn rate, which will be calculated from January 1st to December 31st each year. Once you exceed this threshold, you will continue earning points at the regular earn rate of 1 point per $1 in purchases. Eligibility: Cash advances (including Balance Transfers, Scotia Credit Card Cheques and Cash-Like Transactions), interest, fees or other charges, card payments and returns, refunds or other similar credits do not earn Scene+^TM points. Scene+^TM points will not be posted to an Account that is not in good standing when purchases are made or when a statement is issued, or to an Account that is not open when the statement is issued.

All mortgages are subject to meeting Scotiabank’s standard credit criteria, residential mortgage standards and permitted loan amounts.  Some conditions apply.  The offers can be changed or withdrawn at any time without notice. 

You may be required to repay cashback if your mortgage is paid out, assumed, transferred or renewed before maturity.  

The Miss-a-Payment and Match-a-Payment options are not available during the interest-only portion of any progress draw construction mortgage and may not be available depending on the mortgage solution you select.

Eligible physician clients will receive a monthly service package fee waiver for up to five Private Banking accounts per household (each an “Account”). This Offer will not be applied to any Account that is not open or in good standing. An Account is considered in good standing if it is not delinquent (past due) or over limit and there is no breach of the Account Charter Agreement or any other agreement(s) that applies to the Account. Limit of one Offer per client. This Offer is non-transferable and cannot be combined with any other offer. All other fees, rates and charges applicable to the Account continue to apply and are subject to change. Offer may be changed, cancelled, or extended at any time without notice.

If you open a Private banking Account (the “Account”), on or after the date you open the Account (the “Account Open Date”), you will receive an annual fee waiver (the “Annual Fee Waiver”), each year for as long as you have a Scotiabank Passport™ Visa Infinite* card account (the “Card”) and the Account. You will receive the Annual Fee Waiver, even if you opened the Card prior to the Account Open Date. Each Account will only receive one Annual Fee Waiver regardless of the number of accountholders on the Account or Cards opened. The Annual Fee Waiver will be applied to the first annual fee for a primary Card charged on the Card after the Account Open Date. If there is more than one Card opened after the Account Open Date, the Annual Fee Waiver will be applied only to the first annual fee for a primary card that is charged on a Card after the Account Open Date. All other fees and charges applicable to the Eligible Card continue to apply. Annual Fee Waiver will not be applied if the Account or Card is not open or is not in good standing and cannot be combined with any other annual fee waiver offer. Current annual fees, rates and other features for the Card are subject to change.

Borrowing to invest may not be suitable for all investors. Using borrowed money (whether through a margin account or any other method of borrowing) to finance the purchase of securities involves greater risk than using cash resources only. If you borrow money to purchase securities, your responsibility to repay the loan and pay interest as required by its terms remains the same even if the value of the securities purchased declines. In the case of a margin account, you are also required to satisfy margin calls as required by the terms of the margin agreement. The use of leverage can result in investment losses that are greater than with an investment strategy not involving the use of borrowed funds, and which exceed the amount of your invested capital.