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 trademarks of The Bank of Nova Scotia.

Trademark of The Bank of Nova Scotia.

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

Visa Int./ Licensed User.

Interac e-Transfer is a registered trade-mark of Interac Corp. Used under license.

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  

The annual interest rate will vary with Scotiabank Prime and, where applicable, the adjustment factor. Scotiabank Prime is the prime lending rate of Scotiabank published from time to time and is subject to change. We may also change the adjustment factor with prior notice. You can find the current Scotiabank Prime lending rate at https://www.scotiabank.com/ca/en/personal/rates-prices.html or by contacting Scotiabank 1(800) 4SCOTIA (1-800-472-6842)

The Preferred Package account includes 1 free non-Scotiabank Interac⁺ ABM withdrawal within Canada per month. Access fee for each subsequent withdrawal at non-Scotiabank Interac⁺ ABMs will be charged $1.50 per withdrawal. Each cash withdrawal from non-Scotiabank Visa* or PLUS* ABMs will be charged $3.00 in Canada and the U.S. and $5.00 outside of Canada and the U.S. Account holders may still be charged a convenience fee by the other bank and ABM operator, not by Scotiabank.

Scene®* ScotiaCard® debit card: Earn 1 SCENE point for every $5 you spend on debit purchase transactions including Interac Flash and Visa Debit transactions from an eligible account using your Scene®* ScotiaCard® debit card. Other conditions and limitations apply. Visit www.scotiabank.com/scene for complete details.

 

General information: A card must be connected to a SCENE membership in order to earn and redeem SCENE points. SCENE points accumulated using a card will be updated within 2-3 days. SCENE points can only be redeemed at participating Cineplex Entertainment theatres, online at www.scene.ca for other points offers (or rewards).

 

Passport ScotiaCard® debit card: Earn 1 Scotia Reward Point for every $5 you spend on debit purchase transactions including Interac Flash and Visa Debit transactions from an eligible account using your Passport ScotiaCard® debit card. Other conditions and limitation apply. Visit scotiarewards.com for complete details.

The primary account holder of the Preferred Package qualifies for a monthly fee waiver on a Scotia® U.S. Dollar Daily Interest Account. The primary account holder on the Preferred Package account can be either the primary or joint account holder on the Scotia® U.S. Dollar Daily Interest Account to qualify. If the primary account holder of the Preferred Package had a Scotia U.S. Dollar Daily Interest Account prior to activating a Preferred Package the fee waiver will apply to the bill cycle following the activation of the Preferred Package. Limit of one (1) Scotia® U.S. Dollar Daily Interest Account per Preferred Package account. Both accounts must be in good standing.

For a limited time, open a new Scotiabank Passport Visa Infinite credit card and you can earn 30,000 bonus Scotia Rewards points with your first $1,000 in everyday eligible purchases made within the first 3 months.  Plus no annual fee in the first year, including on supplementary cards, and 5X Scotia Rewards points on Travel for the first 3 months (up to $2,500 in total travel purchases) (collectively with the 30,000 bonus point offer, the “Offer”). Offer ends October 31, 2021. Conditions apply - see below for further details. 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 Scotia Rewards 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.

 

Bonus Point Offer Description and Conditions: To qualify for the 30,000 bonus Scotia Rewards points (the “Bonus Offer”), you must have at least $1,000 in  eligible purchases posted to your new Scotiabank Passport Visa Infinite credit card account (“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 30,000 Bonus Offer points will be credited to the primary cardholder’s Scotia Rewards 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, 2021.

 

Annual Fee Waiver Offer Description and Conditions: We will waive the initial annual fee for the primary card and each additional supplementary card on the Account for the first year only.

 

5X Scotia Rewards Points on Travel Offer Description and Conditions: You will earn 5 Scotia Rewards points per $1 charged to the Account for eligible purchases in Canadian currency at merchant locations classified as Travel within the first 3 months of the Account open date (the “Promotional Period”) up to $2,500 in total travel purchases. After the Promotional Period, you will earn 1 Scotia Reward point for every CAD$1 spent on eligible Travel purchases. You will earn the accelerated Scotia Rewards points (5X) under the Scotia Rewards Program (the “Program”) if you make purchases in Canadian currency only. For purchases that are made in foreign currency, you will only earn 1 Scotia Rewards point for every $1 charged to the Account once that foreign currency has been converted into Canadian dollars. The accelerated earn rate applies to purchases made at Visa merchants in the Travel category and recognized by our systems with the Merchant Category Codes or identifiers: airlines & air carriers, airports, flying fields, and airport terminals; lodgings, hotels, motels and resorts, trailer parks and campgrounds;  steamship and cruise lines; travel agencies and tour operators, automobile rental agency, motor home and recreational vehicle rentals. These Merchant codes/identifiers and categories 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 Visa in another manner, in which case this Offer would not apply. The regular 1X Travel points will be credited shortly after a debit transaction for a purchase has been posted to the Account. The additional 4X Travel points will be credited to the Account within 60 days.

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 Scotia Rewards points

Scotia Rewards 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. For full program terms and conditions, visit www.scotiarewards.com.

 

Annual Bonus Point Conditions: As a Scotiabank Passport Visa Infinite credit cardholder you can earn an annual Scotia Rewards point bonus starting at 10,000 Scotia Rewards 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 Scotia Rewards 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 Scotia Rewards 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. The Account is considered in good standing if it is not past due or over limit and the Cardholders(s) is not in breach of the Revolving Credit Agreement that applies to the Account.

 

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.

Scotia Rewards points are only awarded on purchases.  Scotia Rewards points are not awarded for cash advances (including  balance transfers, Scotia® Credit Card Cheques and cash-like transactions), returns, refunds or other similar credits, card payments, fees, interest charges or other charges.  Scotia Rewards 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 Scotia Rewards points are not eligible for redemption. See the Scotia Rewards program terms at www.scotiarewards.com for more information.

Priority Pass™ membership is for the Primary Cardmember on the Scotiabank Passport Visa Infinite account. It includes access to airport lounges participating in the Priority Pass program. Certain terms, conditions and exclusions apply. Unless cancelled, Priority Pass membership automatically renews on its anniversary date. Priority Pass membership will be cancelled if your Scotiabank Passport Visa Infinite Card is cancelled. Lounge visits are counted on a per person per visit basis (e.g. Lounge access by a Cardmember and one accompanying guest will count as two (2) visits). The first 6 lounge visits for the primary Cardmember per 12-month cycle from date of enrolment are complimentary. Beginning with the 7th visit for the primary Cardmember, lounge visits are subject to a per person per visit charge of $32 USD (this per visit fee is subject to change by Priority Pass). For complete Priority Pass terms and conditions, please visit http://www.prioritypass.com. Priority Pass membership and services are provided by a third party and offered through Visa Canada. The Bank of Nova Scotia and Visa, and each of their affiliates, are not responsible for the Priority Pass membership or services.

Scotiabank will not charge you Foreign Transaction Fees on foreign currency transactions, only the exchange rate applies. The term “Foreign Transaction Fees” is a substitute for “Foreign Currency Conversion” as described in the application disclosure statement for your new 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 Application Disclosure Statement for this Card for full details.

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.

The 50,000 Bonus Scotia Rewards Points and Introductory 0.00% Balance Transfer Rate Offer (the “Offer”) applies only to  new Scotiabank Gold American Express credit card accounts (“Accounts”) opened by November 21, 2021 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.

 

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.

 

50,000 Bonus Scotia Rewards Point Offer Description and Conditions: To be eligible for  30,000 bonus Scotia Rewards points (the “30,000 Point Bonus”), you must open a new Account by November 21, 2021 and have at least $1,000 in eligible purchases posted to your new Account in the first 3 months. To be eligible for an additional 20,000 bonus Scotia Rewards 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) 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 $1,000 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 20,000 Point Bonus will be credited to the primary cardholder’s Scotia Rewards account within approximately 2-3 business days after you have met the $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.

 

Introductory 0.00% Balance Transfer Rate Offer Conditions: The introductory 0.00% interest rate on balance transfers 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 Account is opened by November 21, 2021 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 0.00% 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%).  A Balance Transfer fee of 1% of the amount of each Balance Transfer transferred during the Promotional Period applies. 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).

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 $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, Scotia® Credit Card Cheques and cash-like transactions).

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

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

 

Scotia Rewards points are awarded for purchases charged to Account. Scotia Rewards points earn rate: The first accelerated earn rate is 5 Scotia Reward 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 Scotia Reward 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 Scotia Reward 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 Theaters, 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 Scotia Rewards points. Scotia Rewards 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.

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 onversion” as described in the Disclosure Statement you received with your Card. This fee relates to the mark-up that is typically charged by credit card issuers in addition to the exchange rate. See the Foreign Currency Conversion section of the Disclosure Statement for this Card for full details. Rates and fees are subject to change.

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.