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 Scene IP LP, used under license.

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.

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  

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 Ultimate Package monthly account fee is waived for eligible physician clients on one (1) Ultimate Package account (“Account”). The monthly account fee will be waived and will not appear as a charge on your Account provided the Account is open and in good standing at the time of the waiver. All other applicable service charges on the Account will continue to be applied. Maximum one offer per customer. This offer is non-transferable and may be changed, cancelled, or extended at any time without notice.

$300 Cash Offer for Preferred Package or $300 Cash Offer for Ultimate Package Conditions: 

 

To qualify for the $300 cash offer for Preferred Package or $300 cash offer for Ultimate Package (each an “Offer”, collectively the “Offers), you must:

 

1. Open a new Ultimate Package or new Preferred Package (each an “Eligible Account”) by September 30, 2022; and

2. Complete any two (2) of the following activities in your Eligible Account within 60 days of Eligible Account opening:

 

Make at least one (1) eligible online bill payment† of at least $50 through the Scotiabank Mobile App or through Scotia OnLine, or

Set up and clear a minimum of two (2) separate eligible recurring pre-authorized transactions† with a minimum value of at least $50 per transaction which will each recur monthly for a minimum of three (3) consecutive months, or

Set up and clear at least one eligible automated and recurring direct deposit^†, such as payroll or pension, which will recur monthly for a minimum of three (3) consecutive months.

 

Eligibility and Exclusions: Individuals who are currently holders of a Scotiabank Chequing Account are not eligible for the Offers. Individuals who were previously holders of a Scotiabank Chequing Account within the last two (2) years are not eligible for the Offers. “Scotiabank Chequing Account” means any of the following accounts: Ultimate Package, Preferred Package, Scotia One Account, Basic Plus Bank Account, Basic Banking Plan, Basic Bank Account, Momentum Chequing, Power Chequing, Scotia One Service, Scotia Value, Student Banking Advantage Plan. Employees of Scotiabank are also not eligible for the Offers.

 

General Terms: The $300 cash bonus for Preferred Package or $300 cash bonus for Ultimate Package will be deposited to the Eligible Account within six (6) months from account open date provided all Offer conditions outlined above have been met. The Eligible Account must be open and in good standing until the time of payout of the cash bonus. The Eligible Account is not in "good standing" if: (i)it has a negative balance exceeding the authorized overdraft limit, or (ii)it has been in continuous overdraft for a period of three consecutive months. These Offers are non-transferable and may not be duplicated. Limit of one (1) Offer per customer, regardless of the number of Eligible Accounts opened. If more than one (1) Eligible Account is opened, only the first Eligible Account opened will be eligible for the Offer. For joint accounts, only one (1) cash bonus Offer will be applied to the primary account holder’s Eligible Account. All rates, fees, features and benefits are subject to change. Offers may be changed, cancelled or extended at any time without notice and cannot be combined with any other offers.

Additional fees apply for shared ABM services, cross-border debit transactions and other banking services not included in the chequing account package. Fees may initially be charged for Interac e-Transfer transactions in excess of 99 in a month but will be reversed in the subsequent month. For accounts that do not provide unlimited debit transactions, a charge for additional debit transactions may apply if you perform an Interac e-Transfer transaction over and above the number of debit transactions allowed in the account. 

For Ultimate Package customers, no service fee is charged for the transfer, however, foreign currency exchange rates apply. Subject to daily limits and additional terms and conditions as set out in the Scotiabank International Money Transfer Agreement found at www.scotiabank.com/ca/en/personal/ways-to-bank/scotiabank-international-money-transfer-agreement.html.

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+ Points Offer (the “Offer”) applies only to new Scotiabank Passport Visa Infinite credit card accounts (“Accounts”) that are opened by July 4, 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+ 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+ Point Offer Description and Conditions: To qualify for the 25,000 bonus Scene+ 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+ 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 July 4, 2022.

 

10,000 Annual Bonus Scene+ Point Conditions: As a Scotiabank Passport Visa Infinite credit cardholder you can earn an annual Scene+ point bonus starting at 10,000 Scene+ 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+ 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+ 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+ points are only awarded on purchases.  Scene+ 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+ 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+ points are not eligible for redemption.

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.

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.

The 45,000 Bonus Scene+ Points Offer  (the “Offer”) applies only to new Scotiabank Gold American Express credit card accounts (“Accounts”) opened by July 4, 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.

 

45,000 Bonus Scene+ Point Offer Description and Conditions: To be eligible for 25,000 bonus Scene+ points (the “25,000 Point Bonus”), you must open a new Account by July 4, 2022 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 Scene+ points (the “Extra 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 25,000 Point Bonus will be credited to the primary cardholder’s Scene+ 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 Extra 20,000 Point Bonus will be credited to the primary cardholder’s Scene+ 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.

 

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.

 

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 Scene+ points (5X or 3X as applicable) under the Scene+ 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+ 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+ points are awarded for purchases charged to Account. Scene+ points earn rate: The first accelerated earn rate is 5 Scene+ 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+ 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+ 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+ points. Scene+ 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.