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Scotiabank GIC review
We’ll help you decide whether a Scotiabank GIC is right for you and explain the eligibility requirements.
If you open an account with Scotiabank with a minimum balance, you won’t be charged any monthly service fees. All students can enjoy no-fee accounts while seniors will receive fee discounts.
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Scotiabank has a wide variety of GICs to suit your saving goals and financial circumstances. Whether you already have a registered or non-registered plan or are currently exploring your options, read on to learn about the GICs offered by Scotiabank and their eligibility requirements.
Types of Scotiabank GICs
Scotiabank offers a range of non-registered and registered GICs to accommodate different investor and saver profiles. The types of GICs you need to consider include the following:
Cashable
The bank offers redeemable GICs that give you access to your funds after 30 days without penalty and provides a guaranteed return at varying interest rates.
You’ll need to make several choices regarding the following options:
- Term to maturity. Choose either a short term or long term GIC ranging from 30 days to 10 years.
- Interest payment interval/frequency. Earn interest paid monthly or at maturity.
- Renewable on maturity. One year term GICs can be automatically renewed on maturity.
- Currency. Earn either in local Canadian dollars (CDN) or in US dollars (USD).
- Minimum balance. You’ll need to invest at least $500 for cashable GICs and $5,000 for monthly interest payments.
- Eligibility requirements. This GIC is open to non-registered as well as RESP, RRSP, RDSP and TFSA holders.
Non-redeemable
Scotiabank offers non-redeemable GICs with the following options:
- Term to maturity. Choose either a short term or long term GIC ranging from 30 days to 10 years.
- Interest payment interval/frequency. Earn interest paid monthly or at maturity (interest can be compounded annually or semi-annually).
- Option to renew. Most GICs can be automatically renewed on maturity.
- Currency. Earn either in local Canadian dollars (CDN) or in US dollars (USD). USD GICs offer terms from 1 day to 10 years and interest is only paid on maturity.
- Minimum balance. You’ll need to invest at least $500 for GICs in CDN and USD (or $5,000 for monthly interest payments) and at least US$100,000 for short-term USD investments between 1 and 29 days.
- Eligibility requirements. This GIC is open to non-registered and registered plan holders.
Market linked
Currently, Scotiabank offers four types of market-linked GICs. You’ll need to consider the following factors:
- Type. Choose to link your GIC to the S&P/TSX 60 Index, S&P 500 Index, S&P/TSX Capped Utilities Index or S&P/TSX Composite Low Volatility Index.
- Eligibility requirements. This GIC is available to non-registered as well as TFSA, RESP, RRSP, RRIF and RDSP plans.
- Minimum investment. You’ll need to invest at least $500.
- Term length. Choose from two, three or five year plans with the option to renew at maturity date.
Must read
It’s important to note that your deposits will only be covered under the CDIC Act if you’re investing in Canadian dollars with a term of five years or less, and they are payable in Canada.
How does Scotiabank compare to other banks?
Scotiabank is the third largest bank in Canada by market capitalisation and one of the Big Five banks. All Canadian residents can sign up to Scotiabank.
Benefits of buying GICs with Scotiabank
Digital banking interface
Scotia OnLine, Scotiabank’s web and mobile banking platform, was named Canada’s best consumer digital banking provider in 2016 by Global Finance Magazine for its intuitive design, ease of use and plethora of features.
Discounted or no-fee accounts available
If you open an account with Scotiabank with a minimum balance, you won’t be charged any monthly service fees. All students can enjoy no-fee accounts while seniors will receive fee discounts. For more information about GICs for international students coming to study in Canada, see our FAQ.
Brick and mortar locations
You’ll have access to over 900 Scotiabank branches and 3,500 ATMs across Canada and services in over 50 countries overseas.
Potential drawbacks of Scotiabank
Service fees
Most accounts with Scotiabank (other than minimum balance, student and senior accounts) have a monthly service fee ranging from around $3.95 to $10.95.
Minimum balance
The minimum investment amount required by Scotiabank is $1,000. If you don’t want to be committed to maintaining a $1,000 balance, you may want to consider other GIC options.
How do I purchase a Scotiabank GIC?
If you’re already a Scotiabank customer with an investment plan, you can buy GICs online through Scotia OnLine. For those who are existing customers but don’t have a current investment plan, you’ll need to open a registered or non-registered plan through Scotia OnLine first.
If you’re not a Scotiabank customer, you’ll need to make an appointment to visit your local branch in person. Alternatively, you can apply by dialling 1-800-953-7441.
Eligibility requirements
Although the majority of Scotiabank GICs are eligible for registered plans (TFSA, RRSP, RRIF, RESP or RDSP), you should double check any specific eligibility requirements for your selected GIC product before applying.
To qualify, you’ll also need to be at least 18 years old and reside in Canada.
Those wishing to apply for Scotiabank’s Student GIC Program may be subject to lower minimum age requirements. However, you will need to satisfy other criteria such as being an eligible visa holder (not on a tourist or visitor visa) and having plans to study at an eligible Canadian educational institution.
Required documents
You’ll need to provide proof of your residency status, age and social insurance number (SIN). If you’re a current Scotiabank customer, you’ll also need to provide your client account details.
Bottom line
Whether you’re already banking with Scotiabank or considering investing in a GIC from them, Scotiabank offers a wide variety of GICs that may suit your individual investor needs and financial circumstances.
