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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.
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.
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:
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:
Scotiabank offers non-redeemable GICs with the following options:
Currently, Scotiabank offers four types of market-linked GICs. You’ll need to consider the following factors:
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.
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.
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.
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.
You’ll have access to over 900 Scotiabank branches and 3,500 ATMs across Canada and services in over 50 countries overseas.
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.
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.
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.
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.
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.
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.
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