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Scotia Bank

What is your bank? how is it a Schedule I bank?

Yes, Scotiabank does have the Schedule I bank because its managed by the Federal Bank Account. Meaning they have to accept the deposits from their customers.

The bank that I decided to do was Scotia bank

Choose two services that is offered by this bank

I choose these services because these are services that help customers with their account. Savings Account helps because they have a method of keeping your savings secure and you receive/earn interest rates! Students account is also very important because most students try to find a good account for themselves by them picking the Students Accounts would be very beneficial because it is only provided for them and their necessity. There are many options to chose for their benefit and there are no monthly fees or usage limitations.

Savings Account:

The savings account is a service that provides that provides 5 options! There are many options to take for you're benefit here are some of them:

Momentum  Savings Account

All your savings goals. One high-interest savings account.

Save for multiple goals in one account

Earn even more interest

when you open and fund a Premium Period

The longer you save, the higher your interest rate

Savings Accelerator Account

Grow your savings faster within your investment plan with this high-interest savings account.

Available to add on to any non-registered or registered plan

The higher your balance, the higher your interest rate

Money Master Savings Account

Everyday savings account for your goals.

Convenient access to your money at any given time

Grow your savings every time you use your debit card3 with Bank the Rest

Scotia U.S. Dollar Daily Interest Account

Make your U.S. dollars go further.

Competitive foreign exchange rates

Easy online transfers between your Canadian and U.S. accounts

Commission-free U.S. dollar drafts

No monthly account fees with a $200 U.S. minimum balance

No monthly account fees if you’re 60 and over

Scotia Euro Daily Interest Savings Account

A better way to save euros.

Competitive foreign exchange rates

The higher your balance, the higher your interest rate

5

No monthly account fees with a minimum balance of 200 euros

No monthly account fees if you’re 60 and over

Two free teller transactions per month

Link:https://www.scotiabank.com/ca/en/personal/bank-accounts/savings-accounts.html

examples on the left!

Student Account:

For my first service I decided to do student account! Scotia Bank provides two services the student banking advantage plan which is a plan that offers unlimited self service. There are usage that comes with this plan such as: Unlimited debit transactions ,Unlimited Interac e-Transfer transactions and SCENE or Scotia Rewards program. There are no boundaries meaning no monthly account fee. There is also the program for youth so if you are between the age of 18 or even younger you can have the opportunity to take this service for their no monthly fee account!

link!:https://www.scotiabank.com/ca/en/personal/bank-accounts/students.html

Identify two accounts that is provided by this bank

Associated Fees: There are investment fees in Scotiabank! Investment fees means the amount of fees being weigh down as a percentage of the entire benefit that is being directed. So for instance when you pay an organization,company,foundations, campaigns etc to utilize and make use of their product or service.

Account Scotia Registered Savings Account

$50: Investment/Registered Account Fee for Eligible Withdrawal1

$50: Fee for a transfer to another Financial Institution

Free: Fee for a transfer to another member of Scotiabank Fee.

N/A: Fee to Close Account

Scotia Registered Income Account

Free for all regularly scheduled payments and

$50 for each additional withdrawal: Investment/Registered Account Fee for Eligible Withdrawal

$50: Fee for a transfer to another Financial Institution

Free : Fee for a transfer to another member of Scotiabank Fee.

$50 if you close your Account Scotia: Fee to Close Account

Tax-Free Savings Account (TFSA)

Free: Investment/Registered Account Fee for Eligible Withdrawal1

$50: Fee for a transfer to another Financial Institution

Free: Fee for a transfer to another member of Scotiabank Fee.

N/A: Fee to Close Account

Scotia Registered Education Savings Plan

N/A:  Investment/Registered Account Fee for Eligible Withdrawal1

$50: Fee for a transfer to another Financial Institution

Free: Fee for a transfer to another member of Scotiabank Fee.

N/A: Fee to Close Account

Scotia Registered Disability Savings Plan

N/A : Investment/Registered Account Fee for Eligible Withdrawal1

$50: Fee for a transfer to another Financial Institution

Free:Fee for a transfer to another member of Scotiabank Fee.

N/A: Fee to Close Account

example on the right!

link:https://www.scotiabank.com/ca/en/personal/investing/fees-at-a-glance.html

Interest Rate: In scotiabank there are GIC investments! ( Guaranteed Investment Certificates) meaning your money will be secure and you wouldn't have to worry about your it. GIC is very beneficial and suitable for most people who are risky about their money. Here is a list of some examples that I found on their website

Here is what it offers!

0.50%1

On an 10-month term (annual rate)

Non Redeemable GICs

, 0.50%1

0.30%1

On a 1 year Cashable GIC

Cashable GIC

0.30%1

0.40%1

On a 15 -month term (annual rate)

Personal Redeemable GICs

0.40%1

0.15% up to 4.00%

Over a 3-year term: not an annual rate

Market Linked GIC - Scotiabank Canadian Top 60

0.15% up to 4.00%

examples on the right !

link: https://www.scotiabank.com/ca/en/personal/rates-prices/gic-rates.html

For my second option I decided to do investments. Investments provide four suitable and beneficial things for you! Such as: Goals,Plans,Services and Products. For an example there is Retirement Register Saving Plan ( RRSP) it is a goal for you to save for your retirement in other words private pension plan.

Accounts to be considered GIC account

Associated Fees: Here is what I found for associated fees while doing research!

Link: https://www.scotiabank.com/ca/en/personal/credit-cards/fees.html

Credit Card fees provide you too choose the right and well benefited credit card for yourself and it helps you as well chose a transaction fee ( a price or charge that has to pay on the right time when it measures a customers automatic payment) here are some examples:

Offerings:

Dishonoured payment fee $48.00 No Change

Non-sufficient funds fee$ 48.00 No Change

Replacement sales draft cash advance draft or monthly statement fee$ 5.00 No Change

Overlimit fee$ 29.00 No Change

Foreign currency conversion 2.5% No Change Balance

Balance transfer fee $3.50 $5.00

Cash advance counter fee $3.50 $5.00

Cash advance counter fee Canada $7.50 No change

Change Cash advance fee (including cash-like transactions) $4.00 $5.00

Scotia Credit Card Cheque fee $3.50 $5.00

Promotional low rate fee

3% of each transaction amount (min. fee of $3.50)

3% of each transaction amount (min. fee of $5.00)Fast Card fee4

$20.00

No Change Credit Balance Administration fee5

The lesser of $25.00 or the amount of credit balance.

No Change

examples are here on the left!

Interest Rate: The interest rate depends on which card you have. For instance if you have a Scotia Momentum Mastercard Credit Card the purchased interest rate would be 19.99%^2 and the cashed advanced rate ( a load by the bank for having or using a credit card to secure your cash). So the cashed advanced rate would be 22.99%. Other credit cards to be considered: Scotiabank GM VISA Card, Scotiabank Platinum American Express Card,SCENE VISA Card etc.

One of the options that I choose were credit cards. They have different types of credit cards such as: Travel and Lifestyle, Cash Back Credit Cards Low,Interest Credit Cards,No Annual, Fee Cards,Student etc. Scotiabank also provides beneficial tools such as Credit Card Tools and Scotiabank Rewards Calculator as well as services which include Manage Your Card Order, Supplementary Cards and Welcome Kits

link:https://www.scotiabank.com/ca/en/personal/rates-prices/credit-card-rates.html

An account that is considered in this area is Chequing : Debit Credit Card