Expired Hot Deals

[Scotiabank] $600 Cash back with new / switched mortgage and new account

  • Last Updated:
  • May 8th, 2021 1:04 pm
[OP]
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Nov 25, 2010
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Laval

[Scotiabank] $600 Cash back with new / switched mortgage and new account

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Expiry:
July 29, 2021
Retailer:
Scotiabank
More offers from Scotiabank
Switched my mortgage earlier this month to Scotia and was considering also opening an account with them. Today I saw that I will get $600 back if I do, so it's a no brainer.

Conditions:

First $300, I believe this was already posted
Open a new Ultimate Package or Preferred Package account (the “Eligible Account”) by July 29, 2021; and
Complete any two (2) of the following activities in the 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; and

To qualify for an additional $300 under the Double the Cash Offer, you must:

Meet all of the Package Offer Conditions above;
Obtain approval on a new or switched residential mortgage for which an application has been initiated and approved between April 1 to July 29, 2021 and funded before September 30, 2021; and

Please delete if it was posted before, a search didn't find it for me.
17 replies
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Apr 29, 2018
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SOFR is coming. This is not the time to switch mortgages or agree to new terms
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Feb 9, 2009
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kramer1 wrote: SOFR is coming. This is not the time to switch mortgages or agree to new terms
Can u elaborate more on this??
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densil_lopez wrote: Can u elaborate more on this??
Just watch this -

Last edited by kramer1 on Apr 26th, 2021 6:06 pm, edited 1 time in total.
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Oct 8, 2006
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I went with HSBC. There was 2000 cashback for mortgages over 500k. More or less depending on your mortgage. It had most of the same offers with the account you get (I think this was discussed on another forum as well). $300 for 25k deposit/investment. $200 payroll. $150 PAD (3 payments), $88 for 3 bill payments, $50 (2 wire transfers). And they're rate was great 1.19% variable. And account is free because mortgage is over 500k.

I think if you have lower than 500k you get the lower tier which now that I think about it, is kind of better. All the same as above except that you only get $200 for a 5k deposit/investment.

All accounts are free with mortgage. I wouldn't pay for an account...
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killoverme wrote: And TLDR?
I really don't understand finance very well. So will leave that honour for someone else.

But all the bank management talking about this seem to be mentioning things like "fairness to customers", "equitable rates" and "adding new legal language to mortgage contracts"

EDIT: I really don't want to cause people to panic, as I donot know exactly how spread rates are applied. Also if one compares SOFR & LIBOR, the new rates are slightly lower. However, I think, the static spread rates are added to these new rates. Which would mean that Interest rates will go up, significantly. This will happen wether your mortgage is fixed rate or variable, as the base rate is going up.

I would love to get some clarity on this
Last edited by kramer1 on Apr 26th, 2021 9:45 pm, edited 1 time in total.
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kramer1 wrote: I really don't understand finance very well. So will leave that honour for someone else.

But all the bank management talking about this seem to be mentioning things like "fairness to customers", "equitable rates" and "adding new legal language to mortgage contracts"
I tried to do a little googling... Was aiming for a site that explained how it affects me... I had to switch my mortgage recently... and went variable.. it seems not to affect fixed people, only variable. Not sure if it's a good thing or a bad thing...

Are you sure it affects us? I keep reading stuff about CORRA and SOFR is purely U.S. and tried to see something about us adopting it and can't seem to find any relevant articles.
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killoverme wrote: I tried to do a little googling... Was aiming for a site that explained how it affects me... I had to switch my mortgage recently... and went variable.. it seems not to affect fixed people, only variable. Not sure if it's a good thing or a bad thing...

Are you sure it affects us? I keep reading stuff about CORRA and SOFR is purely U.S. and tried to see something about us adopting it and can't seem to find any relevant articles.
This is worldwide, however as the regulators are just getting done with the policy changes, banks would have just started on this. Thus the lack of info. Anything using LIBOR will be affected as the LIBOR end dates have been announced. They have also announced the "static spread rates" in March 2021. Not too sure how they will affect things, but it seems to be a big deal. This all is mentioned in that video I shared. It is worth watching.
[OP]
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Nov 25, 2010
104 posts
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Laval
This offer is independent from cashback, I got some cashback as well, my mortgage was only just over 200k. I missed the perfect time to switch and ended up with 1.45%, not insured. Still better than what I had before.
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Oct 2, 2019
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kramer1 wrote: SOFR is coming. This is not the time to switch mortgages or agree to new terms
What do you mean? If you’re mortgage is up for renewal, why wouldn’t you switch now?
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What is the 5 year fix rate they are offering??
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R.I.P Steve jobs...!!
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Aug 29, 2017
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Any of these banks cover the braking penalty? I have 5 year fixed (1 year left) @2.8. I really like to move to variable but penalty is too much that defeat the purpose
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Dec 15, 2020
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Pouyanem wrote: Any of these banks cover the braking penalty? I have 5 year fixed (1 year left) @2.8. I really like to move to variable but penalty is too much that defeat the purpose
Banks don't cover penalties, but you can roll 3k of the penalty into your mortgage when you switch
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Oct 2, 2019
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Pouyanem wrote: Any of these banks cover the braking penalty? I have 5 year fixed (1 year left) @2.8. I really like to move to variable but penalty is too much that defeat the purpose
Unless you think the rates will go even further down, it’s not worth it. The penalty will negate any saving you think you’ll get
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I guess there's no bonuses for APPLYING for a Scotia mortgage? (new) lol
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killoverme wrote: I went with HSBC. There was 2000 cashback for mortgages over 500k. More or less depending on your mortgage. It had most of the same offers with the account you get (I think this was discussed on another forum as well). $300 for 25k deposit/investment. $200 payroll. $150 PAD (3 payments), $88 for 3 bill payments, $50 (2 wire transfers). And they're rate was great 1.19% variable. And account is free because mortgage is over 500k.

I think if you have lower than 500k you get the lower tier which now that I think about it, is kind of better. All the same as above except that you only get $200 for a 5k deposit/investment.

All accounts are free with mortgage. I wouldn't pay for an account...
Does the $2000 include "$300 for 25k deposit/investment" etc.? So you get ~$1200 for simply opening an account and do nothing?
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sneakerfan wrote: Does the $2000 include "$300 for 25k deposit/investment" etc.? So you get ~$1200 for simply opening an account and do nothing?
no the $2000 is cashback from the mortgage.

The $300 + 150 + 88 + 50 is from the account opening.

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