Comments on: Scotiabank’s Let the Savings Begin Bonus http://www.canadiancapitalist.com/scotiabanks-let-the-savings-begin-bonus/ Helping you invest and prosper Sun, 12 Feb 2012 00:54:40 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Canadian Capitalist http://www.canadiancapitalist.com/scotiabanks-let-the-savings-begin-bonus/#comment-238990 Canadian Capitalist Wed, 04 Aug 2010 14:47:34 +0000 http://www.canadiancapitalist.com/?p=4037#comment-238990 @James: If you are an insider, of course you'd call it a terrific concept! :) @James: If you are an insider, of course you’d call it a terrific concept! :)

]]> By: JAMES MOUSSEAU http://www.canadiancapitalist.com/scotiabanks-let-the-savings-begin-bonus/#comment-238789 JAMES MOUSSEAU Wed, 04 Aug 2010 00:40:04 +0000 http://www.canadiancapitalist.com/?p=4037#comment-238789 never mind the bonus offering , the Bank the Rest concept is a modern day piggy bank way of forced savings. EvEry time you use ayour bank card ( interac) the system automatically rounds off the transaction to the nearest dollar ( or 5 dollars..consumer's choice) and set the change aside for a rainy day. Your saving without even noticing...not painful at all! Let the savings begin WOW!!TERRIFIC CONCEPT never mind the bonus offering , the Bank the Rest concept is a modern day piggy bank way of forced savings. EvEry time you use ayour bank card ( interac) the system automatically rounds off the transaction to the nearest dollar ( or 5 dollars..consumer’s choice) and set the change aside for a rainy day. Your saving without even noticing…not painful at all! Let the savings begin WOW!!TERRIFIC CONCEPT

]]> By: Canadian Capitalist http://www.canadiancapitalist.com/scotiabanks-let-the-savings-begin-bonus/#comment-238503 Canadian Capitalist Tue, 03 Aug 2010 01:34:56 +0000 http://www.canadiancapitalist.com/?p=4037#comment-238503 @gs: I think so. Saving $1,500 over the next year would earn $150. That's really really good and well worth 15 or 20 minutes of your time. And yes, I won't open an account with Scotia just to get that $150. That's really not much of an incentive for the amount of work involved. @gs: I think so. Saving $1,500 over the next year would earn $150. That’s really really good and well worth 15 or 20 minutes of your time. And yes, I won’t open an account with Scotia just to get that $150. That’s really not much of an incentive for the amount of work involved.

]]> By: gs http://www.canadiancapitalist.com/scotiabanks-let-the-savings-begin-bonus/#comment-237897 gs Sun, 01 Aug 2010 00:16:23 +0000 http://www.canadiancapitalist.com/?p=4037#comment-237897 I think the idea is that I would put the absolute minimum in the money master in order to earn 10% guaranteed... which is a pretty damn good rate, if you already have the account open (which I do). Otherwise, I agree with everyone here that it's not really worth the hassle. I think the idea is that I would put the absolute minimum in the money master in order to earn 10% guaranteed… which is a pretty damn good rate, if you already have the account open (which I do). Otherwise, I agree with everyone here that it’s not really worth the hassle.

]]> By: El Gaupo http://www.canadiancapitalist.com/scotiabanks-let-the-savings-begin-bonus/#comment-237865 El Gaupo Sat, 31 Jul 2010 21:32:56 +0000 http://www.canadiancapitalist.com/?p=4037#comment-237865 The Money Master at Scotia pays a pitiful 0.15% on balances over $5,000 as well. The Money Master at Scotia pays a pitiful 0.15% on balances over $5,000 as well.

]]> By: TinyPotato http://www.canadiancapitalist.com/scotiabanks-let-the-savings-begin-bonus/#comment-237840 TinyPotato Sat, 31 Jul 2010 20:08:20 +0000 http://www.canadiancapitalist.com/?p=4037#comment-237840 I recently switched to TD bank for the $250 promotion (I was actually planning on switching to TD the month before to consolidate and simplify my banking so the promotion was a true bonus). I wouldn't switch to BNS for this promotion, but if I already banked with them I would take advantage of it. One thing I would be careful about is to make sure that the automatic "sweeping" of funds into the savings account does not put your balance below the threshold to avoid banking fees. I'm not sure about others, but I usually keep a minimal amount of funds in the chequing account as it pays no interest. As an aside, I switched to iTrade when they had the 1% self-directed RSP promotion. Maybe they'll introduce it again in Jan 2011? I recently switched to TD bank for the $250 promotion (I was actually planning on switching to TD the month before to consolidate and simplify my banking so the promotion was a true bonus). I wouldn’t switch to BNS for this promotion, but if I already banked with them I would take advantage of it.

One thing I would be careful about is to make sure that the automatic “sweeping” of funds into the savings account does not put your balance below the threshold to avoid banking fees. I’m not sure about others, but I usually keep a minimal amount of funds in the chequing account as it pays no interest.

As an aside, I switched to iTrade when they had the 1% self-directed RSP promotion. Maybe they’ll introduce it again in Jan 2011?

]]> By: Tweets that mention Scotiabank’s Let the Savings Begin Bonus | Canadian Capitalist -- Topsy.com http://www.canadiancapitalist.com/scotiabanks-let-the-savings-begin-bonus/#comment-236379 Tweets that mention Scotiabank’s Let the Savings Begin Bonus | Canadian Capitalist -- Topsy.com Tue, 27 Jul 2010 21:35:03 +0000 http://www.canadiancapitalist.com/?p=4037#comment-236379 [...] This post was mentioned on Twitter by Canadian Capitalist, bigcajunman. bigcajunman said: RT @CCapitalist Let the savings begin at Scotiabank http://ow.ly/2h8f8 wasn't that called Interest on savings when I was younger?!?!? [...] [...] This post was mentioned on Twitter by Canadian Capitalist, bigcajunman. bigcajunman said: RT @CCapitalist Let the savings begin at Scotiabank http://ow.ly/2h8f8 wasn't that called Interest on savings when I was younger?!?!? [...]

]]> By: larry macdonald http://www.canadiancapitalist.com/scotiabanks-let-the-savings-begin-bonus/#comment-236354 larry macdonald Tue, 27 Jul 2010 19:14:05 +0000 http://www.canadiancapitalist.com/?p=4037#comment-236354 CC So if one has a portoflio of $100k, that 1% from RBC would translate into $1,000. That would be sweet. CC
So if one has a portoflio of $100k, that 1% from RBC would translate into $1,000. That would be sweet.

]]> By: » Special offers from financial institutions Canadian Business Blogs | Advice on Investment in Canada, Stock Market, Small Businesses Opportunities http://www.canadiancapitalist.com/scotiabanks-let-the-savings-begin-bonus/#comment-236350 » Special offers from financial institutions Canadian Business Blogs | Advice on Investment in Canada, Stock Market, Small Businesses Opportunities Tue, 27 Jul 2010 18:52:33 +0000 http://www.canadiancapitalist.com/?p=4037#comment-236350 [...] offer could be a good deal for existing Scotiabank customers as Canadian Capitalist says. But I do have reservations that it is worthwhile for customers at other banks to switch to [...] [...] offer could be a good deal for existing Scotiabank customers as Canadian Capitalist says. But I do have reservations that it is worthwhile for customers at other banks to switch to [...]

]]> By: Canadian Capitalist http://www.canadiancapitalist.com/scotiabanks-let-the-savings-begin-bonus/#comment-236343 Canadian Capitalist Tue, 27 Jul 2010 18:25:47 +0000 http://www.canadiancapitalist.com/?p=4037#comment-236343 @gs: I think a savings account such as money master account also qualifies. I won't run around setting this up either. If it takes more than 30 minutes, it would be a deal breaker for me. @Sean: Agreed. No sense paying any fees to earn the $150. Also, no sense spending hours filling out forms to try and earn it. I don't have a Scotiabank account but at TD, I can set up a savings account, sign up for Simply Save and a new PAC in less than 30 minutes. If it takes longer, I agree with the comments that it ain't worth it. I used to have a TDW account earlier and my main bank was RBC. To add money to my TDW account, I simply dropped into a branch with a personal cheque made out to TDW. However, I did not require a way to take money out of the TDW accounts, so I never bothered to investigate EFTs to and fro an external bank account. I don't currently see an easy way to set up a EFT at TDW but if I were you, I'd make a quick call to TDW to find out. @Larry: Fair enough. Some special offers, even if they are one off are worth it. A few years back, RBC Direct offered a 1% inducement to switch. Now, *that* is one sweet offer :) @gs: I think a savings account such as money master account also qualifies. I won’t run around setting this up either. If it takes more than 30 minutes, it would be a deal breaker for me.

@Sean: Agreed. No sense paying any fees to earn the $150. Also, no sense spending hours filling out forms to try and earn it. I don’t have a Scotiabank account but at TD, I can set up a savings account, sign up for Simply Save and a new PAC in less than 30 minutes. If it takes longer, I agree with the comments that it ain’t worth it.

I used to have a TDW account earlier and my main bank was RBC. To add money to my TDW account, I simply dropped into a branch with a personal cheque made out to TDW. However, I did not require a way to take money out of the TDW accounts, so I never bothered to investigate EFTs to and fro an external bank account. I don’t currently see an easy way to set up a EFT at TDW but if I were you, I’d make a quick call to TDW to find out.

@Larry: Fair enough. Some special offers, even if they are one off are worth it. A few years back, RBC Direct offered a 1% inducement to switch. Now, *that* is one sweet offer :)

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