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Scotia Professional® Student Plan (SPSP) Line of Credit $300 Incentive Program and Scotiabank $350 Ultimate Package Offer

Terms and Conditions 

The Scotia Professional Student Plan (SPSP) Line of Credit $300 Incentive Program is offered by The Bank of Nova Scotia (Scotiabank) to eligible participants between October 4, 2021, and December 16, 2021, and is a separate offer from the Scotiabank $350 Ultimate Package Offer, which is offered by Scotiabank to all eligible clients who open a new Ultimate Package by December 16, 2021, and meet all offer conditions. These offers can be combined by an eligible participant, up to a maximum bonus of $650. Either offer may be changed, cancelled or extended at any time without notice.


SPSP Line of Credit $300 Incentive Program Conditions:


The SPSP Line of Credit Incentive Program provides eligible participants (“Participants”) with a $300 monetary incentive (the “SPSP Incentive Payment”) to open an SPSP Line of Credit. To be eligible to receive the SPSP Incentive Payment a medical student must:

  • sign up for the onboardMDTM newsletter by December 31, 2021;
  • apply for a new SPSP Line of Credit between October 4, 2021, and December 16, 2021 (the “Offer Period”); 
  • if approved, open the new SPSP Line of Credit by December 31, 2021;
  • not have previously received an SPSP Incentive Payment by opening of an SPSP Line of Credit under a previous offer;
  • have an active Scotiabank chequing account (see below for an additional $350 offer for new Scotiabank Ultimate Package clients); and
  • be registered in a Canadian medical school program (excluding residency or fellowship programs).

Be advised that your SPSP Line of Credit is subject to credit approval by Scotiabank.


The $300 will be deposited into the eligible Participant’s Scotiabank chequing account on or before March 31, 2022.


Each Participant can qualify for only one SPSP Incentive Payment. This offer may not be combined with any other MD or Scotiabank offers except as otherwise permitted.


MD may at its sole discretion extend the SPSP Incentive Program end date of December 16, 2021, or, alternatively, terminate the SPSP Incentive Program at any time without notice.


Scotiabank $350 Ultimate Package Offer Conditions: To qualify for the $350 offer (the “Offer”), you must:

  1. Open a new Ultimate Package (“Eligible Account”) by December 16, 2021; and
  2. Complete any two (2) of the following activities in your 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 (1) eligible automated and recurring direct deposit, such as payroll or pension, which will recur monthly for a minimum of three (3) consecutive months.

Click here for a list of eligible direct deposits, pre-authorized transactions and online bill payments. Notwithstanding a transaction may be included in these lists, certain exclusions may still apply and Scotiabank reserves the right to modify these lists and to determine whether a specific direct deposit, pre-authorized transaction or bill payment is eligible for the Offers. Fund transfers initiated to other Scotiabank accounts (one time or recurring, e.g., credit card or savings account), to chequing or savings accounts held at other financial institutions, or to payment processing firms, are not eligible for the Offers.


Eligibility and Exclusions: Individuals who are currently holders of a Scotiabank Chequing Account are not eligible for the Offers. Individuals who were previously holders of a Scotiabank Chequing Account within the last two (2) years are not eligible for the Offers. “Scotiabank Chequing Account” means any of the following accounts: Ultimate Package, Preferred Package, Scotia One Account, Basic Plus Bank Account, Basic Banking Plan, Basic Bank Account, Momentum Chequing, Power Chequing, Scotia One Service, Scotia Value, Student Banking Advantage Plan. Employees of Scotiabank are also not eligible for the Offers.


General Terms: The $350 Ultimate Package cash bonus will be deposited to the Eligible Account within six (6) months from account open date provided all Offer conditions outlined above have been met. The Eligible Account must be open and in good standing until the time of payout of the cash bonus. The Eligible Account is not in "good standing" if: (i) it has a negative balance exceeding the authorized overdraft limit, or (ii) it has been in continuous overdraft for a period of three consecutive months. These Offers are non-transferable and may not be duplicated. Limit of one (1) Offer per customer, regardless of the number of Eligible Accounts opened. If more than one (1) Eligible Account is opened, only the first Eligible Account opened will be eligible for the Offer. For joint accounts, only one (1) cash bonus Offer will be applied to the primary account holder’s Eligible Account. All rates, fees, features and benefits are subject to change. Offers may be changed, cancelled or extended at any time without notice and cannot be combined with any other offers.


Sharing of Information


Scotiabank and MD collect personal information in order to enable Scotiabank and MD to understand and meet your financial needs and to determine your eligibility for the various products and services of Scotiabank and MD, to provide you with routine financial services related to credit and insurance products (as permitted by law) and to protect your interests and those of Scotiabank and MD. By opening an SPSP you agree to provide Scotiabank and MD with the necessary information about you for the purposes mentioned in this paragraph, including to allow MD to deposit the SPSP Incentive Payment to your bank account, to obtain personal information about you from any person likely to have such information or to confirm its accuracy (credit reporting and assessment agencies, financial institutions, public registries, regulatory authorities and organizations, employers, professionals and individuals given as references). In addition, you authorize Scotiabank and MD to exchange between themselves (where legislation permits) and Scotiabank for the purposes of carrying out the terms of this SPSP Incentive Program. For more information about how MD collects and uses your personal information please consult the MD Financial Management Privacy Agreement (

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Banking and credit products and services are offered by The Bank of Nova Scotia (Scotiabank). Credit and lending products are subject to credit approval by Scotiabank. All offers, rates, fees, features, reward programs and benefits and related terms and conditions are subject to change.