Scotiabank Smart Savings Tools Agreement

This Scotiabank Smart Savings Tools Agreement (this “Agreement”) applies when you enrol in any feature of the Scotiabank Smart Savings Tools.  This Agreement is in addition to the terms and conditions of the Day-to-Day Banking Companion Booklet as well as the Digital Access Agreement which you accepted in order to access or use the services and features offered through Online Banking and Mobile Banking (as defined in the Digital Access Agreement).  In this Agreement, “we”, “us”, “our” and “Scotiabank” means The Bank of Nova Scotia and our subsidiaries and affiliates, if applicable, and “you” or “your” mean the individual who enrols in the Automated Smart Savings Tools.

“Account” means any and all deposit accounts you have with Scotiabank in Canadian Dollars, excluding the Getting There Savings Program®. The terms and conditions governing your Account are set out in your Day-to-Day Banking Companion Booklet. 

“Designated Date” is the next business day after the day on which your Recurring Deposit has been accepted for deposit in your Source Account.  

“Eligible Source Account” means a personal chequing Account that is open, active, in Good Standing, and either a sole Account or joint Account that is set up as “Anyone to sign”.  

“Eligible Target Account” means an Account that is Money Master Savings Account that is open, active, in Good Standing and either a sole Account or joint Account that is set up as “Anyone to sign”. 

“Funding Account Balance Limit” means the minimum balance of your Source Account that will be required before the Smart Savings Tool in which you have enrolled will transfer money from your Source Account to your Target Account.  For example, if your Source Account balance is below the Funding Account Balance Limit, then the applicable Smart Savings Tool will not move money from your Source Account. By default, the Funding Account Balance Limit is set at $200 for clients who have enrolled in the Savings Finder option and $400 for those that have enrolled in the Pay Yourself First option. You can change your Funding Account Balance Limit in the  “Manage” section in the Scotia mobile app. 

“Good Standing” An Account is considered to be in Good Standing under the following conditions: (i) there is no negative balance in excess of the authorized overdraft limit, (ii) Account has not been in continuous overdraft for a period of three consecutive months, and (iii) you are not in breach of your obligations set out in Day-to-Day Banking Companion Booklet.

“Monthly Savings Amount” means the savings target amount that you have selected  which will be the maximum amount you wish to have transferred in one month from your Source Account to your Savings Account under the Savings Finder option.  You can make changes to your Monthly Savings Target in the “Manage” section in the Scotia mobile app. For the Savings Finder option, the minimum amount you can save is $10 per month. The maximum you can save is $900 per month. 

“Pay Yourself First” means the Smart Savings Tool option described in section 3 below.

“Recurring Deposit” means the recurring deposit or income source that is identified in the Source Account that you have selected as part of your enrolment in the Pay Yourself First option. You have the option to select a different Recurring Deposit if you have more than one eligible recurring deposit.  You can change your Recurring Deposit   by unenrolling and re-enrolling into the Smart Savings Tools using the other recurring deposit.

“Savings Finder” means the Smart Savings Tool option described in section 3 below.

“Savings Amount” means the amount that you have selected as the maximum amount of your Recurring Deposit you wish to have transferred from your Source Account to your Target Account under the Pay Yourself First option.  Your Savings Amount selected cannot exceed fifty percent (50%) of the amount of your Recurring Deposit or more than $10,000.  You can make changes to your Savings Amount in the “Manage” section in the Scotia mobile app.

“Smart Savings Tools” means collectively the Savings Finder or the Pay Yourself First savings tool options.

“Source Account” means the Eligible Source Account from which money will be taken and transferred to your selected Target Account through the Smart Savings Tools.  As part of your enrolment, you can designate which Eligible Source Account you want the Smart Savings Tools to take funds from to deposit into your Target Account.  If you have more than one Eligible Source Account, you may change your designated Source Account by unenrolling and re-enrolling into the Smart Savings Tools using the other Source Account.

“Target Account” means the Eligible Target Account to which money will be transferred to from your selected Source Account through the Smart Savings Tools. As part of your enrolment, you can designate which Eligible Target Account you want the Smart Savings Tools to deposit the transfers from your Source Account.  If you have more than one Eligible Target Account, you may change your designated Target Account by unenrolling and re-enrolling into the smart savings tools using the other Target Account.

All other capitalized terms herein, not specifically defined herein, shall have the meaning set out in your Day-to-Day Banking Companion Booklet as it may be amended from time to time.

The Smart Savings Tools analyze the transaction data (including your spending and saving patterns) in your Source Account over a rolling three-month period, identify funds that appear available for saving, and automatically transfer them to your Target Account.

There are two Smart Savings Tool options.  You may enrol in only one of the following options at a time:

Savings Finder

Under this option, funds may automatically be transferred  from your Source Account to your Target Account based on the transaction information (such as your spending and saving patterns and incoming funds) in your Source Account and your Funding Account Balance Limit. The range of amounts and frequency of such transfers is set by us.  We may amend these ranges and frequency, from time to time, without prior notice to you (for more information on the current ranges and frequencies please refer to the FAQs section in Scotia Smart Money by Advice+ on the Scotia mobile app )    

By enrolling in this option, you authorize us to transfer money from your Source Account to your Target Account. The amount of a single transfer will not exceed $75 and the transfers will not be more frequent than 3 times per week   . Within a calendar month, we will not transfer more than the Monthly Savings Amount that you have set. You acknowledge and agree that we will not provide any prior notice of the amount and timing of such transfers.  Further, you acknowledge and agree that the actual amount and frequency of any such transfer will be determined by us and may vary depending on the transaction activity in your Source Account over the three-month period prior to the transfer and your Funding Account Balance Limit.   

You will receive notifications once a month alerting you to the amount that has been transferred from your Source Account to your Target Account .  

Pay Yourself First

During your enrolment for this option, you will have identified your Recurring Deposit which will be the funds used to determine the timing and the amount of the funds (up to the Savings Amount) that may be automatically transferred from your Source Account to your Transfer Account. However, the actual amount of such transfers may vary depending on your transaction activity (including spending patterns, expenses, and incoming funds) in your Source Account over the three-month period prior to the transfer and your Funding Account Balance Limit.

By enrolling in this option, you authorize us to transfer money from your Source Account (up to the Savings Amount) to your Target Account on or about the Designated Date. You acknowledge and agree that we will not provide any prior notice of the amount and timing of such transfers.  Further, you acknowledge and agree that the actual amount of each transfer will be determined by us and may vary depending on the availability of the Recurring Deposit, your transaction activity in your Source Account over the three-month period prior to the transfer and your Funding Account Balance Limit. 

After every transfer, you will receive a notification alerting you to the amount that has been transferred from your Source Account to your Target Account. 

The following conditions apply to each of the options under the Smart Savings Tools:

• There are no fees related to the Smart Savings Tools.
• Subject to the terms of your Account as set out in your Day-to-Day Banking Companion Booklet, you may withdraw funds from your Target Account at any time.
• In addition to transfers made automatically by the Smart Savings Tools, you may transfer funds from any of your Source Account to your Target Account. There are no limits on the amounts or number of such transfers.

The automatic transfer of funds from your Source Account to your Target Account by the Smart Savings Tools will not be considered a debit transaction for purposes of the number of debit transactions included in your monthly account fees.

Enrolment

Following conditions must be met to enrol in the Smart Savings Tools:  

• You may only enrol in one Smart Savings Tool option (either Pay Yourself First or Savings Finder) regardless of how many Accounts you may have with us;
• You must have an Eligible Source Account;
• You must have an Eligible Target Account; and 
• You must be enrolled into Scotia Smart Money by Advice⁺.

Important Information about Joint Accounts and Joint Account Holders:

Only Source Accounts or Target Accounts that are jointly held and that are designated as “any one to sign” are eligible for enrollment in the Smart Savings Tools. Joint Target Accounts and/or Source Accounts that are designated as “multiple to sign” are not eligible for the Smart Savings Tools.

The eligible joint Source Account or joint Target Account can be enrolled into one of the Smart Savings Tools options by only one joint account holder. Once enrolled, only the joint account holder who has enrolled in the Smart Savings Tool option will have the ability to unenroll and/or to make changes to the applicable Smart Savings Tools settings in the Scotia mobile app.

The joint Source Account or joint Target Account that has been designated as Source Account or Target Account as part of the  Smart Savings Tools cannot be designated by the other joint account holder to be Source Account or Target Account for their own  Smart Savings Tools settings. For example, if Person A and Person B have a joint Preferred Package account and Person A designates the joint Preferred Package account as their Source Account, Person B cannot designate the same joint Preferred Package account as their Source Account for purposes of the Smart Savings Tools.

Unenrolment

You will be automatically unenrolled from the Smart Savings Tools if you meet one or more of the following conditions:

• If you close your Source Account or Target Account or unenroll either the Source Account or Target Account from the Smart Savings Tools
• If you unenroll from Scotia Smart Money by Advice+ feature
• If the Smart Savings Tools is unable to transfer money from the Source Account to the Target Account for a consecutive period of one year due to insufficient funds or any other reasons whatsoever.

Please note that you can unenroll from the Smart Savings Tools at anytime in the “Manage” section in the Scotia mobile app.

If you are automatically unenrolled or you unenroll yourself, you will need to re-enrol and meet all of the enrolment requirements in effect in order to get the benefits of the  Smart Savings Tools.

Interest on the credit balance in your Target Account will be paid in accordance with the terms of your Day-to-Day Banking Companion Booklet.

In addition to the interest payable on your Target Account, you will be eligible to earn the bonus interest ("Bonus Interest") on the daily account closing balance in your Target Account enrolled in one of the Smart Savings Tools options.  Within  approximately 5 business days after you have successfully enrolled your Target Account in one of the Smart Savings Tools options  and for so long as it continues to remain enrolled, your bonus interest rate will be applied daily to the entire daily account closing balance. 

Your Bonus Interest will be calculated daily and payable monthly.  The bonus interest rate is an annual rate and is subject to change with or without notice. For the current bonus interest rate please go here.

This Bonus Interest cannot be combined with any other bonus interest offer applicable to your Target Account.  If you accept an offer for any other or additional bonus interest offer on your Target Account, you will no longer be eligible to receive the Bonus Interest and such Bonus Interest will automatically no longer be applied to your Target Account as of the date of your acceptance of any such offer.

Manage section allows you to change the following preferences:

By agreeing to enrol in any feature of the Scotiabank Smart Savings Tools, you consent to receive electronic messages that notify you when the Bonus Interest offer is expiring and what interest rate will take effect after the Bonus Interest offer expires, via your e-mail address we have on record and/or through Scotia mobile app.

You agree that you may also, from time to time, receive notifications related to the Smart Savings Tools in the “Insights” section under the Scotia Money by Advice+ on the Scotia mobile app, including:

While the Smart Savings Tools take steps to try and avoid transfers from your Source Account to your Target Account that may cause an unauthorized overdraft in your Source Account or reduce your minimum account balance below that is required to waive or rebate your monthly account fees, we cannot avoid unauthorized overdraft or monthly account fees at all times especially when you make a transaction that was not anticipated by us. In such event, you may be subject to charges related to any such unauthorized overdraft (including any NSF fees) or be charged your monthly account fees (for more information on charges related to overdrafts and/or monthly account fees, review see your Day-to-Day Banking Companion Booklet). You acknowledge that you are solely responsible for the fees that may be charged in accordance with your Day-to-Day Banking Companion Booklet. 

In case you were charged an overdraft fee, NSF fee or monthly account fee as a direct result of Pay Yourself First or Savings Finder transfer, then you may call us at  1-888-246-1149 or reach out to an advisor at your nearest branch and the fee will be reversed or refunded.

Changes/Terminations.  We may change any of the terms of this Agreement, the manner in which the Smart Savings Tools may be offered or provided or terminate this Agreement for any reason at any time with or without notice to you.

Cancelling/Suspending the Smart Savings Tools.  We may cancel or suspend your ability to use the Smart Savings Tools for any reason without notifying you in advance.

Limitations of Liability.  You acknowledge that the limitations of liability set out in the Day-to-Day Banking Companion Booklet, the Digital Access Agreement, and any other applicable agreements you have entered into with us also apply to the Smart Savings Tools, as applicable.

Waiver.  Our failure to exercise or delay in exercising any rights does not waive any default or prevent us from enforcing those rights later.

Severability.  If any provision of this Agreement is found to be invalid or unenforceable, this will not affect the validity or enforceability of the other provisions of this Agreement.

Conflict.  In the event of conflict between these terms and conditions under this Agreement and the Day-to-Day Banking Companion Booklet, these terms and conditions under this Agreement will apply to our provision of the Smart Savings Tools, the extent necessary to resolve the conflict.

Governing Law.  This Agreement will be governed by and interpreted in accordance with Canadian Law and the laws of the province or territory in which you live, or, if you do not live in Canada, the applicable laws of the province of Ontario.  You agree to submit and be bound by these laws and the courts of that province or territory in the event of any disputes arising in connection with the Smart Savings Tools or this Agreement.

Language: You acknowledge that the French and English versions of this Agreement were remitted to you. You expressly request and agree to be bound exclusively by the English version of this agreement and that all related documents, including any notices, be drafted in English only.