Canadian High Interest Savings Bank Accounts

Interesting. Basically, it beats the MBNA Smart Cash card by 1% in the grocery, gas, drug store, and recurring bill payment categories. Thus, you'd have to spend $10000 in these categories each year just to break even (well, to come out $1 ahead), which seems like quite a bit. The MBNA card is still better in my opinion.

The annual fee is a turnoff, however 4% cashback, that is awesome. Even with the fee, this is better than the MBNA Smart Cash Card. Really, I spend about 250 bucks a week in gas and groceries alone and rising each month. Thats $520 a year in cashback and with the annual fee of $129 (wife has a card) that's still $391; if I have the MBNA smart cash card I would only get at most $274 per year. So being ahead by $117, and this does not count all my bill payments at 2% cashback, where I have about $5000 worth of bills that can be debited from my visa automatically. That is another $100. This card is great, however I'm sure stores are not liking this though.

It should be noted that when they speak of $30 for an additional card, this only means if you have a supplementary card – not if you are joint on a card.

If you and your spouse both apply for the card, it is just the $99/year fee. It would just be considered a joint credit card.

The card was launched in conjuntion with Scotia's new moneyback bank account. An account that gives you 1% cashback on everything that you spend. It is their premier account now and gives TD and RBC a good run for their money. Unlimited debit transactions and two non-Scotia ABM withdrawls per month. The fee is $14.95/month which is better than most other banks (for unlimited)(notice I didn't say credit union) and you would actually get money back from using your debit card if you spend more than $1500 in a month! A good option for people that don't qualify for credit or rabid spenders.