anitavirginia said

Does anyone have an idea about expiry date.
Thanks.  

If it's anything like the last promo, there is no end date, it will just end without notice. I suspect the offer will run for several more months, but what do I know.

anitavirginia said
Could anyone inform me as to the expiry date of this offer. I seem to not be able to see it in the terms and conditions.
i.e. will it be available in June and July 2026  

Does anyone have an idea about expiry date.
Thanks.

National Post: The CRA spent $18M on 'Charlie,' a new tax information chatbot that is wrong most of the time reported that Auditor General found the CRA chatbot only answered 2 of 6 tax questions correctly. 33% accuracy.

In contrast, CBC: In scathing report, AG finds CRA call centres are slow to answer and often inaccurate reported that CRA call centre agents only gave correct answers 17% of the time to non-account-specific personal tax questions!

EQ Bank's chatbot gave opposing answers to the same question minutes apart, depending on how one phrases the question.

AI failing at simple tasks like this - it's why I distrust the hype.

RetirEd said
Why on earth would anyone use ChatGPT for banking info instead of a real source?  

After looking at the Scotia website and going to 2 or 3 links attempting to get to the exact terms and conditions, I gave up and used ChatGPT. I find it and Gemini both to be useful tools for many scenarios. BUT of course you still need to verify details before going forward. For fun I asked your exact question to ChatGPT and here is the answer…

“People shouldn’t use ChatGPT as the only source for banking decisions. Banks change rates, terms, limits, and fine print constantly. For anything involving money, the safest approach is always to verify directly with the bank’s official documents or customer service.

Where ChatGPT can still be useful is:

* translating confusing banking language into plain English
* helping compare products or identify questions to ask
* spotting details hidden in promotional wording
* summarizing long terms and conditions
* helping calculate examples (“what would 5% for 90 days on $1M roughly earn?”)

For example, with a promo savings account, a human-readable explanation can help you notice things like:

* whether the rate applies only to “new deposits”
* whether there’s a balance cap
* whether “relationship balance” changes eligibility
* whether the promo rate is annualized
* when interest is actually paid

But the final confirmation should come from:

* the bank’s official promo page
* the legal terms
* a branch advisor or phone rep

That’s why when accuracy matters, I’ll often recommend checking the official source too — and if needed, I can help interpret the fine print after you find it.”

“Yes — based on the current terms, if you open a new Scotia High Interest Savings Account and deposit $1,000,000, you should receive the full promotional rate on the entire $1,000,000 for the 90-day promo period, assuming you meet the eligibility rules.

The key point is that the “$500,000 Total Relationship Balance” is not a separate minimum outside the HISA. Your HISA balance itself counts toward that relationship balance.

So in your example:

* Existing Scotia relationship: $0
* New Scotia HISA deposit: $1,000,000
* Total Relationship Balance: $1,000,000

That would place you in the top balance tier for the regular interest component.

A few important details from the terms:

* The promo applies only to new HISA clients who have not held a Scotia HISA or MomentumPLUS Savings account in the past 2 years.
* The promotional rate currently appears to be made up of:
* regular interest up to 2.20%
* plus promotional bonus of 2.80%
* totaling 5.00% annualized.
* The promo rate applies for 90 days only.
* The promo is capped at a maximum HISA balance of $1,000,000.
* Interest is calculated daily and paid monthly.

Approximate gross interest on $1,000,000 at 5% for 90 days:

1{,}000{,}000 \times 0.05 \times \frac{90}{365} \approx 12{,}329

So roughly about $12,300 before tax over the 90 days, assuming the rate remains unchanged during the promo period.“

The advisor is actually a mutual fund salesperson. One advisor at TD Canada Trust tried something like that with me. I refused to provide any info for the Know-Your-Client form. I told him regulatory wise no KYC is needed from existing TD bank account holders to put money into a GIC.

Briguy said

You should only need to see an advisor for identity verification if you're not already a Scotiabank customer. If you already had a chequing account , for example, you should be able to open up this savings account online without seeing anyone.  

Agreed, I did make it clear to the tellers I was an existing customer.

JohnnyCash said

I enquired at a branch with a teller about opening the account, they insisted I would need to see an adviser. I didn't buy it and asked they why it was necessary, they couldn't answer the question. As it turned out an advisor was free for a few minutes and explained the reasoning being they wanted the client to be aware what other investment options were available. I'll leave the rest to your imagination.  

You should only need to see an advisor for identity verification if you're not already a Scotiabank customer. If you already had a chequing account , for example, you should be able to open up this savings account online without seeing anyone.

NorthernRaven said
"Come, let us give you a flashy interest rate for a short time, while we try and pump up that Total Relationship Value by selling you our mutual funds with fees from 1-2%." 🙂  

I enquired at a branch with a teller about opening the account, they insisted I would need to see an adviser. I didn't buy it and asked they why it was necessary, they couldn't answer the question. As it turned out an advisor was free for a few minutes and explained the reasoning being they wanted the client to be aware what other investment options were available. I'll leave the rest to your imagination.

GR said
The heading here is misleading. The promo rate varies between 3.55% and 5% for your first HISA, depending on amount of total relationships, minimum $10,000.  

Yeah, the heading was kind of like click-bait. I might still take advantage of it when the current promo I'm on elsewhere ends.