VI

Here we are at our second last segment on banks and what they can offer for small businesses. We are going to take a look at Scotiabank and some of the areas they can take care of. As a whole they have so much pertinent information just looking online. Information anywhere from how to start your business, registering your business name, growing and increasing your business and its profits all the way to selling your business. The information seems endless which is so true when it comes to businesses. We are always learning.

 

They have a handful of different accounts related to business depending on what exactly you are looking for including paying per transaction if you have a lower amount of movement.

 

Plan A Monthly fee of $18.00

Fee rebate at $15,000

25 Transactions 50 Deposit items

Cash deposit of $6000

Plan B Monthly fee of $35.00

Fee rebate at $30,000

70 Transactions 60 Deposit items

Cash deposit of $8000

Plan C Monthly fee of $70.00

Fee rebate at $40,000

125 Transactions 85 Deposit items

Cash deposit of $10,000

Unlimited Monthly fee of $120.00

Fee rebate at $65,000

Unlimited Transactions Unlimited deposit items

Cash deposit of $30,000

 

They also have some pretty great business savings account depending on your needs and the amount of money being put away. With these savings accounts your balance can fall into different tiers of interest rates anywhere from 0.8% to 1.7%. Another large area they can assist with is credit cards and business loans/lines of credit. With the options to find what is going to fit your business in the now but the ability to change as your business changes.

business-banking

Scotiabank Passport Visa Infinite Business Card $199 annual fee. $0 for second card, $50 for additional cards 19.99% Interest rate on purchases

22.99% on cash advances

1.5 Scotia Rewards Points for every $1 spent
Scotia Momentum for Business Visa Credit Card $49 annual fee

$29 for additional cards

19.99% interest rate on purchases

22.99% cash advances, balance transfers, and credit card cheques

Up to 3% cash back on everyday business purchases
Scotialine for Business Visa Credit No annual fee or cost for additional cards Interest rate fluctuates
Visa Business Credit Card Gold card annual fee of $105

Silver card annual fee of $75

19.99% Interest rate on purchases

22.99% on cash advances

1% cashback on certain purchases
Scotiabank GM Visa Business Card $79 annual fee $29 for each additional card 19.99% interest rate on purchases

22.99% cash advances, balance transfers, and credit card cheques

$1 in GM earnings equals $1 towards purchase price or lease.

 

Scotiabank also has numerous types of loans including the line of credit and overdraft protection. Depending on what your business needs will depend on the types of loans you could be approved for. Going in and speaking with the branch will give you a better idea on what exactly suits your individual needs. You also have the option of applying online for a loan if you meet certain criteria set out in their guidelines. It is always important to consider speaking to someone face to face such as a financial business advisor at the branch to ensure everything is in place and fully understood.

 

Lastly they have a number of payments and merchant services. What really stands out is their Bulk Interac e Transfer. You are able to set up groups of e transfers that can be sent out at one time instead of individual payments. Scotia also has the portable machines to take payments wherever you need. They are partnered with Chase with competitive rates. Overall Scotiabank has so much to offer in terms of small business banking. The information they provide is very insightful along with the different accounts they hold.

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