Important Notice – Upcoming ISA Fund
Launch& Transfer of Existing ISA Assets
Please be advised that Scotiabank’s Advisor Deposit Services will be launching a new suite of Investment Savings Accounts(ISA’s) in place of our existing ISA’s as of March 5, 2018. As a result of this launch all funds held in existing ISA’s will automatically be transferred to the new ISA’s as of April 20, 2018, close of business.
No action is required by you as the transition will happen automatically. Please note interest on the New ISA products will be calculated on a “Tiered” basis (i.e. interest earned is dependent on the daily balance). New rates can be found below and at https://ads.scotiabank.com. These new products will have new Funds Codes which are also listed below. Please remember to check any dealer administered SWIPs/PACs/Reinvestment agreements as they may need to be updated. Any systematic plans set up through Dynamic Funds will be automatically transferred. No new deposits will be accepted from Financial Institution Clients1 (i.e. Banks, Credit Unions) into the new ISA suite of products.
Please note – Currently, Scotiabank allows up to $15MM of Non-Personal dollars in a Personal fund and provides Series A, Series E and Series F funds. As of April 20, 2018, we will no longer allow Non-Personal funds to reside within Personal Accounts. As such, any Non-Personal funds in Personal Accounts will be transferred into a Non-Personal Account on April 20, 2018. The Series A and Series E products are being combined to create the new A Series - Tiered ISA suite of products. The interest rate2 may decrease for customers affected by these changes. The Terms and Conditions will be revised effective April 20, 2018 to reflect these changes.
Key Dates in 2018:
||Clients purchasing old ISA suite will receive transition notification with onboarding package
||New product suite launch – available for purchase’s / switch’s
||Clients will have received a forced letter notifying them of asset transition by this date
||Block all trading from old ISA suite fund codes (purchases, switches and redemptions)
||Transfer all assets from previous ISA suite to new ISA product suite
Click here - for new funds codes and rates: March 5, 2018 / Transition plan for affected funds: April 20/21/22, 2018.
Click here - for new Tiered ISA Terms and Conditions
Thank you in advance for your cooperation in this matter. Should you have any questions or concerns please contact: Our customer service line at 1-866-884-3434 or Ryan Hay at 647-258-6944 (firstname.lastname@example.org).
Advisor Use Only
® Registered trademark of The Bank of Nova Scotia
1Pension funds, hedge funds, investment (mutual) funds, financial institutions and other financial intermediaries or like entities which intend to hold the Scotia and its subsidiaries' ISAs on their own behalf (e.g., broker-dealers, investment companies, insurance companies, trust companies, credit unions, venture capital companies, mortgage and loan companies, etc.)
2Interest rates are quoted per annum as of February 12, 2018 and subject to change without notice. Interest is calculated daily on the opening balance of the account, excluding the date of purchase and is paid monthly on the last Friday of each month, or if the last Friday of any month is a holiday, on the immediately preceding business day. Daily interest will be calculated by multiplying the applicable annual interest rate by the daily opening balance, and dividing that amount by 365 (or 366 in a leap year). Other Terms & Conditions apply. Visit http://ads.scotiabank.com for full details.