New Scotia Moneyback Account (1% Cash Back) - First Ever Cashback Checking Account | General financial discussion | Discussion forum

http://www.scotiabank.com/cda/.....en,00.html

Includes
– 1% money back on all debit Point of Sale purchases as well as Interac Online and Cross Border Debit. Maximum money back of $300 paid per year.
– Unlimited self-service transactions (i.e., cheque writing, ABM cash withdrawals, pre-authorized payments, Point of Sale purchases and on-line transfers)
– Two free Interac withdrawals/month from non-Scotiabank ABMs in Canada
– Scotia InfoAlerts (receive account information via text or e-mail)
– One free teller transaction per month. Thereafter, a fee of $1.50 applies for each additional teller transaction.
– Optional Scotia Moneyback branded ScotiaCard available
– Free paperless statements

Cost is $14.95/month.

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So you end up spending $179.40/year and have the potential to receive $300/year Cash Back (if you spend $30,000 on debit purchases annually) = $120.6 return.

For a checking account, its a decent product, but it doesn't compare to the cashback/rewards credit cards available such as MBNA's Smart Cash Card. This account would be better if there was a balance to waive the $14.95 monthly fee.

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