Bank Hack 3% interest 1% loan


Bank Hack: Earn 1% on as much as you can borrow unsecured from Scotiabank

I am always looking to make a quick easy buck. There are plenty of opportunities to do so if you know the promotions in the personal finance marketplace. I wrote an article last week about credit score improvement and this week I have found a Bank Hack that could earn you some pocket change, and improve your credit with 2-4 hours of work.

The borrowing play:

Scotiabank has a promotion whereby you can borrow on their Value Visa for 0.99% for the first 6 months.  There are many terms and conditions, which are mostly standard, the card has a fee of $30/year unless it is part of a Scotia Total Equity Plan (STEP) mortgage. The maximum credit limit for each card is $75,000 but you can have more than one if you qualify. For this hack you’ll want to get approved for as much as possible.

The investing play:

Equitable bank is a bank licensed mortgage lender looking to grow in the residential and commercial mortgage business. They are starving for your deposits, and have offered what is the best bank account I have ever heard of. The offering consists of a 3% interest rate bank account with zero fees for most things, 5 free interac e-transfers per month and more. As part of this Bank Hack they will give you $25 for opening your account by using the referral code mentioned in the next step.

The set up:

  • Open a High interest savings account at Equitable bank (, and use a referral code to receive $25 (no money to me, only account holder L) Referral Code: 968833
  • Have a seat with a Scotiabank advisor and tell them about your intentions to get a Value Visa at as high a limit as you qualify for.
  • Use a Cash Advance to make out a cheque from yourself to yourself for deposit into the EQ Bank Savings account (through their app)
  • Set the EQ Bank account to make a monthly recurring payment to your Scotiabank Value Visa for your minimum payment
  • Create a set of payments (max $5,000 each) to close out your position at the end of the promotional period on the Visa.


5)  Move your Value Visa balance to another card with a promotional rate and repeat.

The expected return:

With a $20,000 Value Visa limit, you can earn $195 for less than 4 hours work.

If you can get a Value Visa with a $50,000 limit, you stand to earn $495 over 6 months after bonuses and fees.

If you have a STEP mortgage with a $150,000 line of credit, you stand to earn $1,525 over that same period.

It’s not exactly a free lunch but it’s well worth the work and as risky as having money in a bank account.

You’re welcome!

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