Canada’s third-largest bank, Scotiabank, began life in Halifax, Nova Scotia in the 19th century.
It now offers a whole range of banking products to Canadians across the country, including 7 different savings accounts.
Each account has its own benefits and advantages, depending on whether you’re looking for tax-free, high-interest, easy savings, or other features in your ideal savings account.
The different Scotiabank Savings Accounts Interest Rates
Scotiabank Savings Account
How it works
Learn more
Scotiabank MomentumPLUS savings account
Interest rates increase the longer you leave your money
We can’t definitively state which is the best Scotiabank savings account, because there’s no one savings account that’s ideal for every Canadian.
Your tax situation, the amount you want to save, and how long you’re willing to lock your money away all make a difference to your choice of the savings account for your needs.
We can, however, give you the information you need to decide which Scotiabank savings account is best for you.
Scotiabank tax-free savings accounts
Scotiabank provides two tax-free savings accounts to choose from.
◦ Scotiabank tax-free savings account
The Scotiabank Tax-free savings account is a versatile savings vehicle that can hold a variety of different types of savings—investments, savings accounts, GICs, mutual funds and more.
You can put your annual tax-free savings contribution in any combination of accounts, funds, or investments. It gives you flexibility to choose your level of risk, you can withdraw funds at any time, and return them without using up your current TFSA allowance.
If you use it for low-risk savings, the interest rate is low, but you can obtain a higher rate of return if you diversify into other investments.
If you’re looking for a savings-only tax-free account, the Scotiabank Savings Accelerator (TFSA) has a much higher interest rate. There’s no monthly fee, and you can make unlimited free transfers to other Scotiabank accounts using Scotia mobile banking, online banking, or via the customer contact centre.
Scotiabank presents two high-interest savings accounts – the MomentumPLUS Savings Account and the Savings Accelerator account.
Both accounts have no monthly fees and unlimited free self-service transfers to other Scotiabank accounts. The difference lies in their approach to savings.
◦ Scotiabank MomentumPLUS savings account
If you have a low balance or you’re happy to lock your money away for long periods of time, the MomentumPLUS Savings Account is probably your best choice. You’ll earn a base rate of 1.05% interest on any balance amount—there’s no minimum balance.
• Earn a savings rate of up to 5.40%* for 3 months¹
• Save for multiple goals in one account
• No monthly account fees or minimum balance required
• Earn even more interest¹ when you open and fund a Premium Period(s)²
• The longer you save, the higher your interest rate
Rates, fees and other information are effective as of November 13, 2024. Subject to change.
Get the Scotiabank Ultimate Package and earn even more
A chequing account, a savings account, discounts on credit cards, investing options and better rates
• Earn up to $800 with a Scotiabank Ultimate package and an investment plan1.
• Earn an additional 0.10% on your Momentum Plus Savings Account
• Unlimited transactions, Interac e-transfer transactions and Scotia International Money Transfers
• Unlimited free Global non-Scotiabank ABM withdrawals
*Includes Regular Interest Rate of 1.00% plus a Package Interest Rate Boost of 0.10% for Ultimate Package holders, 360-Day Premium Period Interest Rate of 0.90% and a Welcome Bonus Interest Rate of 3.65% for 3 months. Regular Interest plus a Package Interest Rate Boost of 0.10% for Ultimate Package holders (or 0.05% for Preferred Package holders) is calculated daily, paid monthly. Premium Period Interest is earned when you choose a 90, 180, 270 and/or 360-day Premium Period. A longer Premium Period earns a higher Premium Period Interest Rate provided you don’t make any withdrawals within the Premium Period you select. Premium Period Interest is calculated daily, paid at the end of the applicable Premium Period. Welcome Bonus Interest is calculated daily and paid monthly for 90 days (3 months) on your first MomentumPLUS Savings Account opened. Interest rates are per annum and subject to change. Visit the Current Rates Page for more information and current rates.
¹Regular Interest is calculated by applying the Regular Interest Rate to your daily closing balance and is paid monthly. Refer to Current Rates Page for current Regular Interest Rates, which are subject to change.
²A maximum of five Premium Periods at any one time, each of which can have a length of 90 days, 180 days, 270 days, or 360 days. For each Premium Period, Premium Interest is calculated daily by applying the Premium Interest Rate to each deposit, including any accumulated Regular Interest, until the end of the Premium Period. Premium Interest is paid at the end of each Premium Period, so long as no debit transaction has occurred within that Premium Period. When a debit transaction occurs, no Premium Interest is payable for that Premium Period and a new Premium Period of the same length will commence the same day. Refer to Current Rates Page for current Premium Interest Rates, which are subject to change.
³Preferred and Ultimate Package account holders will receive the applicable Package boost to the Regular Interest Rate (the "Package Interest Rate Boost”). Refer to the Current Rates Page on Scotiabank.com for the Total Annual Interest Rate applicable to the Preferred Package and Ultimate Package (current Regular Interest Rate, plus Premium Period Interest Rate, plus Preferred/Ultimate Package Interest Rate Boost, as applicable), which is subject to change at any time without advance notice. It will take up to 10 business days after activating a Preferred or Ultimate Package account for the applicable Package Interest Rate Boost to apply. The applicable Package Interest Rate Boost will cease to apply effective as of the date that the Preferred/Ultimate Package account is closed. The Package Interest Rate Boost is an annual rate calculated daily on the MomentumPLUS Savings Account(s) closing balance and paid monthly.
Self-Service Transfer means a transfer to your other Scotiabank account without the help of a Teller, including through Scotia OnLine®, Scotiabank Mobile Banking and Contact Centre. The MomentumPLUS Savings Account does not have ABM or Point of Sale access or automated direct bill payment functionality.
1.The Scotiabank $450 Cash Bonus Bundle Offer (the "Offer") is available between November 1, 2024 and March 1, 2025 (the "Offer Period") to individuals who open new eligible accounts. Subject to the conditions below, eligible customers can earn $400 when they open a new Preferred Package or Ultimate Package chequing account and complete certain qualifying transactions and earn an additional $50 boost when they open a new eligible Scotia Registered Account ("Eligible Registered Account") with either The Bank of Nova Scotia or Scotia Securities Inc. and complete certain qualifying transactions.
For the purposes of this Offer, the following Scotia Registered Accounts are eligible for the Offer: Scotia Registered Retirement Savings Plans (RRSPs, excluding locked-in plans such as LIRAs and LRSPs) (each an “RRSP”), Scotia Tax-Free Savings Accounts (each a “TFSA”) and Scotia First Home Savings Accounts (each a “FHSA”). Scotia RRIFs (including locked-in income plans), RESPs, RDSPs, and non-registered Scotia Investment Accounts are not eligible for the Offer.
2. The Scotiabank Registered Account Welcome Offer (the "Offer") is available between November 1, 2024 and March 1, 2025 (the "Offer Period") to individuals who open one or more new Eligible Registered Account(s) (defined below) with either The Bank of Nova Scotia or Scotia Securities Inc. and complete certain qualifying transactions.
For the purposes of this Offer, the following Scotia Registered Accounts are "Eligible Registered Account(s)": Scotia Registered Retirement Savings Plans (RRSPs, excluding locked-in plans such as LIRAs and LRSPs) (each an "Eligible RRSP"), Scotia Tax-Free Savings Accounts (each an "Eligible TFSA") and Scotia First Home Savings Accounts (each an "Eligible FHSA"). Scotia RRIFs (including locked-in income plans), RESPs, RDSPs, and non-registered Scotia Investment Accounts are not eligible for the Offer. In order to qualify for a Cash Bonus (defined below), the individual cannot currently or in the preceding 6 months have held the same Eligible Registered Account type with either The Bank of Nova Scotia or Scotia Securities Inc. (together, "Scotiabank").
$400 Cash Bonus for Preferred or Ultimate Package Conditions
$400 Cash Bonus for Preferred or Ultimate Package Conditions: To qualify for the $400 cash bonus (the "Package Bonus"), you must: 1. Open a new Ultimate Package or new Preferred Package chequing account (the "Eligible Chequing Account") during the Offer Period; and 2. Complete any two (2) of the following activities in your Eligible Chequing Account within 60 days of Eligible Chequing Account opening: set up and clear at least one eligible automated and recurring direct depositÜ, such as payroll or pension, which will recur monthly for a minimum of six (6) consecutive months, or set up and clear a minimum of two (2) separate eligible recurring pre-authorized transactionsÜ with a minimum value of at least $50 per transaction which will each recur monthly for a minimum of six (6) consecutive months, or make at least one (1) eligible online bill paymentÜ of at least $50 through the Scotiabank Mobile App or through Scotia OnLine. Click here for a list of eligible direct deposits, pre-authorized transactions and online bill payments. Notwithstanding a transaction may be included in these lists, certain exclusions may still apply and Scotiabank reserves the right to modify these lists and to determine whether a specific direct deposit, pre-authorized transaction or bill payment is eligible for the Package Bonus. Fund transfers initiated to other Scotiabank accounts (one time or recurring, e.g. credit card or savings account), to chequing or savings accounts held at other financial institutions, or to payment processing firms, are not eligible for the Package Bonus. $50 Registered Account Bundle Conditions: To qualify for the $50 cash bonus (the "Bundle Bonus"), you must meet the conditions for the $400 Package Bonus, and during the Offer Period: 1. Open a new Eligible Registered Account; and 2. By March 1, 2025, set up and clear one recurring pre-authorized contribution (PAC) from any Scotiabank personal bank account with a minimum value of at least $100 per month in your new Eligible Registered Account, which must have recurred for a minimum of three (3) consecutive months by May 31, 2025. Eligibility and Exclusions: Individuals who are currently holders of, or who were previously holders within the last two (2) years of, a Scotiabank Chequing Account are not eligible for the Package Bonus. "Scotiabank Chequing Account" means any of the following accounts: Ultimate Package, Preferred Package, Scotia One Account, Basic Plus Bank Account, Basic Banking Plan, Basic Bank Account, Momentum Chequing, Power Chequing, Scotia One Service, Scotia Value, Student Banking Advantage Plan. In order to qualify for the Bundle Bonus the individual cannot currently or in the preceding 6 months have held the same type of Eligible Registered Account (as that opened during the Offer Period) with either The Bank of Nova Scotia or Scotia Securities Inc. Employees of Scotiabank are also not eligible for the Package Bonus or Bundle Bonus. General Terms: Provided all Package Bonus conditions outlined above have been met, the $400 Package Bonus will be deposited to the Eligible Chequing Account within approximately nine (9) months from Account open date. Provided all the Bundle Bonus conditions outlined above have been met, the additional $50 Bundle Bonus will be deposited to your Eligible Registered Account between June 2, 2025, and January 31, 2026, depending on when you have satisfied all Bundle Bonus conditions. You have 24 months from the date you believe you have fulfilled the applicable Offer conditions to notify us if you have not received the applicable cash bonus so that we may confirm your eligibility. For clients investing in non-Canadian dollar currencies, the investment will be calculated based on Canadian dollar equivalent at the Scotiabank rate on the transaction date to determine eligibility for the offer. The Package Bonus and Bundle Bonus will be paid in Canadian dollars. For either cash bonus to be fulfilled, the Eligible Chequing Account and the Eligible Registered Account, as applicable, must be open and in good standing until the time of payout of the cash bonus. The Eligible Chequing Account is not in "good standing" if any of the following conditions are not met: (i) it has a negative balance exceeding the authorized overdraft limit, (ii) it has been in continuous overdraft for a period of three consecutive months, or (iii) the Account holder is in breach of the Account agreement with Scotiabank. For purposes of this Offer, an Eligible Registered Account is not in 'good standing' if the account holder is in breach of the Eligible Registered Accountís client account agreement. This Offer is non-transferable and may not be duplicated. Limit of one (1) Package Bonus and one (1) Bundle Bonus per customer, regardless of the number of Eligible Chequing Accounts or Eligible Registered Accounts opened. If more than one (1) Eligible Chequing Account is opened, only the first Eligible Chequing Account opened will be eligible for the Package Bonus. If more than one (1) Eligible Registered Account is opened, only the first Eligible Registered Account that fulfilled the Bundle Bonus Offer conditions will be eligible for the Bundle Bonus. If two eligible accounts fulfill on the same day, the Bundle Bonus will be paid into only one of the Eligible Registered Account(s) in the following order: (1) Eligible TFSA, then (2) Eligible FHSA, then (3) Eligible RRSP. For joint accounts, only one (1) $400 Package Bonus will be applied to the primary account holderís Eligible Chequing Account and only one (1) $50 Bundle Bonus will be applied to the primary account holderís Eligible Registered Account. All rates, fees, features and benefits are subject to change. This Offer may be changed, cancelled or extended at any time without notice and cannot be combined with any other offers, except the Scotiabank Registered Account Welcome Offer.
*See Account Provider's website for complete account details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.
◦ Scotiabank Savings Accelerator account
If you have a larger amount to save and want to keep it accessible, the Savings Accelerator could be a better option. Earn a competitive interest rate on your money as it grows, with no monthly account fee. It’s worth noting that this account is available as a tax-free plan (as described above), but the MomentumPLUS account is not.
To be honest, the only significant advantage to the Scotiabank Money Master savings account is that it makes it easy for you to save. That’s because you need a MoneyMaster account in order to use Scotiabank’s Bank the Rest® savings program.
Whenever you make a purchase with your Scotiabank debit card, Scotiabank’s Bank the Rest® will automatically round up the amount to the nearest $1 or $5 (you can choose which amount).
The extra amount is sent directly to your Money Master account to earn interest for you. The interest rate you’ll get is pretty low but there is no monthly fee for this account and unlimited self-service transfers to other Scotiabank accounts.
That means you could use your Money Master account just to participate in the Bank the Rest® program, and then transfer your Money Master balance to a high-interest savings account every month.
Foreign currency savings accounts give you a place to accumulate foreign currency until you need to use it.
Aside from serving as a depository for foreign cash, they might also come with other perks like commission-free transfers.
Interest rates are typically low, but you do save money you’d otherwise lose if you transferred your balance into CAD and then back again into US dollars or Euros.
◦ Scotia U.S. dollar daily interest account
Scotiabank’s U.S. Dollar Daily Interest Account has a monthly fee of just $1 USD per month. It’s waived for seniors or if your account balance stays above $200 USD. (Hello, Snowbirds)
You can get bank drafts in US dollars without commission, easy online transfers between US and Canadian dollar accounts, and 2 free debit transactions per month. Additional transactions cost $1.25 each.
Interest is only paid on balances above $1,000, maxing out after you break $10,000 or more.
You’ll need a daily balance of €200 or above to waive the monthly fee of €1, but the Scotiabank Euro Daily Interest Savings Account account is entirely free for seniors. Interest are tiered based on your balance. Two free teller-assisted withdrawals are included each month, with additional transactions costing €1.25 each time.
You can use the savings calculator below to figure out how much you’ll save over time with the interest rates offered by these Scotiabank accounts.
Or you can start by entering the goal savings amount you have in mind and then input one of these interest rates to learn how much you’ll need to save each month to reach that goal.
Planning a sabbatical? Saving for a down payment on a house? What will it take to reach your financial goal? This calculator helps you find out. Enter in your savings plan and view graphically your financial results. Click the report button to get more information about your plan, and what you can do to help ensure that it is on track.
Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Benefits of savings vs chequing
They might both be bank accounts, but savings accounts and chequing accounts have very different purposes. It’s best to have both a chequing account and a savings account in order to ensure a balanced financial life.
Savings accounts exist to help you accumulate more money. You usually won’t have to pay any fees to use the account, and you can earn high rates of interest on the money you deposit. A savings account is not intended as a mechanism for taking care of regular expenses. The idea is to put money in and keep it there for as long as possible, so that it can earn maximum interest.
Chequing accounts are everyday accounts. Many chequing accounts charge monthly fees, and they provide very low interest rates—if any at all. But that’s ok, as chequing accounts are generally intended as accounts to receive a paycheck, pay bills, and make regular purchases. Most chequing accounts come with a debit card to make it easier to buy things in stores and online.
Other Scotiabank products
Scotiabank’s financial products don’t end with savings accounts. You can select from a wide range of financial services with Scotiabank, such as different Scotiabank chequing accounts and an array of credit cards. Scotiabank credit cards include rewards cards, cashback cards, lifestyle cards, and credit cards with low interest rates and zero fees. This makes it easy to connect up all the parts of your financial life—everyday financial services, rewards, credit cards, and savings—under the same umbrella system.
The Scotiabank Momentum Plus Savings Account is often considered the best due to its tiered interest rates and premium periods. It offers higher interest rates the longer you save without making withdrawals, maximizing your earnings with no monthly fees.
What is the monthly fee for a Scotiabank savings account?
Scotiabank savings accounts generally have no monthly fees if you meet minimum balances. However, certain accounts might have fees for specific services, such as paper statements or transactions beyond a free limit. Always check the specific account terms.
How do I get a savings account statement from Scotiabank?
You can get a savings account statement from Scotiabank by logging into online or mobile banking and accessing the "Statements" section. Alternatively, you can request a paper statement via mail or pick one up at a branch.
Can I open a savings account online with Scotiabank?
Yes, you can open a savings account online with Scotiabank. Click any of the buttons on our page and it'll take you to the application process, which typically involves providing personal and financial information.
How does Scotiabank Momentum Savings account work?
The Scotiabank Momentum Savings Account rewards you with higher interest rates for leaving your savings untouched. The longer you save without withdrawals, the higher the interest you earn. It encourages saving by offering competitive rates and no monthly fees, helping you grow your savings effectively.
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