Scotiabank Right Size Savings for Business Review

Scotiabank Right Size Savings for Business: The basics

• Earn bonus interest for the first 6 months . A bonus interest rate of 1% applies on top of the standard account interest rate for the first 6 months after you open your account.
• Tiered interest rates. The interest rate you get varies depending on your account balance:
  • $10,000 – $99,999: 1.5% (total interest rate of 2.50% for the first 6 months).
  • $100,000 – $199,999: 1.75% (total interest rate of 2.75% for the first 6 months).
  • $200,000 – $999,999: 2.1% (total interest rate of 3.10% for the first 6 months).
  • $1 million – $2 million: 2.15% (total interest rate of 3.15% for the first 6 months).
  • Over $2 million: 0%
• $10,000 minimum balance requirement. You’ll need a balance of at least $10,000 to be eligible to earn interest.
• No monthly fee. There is no monthly maintenance fee for this account.
• Easy access. You can make withdrawals from your Right Size Savings for Business account at any time.

What are the benefits of the Scotiabank Right Size Savings for Business account?

• Competitive rate. You’ll get a competitive interest rate on the money you deposit, especially if you have a balance of $200,000 or more.
• No monthly fee. You don’t need to worry about monthly fees eating into your Scotiabank Right Size Savings for Business account balance.
• Unlimited transfers. You can make unlimited self-service transfers to and from your other Scotiabank accounts.
• Online and mobile banking. It’s easy to manage your account via Scotiabank’s online and mobile banking platforms.
• Big Five bank. When you open a Right Size Savings for Business account, you get the peace of mind of dealing with a Big Five bank with a nationwide branch network.
• CDIC insurance. You also get the peace of mind of CDIC insurance coverage for eligible deposits of up to $100,000.

What are the drawbacks of the Scotiabank Right Size Savings for Business account?

• Limited bonus interest period. The account’s 1% bonus interest rate is only paid for the first 6 months, after which time your account will revert to a lower rate.
• You’ll need at least $10,000 to earn interest. If you’ve got less than $10,000 to deposit in a business savings account, you’ll need to consider other options if you want to earn any interest.
• You’ll need a large balance to earn the maximum rate. You’ll need an account balance of at least $1 million to earn the maximum advertised rate of 3.15% for the first 6 months.
• You may get a better rate elsewhere. Depending on how much you have to deposit, you might be able to find higher business savings account interest rates at other banks.
• Watch out for transaction fees. As this is a savings account and not a chequing account, a $5 fee applies to ABM withdrawals, direct payments and bill payments, while a $5.50 fee applies to cheques.

Is Scotiabank legit?

Yes. Scotiabank is one of Canada’s Big Five banks and has a history dating back to the 1830s. It trades on the Toronto Stock Exchange and as of January 31, 2025, it had assets of approximately $1.4 trillion. Scotiabank also operates a network of over 900 branches and 3,500 ABMs across Canada.

What should I know before I apply?

To apply for an account online you will need to:

• Be at least 16 years old.
• Be a Canadian resident.
• Be applying for a company registered in Canada.
• Consent to Scotiabank obtaining a credit bureau report about you and your business.
• Provide personal information for all business owners as well as proof of ID.
• Provide a document that proves your company’s business name.
• Provide your Canada Revenue Agency registration number, if applicable.

How do I open a Scotiabank Right Size Savings for Business account?

You can open an account by completing the following steps:

1. Click through to the account’s page on the Scotiabank website and click “Apply now”.
2. Specify whether or not you are an existing Scotiabank customer.
3. Enter your business email address, business structure and primary industry.
4. Provide your personal information and proof of ID.
5. Provide details of your business and any supporting documentation required, including a document that proves your company’s business name.
6. Submit your application.

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Finder Score for business bank accounts

To make comparing even easier we came up with the Finder Score. Interest rates, account fees and features across 20+ business bank accounts and 15+ lenders are all weighted and scaled to produce a score out of 10. The higher the score the better the account - simple.

Read the full methodology

Bottom line

The Scotiabank Right Size Savings for Business account is worth checking out if you want a competitive rate on your business savings. Just be aware that you’ll need a balance of at least $10,000 to earn interest, and take note that bonus interest only applies for the first 6 months.

Ultimately, you’ll need to compare the Right Size Savings for Business account with a range of other business savings accounts before deciding where to deposit your funds.