High promo interest rates and boosted rates are just some of the features that come with Scotiabank savings accounts. Learn more here and see alternative accounts.
Scotiabank is one of the largest banks in Canada, offering a variety of personal accounts for saving. Here’s what you need to know about Scotiabank savings account options, including fees, features and how Scotia savings accounts compare.
Compare Scotiabank savings accounts
Savings account
Monthly fee
Minimum balance to earn interest
Standard interest rate
Promotional rate
MomentumPLUS Savings Account
$0
$0
0.4%
Earn a savings rate of up to 4.75% for 3 months when you open a Scotiabank MomentumPLUS Savings Account and a Scotiabank Ultimate Chequing Account.
Money Master Savings Account
$0
$0
0.01%
Earn up to $700 when you bundle an eligible banking package, savings account, and registered account.
The Scotiabank MomentumPLUS Savings Account is a high-interest savings account with no monthly fees or minimum balance. You can earn a promotional rate of up to 4.75% for 3 months, 0.40% thereafter and boost your interest if you leave funds untouched during set premium periods or link an eligible Scotiabank chequing package. It also offers unlimited transfers between Scotiabank accounts, making it convenient for existing customers.
No monthly account fees
No minimum balance requirements
Unlimited transfers between Scotiabank accounts
High promotional interest rates
CDIC insured
Premium interest rate requires leaving funds untouched for a chosen period
The Scotiabank Money Master Savings Account is a basic savings account with no monthly fees or minimum balance and unlimited self-service transfers. You earn 0.01% interest on every dollar and optional smart savings tools can help boost your rate to 0.4%. Non-transfer transactions incur a $5 charge, so this account is best for regular savings rather than frequent withdrawals.
The Scotiabank Savings Accelerator Account is a supplemental savings option that you add to an existing plan, such as a tax-free savings account (TFSA) or registered retirement savings plan (RRSP), rather than opening on its own. It offers no monthly fees or minimum balance and allows you to earn 0.10% - 0.25%. You can make unlimited free internal transfers within the plan, making it easy to manage your savings.
No monthly fees or minimum balance
Can be added to registered or non-registered accounts
The Scotiabank MomentumPLUS Savings Account stands out as a top choice for savers looking to earn higher interest with a major bank. It offers no monthly fees, no minimum balance and unlimited transfers between your Scotiabank accounts.
New customers can also take advantage of a promotional interest rate of up to 4.75%. You can also boost your rate if you leave your funds untouched during premium periods or link an eligible Scotiabank Preferred or Ultimate package. With CDIC insurance and convenient online access, it’s a safe way to grow your savings without worrying about hidden fees.
Advantages of opening a Scotiabank savings account
No monthly fee. Scotiabank’s Canadian savings accounts don’t have any monthly fees.
Free transfers. Pay nothing to transfer between your Scotiabank savings account and other Scotiabank accounts.
Flexible banking. Manage funds 24/7 online or by mobile app, or visit a local Scotiabank branch within operating hours for in-person service.
Automatic savings plans. Set up recurring, pre-authorized payments into your savings account on a weekly, bi-weekly, monthly, quarterly, semi-annual or annual basis to steadily grow your funds.
Mobile cheque deposit. Use your smartphone to scan and digitally deposit cheques into your Scotia savings account.
Scotiabank direct deposit. Have your paycheque, pension and other funds automatically deposited into your savings account. Get direct deposit information for Scotiabank savings accounts by logging into online banking and selecting Direct Deposits & Payments → Void Cheque → View/Print.
Free Scotia InfoAlerts. Get notified via mobile app, email or both when important account activity happens.
CDIC insured. Scotiabank savings accounts are covered by the Canada Deposit Insurance Corporation. In the unlikely event that Scotiabank becomes insolvent, your funds are insured up to $100,000.
Disadvantages of opening a Scotiabank savings account
Lower interest rates than online banks. Many traditional Scotiabank savings accounts offer modest interest compared with high-interest online alternatives.
Fees for additional transactions. While transfers between Scotiabank accounts are free, you’ll have to pay for any additional transactions.
What other types of savings options does Scotiabank offer?
Scotiabank has a range of specialized accounts, including TFSAs, RRSPs and FHSAs, that can be paired with Scotia iTRADE, letting you hold GICs, mutual funds, ETFs and foreign currency deposits. Scotiabank also provides U.S. dollar and Euro savings accounts, giving you the flexibility to earn interest in multiple currencies while saving or investing.
Check out all the other types of savings options Scotiabank offers:
Scotiabank plans are pretty straightforward to set up. Generally, to apply for a Scotiabank savings account, you’ll need to meet these eligibility requirements and provide the following information:
Age
To open a Scotiabank savings account, you need to be at least the age of majority in your province or territory (18 or 19 years old).
Residency
Applicants for all Scotiabank account types must be residents of Canada. Students and people who are in Canada for work are also welcome to apply.
Identification
Scotiabank lets you securely verify your identity online using information from an existing Canadian bank, including BMO, CIBC, Desjardins, RBC, Scotiabank and TD. The process takes just a few minutes, and you can see what information is being sent to Scotiabank.
If you’re opening an account in person at a local Scotiabank branch, you can provide ID such as a driver’s license issued in Canada, a Canadian passport or a Permanent Resident Card. Learn more about acceptable types of identification here.
Required information
The Scotiabank savings account application process requires the following information:
First and last name
Email and primary phone number
Address
Birth date
Purpose of your account (daily banking, emergency fund etc.)
A password and username (created when you apply)
Occupation
Social Insurance Number (SIN)—optional, but helps verify your identity more accurately
Consent for Scotiabank to verify your identity with a credit bureau. This is required and won’t affect your credit score.
How to open a Scotiabank savings account
You can open a Scotiabank savings account over the phone, online or in a branch. Opening an account online is typically the most convenient option and you can do so by following these steps:
Head to Scotiabank’s website and compare the three savings account options.
When you choose one, select Open an account, then Apply as a new customer if you don’t have an existing Scotiabank account.
If you’re applying for the Savings Accelerator Account, open a registered plan, like a TFSA or RRSP, first.
Complete the application, which will take about 8 minutes, by providing your personal and contact details.
Verify your identity by taking a photo of an accepted ID and your face, using the Interac verification service or entering your information manually.
Double-check all your details and submit your application. When you’re approved, you’ll receive your account details by mail.
Alternative to opening a savings account with Scotiabank
Although Scotiabank’s savings accounts offer no monthly fees and no minimum balance, you may want to explore other options to earn higher interest rates. Digital banks can be a great alternative as they often provide higher interest rates since they operate with lower overhead costs. Many also come with no monthly fees, no transaction charges and no minimum balance requirements, making them a convenient and cost-effective option for both short-term and long-term savings.
Some top alternatives to Scotiabank savings accounts
The Tangerine Savings Account is a no-fee, online-only savings account that helps you grow your money with an interest rate of 4.50% for 5 months, then 0.30% thereafter. It offers features like an Automated Savings Program to make regular deposits, easy digital banking through the Tangerine app or website and free unlimited transactions. Compared with some of Scotiabank's savings accounts, Tangerine delivers higher interest rates and fewer fees, though it doesn't offer in-branch services. However, it's backed by Scotiabank and provides CDIC insurance.
CDIC insured
No monthly fees or minimum balance requirement
Free automatic savings features
Unlimited free transactions and transfers
Access to Scotiabank's ATM network with a Tangerine chequing account
The EQ Bank Notice Savings Account is an online savings account that offers competitive interest rates of 2.35% - 2.75% when you agree to give 10- or 30-day notice before withdrawing funds. There are no monthly fees, no minimum balance requirements and deposits are CDIC insured. EQ Bank's notice structure allows you to earn a much higher interest rate than Scotiabank offers for any of its savings accounts.
The Simplii High Interest Savings Account is an online savings account offering no monthly fees, no minimum balance and competitive interest rates of 4.50% for the first 5 months then 0.3%–0.7% thereafter. Its promotional rate is comparable to Scotiabank's, but its standard rates are higher and tiered, so the more you save, the more you'll earn.
The BMO Savings Amplifier Account is a basic savings account from another one of Canada's Big Five Banks. It offers no monthly fees and no minimum balance requirements with a promotional rate of 4.5% for the first 120 days, then 0.5% thereafter. Its promotional and standard interest rates are higher than Scotiabank's, so this may be a good alternative if you want to stick with a major bank.
No monthly fee or minimum deposit
Unlimited self-service transfers between BMO accounts
Automated savings features
CDIC insured
$5 withdrawal fee
A BMO chequing account is required for the promotional rate
Scotiabank savings accounts offer low-fee, flexible options for growing your money with a major bank. The MomentumPlus account stands out with high promotional rates, unlimited transfers and multiple ways to boost interest, while the Money Master and Savings Accelerator accounts suit basic or supplementary savings. These accounts come with CDIC insurance, online and in-branch access and tools like automated savings plans and mobile deposits. But if you want higher returns, you may want to consider one of the best online banks in Canada.
Frequently asked questions about Scotiabank savings accounts
Scotiabank's three standard savings accounts have no minimum balance requirements.
If you're looking for a Scotiabank high-interest savings account, consider the Scotiabank MomentumPLUS Savings Account, which pays interest ranging from 0.4% to 2.15%. Earn a savings rate of up to 4.75% for 3 months when you open a Scotiabank MomentumPLUS Savings Account and a Scotiabank Ultimate Chequing Account.
Another option is to open a Scotiabank Savings Accelerator Account, which comes with an interest rate of 0.25% (registered plans) or 0.1% (non-registered plans).
Scotiabank doesn't offer a dedicated savings account for seniors, but its standard savings accounts have no monthly fees, making them accessible for anyone to use.
To access your Scotiabank bank statement, log in to Scotia OnLine. Under the settings icon, select Online Statements. Select the bank account and month for which you'd like to view your account activity. From here, you can view, download and print your statement. Make sure you enable pop-ups on your browser.
To get direct deposit information for Scotiabank, log in to online banking, select your savings account, then select Direct Deposits & Payments. Navigate to Void Cheque. Select View/Print. This will provide you with your account details for direct deposit into your Scotiabank savings account.
Sources
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To make sure you get accurate and helpful information, this guide has been reviewed by
Chelsey Hurst, a member of Finder's
Editorial Review Board.
Rebecca Low is a writer for Finder. She has contributed to a range of digital publications, including income.ca, Indeed, and Expatden, writing on topics like personal finance, career development, and travel.
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Your guide to the interest rate, fees, benefits and drawbacks of the Scotiabank MomentumPLUS Savings Account.
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