Scotiabank MomentumPLUS Savings Account review
- Promotional Rate
- 5.25% for 3 months
- Interest Rate
- 5.25% for 3 months, 0.90% thereafter
- Transaction Fee
- $5.00
- Minimum Balance
- $0
Our verdict
Earn 5.25% interest for the first 3 months, then save your money for longer to qualify for the maximum ongoing rate.
With a Scotiabank MomentumPLUS Savings Account, you can earn up to 5.25% interest for the first 3 months. After that, the rate you get will vary, depending on how long you save and whether you also have an eligible Scotiabank chequing account. The ongoing rate for this savings account is 0.9%.
Best for: Anyone looking for a competitive savings account interest rate from a Big Five bank.
Pros
-
Earn a high bonus interest rate of 5.25% for 3 months
-
Enjoy higher interest rates the longer you keep your money in your account (up to 360 days)
-
No account fee
-
No minimum balance required
-
Unlimited withdrawals to another Scotiabank account
Cons
-
Confusing interest rate structure
-
Short promo rate period
-
You lose bonus interest if you withdraw money before the Premium Period ends
-
Higher ongoing interest rates available elsewhere
What is the MomentumPLUS Savings Account?
The MomentumPLUS Savings Account is Scotiabank’s high interest savings account. If you’re a new customer, it offers a high bonus interest rate for an introductory period of 3 months and then reverts back to an ongoing rate of 0.9%. The longer you leave your money in the account without touching it—up to 360 days—the higher the interest rate you’ll earn.
There are no monthly fees or minimum balance requirements to worry about, and you can make unlimited self-service transfers from this savings account to your Scotiabank chequing account. It’s also easy to manage your money via Scotiabank’s online and mobile banking.
What is the Scotiabank MomentumPLUS Savings Account interest rate?
The standard interest rate on the Scotiabank MomentumPLUS Savings Account is 0.9% or up to 5.25% for the first 3 months with the promo rate.
That said, the way interest works on this account is complicated.
There are multiple types of interest rates you need to be aware of with the MomentumPLUS account. The first is the Regular Interest Rate, which is 0.9%.
The second is the Premium Period Interest Rate, which is added to the account’s regular rate.
To encourage you to deposit savings for longer and not make any withdrawals, Scotiabank offers this interest rate boost of up to 0.6%—the longer the Premium Period you select, the higher the rate:
- 90 days: 0.3%
- 180 days: 0.35%
- 270 days: 0.4%
- 360 days: 0.6%
The third type of interest is the Package Interest Rate Boost. This provides bonus interest of 0.05% if you also have a Preferred Package chequing account or 0.1% if you have an Ultimate Package account.
Last but not least is the Welcome Bonus Interest Rate of 3.65%, which applies for the first 3 months if you’re opening your first account with Scotiabank.
Go to site Sarah decides to open a Scotiabank MomentumPLUS Savings Account along with an Ultimate Package account for her day-to-day transactions. As she’s saving for the long-term, Sarah selects a 90-day Premium Period to maximize her earning potential. By the end of those first 3 months, Sarah would have earned interest totaled from these amounts: Once the promo period ends and the Welcome Bonus Interest Rate no longer applies, Sarah’s account will then revert back to paying the regular rate of 0.9% interest plus the Ultimate package boost of 0.1%. And if she keeps money in her account for longer, without withdrawing anything, Sarah will get access to even higher interest rates.Representative example: Sarah opens a savings account
Scotiabank MomentumPLUS Savings Account fees and access
| Type of fee | Fee details |
|---|---|
| Monthly fee | $0 |
| Withdrawal to another Scotiabank account | $0 |
| ATM withdrawal | Not available |
| Paperless account statement | $0 |
| Paper account statement | Not available |
| Transferring account balance to another financial institution | $20 |
What we like about the Scotiabank MomentumPLUS Savings Account
No monthly fees
There is no monthly fee on this account, so you don’t have to worry about regular bank charges chipping away at your savings balance.
No minimum balance requirement
There’s no minimum opening deposit or ongoing minimum balance requirement with the Scotiabank MomentumPLUS Savings Account. The size of your balance also doesn’t have any impact on the interest rate that applies to your account.
High promo interest rate of 5.25%
This account offers a competitive promotional interest rate of 5.25% for the first 3 months. This provides a quick boost to your savings before the account reverts back to a lower standard rate.
Unlimited withdrawals
You can make unlimited free withdrawals by transferring funds from your savings account to your Scotiabank chequing account. It’s easy to do so using Scotiabank’s online and mobile banking platforms.
Scotiabank Preferred Package
Scotiabank Preferred Package
Earn up to 5.20% interest for 3 months on your savings when you open both a MomentumPLUS Savings Account and a Scotiabank Preferred Package. Plus, you'll earn up to an $800 bonus with the Preferred Package.
What are the downsides?
Confusing interest rate structure
At first, making sense of Scotiabank’s interest rate table for the MomentumPLUS Savings Account is challenging, to say the least. The interest rate you get will vary depending on how long you save and whether you have an Ultimate Package or Preferred Package chequing account with Scotiabank. Make sure you know the maximum rate you’ll get before deciding if this account is right for you.
Promo rate only lasts 3 months
The high promotional interest rate on this account only applies for the first 3 months after you open an account. After that, you can only earn 0.9% interest on your balance, so there are higher ongoing interest rates available from other financial institutions. Additionally, this offer is only available if you’re opening your first MomentumPLUS account.
Lose your bonus interest if you withdraw before the Premium Period ends
While you can withdraw funds from your account at any time, if you do so before your Premium Period ends, you’ll lose any bonus interest (between 0.3% and 0.6%) that you have accrued.
Compare with other savings accounts
Even though Scotiabank offers a competitive interest rate compared to the Big Banks, you’ll often find higher ongoing savings rates from digital banks and fintechs in Canada.
Simplii High Interest Savings Account
Interest Rate
4.60%
Transaction Fee
$0
e-Transfer Fee
$0
Minimum Balance
$0
KOHO Earn Interest
Interest Rate
Up to 5.00%
Transaction Fee
$0
e-Transfer Fee
$0
Minimum Balance
$0
Scotiabank MomentumPLUS Savings Account
Interest Rate
5.25% for 3 months, 0.90% thereafter
Transaction Fee
$5.00
e-Transfer Fee
$0
Minimum Balance
$0
Does the Scotiabank MomentumPLUS Savings Account have a minimum balance?
No. There is no minimum balance required with the Scotiabank MomentumPLUS Savings Account. Interest applies to every dollar you deposit.
Is the MomentumPLUS Savings Account tax-free?
No, the interest you earn in a MomentumPLUS Savings Account is not tax-free. Your earned interest from this account will have to be declared as taxable income when you file your tax return.
If you’re searching for a Scotiabank account that allows you to earn tax-free interest, you may want to consider the Savings Accelerator Account-Tax Free Savings Account.
Is the Scotia MomentumPLUS Account worth it?
It depends on what you’re looking for in a savings account. The MomentumPLUS Savings Account could be a good fit for you if you want:
- A competitive promo rate
- To be rewarded for not making any withdrawals
- The peace of mind of dealing with a Big Five bank
But this account may not be right for you if you want to be able to access your money at any time without missing out on interest.
It also may not be the best fit if you’re searching for the highest ongoing savings account interest rates in Canada. Once the MomentumPLUS Account promo period ends, you’ll be able to get higher rates here:
- 3% with an EQ Bank 10-Day Notice Savings Account or 3.05% with a 30-Day Notice Savings Account
- 5% with KOHO Earn interest
- 3% with a Neo High Interest Savings Account
- 4% with a PC Financial PC Money Account
- 2.75%–3.75% with a Wealthsimple Cash Account
Is my money safe with Scotiabank?
Yes. Scotiabank is one of Canada’s Big Five banks and was founded in 1832 in Halifax, Nova Scotia. Now headquartered in Toronto, it’s a member of the Canada Deposit Insurance Corporation (CDIC). This means that up to $100,000 of what you deposit in a MomentumPLUS Savings Account is covered by CDIC insurance.
How do I open a Scotiabank MomentumPLUS Savings Account?
Follow these steps to open a Scotiabank MomentumPLUS Savings Account online:
- Navigate to the MomentumPLUS Savings Account page on Scotiabank's site.
- Select the Start saving now button when you land on the page.
- Enter personal information like your full name, date of birth, Social Insurance Number, employment information and email address.
- Once approved, sign up for an online account with your new banking information.
Eligibility requirements for the Scotiabank MomentumPLUS Savings Account
To apply for a Scotiabank MomentumPLUS Savings Account, you need to meet the following criteria:
- Be a Canadian resident or in Canada to work or study
- Be at least 16 years old
- Be opening a sole account in your name
Required documents and information
- Your name, residential status and contact information
- Your Social Insurance Number (SIN) (optional) and date of birth
- Your email address and phone number
How do I deposit or withdraw my money with the Scotiabank MomentumPLUS Savings Account?
When you need to make a Scotiabank MomentumPLUS Savings Account withdrawal, you can do so by sending it to yourself via an internal Scotiabank transfer. You can also make withdrawals from your account by visiting a branch in person. Just be aware that a fee will apply.
You’ll be able to deposit funds by transferring money into your account or by cashing a cheque or depositing cash with a teller or at an ATM near you. You can also transfer money into your account or deposit a cheque electronically using the Scotiabank Mobile app.
How to get a MomentumPLUS Savings Account statement
Unlike all other Scotiabank savings accounts, the MomentumPLUS account doesn’t issue monthly statements. Your account balance will only ever be listed on a statement in cases where you have other investment products with the same ownership structure.
However, it’s easy to check your balance and your transaction history by logging in to Scotiabank online or mobile banking.
How can I get in touch with customer service?
You can connect with Scotiabank through the following channels:
- By phone. Call Scotiabank’s customer service hotline any time of the day or night.
- In person. Visit a Scotiabank branch in person to discuss your banking needs.
- By mail. Send mail to Scotiabank’s headquarters in Toronto, or reach out to your local branch through the post.
- By email. Send a secure message through online banking or Scotiabank’s general email inbox.
How to close a MomentumPLUS Savings Account
Before closing your account, you’ll want to transfer funds from your savings account to your linked chequing account. Please note that, if you want to get a Scotiabank account balance transferred to another financial institution, a $20 fee will apply.
Unfortunately, you can’t close your Scotiabank account online. You’ll need to visit a Scotiabank branch with proof of ID and your account details to close the account.
Bottom line
The Scotiabank MomentumPLUS Savings Account is worth a look if you want a high promo rate and a competitive ongoing rate from a Big Five bank. But, if you want to be able to withdraw money at any time without missing out on bonus interest, or if you just want the highest ongoing savings account rate in Canada, you’ll need to look elsewhere.
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