Scotiabank savings accounts
Scotiabank offers Canadians a range of savings options for both frequent and infrequent users.
Scotiabank has hundreds of locations across Canada that provide Canadians with everyday banking solutions. A large part of its offerings is its savings account plans.
Check out our guide to learn about the different savings accounts Scotiabank offers, including the features and benefits of each. Find out how to apply for the savings account that is right for you.
Compare Scotiabank Savings Accounts
Scotiabank MomentumPLUS Savings Account
With Scotiabank MomentumPLUS Savings Account, you can potentially earn two separate interest rates. You’ll earn 0.5% regular interest for the amount you have in the account. You can also be eligible for a second interest rate the longer you keep your money in this account without making a debit transaction through 90-day premium periods up to a 365 days. If you have either a Scotiabank Preferred Package or Scotiabank Ultimate Package chequing account already, you are eligible to receive an additional interest rate boost. Depending on when you signup, you may also be eligible for a bonus interest rate too.
Scotiabank Money Master Savings Account
The Scotiabank Money Master Savings Account is a good option if you just want to accrue interest payments for every dollar you have in this account. This plan is a safe, no-frills option since no matter how much you have in this account, you will earn 0.05% on every dollar. This account has a $0 fee per month and you can make unlimited, free transfers to your other Scotiabank accounts.
Scotiabank Savings Accelerator Account
With the Scotiabank Savings Accelerator Account, the more money you have in this account, the higher the interest rate will be. If you have between $5,000 and $249,999, you’ll earn 1% interest and for anything above $250,000, you’ll get 1.1%. If your balance is below $5,000, you’ll get 0.05%. An added bonus is that this particular savings account is available as a tax-free savings account.
Scotia U.S. Dollar Daily Interest Account
If you earn an income in US dollars or you frequently travel between Canada and the United States, you can also earn money from interest for the US dollars in your Scotia U.S. Dollar Daily Interest Account. With this account, which comes with a $1 fee per month (free for seniors), you’ll earn varying interest rates depending on what tier your balance falls under. At the highest range, you will receive a 0.15% interest rate if you have more than US$60,000 in the account. Conversely, if you have under US$1,000, you won’t be eligible to earn interest.
Scotia Euro Daily Interest Savings Account
Scotiabank also offers the Scotia Euro Daily Interest Savings Account. With this account, you’ll earn varying interest rates based off of how many euros you have in the account. Anything above €60,000 and you'll earn a 0.10% interest rate, while anything below €4,999 won't earn you anything.
Available options with Scotiabank savings accounts
Scotiabank offers different options with its savings accounts, including the following:
- Earning interest. All of Scotiabank’s Canadian savings accounts offer you the chance to increase your savings account by earning interest. Depending on the plan you sign up for, each account offers different interest rates and some plans have different tiers of interest rates.
- Multiple interest rates. Scotiabank’s MomentumPLUS Savings Account gives you the opportunity to expedite your savings by benefiting from multiple interest rates, subject to conditions.
- Transactions per month. Scotiabank’s Canadian savings account plans offer unlimited debit transactions per month while its foreign currency savings accounts have conditions attached to them.
- No monthly fee. Scotiabank’s Canadian savings accounts do not come with any fees, but there is a small fee for the foreign currency savings accounts.
- Free transfers. Signing up for a Scotiabank savings account will enable you to transfer money free of charge between your other Scotiabank accounts.
The benefits of banking with Scotiabank
Like most large financial institutions, you can expect a high level of customer service with Scotiabank as well as the following benefits:
- Free Scotia InfoAlerts. Instantly receive a notification from your Scotiabank mobile app, email or both when important activity happens on your account.
- Online and mobile banking. If you find banking digitally more convenient, you can do so online using the secure Scotia OnLine web portal, or you can opt for the Scotiabank Mobile Banking app.
- Mobile cheque deposit. You can take a picture of your cheque and deposit it into your Scotiabank savings account.
- Direct deposit. Have your paycheque, pension and more automatically deposited into your savings account and get easy, instant access to your funds.
How to open a Scotiabank savings account
Before you get started on your application, you should make sure that you meet the eligibility requirements for the specific savings account that you are interested in. You will also need to have the necessary documents on hand so that you can correctly fill out the application form. Eligibility requirements might vary between savings account plans but generally include the following:
- Age. You must be a minimum age (like 16 years old).
- Residence. You must either be a Canadian resident or reside in Canada for the purpose of work or study.
- Identity. You must verify that you are opening the account for yourself and not on behalf of someone else.
Information you will need for your application
After checking that you are eligible for the chequing account you want, you will need to provide some personal information, such as your birthdate, address, contact information and social insurance number. You’ll also need to verify your identity by providing an accepted form of identification, such as your driver’s licence number or passport.
Frequently asked questions about Scotiabank savings accounts
Read more on this topic
What vehicle tax deductions can I write off? Figuring out which auto expenses are tax deductible can get confusing. We'll help you understand which costs to claim, so you can maximize your business tax benefits.
How to save for college or university Explore various ways to save for higher education including RESPs, the Lifelong Learning Plan, savings accounts and more.
Compare savings accounts by withdrawal limits Find out which accounts let you make unlimited branch or ATM withdrawals free of charge.
How to save for a house A house is likely the biggest expense of your life. Explore average housing costs, things to look out for and the best ways to save.
Compare different types of savings accounts Learn what types of savings accounts are available, how to qualify and what to look for when comparing banks with competitive interest rates.
Common bank fees and how to avoid them Mismanaging your finances can result in costly bank penalty fees. This handy guide lists the most common t and shows you how to avoid them.
How to save money when working abroad Saving money is hard while working abroad. Here's how digital nomads can create a nest egg.
Compare free savings accounts Looking for a free savings account? Compare accounts with no fees to make your money go further.
How to save money on a wedding in 2020 Having trouble budgeting for your wedding? Use these saving tips to help keep you within your budget and still have a beautiful wedding.
The secrets of personal finance you must know before you turn 40 Here are the personal finance basics you need to know by the time you’re 40.