Scotiabank is one of the largest banks in Canada, offering a variety of personal accounts for savings. 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
Learn more about the following Scotiabank savings account types:
Earn an additional bonus rate of up to 0.5% for leaving funds in your account over time
$0 unlimited self-service transfers between Scotiabank accounts
$0 monthly fee
Fees & features:
Regular interest rate: 0.55%
Premium interest rate: Earn an extra 0.25% on your net balance (including regular interest earned) for every 90 days without a debit transaction. This goes up to 0.35% for 270 days or 0.5% for 360 days.
Monthly fee: $0
Transfers: $0 unlimited transfers between Scotiabank accounts. ABM withdrawals not available.
$0 unlimited self-service transfers between Scotiabank accounts
$0 monthly fee
Fees & features:
Interest rate for non-registered plans: 0.1%
Interest rate for registered plans (incl. TFSAs): 0.25%
Monthly fee: $0
Transfers: $0 unlimited transfers between Scotiabank accounts. ABM withdrawals not available.
Open a registered account (such as a TFSA, RRSP or RESP) or non-registered account, and earn interest on your balance. Add an investment product like a mutual fund or GIC to your Scotiabank Savings Accelerator Account, and earn money even faster.
Eligible for Bank the Rest: Round up purchases and save faster
$0 monthly fee
$0 unlimited transfers between Scotiabank accounts
Fees & features:
Interest rate: 0.01%
Round up and save: Under the Bank the Rest program, choose whether to round up your purchases to the nearest $1 or $5, and save rounded funds in your Scotiabank Money Master Savings Account.
Monthly fee: $0
Transfers: $0 unlimited transfers between Scotiabank accounts. $5 per ABM withdrawal.
Get 2 free transactions (including transfers) per month, then pay $1.25 each.
No monthly fee for seniors or with balances of $200+
Free US dollar bank drafts
Fees & features:
Interest rate: Earn 0.01% for balances of $1,000–$4,999, 0.02% for balances of $5,000–$9,999 and 0.05% for balances of $10,000 or more. No interest paid on balances under $1,000.
Monthly fee: $1 per month
Waiver: Monthly fee waived with a $200+ USD daily balance or the Seniors Discount
Transactions & transfers: Get 2 free transactions (including transfers) per month, then pay $1.25 each. No fee for US dollar bank drafts.
Depending on the Scotia savings account you have, the interest rate can vary from 0% with the Scotia Euro Savings Account to 2.15% with the Scotiabank MomentumPLUS Savings Account (0.55% regular rate + 0.5% premium rate). Here are regular, non-promotional Scotiabank saving account interest rates for every available account as of September 10, 2024.
You can score an even higher rate for a limited time by taking advantage of an attractive offer for new account holders. For instance, the Simplii High Interest Savings Account is offering 4.25%, after which you’ll continue to earn at the regular rate, which starts at 0.3%.
All Scotia accounts come with the following features:
Low or no monthly fee. Scotiabank’s Canadian savings accounts don’t have any monthly fees, but there is a small fee for the foreign currency savings accounts.
Free transfers. Pay nothing to transfer between your Scotiabank savings account and other Scotiabank accounts. (The Scotia U.S. Dollar Daily Interest Account and Scotia Euro Savings Account come with 2 free transfers a month, after which you pay $1.25 per transfer).
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.
Scotia bank 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 welcomed 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 which 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, Canadian passport or 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.
Scotiabank fees
Here are some Scotiabank monthly fees and miscellaneous charges you should be aware of:
Monthly paper statement: $2.25 with the Scotiabank Money Master Savings Account. Not offered with other Scotia savings accounts.
Cheque image viewing (past 90 days): $1.50 or free with paperless recordkeeping
No, but some accounts may have a threshold before you can start earning interest. For example, the Scotia U.S. Dollar Daily Interest Account doesn't pay interest on balances below $1,000.
If you're looking for a Scotiabank high interest savings account, consider the Scotiabank MomentumPLUS Savings Account, which pays interest ranging from 0.55% to 2.15%. Earn a savings rate of up to 5% 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).
Most Scotia savings accounts don't come with monthly account fees. The monthly fee for Scotia U.S. Dollar Daily Interest Accounts and Scotia Euro Savings Accounts is waived for seniors (65+). Similarly, the monthly fee for most Scotiabank chequing accounts is waived or discounted for seniors (65+).
To access your Scotiabank bank statement, login 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 popups on your browser.
To get direct deposit information for Scotiabank, login 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.
Stacie Hurst is an editor at Finder, specializing in loans, banking, investing and money transfers. She has a Bachelor of Arts in Psychology and Writing, and she has completed FP Canada Institute's Financial Management Course. Before working in the publishing industry, Stacie completed one year of law school in the United States. When not working, she can usually be found watching K-dramas or playing games with her friends and family. See full bio
Stacie's expertise
Stacie has written 296 Finder guides across topics including:
Your guide to the interest rate, fees, benefits and drawbacks of the Scotiabank MomentumPLUS Savings Account.
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