Scotiabank savings accounts

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 0.05% 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 0.01% 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 0.1% 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.

Compare other savings accounts

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Name	Product	Interest Rate	Promotional Interest Rate	Min. Bal / Min. Deposit	Account Fee
EQ Bank Savings Plus Account		1.25%	N/A	$0 / $0	$0	Enjoy zero everyday banking fees, free transactions and no minimum balance with a Savings Plus Account from EQ Bank.	Go to site More Info	Compare	loading Fetching your data...
Neo Financial High Interest Savings Account		1.30%	N/A	$0 / $0	$0	Get a competitive interest rate and unlimited free transactions with no monthly fees or minimum balances.	Go to site More Info	Compare	loading Fetching your data...
KOHO Earn Interest		1.20%	N/A	$0 / $0	$0	Opt into earning interest for free and earn 1.2% on your entire balance in KOHO plus an additional 0.5% in cash back on every purchase you make.	Go to site More Info	Compare	loading Fetching your data...
CI Direct Investing High Rate Savings Account		0.50%	N/A	$0 / $0	$0	With no fees and no restrictions, you'll earn 0.5% interest with the CI Direct Investing High Rate Savings Account.	Go to site More Info	Compare	loading Fetching your data...

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Frequently asked questions about Scotiabank savings accounts

• How do I access my Scotiabank Online Banking?

  You can access your online banking by using Scotiabank’s secure portal, Scotia OnLine.

• Do these savings accounts have monthly fees?

  With the exception of Scotiabank’s foreign currency savings accounts, none of its savings accounts come with monthly fees attached to them.

• How do I earn money from interest?

  Most of Scotiabank’s savings accounts give you the chance to earn interest on the balance in your savings account, provided that you meet a minimum balance amount if there is one for your particular plan. If you have a sufficient amount in your account, you will earn interest off this amount. The interest rates will vary by savings account plans, and it will be helpful to find out the exact rate for the plan you choose.

• When do I get my money earned from interest?

  If you earn interest on your account, the accrued interest is paid on the last business day of the month, unless otherwise stated.

• How is interest applied to the MomentumPLUS Savings Account?

  First, you earn a regular interest rate, which is applied to your daily closing balance and is paid monthly. Second, you can earn a premium interest rate when you open a premium period(s). A premium period can have a length of 90, 180, 270 or 360 days. For each premium period, interest is calculated by applying the premium interest rate to each deposit and to any paid regular interest each day until the end of the premium period. Premium interest is only paid at the end of the premium period and only if no debit transactions were made within the premium period.

• Can I withdraw money from my MomentumPLUS Savings Account before the end date of the premium period?

  Yes, you can withdraw your money at any time. However, if you conduct a debit transaction before the premium period end-date, you’ll still earn regular interest but will lose any accrued premium interest.

• How do I check my monthly statement?

  You can visit a local Scotiabank branch and ask the teller for a printout of your monthly statement. You can also check it online using Scotiabank’s OnLine portal. Lastly, you can also agree to receive your monthly statement in paperless format in Scotia OnLine and have them emailed to you.

• How much money do I need to keep in my account?

  There is no set amount of money you need to keep in your savings account. However, depending on the plan you’ve signed up for, you may need to keep a minimum amount in your balance in order to start earning interest.

• What other products does Scotiabank offer?

  Scotiabank offers a variety of different products to customers, including chequing accounts, mortgages, investment accounts, borrowing options, insurance, business solutions and financial advice.