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.
| Savings account | Monthly fee | Minimum balance to earn interest | Standard interest rate | Promotional rate |
|---|---|---|---|---|
| Scotia High Interest Savings Account | $0 | $10,000 | 1.5% | Earn up to 5% for the first 3 months when you open your first Scotia High Interest Savings Account. T&Cs apply. |
| MomentumPLUS Savings Account | $0 | $0 | 0.4% | No promotion available |
| Money Master Savings Account | $0 | $0 | 0.01% | No promotion available |
| Savings Accelerator Account | $0 | $0 | 0.10% - 0.25% | Earn a 4% bonus interest rate for 90 days when you open a new TD Savings Account and make a new deposit. Valid until January 29, 2027. |
The Scotia High Interest Savings Account stands out as a top choice for savers looking to earn a high ongoing interest with a major bank. It offers no monthly fees and unlimited transfers between your Scotiabank accounts.
New customers can also take advantage of a promotional interest rate of up to 5.00%. Plus, with CDIC insurance and convenient online access, it’s a safe way to grow your savings without worrying about hidden fees.
It is important to note, however, that it offers 0% interest on balances less than $10,000. So if your savings is less than that cutoff, you should consider a different account that pays interest on every dollar—like the MomentumPLUS Savings Account if you want to stick with Scotiabank, or the EQ Bank Personal Account if you want to look elsewhere.
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:
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).
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.
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.
The Scotiabank savings account application process requires the following information:
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:
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.
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.
Finder | Scotia High Interest Savings Account May $80 gift card reward.
Your guide to the rates, fees, balance requirements and eligibility of this high-interest account from Scotiabank.
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