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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.
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.
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.
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.
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.
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.
Scotiabank offers different options with its savings accounts, including the following:
Like most large financial institutions, you can expect a high level of customer service with Scotiabank as well as the following benefits:
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:
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.
Earn interest when you deposit your savings in euros with this cross-border account.Â
Earn interest when you deposit your savings in US dollars with this cross-border account.
Earn interest on your savings and get free Scotiabank transfers when you sign up for this fee-free account.
Earn interest on your savings and get free Scotiabank transfers when you sign up for this fee-free account.
Earn tiered interest rates on your savings and pay zero monthly fees when you sign up for this savings account.