What interest rate will I get if I don't have at least $10,000 in my Total Relationship Balance with Scotiabank?

On days when your Total Relationship Balance is below $10,000, you will earn 0% interest. You will be able to start earning interest again when your balance reaches the $10,000 threshold.

Can I open a joint account?

No. The Scotia High Interest Savings Account is currently only available to sole account holders.

How can I check what interest rate applies to my Scotia High Interest Savings Account?

You can find out what interest rate applies to your account by logging into online or mobile banking. In the app, select your account and then Interest Rate. If checking online, simply select your account and then view rate details on the Scotia High Interest Savings Account page.

Can I access the money in my Scotia High Interest Savings Account at an ATM?

No. This account does not support ATM withdrawals, so you will instead need to transfer money to your Scotiabank chequing account.

Scotia High Interest Savings Account Review

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Our verdict

Get a 4.70% introductory rate and a competitive ongoing rate on your savings, but take note that you'll need a large balance to earn interest at the maximum rate.

Sign up for a Scotia High Interest Savings Account and you can earn up to interest on your balance for the first 3 months. Once that promo period ends, the account reverts back to its standard rate, which varies from 0% to 2.2% based on the Total Relationship Balance of the accounts you hold with Scotiabank. The maximum interest rate is competitive, especially for a big bank, but you'll need a total Scotiabank balance of $500,000 or more to get it.

Digital banks and fintechs offer higher rates without any minimum balance requirements, so most people will be better off looking elsewhere for a savings account.

Best for: People who hold large balances across Scotiabank chequing, savings and investment accounts.

Receive a special welcome promotional interest rate of up to 4.70% for the first 3 months (90 days) when you open your first Scotia High Interest Savings Account. T&Cs apply.

Pros

Up to 4.7% promo rate
Competitive ongoing rate (if conditions are met)
No monthly fees
Unlimited self-service transfers between your Scotiabank accounts

Cons

$500,000 balance requirement to get the maximum rate
0% interest if you have less than $10,000 with Scotiabank
Promo rate only lasts 3 months
Not designed for everyday transactions

What is the Scotia High Interest Savings Account?

The Scotia High Interest Savings Account is a savings account with a tiered interest rate structure. This means that the interest rate you get varies depending on your Total Relationship Balance, which is the total amount you hold in eligible Scotiabank chequing, savings and investment accounts.

The account has no monthly fees and is easy to manage via online and mobile banking.

What is the Scotia High Interest Savings Account interest rate?

There are 2 interest rates you need to be aware of with this account: the regular interest rate and the promo interest rate.

The regular interest rate ranges from 0% to 2.2% based on your Total Relationship Balance with Scotiabank. Regular interest rate tiers are shown in the table below.

Total Relationship Balance	Regular interest rate
Less than $10,000	0%
$10,000 – $99,999	0.75%
$100,000 – $249,999	1.75%
$250,000 – $499,999	2%
$500,000 or more	2.2%

The promo interest rate is applied on top of the regular interest rate for the first 3 months after you open an account. The promo rate is 4.7%, which means the amount you earn during the first 3 months could be anywhere from 0% to 4.70%.

Scotia High Interest Savings Account fees and access

Type of fee	Fee details
Monthly fee	$0
Withdrawal to another Scotiabank account	$0
ATM withdrawal	Not available
Paperless account statement	$0
Paper account statement	$$2.25/month

What we like about the Scotia High Interest Savings Account

No monthly fees

Scotiabank does not charge any monthly fees on the Scotia High Interest Savings Account. So regardless of what your balance is, you don’t need to worry about bank fees chipping away at your savings.

Competitive ongoing rate

If you have a Total Relationship Balance of $100,000 or more with Scotiabank, you can get a competitive interest rate of 1.75% – 2.2% on your savings. This compares favourably with the interest rates offered on other big bank savings accounts.

High promo interest rate of up to 4.70%

With the introductory bonus interest rate applied, you can earn as much as 4.70% interest on your account balance for the first 3 months.

Easy online application

If you’re a new customer, you can apply to open an account online in less than 10 minutes. The application process is even quicker for existing Scotiabank customers.

What are the downsides?

High balance required to get the maximum rate

If you want to get an introductory interest rate of 4.70% and the maximum ongoing rate of 2.2%, you’ll need a total balance of at least $500,000 across your eligible Scotiabank accounts. That puts the maximum rate out of reach for a lot of people.

0% interest if you have less than $10,000

If you have less than $10,000 across your eligible Scotiabank accounts, the money in your Scotia High Interest Savings Account won’t earn a cent of interest.

Promo rate only lasts 3 months

The juicy maximum rate of up to 4.70% only lasts for the first 3 months. After that, your account reverts to the lower standard rate.

Not designed for everyday transactions

Unlike hybrid accounts that also come with a prepaid card for easy access to your funds, this account is not designed for everyday transactions. If you want access to your money, you’ll need to transfer it over to your Scotiabank chequing account.

Compare with other savings accounts

Although this account offers a competitive interest rate compared to accounts from other big banks, Canadian digital banks and fintechs often provide higher ongoing interest rates.

Go to site

Earn up to 2.75% interest
Unlimited free transactions
$0 account fee
Zero everyday banking fees
No min. balance required
CDIC protection for balances up to $100,000

No account fee
No minimum balance required
CDIC protection up to $100,000

Go to site

Earn 4.50% for 5 months, then 0.30% thereafter
No monthly account fee
Automatic savings option
Free access to Scotiabank ABM network
CDIC Deposit insurance up to $100,000

Does the Scotia High Interest Savings Account have a minimum balance requirement?

No, there is no minimum balance needed to open an account. That said, you won’t earn any interest if you don’t have a total of at least $10,000 across eligible Scotiabank accounts, so in some ways a minimum balance requirement does apply.

Is the Scotia High Interest Savings Account tax-free?

No. The interest you earn in a Scotia High Interest Savings Account is not tax-free. You’ll need to declare the interest you receive as income on your tax return.

If you want to earn tax-free investment and savings income, consider opening a Tax-Free Savings Account (TFSA).

Dive deeper: Tax-Free Savings Accounts (TFSAs)

Is the Scotia High Interest Savings Account worth it?

For most people, the answer is no.

This account could be right for you if:

You want a high promo interest rate
You have a large total balance across your Scotiabank accounts
You prefer to leave your money with a Big Five Bank

But this account definitely won’t be right for you if you have less than $10,000 in total across your eligible Scotiabank accounts, as it won’t earn a cent of interest.

In its top couple of interest rate tiers, this account gets close to some of the rates offered by digital banks. But even if you do have enough money to earn interest, compare the Scotia High Interest Savings Account’s ongoing rate of 0.75% – 2.20% to:

The EQ Bank Personal Account, which pays 2.75% interest when you get $2,000/month or more of your pay directly deposited into your account.
The EQ Bank Notice Savings Account pays 2.35% when you choose a 10-day withdrawal notice period or 2.75% when you choose a 30-day notice period.
The KOHO Everything plan, which pays 3.5% (but does come with a monthly fee).
The Neo Savings Account, which pays interest ranging from 2.25% to 3%.
The Wealthsimple Chequing Account, which pays 1.25% - 2.25%.
The PC Financial PC Money Account, which pays 2.2%.

For most people, an account from one of these digital banks or fintechs will offer better value.

Is my money safe with Scotiabank?

Absolutely. Scotiabank is one of the Big Five, the five largest banks in Canada. It was founded in the 1830s in Halifax, Nova Scotia, but is now headquartered in Toronto.

Scotiabank is also a member of the Canada Deposit Insurance Corporation (CDIC). This means that up to $100,000 you deposit in the Scotia High Interest Savings Account is protected by CDIC insurance.

How do I open a Scotia High Interest Savings Account?

You can open an account online by visiting the Scotia High Interest Savings Account website and clicking “Apply now”.

If you’re an existing customer, you can provide your banking details to speed up the application process. New customers will need to fill out a full application with their personal information, contact details and proof of ID.

Eligibility requirements

To open an account, you will need to be:

At least 16 years old.
A Canadian resident or in Canada to work or study.
Not opening a joint account.

Required documents and information

Your name and residential status
Your Social Insurance Number (SIN) (optional) and date of birth
Your email address and phone number

How do I deposit or withdraw my money with the Scotia High Interest Savings Account?

When you need to withdraw funds from your account, you can transfer money to your linked Scotiabank chequing account. This is easy to do by logging into online or mobile banking. You can also make in-branch withdrawals, but a fee applies.

It’s also easy to make a deposit by transferring funds over from your Scotiabank chequing account.

How can I get in touch with customer service?

You can contact Scotiabank customer service in the following ways:

By phone. Call Scotiabank’s customer service hotline 24/7.
In person. Visit a Scotiabank branch in person to get advice.
By in-app chat. Log in to the Scotiabank mobile app for chatbot support.
By mail. Send mail to the relevant addresses listed on the Scotiabank website.

How to close a Scotia High Interest Savings Account

If you want to close your account, you’ll need to transfer money from your account to your Scotiabank chequing account. You can also get your balance transferred to another financial institution, but this comes with a $20 fee.

To start the account-closing process, you can phone customer service or visit your nearest branch.

Bottom line

The Scotia High Interest Savings Account offers a higher rate than savings accounts offered by other big banks. But you’ll need a total balance of $500,000 or more with Scotiabank to get the maximum advertised rate, and even then, you can find higher interest rates on savings accounts from digital banks. Compare interest rates across a range of high-interest savings accounts to find the best account for you.