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Scotiabank MomentumPLUS Savings Account review

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Scotiabank MomentumPLUS Savings Account
4.0
★★★★★
Finder score
Promotional Rate
6.05% for 3 months
Interest Rate
6.05% for 3 months, 1.20% thereafter
Transaction Fee
$5.00
Minimum Balance
$0

Our verdict

Earn more interest the longer you keep your money in your Scotiabank MomentumPLUS Savings Account—up to 360 days.

The Scotiabank MomentumPLUS Savings Account lets you earn a higher rate of interest the longer you keep your money in the account —up to 360 days. You can also take advantage of earning a bonus interest rate of 6.05% for 3 months. There is no account fee or minimum balance required, however you'll be charged $5.00 everytime you make a debit transaction from this account.

Best for: Those looking to open an account with a big bank and take advantage of a high bonus interest rate offer.

Pros

  • Earn a high bonus interest rate of 6.05% for 3 months
  • Enjoy higher interest rates the longer you keep your money in your account (up to 360 days)
  • No account fee
  • No minimum balance required

Cons

  • Debits will cost you $5.00 each
  • Withdrawals can void any premium rates you're earning
  • Bonus rate ends after 3 months

In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews
Earn a savings rate of up to 6.05% for 3 months. Plus, enjoy free unlimited transfers between Scotiabank accounts. Once the offer ends, you'll continue to earn 1.2% interest (plus a package interest rate boost of 0.10% for Ultimate Package holders and a 0.05% rate for Preferred Package holders), plus an additional premium interest rate ranging from 0.75% to 1.45%.

What are the benefits of the Scotiabank MomentumPLUS Savings Account?

The Scotiabank MomentumPLUS Savings Account offers a number of unique perks and benefits:

  • No monthly fees. You won’t have to pay monthly fees to keep your account active.
  • Track your savings. Set up multiple savings goals on this account and choose your timeline to make your goals trackable.
  • Tiered interest. Enjoy higher interest rates the longer you keep your money in this account, up to 360 days.
  • No minimum deposits. It’s possible to get your account up and running with as little as $1, which makes it accessible to most customers.
  • Bonus interest. Earn a savings rate of up to 6.05% for 3 months. Plus, enjoy free unlimited transfers between Scotiabank accounts.

What should I look out for?

There are a handful of drawbacks you might want to watch for with the Scotiabank MomentumPLUS Savings Account:

  • No free debits. You’ll have to pay $5 every time that you take money out on this account (for example, by using your debit card).
  • Withdrawals can void premium rates. You may lose premium rate interest if you make withdrawals on your account within your first year.
  • No bonus rates after one year. The premium rate offer will end after one year and you’ll only earn a base rate of 1.2% on your savings after that.

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How do I open a Scotiabank MomentumPLUS Savings Account?

Follow these steps to open a Scotiabank MomentumPLUS Savings Account online:

  1. Click the ‘Apply Now’ button or on this secure link to be redirected to the Scotiabank site.
  2. Click on the “Start saving now” button when you land on the page.
  3. Enter your personal information such as your full name, date of birth, Social Insurance Number, employment information and email address.
  4. Once approved, sign up for an online account with your new banking information.

Eligibility requirements for Scotiabank MomentumPLUS Savings Account

To apply for a Scotiabank MomentumPLUS Savings Account, you need to meet the following criteria:

  • Be a Canadian citizen or temporary resident who is at least 16 years old
  • Be opening a sole account in your name

Required documents and information

  • Your name, residential status and contact information
  • 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 Scotiabank MomentumPLUS Savings Account?

You’ll be able to withdraw cash from your account by sending it to yourself via an internal Scotiabank transfer. You can also make withdrawals from your account by visiting a branch in person. Just be aware that this will cost $5 per transaction.

You’ll be able to deposit funds by transferring money into your account or by cashing a cheque or depositing cash with a teller or at an ATM near you. You can also transfer money into your account or deposit a cheque electronically using the Scotiabank Mobile app.

How can I get in touch with customer service?

You can easily connect with Scotiabank by using the following channels:

  • By phone. Call Scotiabank’s customer service hotline at any time of day or night.
  • In person. Check in with a Scotiabank branch in person to discuss your banking needs.
  • By mail. Send mail to Scotiabank’s headquarters in Toronto or reach out to your local branch through the post.
  • By email. Send a secure message through your online banking or to Scotiabank’s general email inbox.

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