Scotiabank Savings Accelerator Account Review
- Promotional Rate
- N/A
- Transaction Fee
- Free Scotiabank transfers, other transactions cost money
- Minimum Balance
- $0
Our verdict
Enjoy free internal transfers and earn up to 0.25% interest on your savings when you sign up for this no-monthly-fee account.
The Scotiabank Savings Accelerator Account could be a good fit for you if you want a safe place to park your savings. This account comes with no monthly fees, and you'll earn an interest rate of 0.1% (with a non-registered account) or 0.25% (with a registered account) on any balance you hold.
Pros
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No monthly fee
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Registered & non-registered plans
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Set up pre-authorized contributions
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Eligible for CDIC insurance
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Free online, mobile & phone transfers (TFSAs/non-registered plans)
Cons
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New customers must visit a branch (Scotia customers can apply online)
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Lower interest for non-registered plans
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Fees for in-branch transfers
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Cannot access via ABM
The Scotiabank Savings Accelerator Account is a very basic savings account that lets you earn up to 0.25% on your savings . There are no minimum deposit requirements and you won’t have to pay monthly fees to keep your account active.
Just be aware that you’ll pay a $5 fee for every in-branch transaction, although Scotia-to-Scotia transfers conducted through online, mobile or phone banking are free. This account can also be held as a registered plan such as an RRSP or TFSA.
What are the benefits of the Scotiabank Savings Accelerator Account?
You can take advantage of several benefits with the Scotiabank Savings Accelerator Account. These include the following:
- No monthly fees. You won’t have to pay a monthly fee to use this account.
- Earn interest on any balance. You’ll earn an interest on every dollar at a rate of 0.1% if you hold funds in a non-registered plan or 0.25% if you hold funds in a registered plan.
- Free internal transfers. Enjoy unlimited free transfers from your Scotiabank Savings Accelerator Account to your other Scotiabank accounts.
- Can be held as a registered account. Choose a registered plan (such as a TFSA or RRSP) to get all the benefits of a savings account without the tax implications.
- No minimum deposit. It’s possible to get your account up and running with as little as $1, which makes it accessible to most customers.
- Quarterly statements. Enjoy free paperless quarterly portfolio statements to track the progress of your savings and see how much money you’ve earned.
- Pre-authorized contributions. Set up automatic contributions into this savings account from your other Scotiabank accounts to rack up money faster.
What should I look out for?
There are a handful of drawbacks to be aware of with the Scotiabank Savings Accelerator Account:
- No online application. You won’t be able to sign up for this account online unless you’re an existing Scotiabank customer.
- In-branch transfers cost money. If you want to transfer or withdraw money in-person at a Scotiabank branch, you’ll pay $5 per transfer.
- No ABM access. You won’t be able to withdraw money or access your account using an ABM.
- Low interest rates. You’ll only earn 0.1% or 0.25% interest on your savings, which is low by industry standards.
- Low interest rate. This account pays a lower interest rate than some competitors, particularly online-only banks and alternative financial institutions.
Compare Scotiabank with other savings accounts
Finder Score for savings accounts
To make comparing even easier we came up with the Finder Score. Interest rates, account fees and features across 50+ savings accounts and 25+ lenders are all weighted and scaled to produce a score out of 10. The higher the score the better the account - simple.
How do I open a Scotiabank Savings Accelerator Account?
Follow these steps to open a Scotiabank Savings Accelerator Account online:
- Visit Scotiabank’s website, hover over the Bank accounts tab and select Savings accounts.
- Open the page for the Scotiabank Savings Accelerator Account.
- Fill out an application online if you’re an existing customer, or make an appointment at a branch location if you’re new to Scotiabank.
For online applications: Simply sign in to your Scotiabank online or mobile account and add this account to your other products by following the steps outlined in the app.
For in-person/phone applications: Call or make an appointment to sign up for an account. This will require you to submit personal information and verify your identity with a piece of government-issued ID.
Eligibility requirements
To apply for a Scotiabank Savings Accelerator Account, you need to meet the following criteria:
- Be a Canadian citizen or temporary resident who is at least 16 years old (younger applicants may need a parent or guardian present to open an account)
- Be opening a sole account in your name
Required documents and information
- Your name, residential status and contact information
- Your Social Insurance Number (optional) and date of birth
- Your email address and phone number
How do I deposit or withdraw my money?
You’ll be able to withdraw cash from your account by sending it to yourself via an internal Scotiabank transfer. You can also withdraw cash in-person at a branch, though this will cost you $5 each time. It won’t be possible to take money out at an ATM.
You’ll be able to deposit funds by transferring money into your account, cashing a cheque or depositing cash with a teller. You should also be able to 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 through the following channels:
- By live chat. Open the Scotia app to chat with customer service.
- By phone. Get in touch with Scotiabank’s customer service hotline any time of day or night.
- In person. Visit a Scotiabank branch in person to discuss your banking needs or set up an account as a new customer.
- By mail. Send mail to Scotiabank’s headquarters in Toronto or reach out to your local branch through the post.
BMO Performance Chequing Account
- Earn up to a $750 bonus
- Exclusive: Get an additional $150 digital Visa Gift Card from Finder
- Enjoy 4.75% promo interest
Frequently asked questions
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