Scotiabank MomentumPLUS Savings Account Review
Earn interest with this tiered premium interest rates account.
The Scotiabank MomentumPLUS Savings Account lets you earn a base interest rate of 0.1%, along with premium interest rates between 0.30% and 0.60% as premium rate.
Alongside earning interest, you’ll also get an extra 0.05% when you sign up for a Scotiabank Ultimate Package chequing account. Just be aware that you may lose a portion of your interest if you make any withdrawals from this savings account while you’re earning premium rates.
The Scotiabank MomentumPLUS Savings Account may be a good fit for you if you want to earn a decent interest rate in your first year. This account offers tiered rates that increase in line with the length of time you keep your money stored away, up to 360 days. Just keep in mind that you may lose a portion of your premium rates if you make any withdrawals on your account during the promotional period. You’ll also have to pay $5 every time you make a transaction.
How do interest rates work with this account?
This account offers a base rate, tiered premium rates and a top-up rate when you sign up for a Scotiabank Ultimate Package chequing account.
- Base rate. You’ll get a base rate of 0.05% interest on all of your savings in this account for as long as you hold it.
- Premium rates. You’ll get an additional load of interest at regular intervals within your first year. This payout will occur at 90 days (0.30%), 180 days (0.40%), 270 days (0.50%) and 360 days (0.60%).
- Ultimate package rate. You can enjoy an additional rate of 0.05% on top of your base rate when you sign up for a Scotiabank Ultimate Package chequing account (which costs $30.95 per month unless you keep a minimum balance of $5,000 in your account).
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.
- Decent interest rates. Earn up to 0.75% on your balance in your first year, depending on how strategic you are about taking advantage of premium rates.
- Tiered interest. Enjoy higher interest rates the longer you keep your money in this account, up to 360 days.
- Ultimate package rates. Sign up for a Scotiabank Ultimate Package to get an additional 0.05% rate added to your Scotiabank MomentumPLUS Savings Account.
- 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.
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 (such as through an ATM withdrawal or by accessing funds using your debit card).
- Ultimate rates cost money. You’ll have to pay $30.95 per month to open an Ultimate Package chequing account in order to get the 0.05% bonus rate on this savings account.
- 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 0.05% on your savings after that.
Compare Scotiabank with other savings accounts
How do I open a Scotiabank MomentumPLUS Savings Account?
Follow these steps to open a Scotiabank MomentumPLUS Savings Account online:
- Visit Scotiabank’s website, hover over the “Bank accounts” tab and click on “Savings accounts.”
- Open the page for the Scotiabank MomentumPLUS Savings Account.
- Click on the “Start saving now” button when you land on the page.
- Enter your personal information such as your full name, date of birth, Social Insurance Number, employment information and email address.
- Once approved, sign up for an online account with your new banking information.
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 (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 make withdrawals from your account using an ATM or 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. 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.