Our monthly newsletter is launching soon with the latest in money news, credit card offers + more ways to save
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Scotiabank MomentumPLUS Savings Account review
Earn more interest the longer you keep your money in your Scotiabank MomentumPLUS Savings Account—up to 360 days.
Earn a savings rate of up to 4.60% for 5 months. Plus, enjoy free unlimited transfers between Scotiabank accounts. Once the offer ends, you’ll continue to earn 1.6% interest, along with premium interest rates between 0.85% and 1.10%.
The Scotiabank MomentumPLUS Savings Account lets you earn more interest the longer you keep your money in your Scotiabank MomentumPLUS Savings Account—up to 360 days. And if you sign up for a Scotiabank Ultimate Package you’re eligible for a bonus rate: With the MomentumPLUS Savings Account, you can earn a savings rate of up to 4.60% for 5 months Valid until March 31, 2023. 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.
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 4.60% for 5 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 (such as through an ATM withdrawal or by accessing funds 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 1.6% on your savings after that.
How do I open a Scotiabank MomentumPLUS Savings Account?
Follow these steps to open a Scotiabank MomentumPLUS Savings Account online:
Click the ‘Apply Now’ button or on this secure link to be redirected to the Scotiabank site.
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.
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 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.
Scotiabank MomentumPLUS Savings Account FAQs
You may be eligible to earn three different types of interest on this account. The first is a base rate of 1.6% that you'll earn on all savings. The second is a premium interest rate that you'll earn between 90 and 360 days, which varies between 0.85% and 1.10%. The third is a bonus rate that you'll only get if you sign up for a Scotiabank Ultimate Package. With the MomentumPLUS Savings Account, you can earn a savings rate of up to 4.60% for 5 months Valid until March 31, 2023.
You won't need to pay monthly fees with this account. However, you will have to pay $5 for every transaction or withdrawal that you make, and you'll lose your premium interest rate if you make any withdrawals within the premium rate savings period.
Like other savings accounts, you'll earn regular interest with the Scotiabank MomentumPLUS Savings Account, calculated daily and monthly. But if you make no withdrawals for 90 days, you'll earn extra "premium" interest, making this a great savings account for those who are OK with parking their money for a little while. Interest rate increases with the Scotiabank MomentumPLUS Savings Account are at 90 days, 180 days, 270 days and 360 days.
Yes. Scotiabank is one of Canada's Big Five banks along with being a member of the Canada Deposit Insurance Corporation (CDIC). This is an organization that protects any money you put into your account up to $100,000 in the unlikely case that Scotiabank goes bankrupt.
Claire Horwood is a writer at Finder, specializing in credit cards, loans and other financial products. She has a Bachelor of Arts in Gender Studies from the University of Victoria, and an Associate’s Degree in Science from Camosun College. Much of Claire’s coursework has focused on writing and statistics, with a healthy dose of social and cultural analysis mixed in for good measure. In her spare time, Claire enjoys rock climbing, travelling and drinking inordinate amounts of coffee.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.