Please note: All information about Scotiabank Money Master Savings Account has been collected independently by Finder and this product is not available through this site.
This account comes with few benefits, but it may be a good fit for you if you want easy access to your funds and a quick payout on interest. You won’t pay monthly fees to maintain this account, but you will have to pay a $5 fee for every transaction you make aside from internal transfers.
The Scotiabank Money Master Savings Account may be a good fit for you if you want quick access to your money and the interest you earn on your account. That said, you’ll earn a lower interest rate with this plan than you will with other fee-free Scotiabank Savings accounts. You’ll also have to pay $5 for every transaction you make aside from internal transfers.
What are the benefits of the Scotiabank Money Master Savings Account?
You can take advantage of certain benefits with the Scotiabank Money Master Savings Account. These include the following:
No monthly fees. You won’t have to pay monthly fees to keep your account active.
Earn interest. You’ll earn an interest rate of 0.01% on any balance you hold.
Free internal transfers. You can transfer money to and from your other Scotiabank accounts for no additional fee.
No minimum deposits. It’s easy to get your account up and running with as little as $1.
Free add-ons. You’ll be able to sign up for savings programs such as automated deposits or debit card round-ups to save money faster.
Mobile app. You can enjoy easy access to Scotiabank’s streamlined mobile app to manage your savings on the go.
What should I look out for?
There are several drawbacks to consider when you sign up for the Scotiabank Money Master Savings Account:
No free debits. You’ll be on the hook to pay $5 every time that you take money out unless you’re transferring your funds to another Scotiabank account.
Fees for in-branch transfers. You’ll have to pay $5 if you want to make internal transfers in person at a Scotiabank branch.
Low interest rates. You’ll only earn 0.01% interest on your savings, which is lower than what you’ll earn with other fee-free savings accounts offered by Scotiabank.
Few benefits. This account comes with very few extras such as credit card rebates, unlimited transactions or specialty services.
Not eligible for registered savings. You won’t be able to avoid tax implications with this account since you can’t open it as an RRSP, RRIF, RESP or TFSA.
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How do I open a Scotiabank Money Master Savings Account?
Follow these steps to open a Scotiabank Money Master Savings Account online:
Visit Scotiabank’s website, hover over the “Bank accounts” tab and click on “Savings accounts.”
Open the page for the Scotiabank Money Master Savings Account.
Click “Open now” in the online application section at the bottom of the page.
Select whether you’re a new or existing customer and fill out the required application.
Submit personal information such as your full name, home address, employment status and Social Insurance Number (SIN).
Verify your identity and contact information with a piece of government-issued ID.
To apply for a Scotiabank Money Master 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?
There are only a handful of ways that you can withdraw or deposit your money with the Scotiabank Money Master Savings Account. These include the following:
Internal transfers. You can transfer money from another Scotiabank account to stock up your savings or transfer money out if you need it in an emergency.
In-branch deposits and withdrawals. It’s possible to withdraw or deposit cash in person at a branch, though you may need to pay $5 for withdrawals.
How can I get in touch with customer service?
Scotiabank offers a number of channels to help you get access to banking assistance:
By phone. You can call Scotiabank’s 24/7 hotline to get help with your account.
In person. It’s possible to visit a Scotiabank branch if you want to speak to a real person about your account needs.
By mail. You can send any inquiries you might have by mail to Scotiabank’s headquarters in Toronto.
By email. It’s easy to sign in to your online banking to send a secure message or simply email Scotiabank’s general inbox.
Frequently asked questions
Yes and no. This account doesn’t come with monthly fees, but you may be required to pay a $5 fee every time that you withdraw money from your savings. The only time this doesn’t apply is if you’re transferring your funds to another Scotiabank account using an internal transfer.
This is a very basic savings account so it doesn’t offer high interest rates or other added benefits. It’s meant to be a safe place to park your money until you need access to it. If you plan to keep your money in savings in the long term, you may want to consider other options such as a high-interest savings account, guaranteed investment certificate or investment fund.
Yes. It offers the Scotiabank MomentumPLUS Savings Account and the Scotiabank Savings Accelerator Account. Both of these accounts come with higher interest rates and no monthly fees. These may be a better option for you if you want to optimize your savings.
Yes. Scotiabank is one of Canada’s Big Five banks and it’s also a member of the Canada Deposit Insurance Corporation (CDIC). The insurance that CDIC offers automatically protects any money you put into your account up to $100,000 if Scotiabank goes bankrupt.
Yes. You can definitely apply for this account online. You can also apply in person at the bank or over the phone.
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.
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