The Scotiabank Money Master Savings Account is a very basic savings account that offers a low interest rate of 0.01% on your savings.
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Scotiabank Money Master Savings Account Review
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Our verdict
Earn interest on your savings and get free internal transfers when you sign up for this basic account.
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.
Pros
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No monthly fees
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Earn interest
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Free internal transfers
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No minimum deposits
Cons
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No free debits
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Fees for in-branch transfers
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Low interest rates
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.
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.
Eligibility requirements
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.
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