Scotiabank Savings Accelerator Account Review
Enjoy free internal transfers and earn 0.05% interest on your savings when you sign up for this fee-free account.
The Scotiabank Savings Accelerator Account lets you earn up to 0.05% on your savings (or 0.1% if you have a balance over $250,000). There are no minimum deposit requirements and you won’t have to pay monthly fees to keep your account active.
The Scotiabank Savings Accelerator Account is a very basic savings account that lets you earn up to 0.05% on your savings (or 0.1% if you have a balance over $250,000). 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 transaction you make on this account aside from internal transfers.
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 0.05% on whatever balance you hold in your account.
You’ll also enjoy free internal transfers between your Scotiabank accounts, but you will have to pay a $5 fee to carry out any other type of transaction. 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 monthly fees to keep your account active.
- Earn interest. You’ll earn an interest rate of 0.05% on any balance under $250,000 (and 0.1% on any balance over this amount).
- 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. Turn this into a registered account (such as a TFSA or RRSP) to get all the benefits of a savings account without the tax implications.
- 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.
- Quarterly statements. Enjoy free quarterly 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.
- No free debits. You’ll have to pay $5 every time you take money out unless you’re transferring it to another Scotiabank account.
- 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 ATM access. You won’t be able to withdraw money or access your account using an ATM.
- Low interest rates. You’ll only earn 0.05% interest on your savings, which is low by industry standards.
- Few benefits. You won’t get very many benefits with this account, such as credit card rebates, unlimited transactions or free bank drafts.
Compare Scotiabank with other savings accounts
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 click on “Savings accounts.”
- Open the page for the Scotiabank Savings Accelerator Account.
- Fill out an application online if you’re an existing customer, or call/make an appointment at a branch location if you’re a new customer.
- 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.
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
- 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 or by 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 by using the following channels:
- By phone. Get in touch with Scotiabank’s customer service hotline at 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.
- By email. Use your online banking to send a secure message, or simply email Scotiabank’s general inbox.