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Scotia Euro Daily Interest Savings Account review
Earn a tiered interest rate when you save money in euros with this low fee savings account.
A cross-border account that lets you earn interest on any savings that you hold in euros.
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Please note: All information about Scotia Euro Daily Interest Savings Account has been collected independently by Finder and this product is not available through this site.
The Scotia Euro Daily Interest Savings Account is a cross-border account that lets you earn interest on any savings that you hold in euros. You’ll earn a tiered rate of interest based on how much you have invested (though you won’t earn interest below €5,000). This account comes with a monthly fee of €1 and offers competitive foreign exchange rates. Just be aware that all transactions for this account must be carried out by visiting a Scotiabank branch.
Expert review
The Scotia Euro Daily Interest Savings Account lets you earn interest on any savings you hold in euros equal to €5,000 or more. It also comes with 2 free teller-assisted transactions per month and competitive foreign exchange rates. Just be aware that this account charges a monthly fee of €1 and you won’t be able to carry out any of your banking online.
How do interest rates work on this account?
You’ll earn tiered interest rates based on how much money you have in your account. These are outlined in the table below and paid on the portion of the balance within each tier.
Balance | Annual interest rate |
|---|---|
€60,000 or more | 0.00% |
€25,000 – €59,999 | 0.00% |
€10,000 – €24,999 | 0.00% |
€5,000 – €9,999 | 0.00% |
€4,999 and under | 0.00% |
What are the benefits of the Scotia Euro Daily Interest Savings Account?
The Scotia Euro Daily Interest Savings Account comes with several benefits:
- Low monthly fees. The monthly fee for this account is only €1 (which is around CAD$1.50).
- Earn interest in euros. You’ll earn tiered interest rates in euros, which will amount to more money if you decide to transfer your funds into Canadian dollars.
- Free transfers. You’ll get two free teller-assisted transactions per month, but you won’t be able to carry out online banking services with this account.
- No minimum deposits. There are no minimum deposit requirements to keep this account active.
- Competitive exchange rates. You’ll be able to transfer your funds into euros and back to Canadian dollars with competitive exchange rates.
What should I look out for?
The Scotia Euro Daily Interest Savings Account comes with a couple of drawbacks:
- No online application. You won’t be able to sign up for this account online since you can only sign up by visiting a branch in person.
- No interest below €5,000. You won’t earn any interest on balances you hold in this account that fall below €5,000.
- Limited transactions. You’ll only get two free transactions per month and after that you’ll be required to pay €1.25 per transaction.
- No online transfers. You won’t be able to use your online banking to send or receive funds in this account (all transactions must be carried out at a branch location).
- No ATM withdrawals. Only teller-assisted debits are allowed on this account, so it’s not possible to make ATM withdrawals or debit purchases.
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How do I open a Scotia Euro Daily Interest Savings Account?
Follow these steps to open a Scotia Euro Daily Interest Savings Account online:
- Go to Scotiabank’s website and find the page for the Scotia Euro Daily Interest Savings Account.
- Click on the “Book appointment” button when you land on the page.
- Gather information to bring to your appointment and be prepared to submit personal details such as your name, address, Social Insurance Number and government-issued ID to prove your identity.
Eligibility requirements
To apply for a Scotia Euro Daily Interest Savings Account, you need to meet the following criteria:
- Be a Canadian citizen or resident who is at least 18 years old (19 in some provinces)
- 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?
Once you put money into your Scotia Euro Daily Interest Savings Account, the only way you can transfer it out is by visiting a branch in person. You’ll also be limited in how you can access your funds since you won’t have access to ATM withdrawals, debit purchases, online transfers or Interac e-Transfers.
You’ll be able to deposit funds into this account by sending them to yourself from your other Scotiabank accounts using an internal transfer. This seems to be the only way to make a deposit, other than by visiting a branch in person to deposit cash or a cheque.
How can I get in touch with customer service?
There are a few options available for you to connect with Scotiabank customer service:
- By phone. Call Scotiabank’s toll-free number 24 hours a day, 7 days a week.
- In person. Visit a branch in person to speak to an agent about your banking needs.
- By email. Contact Scotiabank by sending a secure message through your online banking account.
- Through social media. Use Facebook or Twitter to ask any questions you may have about the Scotia Euro Daily Interest Savings Account.
