{"id":1075112,"date":"2026-04-02T12:08:37","date_gmt":"2026-04-02T16:08:37","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=1075112"},"modified":"2026-09-02T10:32:09","modified_gmt":"2026-09-02T14:32:09","slug":"scotia-high-interest-savings-account-review","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/savings-accounts\/scotiabank-savings\/scotia-high-interest-savings-account-review","title":{"rendered":"Scotia High Interest Savings Account review"},"content":{"rendered":"

What is the Scotia High Interest Savings Account?<\/h3>

The Scotia High Interest Savings Account is a savings account with a tiered interest rate structure. This means that the interest rate you get varies depending on your Total Relationship Balance, which is the total amount you hold in eligible Scotiabank chequing, savings and investment accounts.<\/p>

The account has no monthly fees and is easy to manage via online and mobile banking.<\/p>

What is the Scotia High Interest Savings Account interest rate?<\/h3>

There are 2 interest rates you need to be aware of with this account: the regular interest rate and the promo interest rate.<\/p>

The regular interest rate ranges from 0% to 2.2% based on your Total Relationship Balance with Scotiabank. Regular interest rate tiers are shown in the table below.<\/p>
Total Relationship Balance<\/strong><\/th>Regular interest rate<\/strong><\/th><\/tr><\/thead>
Less than $10,000<\/td>0%<\/td><\/tr>
$10,000 \u2013 $99,999<\/td>0.75%<\/td><\/tr>
$100,000 \u2013 $249,999<\/td>1.75%<\/td><\/tr>
$250,000 \u2013 $499,999<\/td>2%<\/td><\/tr>
$500,000 or more<\/td>2.2%<\/td><\/tr><\/tbody><\/table>

The promo interest rate is applied on top of the regular interest rate for the first 3 months after you open an account. The promo rate is 5%, which means the amount you earn during the first 3 months could be anywhere from 0% to 5.00%.<\/p>

Scotia High Interest Savings Account fees and access<\/h3>
Type of fee<\/strong><\/th>Fee details<\/strong><\/th><\/tr><\/thead>
Monthly fee<\/td>$0<\/td><\/tr>
Withdrawal to another Scotiabank account<\/td>$0<\/td><\/tr>
ATM withdrawal<\/td>Not available<\/td><\/tr>
Paperless account statement<\/td>$0<\/td><\/tr>
Paper account statement<\/td>$$2.25\/month<\/td><\/tr><\/tbody><\/table>

What we like about the Scotia High Interest Savings Account<\/h3>
<\/div>

No monthly fees<\/h4>

Scotiabank does not charge any monthly fees on the Scotia High Interest Savings Account. So regardless of what your balance is, you don\u2019t need to worry about bank fees chipping away at your savings.<\/p>

Competitive ongoing rate<\/h4>

If you have a Total Relationship Balance of $100,000 or more with Scotiabank, you can get a competitive interest rate of 1.75% \u2013 2.2% on your savings. This compares favourably with the interest rates offered on other big bank savings accounts.<\/p>

High promo interest rate of up to 5.00%<\/h4>

With the introductory bonus interest rate applied, you can earn as much as 5.00% interest on your account balance for the first 3 months.<\/p>

Easy online application<\/h4>

If you\u2019re a new customer, you can apply to open an account online in less than 10 minutes. The application process is even quicker for existing Scotiabank customers.<\/p>

What are the downsides?<\/h3>
<\/div>

High balance required to get the maximum rate<\/h4>

If you want to get an introductory interest rate of 5.00% and the maximum ongoing rate of 2.2%, you\u2019ll need a total balance of at least $500,000 across your eligible Scotiabank accounts. That puts the maximum rate out of reach for a lot of people.<\/p>

0% interest if you have less than $10,000<\/h4>

If you have less than $10,000 across your eligible Scotiabank accounts, the money in your Scotia High Interest Savings Account won\u2019t earn a cent of interest.<\/p>

Promo rate only lasts 3 months<\/h4>

The juicy maximum rate of up to 5.00% only lasts for the first 3 months. After that, your account reverts to the lower standard rate.<\/p>

Not designed for everyday transactions<\/h4>

Unlike hybrid accounts that also come with a prepaid card for easy access to your funds, this account is not designed for everyday transactions. If you want access to your money, you\u2019ll need to transfer it over to your Scotiabank chequing account.<\/p>

Compare with other savings accounts<\/h3>

Although this account offers a competitive interest rate compared to accounts from other big banks, Canadian digital banks and fintechs often provide higher ongoing interest rates.<\/p>