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What is the Scotiabank MomentumPLUS Savings Account interest rate?<\/h3>Representative example: Sarah opens a savings account<\/h4>
Sarah decides to open a Scotiabank MomentumPLUS Savings Account along with an Ultimate Package account for her day-to-day transactions. As she\u2019s saving for the long-term, Sarah selects a 90-day Premium Period to maximize her earning potential.<\/p>
By the end of those first 3 months, Sarah would have earned interest totaled from these amounts:<\/p>
- 0.4% Regular Interest Rate<\/li>
- 0.2% 90-day Premium Period Interest Rate<\/li>
- 0.1% Ultimate Interest Rate Boost<\/li><\/ul>
Once the promo period ends, Sarah\u2019s account will then revert back to paying the regular rate of 0.4% interest plus the Ultimate package boost of 0.1%. And if she keeps money in her account for longer, without withdrawing anything, Sarah will get access to even higher interest rates.<\/p><\/div><\/article><\/p>
Scotiabank MomentumPLUS Savings Account fees and access<\/h3>
Type of fee<\/th> Fee details<\/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> Not available<\/td><\/tr> Transferring account balance to another financial institution<\/td> $20<\/td><\/tr><\/tbody><\/table> What we like about the Scotiabank MomentumPLUS Savings Account<\/h3>
<\/div>No monthly fees<\/h4>
There is no monthly fee on this account, so you don\u2019t have to worry about regular bank charges chipping away at your savings balance.<\/p>
No minimum balance requirement<\/h4>
There\u2019s no minimum opening deposit or ongoing minimum balance requirement with the Scotiabank MomentumPLUS Savings Account. The size of your balance also doesn\u2019t have any impact on the interest rate that applies to your account.<\/p>
High promo interest rate of <\/h4>
This account offers a competitive promotional interest rate of for the first . This provides a quick boost to your savings before the account reverts back to a lower standard rate.<\/p>
Unlimited withdrawals<\/h4>
You can make unlimited free withdrawals by transferring funds from your savings account to your Scotiabank chequing account. It\u2019s easy to do so using Scotiabank\u2019s online and mobile banking platforms.<\/p>
What are the downsides?<\/h3>
<\/div>Confusing interest rate structure<\/h4>
At first, making sense of Scotiabank\u2019s interest rate table for the MomentumPLUS Savings Account is challenging, to say the least. The interest rate you get will vary depending on how long you save and whether you have an Ultimate Package or Preferred Package chequing account with Scotiabank. Make sure you know the maximum rate you\u2019ll get before deciding if this account is right for you.<\/p>
Promo rate only lasts <\/h4>
The high promotional interest rate on this account only applies for the first 3 months after you open an account. After that, you can only earn 0.4% interest on your balance, so there are higher ongoing interest rates available from other financial institutions. Additionally, this offer is only available if you\u2019re opening your first MomentumPLUS account.<\/p>
Lose your bonus interest if you withdraw before the Premium Period ends<\/h4>
While you can withdraw funds from your account at any time, if you do so before your Premium Period ends, you\u2019ll lose any bonus interest (between 0.2% and 0.45%) that you have accrued.<\/p>
Compare with other savings accounts<\/h3>
Even though Scotiabank offers a competitive interest rate compared to the Big Banks, you\u2019ll often find higher ongoing savings rates from digital banks and fintechs in Canada.