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Those needing a unique savings structure to help their money grow should look no further than the Scotiabank MomentumPLUS Savings Account.
When it comes to saving money, it’s always beneficial to have a financial product that provides high interest and valuable features. And this savings account is one such account.
The Scotiabank MomentumPLUS Savings Account offers high-interest rates to incentivize long-term savings. The application process is straightforward and primarily online, making it accessible.
However, it lacks ATM and POS access and imposes penalties on early withdrawals. Therefore, it is best for those whose financial goals align with long-term savings.
This article delves into everything you need to comprehend about this sought-after account option. We’ll also cover the steps you must follow to open this savings account.
Scotiabank MomentumPLUS Savings Account features
The Scotiabank MomentumPLUS Savings Account has several features that make it stand out:
- No monthly account fees
- No minimum balance required
- Save for multiple goals in one account
- Unlimited self-service transfers
- A tiered interest system to maximize your returns
- Free unlimited transfers between Scotiabank accounts via self-service
- Mobile cheque deposit option
- Interest boost options with specific Scotiabank banking packages
The pros of the Scotiabank MomentumPLUS Savings Account
High-Interest Rates
With this savings account, your interest rate escalates the longer your savings remain in the account. This account also allows you to earn up to 5.15% interest for the first 5 months. This higher interest rate is appealing to those aiming to optimize their savings.
No Monthly Fees and No Minimum Balance
No monthly charges are incurred for the upkeep of this account. In conjunction with the absence of a minimum balance requirement, this allows account holders more flexibility in managing their savings.
Multiple Goals Savings
The ability to save for multiple goals in one account makes this savings account an excellent tool for managing personal finances. Whether saving for a vacation, a new car, or building your emergency fund, you can keep track of all your goals within one account.
Access to Scotiabank’s Global ATM Alliance
Scotiabank is a part of the Global ATM Alliance, meaning account holders can access their funds from partner ATMs worldwide, often without being charged international ATM fees.
Online and Mobile Banking
Scotiabank provides robust online and mobile banking options, allowing customers to easily manage their MomentumPLUS Savings Account from anywhere, at any time.
Round-the-Clock Customer Support
Scotiabank offers 24/7 customer support, ensuring that assistance is available anytime should account holders have any queries or face any issues.
The cons of the Scotiabank MomentumPLUS Savings Account
No Debit Transactions
One notable disadvantage of the Scotiabank MomentumPLUS Savings Account is that it does not support debit transactions. This means it lacks functionality for everyday banking, such as purchases and ATM transactions.
Withdrawals May Affect Premium Interest
While it offers premium interest rates, account holders may lose these rates if withdrawals are made during the chosen premium period.
Premium Rates Are Time-Bound
The high-interest rate offer is time-bound. After the initial offer period, the interest rate reverts to a base rate, which may be lower than other competitive savings accounts.
Scotiabank MomentumPLUS Savings Account fees
This savings account stands out for its absence of monthly account fees. However, it’s worth noting that certain activities have associated fees. For instance, there’s a $5 fee per transfer if you require teller assistance. Moreover, transferring the account to another financial institution incurs a $20 fee.
Scotiabank MomentumPLUS Savings Account special offers
The Scotiabank MomentumPLUS Savings Account currently offers an enticing 5.15% interest rate for the initial five months. This high-interest rate is an excellent opportunity for new account holders to accelerate the growth of their savings.
Other Scotiabank chequing account options
Scotiabank offers a range of other savings accounts to meet diverse needs:
- Savings Accelerator Account: Ideal for growing your savings faster within your investment plan, with up to 4.05% interest.
- Money Master Savings Account: An everyday savings account with no monthly account fees.
- Scotia U.S. Dollar Daily Interest Account: Useful for managing U.S. dollars with competitive foreign exchange rates.
- Scotia Euro Daily Interest Savings Account: A helpful tool for saving euros with no monthly account fees if you maintain a minimum balance.
How to open the Scotiabank MomentumPLUS Savings Account
Opening this savings account is a seamless process:
- Visit the official Scotiabank website and navigate to the MomentumPLUS Savings Account page.
- Select the ‘Apply Now’ or ‘Start Saving Now’ button.
- You will be asked to sign in if you have an existing Scotiabank product or service. You’ll need to complete an online application form if you’re a new customer.
- Submit your personal data, including your full name, birth date, and Social Insurance Number. Employment information, email address, and contact details will also be required.
- Follow the prompts and provide any additional required information. Review your details thoroughly before submitting the form.
- Once your application gets the green light, you can establish an online account utilizing your new banking details.
- Receive your Scene+ ScotiaCard debit card, which can be used for various transactions.
Scotiabank MomentumPLUS Savings Account conclusion
The Scotiabank MomentumPLUS Savings Account presents a viable savings option for those who intend to keep their funds untouched over a certain period. The ability to earn premium interest over time and a host of convenient features make this account a compelling choice.
However, before deciding, it’s essential to consider the limitations, such as the lack of ATM and POS access and the penalties on early withdrawals. It’s advisable to assess your financial status and necessities when selecting a bank account.
With this savings account, potential savers can make an informed choice that aligns with their financial goals.
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