Best Scotiabank Savings Accounts

Scotiabank has a variety of savings accounts, each with features and benefits that meet the wants of different customers. Some of the best Scotiabank savings accounts include the Scotia Momentum Savings Account and the Scotia Money Master Savings Account.

When choosing the best Scotiabank savings account, you must consider the features, interest rates, and fees.

This article will compare Scotiabank Savings Accounts, interest rates, and fees. We will also guide you through opening a Scotiabank savings account to make it easy. You would also discover alternative savings account providers\, so you have options.

Compare Scotiabank savings accounts

Scotiabank has different savings accounts, such as tax-free accounts, high-interest accounts, foreign currency accounts, and accounts for young people.

Several factors will determine which of the best Scotiabank savings accounts are right for you. Some of these things are your tax situation, how much you want to save, and how long you are willing to keep your money locked up.

Here is a comparison of the best Scotiabank savings accounts to help you determine which one is ideal for you.

Scotiabank High-Interest Savings Accounts

Scotiabank offers MomentumPLUS, Money Master, and Savings Accelerator high-interest savings accounts. These accounts feature unlimited self-service transfers to Scotiabank accounts but differ in their savings methods.

1. Scotiabank MomentumPLUS Savings Account

People who want to save for various things immediately will find the Scotiabank MomentumPLUS Savings Account a great fit. This Scotiabank savings account interest rate is 1.5%, and you can earn an extra 0.85% to 1.1% on your net balance. This includes regular interest earned every 90 to 360 days without a debit transaction.

New clients can also benefit from a 2.25% bonus interest rate for five months, allowing you to earn up to 5.00% interest. Customers who sign up for MomentumPLUS savings at Scotiabank and either the Ultimate Chequing Package or the Preferred Chequing Package at the same time will earn interest at a higher rate.

The MomentumPLUS Savings Account offers convenient features, including mobile cheque deposits, automated savings, and limitless self-service transactions. Also, there is no minimum amount or monthly account fee. You can transfer funds between Scotiabank accounts without incurring fees, but ABM withdrawals are unavailable.

2. Scotiabank Savings Accelerator Account

This is a good savings account to consider if you want a higher interest rate on a more significant cash sum. With this account, you can earn up to 1.50% on balances of $250,000 or more, and there is no monthly maintenance cost. For balances under $249,999, the interest rate is still competitive at 1.40%.

You can also start a Savings Accelerator Account for a registered plan like an RRSP, TFSA, or RESP. For registered plans, the interest rate is lower at 0.75% for balances up to $249,999 or 0.8% for balances of $250,000 or more. Nevertheless, new deposits in eligible RRSPs or TFSAs until April 30, 2023, can earn up to 4.05% interest.

But it’s important to note that there is no tax-free plan for the MomentumPLUS account. One of the best things about this account is that there are no fees for unlimited transfers between Scotiabank accounts. You can also add an investment product like a mutual fund or GIC to your account to earn money even faster.

3. Scotiabank Money Master Savings Account

A simple savings account that might help you save quickly and effortlessly is the Scotiabank Money Master Savings Account. It offers a low interest rate of 0.01%.

Still, the Bank The Rest savings program can help you accumulate your savings faster. The program automatically deposits your purchases to the closest $1 or $5 into your Money Master account, earning you interest.

Although the interest rate is low, the account does not charge a monthly fee. It allows for unrestricted transfers to other Scotiabank accounts. Moreover, the Bank the Rest program makes it easier to save without any additional effort on your part.

If you have a higher-interest savings account, you can quickly transfer your Money Master balance to it monthly. However, remember that there is a $5 fee for ABM withdrawals.

Scotiabank Tax-Free Savings Accounts

A Tax-Free Savings Account (TFSA) is an account where the interest is never taxed. Withdrawals are permitted anytime, and deposits must be made within a year. The maximum yearly contribution to a TFSA in 2023 is $6,500, and Scotiabank has two savings accounts that qualify.

1. Scotiabank TFSA Savings Accelerator Account

The Scotiabank TFSA Savings Accelerator Account is a savings-only tax-free account offering higher interest rates than regular savings accounts. Your interest rate is proportional to the amount in your account. The rates are 0.75% for balances below $249,999 and 0.80% for balances of $250,000 and above.

This account allows free transfers to other Scotiabank accounts via mobile banking, online banking, and the customer contact center. However, other debit transactions come with a $5 fee. Note that you cannot access this account through an ATM.

If you’re looking to save without worrying about monthly fees, the Scotiabank TFSA Savings Accelerator Account is a good option. With this account, you can earn a greater interest rate and unlimited free transfers to your other Scotiabank accounts. Remember that fees apply to other debit transactions and that there is no ATM access.

2. Scotia Tax-Free Savings Account

The Scotia Tax-Free Savings Account can hold cash, investments, GICs, and mutual funds. You can put your yearly tax-free savings contribution into as many accounts, funds, or assets as possible. You can withdraw cash without affecting your TFSA contribution limit and choose your risk level.

The interest rate for low-risk savings is 0.01%; however, diversifying into various products can boost your return. With this account, you can also take advantage of tax-free growth and withdrawals, which means any gains earned within the account are not taxed. In addition, there will be no tax owed on any money taken out of the account.

Scotiabank Foreign Currency Savings Accounts

Freelancers and small enterprises in Canada often struggle to find a bank offering any interest on foreign currency deposits. Scotiabank has two accounts you should consider if you receive US dollars or Euros.

1. Scotiabank US Dollar Daily Interest Account

The Scotiabank US Dollar Daily Interest Account is an excellent option for those who frequently deal with American currency. The minimum balance to begin earning interest on this account is $1,000, and the maximum interest rate is 0.05%.

There is a $1 monthly account fee, but it can be waived if your balance is $200 or more. For those above the age of 60, there is no ongoing charge. The package includes two monthly free debit transactions, with additional debits costing $1.25 each.

Online transfers between US Dollar and Canadian Dollar accounts are simple, and there are no fees for obtaining bank draughts in US Dollars. Interest is paid on accounts over $1,000 and continues up to $10,000. The Scotiabank US Dollar Daily Interest Account is an excellent choice if you want a hassle-free way to manage your US funds.

2. Scotiabank Euro Daily Interest Savings Account

The Scotiabank Euro Daily Interest Savings Account is an excellent option for those who want to save in Euros. To waive the monthly fee of €1, you must maintain a daily balance of €200 or more. This account’s interest rate has tiers that increase with the sum in the account.

You’ll receive two free teller-assisted withdrawals per month, but additional transactions will cost €1.25 each. Scotiabank offers a savings calculator to estimate how much you can save with the interest rates if you open this account. Alternatively, you can input your desired goal savings amount and see how much you’ll need to save each month to achieve it.

There is a $1 monthly fee for the Scotia Euro Daily Interest Savings Account. This cost is waived, however, if you are 65 or older or if your average daily balance is €200 or more. Each monthly plan includes two debit transactions at no extra cost, with each additional debit costing €1.25.

Scotiabank Savings Account for Youth

The Youth Savings Account from Scotiabank combines the best features of checking and savings accounts for young people under eighteen. It is one of the best Scotiabank savings accounts for young people. You can make limitless debit purchases and receive two months of free Interac e-Transfers, among its many other perks.

In addition to free electronic or paper statements, the account pays an interest rate of up to 0.10% on deposits.

With this account, you can earn 0.05% interest on balances up to $499.99 and 0.1% on balances of $500 or more. You can earn Scene+ rewards points on purchases without monthly fees or unlimited transactions. Scotia InfoAlerts are included with the account to keep you abreast of any relevant account activity.

There are no transaction fees or Interac e-Transfer limits, making using the account for day-to-day transactions easy. Sometimes it’s necessary to use an ATM that isn’t affiliated with Scotiabank. If so, Interac network transactions in Canada cost $2, and Visa or PLUS network withdrawals in Canada and the US cost $3.

How to open Scotiabank savings account

Opening a savings account with Scotiabank is a simple process that can be done in person or online. You can begin saving with Scotiabank immediately, provided you meet the requirements and provide the required information and identification. Here’s what you need to know:

Eligibility Requirements

• To open a Scotiabank savings account, you must be at least the age of majority in your province or territory (18 or 19 years old), except for the Scotiabank Getting There Savings Account, which is available to kids under 18.
• Applicants under 12 years old will need to apply with a parent. In contrast, applicants aged 12 to 15+ can open an account without a parent if they have their own or their parent’s ID.
• Applicants for all Scotiabank account types must be residents of Canada. Students and people in Canada for work are also welcome to apply.

Identification

• You can verify your identity online using information from an existing Canadian bank or provide ID such as a driver’s license issued in Canada, a Canadian passport, or Permanent Resident Card in person at a local Scotiabank branch.
• Required information for the application includes your first and last name, email, primary phone number, address, birth date, occupation, and SIN (optional).
• You’ll also need to provide the purpose of your account (daily banking, emergency fund, etc.), create a password and username, and consent for Scotiabank to verify your identity with a credit bureau.

Opening an Account

• Visit one of Scotiabank’s 950+ branches or apply online via their website.
• Verify your identity with a government-issued photo ID or several forms of acceptable identification.
• If you have questions or need help applying, please call customer support.

Scotiabank savings account fees

When considering a Scotiabank savings account, it’s essential to understand its associated fees. Here are some fees you should know:

• Monthly paper statements for the Money Master Savings Account cost $2.25 ($2.50 with cheque images). However, this fee is waived for Scotiabank Basic Bank Account, Scotiabank Student Banking Advantage Plan, and Scotiabank Getting There Savings Account.
• Withdrawals from non-Scotiabank ATMs cost $2 in Canada, $3 in the US, and $5 in other countries.
• If you want to view cheque images beyond the past 90 days, it costs $1.50 or is free with paperless record-keeping.
• Scotiabank charges a $48 NSF fee.
• International money transfers cost $1.99, and incoming wire payments cost $15 ($1.50 for Pension Payments).
• While there is no monthly account fee for Scotiabank savings products, transaction fees may apply when transferring or withdrawing funds. When you use Scotiabank’s online banking system to send money to another account, the transfer is free of charge. Any other use of a debit card will set you back $5.
• Maintaining a daily closing balance of $200 or €200 will prevent the monthly fee for a foreign currency account.

Alternatives to Scotiabank savings accounts

If you can’t find the best Scotiabank savings accounts. These options include HSBC High Rate Savings Account, Tangerine Savings Account, and CIBC eAdvantage® Savings Account. Here’s an overview of these savings accounts:

Best Scotiabank savings accounts conclusion

Scotiabank provides a wide range of savings accounts to meet the needs and preferences of its customers. Each account comes with its unique features, benefits, and fees. Therefore, it’ll be best to compare the various accounts to find the best Scotiabank savings accounts for your financial goals.

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