Compare Scotiabank High Interest Savings Accounts and Rates

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by Enoch Omololu


Advertiser Disclosure

Scotiabank’s high interest savings account, MomentumPLUS Savings Account, offers a competitive rate when you pair it with one of their premium chequing accounts.

Compared to similar savings accounts by RBC and TD, you earn a higher standard rate by keeping your funds saved for a specific period (90-360 days).

For even better savings rates in Canada, online banks such as EQ Bank and Neo Financial pay more in interest without locking your funds in.

In this article, I cover the best Scotiabank savings accounts in 2022, what they offer, fees, and alternative places to keep your savings deposits.

About Scotiabank

Scotiabank (or the Bank of Nova Scotia) was founded in 1932 and is one of Canada’s big five banks.

It has over 10 million customers (retail and business) and more than 90,000 employees worldwide.

Scotiabank trades on the Toronto Stock Exchange as “BSN” and it is the parent of the popular online bank, Tangerine.

Scotiabank High Interest Savings Accounts

It offers a number of savings accounts depending on your needs;

  • Scotiabank MomentumPLUS Savings Account: When you keep your funds untouched for 90-360 days, you earn a bonus interest of up to 1.00% on top of the regular rate.
  • Scotiabank Savings Accelerator Account: This savings account can be added to a registered or non-registered plan. It offers a tiered interest rate of up to 0.60%.
  • Scotiabank Money Master Savings Account: This everyday savings account offers a 0.01% interest rate.
  • Scotia U.S. Dollar Daily Interest Account: This pays a tiered interest rate from 0% to 0.05%.
  • Scotia Euro Daily Interest Savings Account: This Euro account currently pays no interest (June 16, 2022).

Scotiabank MomentumPLUS Savings Account

The MomentumPLUS Savings account is Scotiabank’s high interest rate account. It has no monthly fees and a regular interest rate of 0.55%.

When you do not have any debit transactions in your account for a period of 90-360 days, you earn a “premium period interest” of 0.85% – 1.00% for a limited time as follows:

  • 90 days: 0.85%
  • 180 days: 0.90%
  • 270 days: 0.95%
  • 360 days: 1.00%

If you also open an Ultimate Package chequing account, you get an additional 0.10% annually.

While the MomentumPLUS Savings account offers unlimited self-service transfers to your other Scotiabank accounts, teller-assisted debit transactions cost $5 each.

This account does not support pre-authorized payments or ATM access.

Scotiabank High Interest Savings Account Alternatives

Many of the popular digital banks in Canada offer a higher savings interest rate than the big banks.

In some cases, you may even earn up to 150x what some banks are offering, such as 0.01% vs. 1.50% (EQ Bank).

EQ Bank Savings Plus Account

EQ Bank is the direct banking arm of Equitable Bank. Its high-interest savings account is referred to as Saving Plus and offers:

  • No monthly account fees
  • 1.50% interest rate on general savings
  • Unlimited free bill payments and electronic fund transfers
  • Unlimited free Interac e-Transfers
  • Free EQ to EQ transfers
  • Free mobile cheque deposits
  • Cheap global money transfer via Wise (up to 8 times cheaper)
  • No minimum account balance
  • Joints savings accounts

Deposits held at EQ Bank are eligible for CDIC protection for up to $100,000 per insured category.

In addition to savings accounts, EQ Bank also offers Guaranteed Investment Certificates (GICs) with various terms.

You can open an account to earn 1.50% or read my review to learn more.

Other banks and financial institutions with competitive rates include:

A number of Canadian credit unions also offer great rates.

High Interest Savings Accounts in Canada: Scotiabank vs. EQ Bank vs. Neo Financial

Here’s how the Scotiabank MomentumPLUS Savings account compares with EQ Bank’s Savings Plus account:

 Scotiabank MomentumPLUS SavingsEQ Bank Savings PlusNeo Financial Savings
Monthly fee$0$0$0
Interest rate0.20% regular interest; bonus interest up to 0.90%1.50%* on non-registered savings; 1.50% on registered accounts (TFSA and RRSP)1.60%
Free transactionsFree transfers to Scotiabank personal accountsFree unlimited debits, bill payments, and electronic fund transfersFree bill payments
Free Interac e-TransfersN/AFree unlimited Interac e-TransfersFree unlimited Interac e-Transfers
CDIC InsuranceYesYesYes
Other featuresPair with a chequing account to earn up to 0.10% extraFree mobile cheque deposits, cheap international money transferAccess to a cash back credit card
Learn moreRead reviewGet this rateGet this rate

Scotiabank Savings Account FAQs

What is the best Scotiabank savings account?

The Scotiabank account with the highest savings interest rate is the MomentumPLUS Savings Account.

Which bank has the highest interest rate on savings accounts?

Our top choice for the best high interest rate offer in Canada is EQ Bank. You can learn about what it offers here.

Are Scotiabank savings accounts safe?

Scotiabank is a top-five bank in Canada that has been around for more than 189 years. Deposits in your Scotiabank savings accounts are insured for up to $100,000 per eligible category by the Canada Deposit Insurance Corporation.

Want to find out how other big banks stack up against Scotiabank? We cover them in the reviews below:

Do you have a Scotiabank MomentumPLUS account? Let us know what you think about the rates in the comments.

Best Banking Offers in July 2022

Get a free chequing account and a *$350 cash bonus*

Unlimited free debits and Interac e-Transfer transactions.

No monthly account or transaction fees.

$350 cash bonus when you deposit $100 for 3 months.

Earn a high-interest rate on your savings (3% interest rate offer).

No monthly or minimum balance is required.

Earn cash back on purchases & grow your savings ($20 bonus)

Free reloadable prepaid card and budgeting app.

Up to 2% cash back on all purchases and 10% at brand partners.

1.20% savings interest on your entire account balance.

Get 3-day early access to $100 of your paycheque for free.

$20 bonus after using the card for your first purchase (use CASHBACK referral code at signup).

Get one of the highest savings rates in Canada ($150 bonus)

1.65% interest on every dollar.

Up to 150x interest more than other banks.

Combines savings and chequing account features.

Get a $150 cash bonus when you set up a payroll direct deposit.

No monthly fees and free unlimited transactions and Interac e-Transfers.

Best no-fee cashback credit card with $100 bonus

Earn 2% unlimited cash back in three spending categories.

Get a $100 welcome bonus with $1,000 spending in first 2 months.

0.5% unlimited cash back on all other purchases.

1.95% low balance transfer rate and insurance coverage benefits.

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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