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Compare Scotiabank High Interest Savings Accounts and Rates


Fact Checked

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 interest without locking your funds in.

In this article, I cover the best Scotiabank savings accounts in 2023, 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 is the parent of the popular online bank, Tangerine.

Scotiabank High Interest Savings Accounts in 2023

It offers several savings accounts depending on your needs;

  • Scotiabank MomentumPLUS Savings Account: When you keep your funds untouched for 90-360 days, you earn a premium period interest of up to 1.25% 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 1.50%.
  • 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 pays no interest.

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 1.40%.

When you do not have any debit transactions in your account for 90-360 days, you earn a “premium period interest” of 0.85% – 1.25% for a limited time as follows:

  • 90 days: 0.85%
  • 180 days: 0.90%
  • 270 days: 1.00%
  • 360 days: 1.25%

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

Lastly, you get a welcome bonus interest of 2.50% for the first 5 months (for up to 5.25% interest total).

Scotiabank MomentumPLUS Savings

scotiabank logo2

1.40% regular interest rate, plus bonus interest for a limited time

No monthly fees

Big Five Bank account

Access to other products

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

Digital banks in Canada often offer higher savings interest rates than big banks.

In some cases, you may earn up to 225x what some banks offer, such as 0.01% vs. 2.25% (Neo Money).

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
  • High-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.

EQ Bank Savings Plus Account

EQ Bank tfsa.

3.00%* non-promotional interest rate

Unlimited debits and bill payments

Unlimited Interac e-Transfers

No monthly account fees

Neo Financial Money Account

The Neo Money Account is a hybrid between a savings and a chequing account.

Neo Money Account

neo logo

Unlimited 5% average cash back

No monthly fees + $20 bonus

2.25% non-promo interest rate paid on balance

Unlimited free transactions

Get a Mastercard for payments online and ATMs

Access to a no-annual-fee credit card

HSBC High Rate Savings Account

HSBC Bank Canada’s High Rate Savings Account offers a competitive rate on your deposits.

HSBC High Rate Savings Account

Up to 1.85% interest*

No monthly fees

Top Canadian bank

No minimum balance & 3 free debits monthly

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 rate1.40% regular interest; premium period interest up to 1.25%; 2.50% welcome bonus interest2.50%* on non-registered savings; 3.00% on registered accounts (TFSA and RRSP)2.25%
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 moreGet this rateGet 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:

Top Banking Offers for December

Stop paying monthly fees with a free chequing account + $400 bonus

Easy $400 cash bonus when you direct deposit $100 for three months.

Unlimited debits, online bill payments and Interac e-Transfer transactions.

No monthly account or transaction fees.

Get a high-interest rate on your savings (6.00% interest rate offer).

Get a $100 bonus with the top no-fee cashback credit card

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

Earn 2% unlimited cash back in 3 spending categories - no annual fees!

0.5% unlimited cash back on all other purchases.

1.95% low-interest balance transfer rate and free insurance coverage.

Earn a regular 3.75% interest on your savings account

Earn a non-promotional 3.75% high interest rate on every dollar.

Free access to a hybrid account with unlimited transactions & e-transfers.

Access to a prepaid card that pays an average cashback of 5% on purchases.

No monthly or annual account fees; free budgeting app.


Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances. You can read his full author bio.

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Savvy New Canadians is one of Canada's top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Learn more about Savvy New Canadians.

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  • Earn up to 225x more than other banks!
  • Get 3.75% interest rate* on every dollar.
  • No monthly fees and unlimited free transactions.
Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.
  • Earn up to 225x more than other banks!
  • Get 3.75% interest rate* on every dollar.
  • No monthly account fees.
Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.