Scotiabank MomentumPLUS Savings Account Review (2023)

Scotiabank offers several savings accounts you can use to grow your deposit, with the Scotiabank MomentumPLUS Savings Account at the top of this list.

While savings interest rates have been low across the board for all banks in the last few years, some online banks have maintained above-average savings rates.

Compared to the typical big bank offerings, the Scotiabank MomentumPLUS Savings Account often includes promotional rates that increase your returns if you plan on holding your deposits for longer.

This Scotiabank MomentumPLUS Savings Account review covers how it works, its interest rates, features, fees, and alternative savings accounts in Canada.

About Scotiabank

Scotiabank is one of the largest banks in North America and a top-5 bank in Canada based on its market capitalization and asset size.

The bank offers a complete suite of financial products, including personal banking (chequing, savings, credit cards, mortgages, loans, investments, and insurance) and commercial banking.

Scotiabank MomentumPLUS Savings Account

The Scotiabank MomentumPLUS Savings Account is its high-interest savings account.

It functions like a term deposit account, with a base interest rate and a premium rate add-on depending on how long you keep the deposit.

Clients with a Scotiabank Ultimate or Scotiabank Preferred chequing account package earn additional interest.

Lastly, depending on the current promotion available, you get bonus interest on your deposit.

How Does the Scotiabank MomentumPLUS Savings Account work?

You currently earn up to 5.00% interest after combining the regular interest rate, premium period interest rate, chequing account bonus, and bonus interest. This offer runs until June 30, 2023.

This is how it works:

Premium Period Interest	Regular Interest	Ultimate Package Interest	Welcome Bonus Interest
0.85% (90 days)	1.50%	0.10%	2.25%
0.90% (180 days)	1.50%	0.10%	2.25%
1.00% (270 days)	1.50%	0.10%	2.25%
1.15% (360 days)	1.50%	0.10%	2.25%

Regular interest is calculated daily and paid out monthly.

The premium Period Interest varies with how long you keep deposits without a debit transaction (i.e. withdrawal), ranging from 90-360 days.

Bonus interest is paid on eligible deposits for five months from the date the account is open.

Other Scotiabank MomentumPLUS Savings Account

Scotiabank Savings Accelerator Account: This savings account is available for registered and non-registered accounts with tiered rates from 1.40% to 1.50%.

Scotiabank Money Master Savings Account: This is an everyday savings account you can use for automatic contributions. It pays a 0.01% interest rate.

Scotiabank U.S. Dollar Daily Interest Account: Earn interest on your U.S. dollar deposits at up to 0.05%.

Scotiabank Euro Daily Interest Savings Account: Earn interest on your Euro deposits. Currently paying 0%.

Scotiabank MomentumPLUS Savings Account Fees

The Scotiabank Momentum Plus account has no monthly fees.

You can transfer funds to your other Scotiabank accounts through online banking for free. If you require the assistance of a Teller, it will cost you $5 per transfer.

Transferring this account to another financial institution will cost you $20.

There is no ATM or Point of Scale access to this savings account.

How To Open a Scotiabank Savings Account

To open an account, visit the Scotiabank website.

Click “Open an account now” or the “start saving now” button.

You will be asked to sign in if you have an existing Scotiabank product or service.

Or, if you are a new customer, you will need to complete an application form online.

Enter your details to complete the process, including your name, address, social insurance number, email address, etc. You will also receive a Scene+ ScotiaCard debit card.

Pros and Cons of the Scotiabank MomentumPLUS Savings Account

This account has no monthly fees and pays an above-average interest rate.

No minimum balance is required, and you can set up automatic contributions.

This savings account also supports mobile cheque deposits.

For downsides:

The Scotiabank MomentumPLUS Savings Account does not have ATM access or direct bill payment functionality.

To access the highest rate possible, you must have an Ultimate chequing account.

The promotional rate is time-bound, and to earn the premium interest, you must not conduct any debit transactions within the premium period.

Scotiabank MomentumPLUS Savings Account Alternatives

You could earn high non-promotional rates at these financial institutions:

Neo Financial: This financial technology company has a savings account (Neo Money) with some of the best rates. It also has no fee.

EQ Bank: This online bank is a subsidiary of Equitable Bank. It offers a high-interest savings account with unlimited transactions, unlimited Interac e-Transfers, and no monthly fees.

KOHO: This free reloadable prepaid card offers 0.50% cash back on all purchases. When you set up a direct deposit to your account, you also earn high interest on your entire balance.

Simplii Financial: This online bank is owned by CIBC and offers a no-fee chequing account and high-interest savings account. You can take advantage of its current promo rate.

	MomentumPLUS Savings Account	EQ Bank Savings Plus Account	Neo Financial	KOHO
Regular interest rate	1.50%	2.50%	2.25%	Up to 2%
Bonus interest rate	2.25%	N/A	N/A	N/A
Monthly fee	$0	$0	$0	$0
Number of debit transactions	None	Unlimited	Unlimited	Unlimited
Number of Interac e-Transfers	N/A	Unlimited	Unlimited	Unlimited
Insurance coverage	CDIC	CDIC	CDIC	CDIC
Other features	Mobile cheque deposits	Mobile cheque deposits, international money transfer	Cash back credit card	Cash back on purchases; budgeting app, prepaid card
Learn more	Visit	Visit	Visit	Visit

Related:

• EQ Bank High-Interest Savings Accounts
• Advantages and Disadvantages of Savings Accounts
• Best US Dollar Savings Accounts
• Scotiabank Student Banking Advantage Plan Review