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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 InterestRegular InterestUltimate Package InterestWelcome 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.

Neo Money Account

neo logo

2.25% non-promo interest rate

No monthly fees

Unlimited free transactions

Access to a no-annual-fee credit card

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.

EQ Bank Savings Plus Account

EQ Bank tfsa.

2.50%* non-promotional interest rate

Unlimited debits and bill payments

Unlimited Interac e-Transfers

No monthly account 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.

KOHO Prepaid Mastercard

KOHO Mastercard Prepaid Card 2

$20 sign up bonus after first purchase (use promo code CASHBACK)

Earn up to 5% cash back

Up to 2.00% savings interest on your balance

Unlimited Interac e-Transfers

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.

Simplii High-Interest Savings Account

simplii logo2

5.25%* rate for 5 months

Unlimited debits and bill payments

Unlimited Interac e-Transfers

$400 cash bonus offer with a free chequing account

MomentumPLUS Savings AccountEQ Bank Savings Plus AccountNeo FinancialKOHO
Regular interest rate1.50%2.50%2.25%Up to 2%
Bonus interest rate2.25%N/AN/AN/A
Monthly fee$0$0$0$0
Number of debit transactionsNoneUnlimitedUnlimitedUnlimited
Number of Interac e-TransfersN/AUnlimitedUnlimitedUnlimited
Insurance coverageCDICCDICCDICCDIC
Other featuresMobile cheque depositsMobile cheque deposits, international money transferCash back credit cardCash back on purchases; budgeting app, prepaid card
Learn moreVisitVisitVisitVisit


Top Banking Offers in May

Get a top-rated chequing account and up to a $400 bonus

Unlimited debits and Interac e-Transfer transactions.

Monthly account fee is waived if eligible (and 5 ATM fees rebated monthly).

Get up to a $400 cash bonus when you meet minimum requirements.

Access to a high-interest savings account.

Get a free chequing account and a $400 cash bonus

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

No monthly account or transaction fees.

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

Get a high-interest rate on your savings (5.25% interest rate offer).

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

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

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

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 is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in Forbes, The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

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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  • Earn up to 225x more than other banks!
  • Get 2.25% interest rate* on every dollar.
  • No monthly fees and unlimited free transactions ($5 bonus).
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 2.25% interest rate* on every dollar.
  • No monthly fees & unlimited transactions.
Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.