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Scotiabank MomentumPLUS Savings Account Review (2024)


Fact Checked

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 6.05% interest after combining the regular interest rate, premium period interest rate, chequing account bonus, and bonus interest (for the first 5 months).

This is how it works:

Premium Period InterestRegular InterestUltimate Package InterestWelcome Bonus Interest
0.85% (90 days)1.30%0.10%3.40%
0.90% (180 days)1.30%0.10%3.40%
1.00% (270 days)1.30%0.10%3.40%
1.25% (360 days)1.30%0.10%3.40%

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 opened.

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 Sale 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 HISA) with some of the best rates. It also has no fee.

Neo Savings Account

neo logo

4.00% 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 Personal Account

EQ Bank tfsa.

Up to 4.00%* interest rate

Unlimited debits and bill payments

Unlimited Interac e-Transfers

No monthly account fees

KOHO: This free reloadable prepaid card offers up to 5% cash back on purchases. You also earn up to 5% interest on your entire balance.

KOHO Prepaid Mastercard

KOHO Mastercard Prepaid Card 2

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

$0 monthly fee

Earn up to 5% unlimited cash back

Get 3% savings interest on your balance

Unlimited Interac e-Transfers and debit transactions

Free budgeting app and access to credit building

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


6.00%* 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 Personal AccountNeo FinancialKOHO
Regular interest rate1.30%Up to 4%4%Up to 5%
Bonus interest rate3.40%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 for April

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

Get $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 the TOP spending and savings account with 5% rewards and $20 bonus

Instant approval and a $20 welcome bonus when you make your first purchase.

Earn up to 5% unlimited cashback on purchases while paying no fees!

Earn 3.00% to 5.00% interest on your entire account balance.

Free debits, e-Transfers, bill payments, budgeting app, and access to credit building.

Earn a regular 4.00% interest on your savings account

Earn a non-promotional 4.00% 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 and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

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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