Scotiabank High-Interest Savings Account Review
The Scotiabank Euro Interest Savings Account requires a daily balance of 200 euros and a waived monthly fee of 1 euro, and the account is free for seniors. However, if you are over $1,000, you are not entitled to interest.
The Scotiabank TFSA Savings Accelerator account offers interest rates based on your account balance. There is no minimum deposit, and once your balance reaches $5,000, you earn interest of 0.05%.
Scotiabank Savings products do not have monthly account fees (excluding foreign currency), but there is a transaction fee for transferring money or making withdrawals. There are no fees for transfers between different Scotiabanks accounts by direct debit, but fees are for other services. For example, you can transfer money for free between ScotiaBanks accounts, but additional transfers cost $5.
If you choose this account, you will be able to use various facilities, such as accessing your money from your mobile phone, the Internet and internal and external ATMs. You can also transfer money, pay bills and deposit up to the minimum balance. You can also access your money via online banking, mobile banking and ATMs.
With fewer transactions per account, banks can offer higher interest rates on their savings. This is because there are no fees associated with depositing, withdrawing or transferring money. Those looking to earn a higher interest rate on large cash balances may like the tied rate offer by the savings account acceleration program.
Scotiabank customers who open the Ultimate Chequing Package while signing up for MomentumPlus Savings can earn an additional 0.10% interest on their balance. If you already have a Scotiabanks Preferred Package or ScotiaBanks Ultimate Package checking account, you are eligible for an additional interest rate increase. You are also entitled to a second interest rate if you keep your money in the bank with a Momentum Plus savings account and make direct debits within 90 days of the reward period (up to 365 days).
There is no monthly fee for your daily Canadian dollar interest on this account, which is popular with customers travelling abroad. At $30.95 per month, you pay $0 daily on a $5,000 final balance for your Ultimate Package and a combined balance up to $30,000 in your Ultimate Packages MomentumPlus savings account.
Account-holders also can see the interest that will grow the money in the account, with an interest rate of 0.05% on deposits up to $499.99 and 0.10% on deposits over $500. In addition, Scotiabank’s Youth Savings Program Youth account offers unlimited transactions, 2 free Interac e-transfers per month for teens, and earns behind-the-scenes rewards for debit transactions.
Scotiabank Momentum Savings Account is a savings account that pays competitive interest and has a monthly fee. Two of the highest interest savings accounts are the Momentum Savings Account and the Savings Accelerator Account, which no monthly fees and unlimited free transfers to other Scotiabanks accounts have.
The Scotiabank Money Master (r) Savings Account offers unlimited free transfers to other Scotiabank accounts and other banking transactions, with a minimum of $5 per balance transaction. This means you can use your Money Master account with any participating Money Master balance program to transfer your balance each month to a higher-interest-paying savings account.
Every month, customers can use two free Interac e-transfers to transfer their money to an Alterna Bank HISA account (unlimited). There are no monthly fees, and you can make unlimited free transfers using Scotia’s mobile banking, online banking or customer contact centers to other Scotiabank accounts. Be prepared for emergency withdrawals: Each bank account offers a monthly free withdrawal transaction to save on bank charges.
The Scotiabank MomentumPlus savings account provides one of the highest savings rates in Canada when combined with a premium checking account. Like its peers, Scotiabank offers various savings products, including high-interest savings accounts, TFSA accounts, foreign exchange savings accounts and student savings accounts. In addition, Scotia’s Tax-Free Savings Account (TFSA) is a versatile savings vehicle that can include various types of savings accounts (GICs), mutual funds and more.
Saver Account Name Rate Promotion Account Minimum Wealthsimple Cash 0.50% No Tangerine Savings Account 0.20% No RBC High-Interest eSaving 0.05% No CIBC EAdvantage (r) Savings Account 0.10% No Scotiabank Money Master (r) Savings Account (0.05%) Balance: $0 $499.99 High-interest savings accounts can help you meet short-term savings goals, set up your emergency fund and embark on longer-term investment plans with low fees, high-interest rates, limited withdrawals and services such as automated monthly deposits into your checking account. BMO Savings Account offers a standard interest rate of 0.15% with no monthly fee and minimum balances.
While Scotiabank offers competitive rates for youth accounts, savings accounts can be used by customers under 18 and benefit from unlimited Interac direct debits, with no monthly fees and rates higher than other Scotiabank savings accounts. In addition, when you travel between Canada and the United States, you can earn your income in U.S. dollars, and you can earn money back with interest on those dollars in your daily interest account between Canada and the United States Dollar.
When it comes to everyday purchases and common financial transactions, a checking account or credit card is a great banking option. So it is good that a bank is encouraging young Canadians to familiarize themselves with the Scotiabank Get Savings Program’s youth account. The scheme is aimed at customers under 18 and is a great way to introduce aspiring savers to the importance of managing their money.
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