This post is sponsored by Scotiabank. All views and opinions expressed represent mine and are based on my own research of the subject matter.
Do you want to be rewarded for parking your money? The Scotiabank MomentumPLUS Savings Account could be your ticket to earning money from patience alone.
That is, once you understand how it works.
The Scotiabank MomentumPLUS Savings Account has various interest rate tiers that might seem a little confusing at first, but we’re here to explain the ins and outs of how the account works.
Key Takeaways
- The Scotiabank MomentumPLUS Savings Account offers 4 different ways to earn interest.
- The base interest, or Regular Rate is 0.55%.
- Choosing from 1 of 4 Premium Period interest rates allows you to earn extra interest when your funds sit, undisturbed, for a specific amount of time.
- New clients also earn a bonus welcome rate of 4.95% for three months.
What is the Scotiabank MomentumPLUS Savings Account?
The Scotiabank MomentumPLUS Savings Account is a high interest savings account that promotes saving through structured interest rate incentives, up to 1.15%.
And all you have to do is leave your money alone, which means embracing healthy saving habits.
- Transfers? Free and unlimited (between Scotiabank accounts)
- Monthly fees? None
- Minimum balance? None
Now let’s see how the rates work.
With one of the highest savings rates you can get from a big bank account, the Scotiabank MomentumPLUS Savings Account packs some serious punch for your money. Right now, you could get up to 4.95%* interest for the first 3 months on your savings.
- Savings goals with bonus interest rates
- Multiple savings goals, one account
- Bonus interest rates
- No monthly fees
- Unlimited free self-service transfers
- No minimum balance
- Money is locked in if you want the bonus interest rate
- No free Interac e-Transfers
- No free debit transactions
- Save for multiple goals at once
- Tiered Premium Period interest rates
- Unlimited tree transfers between Scotiabank accounts
How do the Scotiabank MomentumPLUS Savings Account rates work?
Your Scotiabank MomentumPLUS Savings Account encourages saving money through a tiered interest rate system.
Base tier: When you open your account online or in a branch, you will start with a Regular Interest1 rate for the account.
Premium tier: You will receive additional interest if you choose a Premium Period. This refers to the number of days you’re agreeing to leave your money untouched.
Premium Period options include:
- 90 days
- 180 days
- 270 days
- 360 days
You can choose up to a maximum of 5 Premium Periods. Each Premium Period has a specific interest rate, with longer periods giving you a higher interest rate.
Extra boost: With the Scotiabank Preferred Package or Scotiabank Ultimate Package, the MomentumPLUS account gives you an extra interest rate boost.
Welcome bonus offer: The Scotiabank MomentumPLUS Savings Account also has a limited-time welcome bonus interest rate offer that applies to any deposits made within 3 months from the date you opened your very first account.
Let’s break down the interest rates even more.
Regular Interest1: 0.55%
0.55%: current Regular Interest1 rateOn the Scotiabank MomentumPLUS Savings Account, this is the base interest rate.
If you qualify for additional interest rate boosts, they will be added on top of this base interest rate.
Premium Period interest2: Up to 0.60%
0.50% to 0.25%: current range of Premium Period Interest rates
90, 180, 270, or 360 days are the options for savings Premium Periods with a Scotiabank MomentumPLUS Savings Account.
Premium Period Interest2 rates increase for longer periods:
- 90 days: 0.25%
- 180 days: 0.30%
- 270 days: 0.35%
- 360 days: 0.50%
You can choose up to 5 different Premium Periods within your account. Why? To help you meet different savings goals and earn different interest rates.
Just note that the interest rates in each Premium Period don't stack together.
Example: With the 360-day period, the interest would be:
0.55% (Regular Interest1) + 0.50% (360-day Premium Period Interest2) = 1.15% total interest
For instance, you could choose a 90-day period for a short-term savings goal and a 360-day period if you’re putting money away for a vacation next year.
Timing: A Premium Period begins when you make a deposit.
Payout: Scotiabank calculates Premium Period Interest2 daily and pays it at the end of each Premium Period. Scotiabank also pays Premium Period Interest2 on any Regular Interest1 that accumulates on that deposit.
Withdrawals: Committing to a Premium Period means you don’t touch your money for the time you selected. Suppose you decide to withdraw money before the period is over. In that case, you’ll still earn your Regular Interest1, Ultimate3/Preferred Interest Rate Boost (if applicable), and Bonus interest (if applicable) but you’ll miss out on any Premium Period Interest2 that had been earned.
Premium chequing account bonus interest: Up to 0.1%
Earn extra interest in your Scotiabank MomentumPLUS Savings Account by opening an everyday chequing account. You may already have one of these accounts with Scotiabank.
There are 2 types of Scotiabank chequing accounts that will score you extra interest on your Scotiabank MomentumPLUS Savings Account:
- Scotiabank Preferred Package: 0.05% boost
- Scotiabank Ultimate Package: 0.10% boost
Find out more about these accounts here:
The Scotiabank Ultimate Package is the chequing account that offers everything. From unlimited transactions, credit card fee waivers, a free safe deposit, rewards on debit purchases, increased interest rates on GICs and savings accounts, and more, this account includes everything you might need from a chequing account.
- Get a $100 GeniusCash boost
- Get up to $700 in welcome bonus cash
- Unlimited transactions
- Plenty of physical bank locations
- Save money on premium credit cards
- Exclusive rates and fee rebates for other accounts
- Earn rewards
- Minimum balance to waive fee
- High monthly fee
- Minimum balance is a wasted investment opportunity
- You may still be charged for non-Scotiabank ATM withdrawals
- You must be at least 16 years old
- A Canadian resident or you're here for work or study
- Opening this account in your own name
$100 GeniusCash + Get up to a $700* welcome bonus + Up to $150 annual credit card fee waivers.- Earn Scene+ points on debit transactions
- No monthly overdraft protection fee
- Unlimited free Scotia International Money Transfers
- Up to $150 annual fee waiver each year on select credit cards
$100 GeniusCash + Get up to a $700* welcome bonus + Up to $150 annual credit card fee waivers.There's not much better than unlimited free transactions, but the Scotiabank Preferred Package comes packed with even more perks to seal the deal. These include a bonus interest rate on the top Scotiabank savings account, a first year annual fee waiver on select cards, and points on every day purchases with the Scene+™ program.
- Kickstart your account with a $50 GeniusCash bonus
- Get a welcome bonus worth up to $700 (ends October 30, 2025)
- Unlimited debit transactions and Interac e-Transfers
- Ability to waive monthly fee with a minimum balance of $4,000
- Earn Scene+ points on your debit transactions
- First year annual fee waiver on select Scotiabank credit cards
- Age of majority
- Canadian citizen
$50 GeniusCash + Get up to a $700* welcome bonus + Earn Scene+ points on all debit purchases.- First year annual fee waiver (up to $150) on select credit cards
- Earn Scene+ points on debit transactions
- Earn an additional 0.05% on your Momentum Plus Savings Account
$50 GeniusCash + Get up to a $700* welcome bonus + Earn Scene+ points on all debit purchases.Welcome bonus interest: 4.95%
Earn a 4.95% welcome bonus interest for eligible clients who open their very first Scotiabank MomentumPLUS Savings Account. You’ll automatically receive this bonus when you open a new account4.
For 3 months from the day you opened it, Scotiabank will give you the extra 4.95% interest on any deposits made into that account.
FAQ
What are the Scotiabank MomentumPLUS Savings Account rates now?
The Regular Interest1 rate is 0.55%. The Premium Period Interest2 rates range from 0.25% to 0.50%. Adding a Preferred or Ultimate3 Package earns an extra 0.1%, and there's a 4.95% welcome bonus for new clients.
Does the Scotiabank MomentumPLUS Savings Account have a minimum balance?
No, there's no minimum balance requirement with a Scotiabank MomentumPLUS Savings Account. However, there are minimum time requirements in order to earn Premium Period Interest2. You can choose between 90, 180, 270, and 360 days.
How do I make a Scotiabank MomentumPLUS Savings Account withdrawal?
You can withdraw funds anytime, and you have unlimited free transfers between Scotiabank accounts. However, you’ll lose the extra Premium Period Interest2 rates if you move funds out of Premium Period baskets before the period is over.
Leave a comment
Comments