The Scotiabank Money Master Savings Account is Scotiabank’s basic savings account. It’s a safe and convenient way to begin saving money, as it has no monthly account fees or minimum balance requirements. It also allows for unlimited no-fee transfers to other Scotiabank accounts, meaning your money is more easily accessible than in traditional savings accounts.
The base interest rate isn’t ideal, but you can boost it by enrolling in the free Smart Savings tools on the Scotiabank app. If you already have another Scotiabank account, this savings account could be a practical and flexible option for you.
What you get with the Scotiabank Money Master Savings Account
The Scotiabank Money Master Savings Account is a rather bare-bones account, backed by a safe and secure Canadian institution. It has no monthly fees and unlimited transfers to other Scotiabank accounts:
September 15, 2025
Why You Want It
$50 GeniusCash + Automatically save with every debit purchase through Bank The Rest.Special Features
- Boosted interest rate with smart savings tools
- Unlimited free transfers between Scotiabank accounts
Eligibility
- Be at least 16 years old
- Be a Canadian resident
Provinces
ALL
Interest Rates
Any balance
0.01%
Features
# Of Free Transactions
0
# Of Free Interac E-Transfers
0
Max Promotion Rate
N/A
Welcome Bonus Value
N/A
Promo End Date
N/A
Our Scotiabank Money Master Savings Account rating: 3.7 stars
The Scotiabank Money Master Savings Account's main strength is that it acts as an easy companion for any Scotiabank chequing account you may have. Open this no-fee account, and you can temporarily store any money you want to put aside from your main funds.
Unfortunately, users earn very minimal interest with this account, even when you add the boost for subscribing to the smart savings tools. Most people, especially those who don't already hold Scotia accounts, would do better with a different savings or investment account.
Rating methodology
To evaluate savings accounts, we analyze over 15 data points to generate our Genius Rating. We consider all aspects of a savings account, including fees, perks, interest rates, customer satisfaction, and promotions, to assess its overall value. Then, the account's features are rated based on how they stack up against other available options.
Learn more about our rating methodology.
What's good about the Scotiabank Money Master Savings Account
The Scotiabank Money Master Savings Account has a few standard features, plus access to valuable tools:
Pros
No minimum balance or monthly fees
With no minimum balance requirement, you’ll immediately start earning interest (albeit at low rates) on every dollar in the account. No monthly fees means nothing will eat into your savings.
Free transfers between Scotiabank accounts
You can transfer money between the Scotiabank Money Master Savings Account and other Scotiabank accounts as many times as you want without worrying about transfer fees.
Bank The Rest Savings Program grows your savings
If you have a Scotiabank chequing account and debit card, you can enable the Bank The Rest Savings Program. This program rounds up your debit card purchases to the nearest $1 or $5, then automatically deposits the difference into your savings account. It gives your Scotiabank Money Master Savings Account a constant stream of savings as you make purchases.
Higher interest rate with Pay Yourself First and Savings Finder
Enrolling in the Pay Yourself First service, which automatically moves part of your paycheque from your chequing account to your Money Master account, will boost your interest rate from 0.01% to 0.4%. Using the Savings Finder tool, which automatically moves money to your savings account when it appears you can afford it, will also give you this interest rate boost (though they don’t stack). Both tools are free and can be found on the Scotiabank app.
What to watch out for with the Scotiabank Money Master Savings Account
But the Scotiabank Money Master Savings Account also suffers from downsides that most other big bank savings accounts have – low interest rates and no free Interac e-Transfers.
Cons
Very low interest rate
Scotiabank's current maximum interest rate for the Scotiabank Money Master Savings Account is an incredibly low 0.4% – which might as well be nothing at all. If your priority is earning interest on the amount you saved, then there are far better high-interest savings accounts out there.
Hefty debit fees
If you try to use your debit card to add or withdraw funds from your Scotiabank Money Master Savings Account, you'll be charged a whopping $5 fee for each transaction. This includes transactions made in-branch with a Scotiabank representative, all debit purchases, and all ATM deposits or withdrawals.
Best alternatives to the Scotiabank Money Master Savings Account
Here's how the Scotiabank Money Master Savings Account looks when compared with a few similar savings accounts:
 |  |  |  | |
|---|---|---|---|---|
| Account | Scotiabank Money Master Savings Account | TD Every Day Savings Account | RBC Day To Day Savings account | Tangerine Savings Account |
| Genius Rating | ||||
| Why You Want It | $50 GeniusCash + Automatically save with every debit purchase through Bank The Rest. | Unlimited transfers to another TD account + Automated savings feature. | $0 monthly fee + Free and instant e-Transfers to RBC accounts. | Start out strong with 4.5% interest + No minimum balance. |
| Interest Rates |
|
|
|
|
| # Of Free Transactions | 0 | 1 | 1 | 0 |
| # Of Free Interac E-Transfers | 0 | N/A | 0 | 0 |
| Max Promotion Rate | N/A | N/A | N/A | 4.5% |
| Welcome Bonus Value | N/A | N/A | N/A | N/A |
| Promo End Date | N/A | N/A | N/A | October 31, 2025 |
| I Want This Deal See more Scotiabank products Compare | Learn More See more TD products Compare | Learn More See more RBC products Compare | Open an account See more Tangerine products Compare |
Scotiabank Money Master Savings Account frequently asked questions
What is a Money Master account in Scotiabank?
The Scotiabank Money Master Savings Account is the most basic savings account available from this institution. There's no monthly fee or minimum balance requirements, and transfers to other Scotiabank accounts are free to make at any time.
What is the interest rate of the Scotiabank Money Master Savings Account?
The base interest rate of the Scotiabank Money Master Savings Account is 0.01%, though this can be boosted to 0.4% when using Scotiabank’s smart savings tools.
How does the GeniusCash bonus work with the Scotiabank Money Master Savings Account?
If you apply for this account through moneyGenius, you’ll receive $50 upon acceptance – it will be sent through Interac e-Transfer or paypal as soon as possible.
Is the Scotiabank Money Master Savings Account a TFSA?
No, the Scotiabank Money Master Savings Account is a regular savings account, not a tax-free account. TFSAs are tax-sheltered and can hold various investment products, like stocks, bonds, and mutual funds, while regular savings accounts only hold cash.
Is the Scotiabank Money Master Savings Account worth it?
If you have a Scotiabank chequing account, the Scotiabank Money Master Savings Account is an easy, no-fee way to store any extra funds that you don't want to accidentally spend. However, if you're looking to earn valuable interest, it's better to use an HISA.
How many Scotiabank savings accounts are there?
Scotiabank offers three typical savings accounts: the Scotiabank Money Master Savings Account, the Scotiabank Savings Accelerator Account, and the Scotiabank MomentumPLUS Savings Account. The Scotiabank Getting There Savings Program For Youth and Scotiabank U.S. Dollar Daily Interest Account are two of Scotiabank's more niche savings options.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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