The Scotiabank Right Size Savings for business is a business savings account that offers tiered interest rates – the more you have in the account, the higher your interest rate. There are no monthly or annual fees associated with this account, and you can access your funds at any time.
At certain balances, though, you won't earn any interest at all. It's not a perfect account, but it's definitely worth considering, especially for small businesses.
Scotiabank Right Size Savings for business features
Here's what this business savings account offers.
Why You Want It
Get an interest rate of up to 2.15%
Special Features
- Welcome bonus interest rate of 3.15% for 6 months
- Unlimited free CAD self-service transfers
- Withdraw funds at any time
Provinces
ALL
Interest Rates
Savings
$0 - $9,999
1.5%
$10,000 - $99,999
1.5%
$100,000 - $199,999
1.75%
$200,000 - $999,999
2.1%
$1,000,000 - $2,000,000
2.15%
$2,000,000+
0%
Features
# Of Free Transactions
0
# Of Free Interac E-Transfers
0
Max Promotion Rate
3.15%
Welcome Bonus Value
N/A
Promo End Date
N/A
Scotiabank Right Size Savings for business product rating: 3.0 stars
The Scotiabank Right Size Savings for business account offers a high interest rate on savings, easy transfers to other Scotiabank accounts, and, like most savings accounts, has no monthly fee.
However, the $10,000 minimum balance to earn interest is rather steep. It's a bit frustrating that balances over $2,000,000 don't earn interest, but it's also understandable since there are many better investment options available for amounts of that size.
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 compare with other available options.
Learn more about our rating methodology.
The pros of Scotiabank Right Size Savings for business
Here's what we like about the Scotiabank Right Size Savings for business:
Pros
High interest rates
You'll see some high interest rates with the Scotiabank Right Size Savings for business. The interest rates are tiered, ranging from 0%% for balances of $10,000 to $99,999 and 2.15%% for balances between $1 million and $2 million.
Welcome bonus interest rate
Businesses that open a new Scotiabank Right Size Savings for business will earn a sweet promo rate of 3.15% as a welcome bonus. This rate lasts for a solid four months, then the typical tiered interest rate system kicks in.
No fees
The Scotiabank Right Size Savings for business doesn't charge any account maintenance fees, allowing you to keep more money in your account. Yes, this is a standard feature of savings accounts, but it still helps you save, so it's worth mentioning.
The cons of Scotiabank Right Size Savings for business
Unfortunately, it's not a perfect product. These are a couple of details we don't like about the Scotiabank Right Size Savings for business:
Cons
Large minimum deposit
With the Scotiabank Right Size Savings for business, you only start earning interest once you have $10,000 deposited into your account. This can be confusing since the interest rate table on Scotia's website says that all balances from $1 - $99,999 earn interest, but the terms and conditions clearly state that there's a minimum required deposit.
Tiered interest rates
Tiered interest rates mean that rates increase as your balance grows. To get the highest rate, you'll need to have $1,000,000 deposited into your account. Once your balance exceeds $2,000,000, you won't earn interest at all – though this makes sense as you'd be much better off with other investment options at this point.
Scotiabank Right Size Savings for business alternatives
There are plenty of business savings accounts out there. Take a look at how Scotiabank Right Size Savings for business compares with a few competitors:
 |  |  |  | |
|---|---|---|---|---|
| Account | Scotiabank Right Size Savings for business | EQ Bank RSP Savings Account | Tangerine Savings Account | RBC NOMI Find & Save |
| Genius Rating | ||||
| Why You Want It | Get an interest rate of up to 2.15% | Earns an impressive 1.5% interest + No fees and $0 minimum balance. | Start out strong with 4.5% interest + No minimum balance. | Predictive technology funds your savings automatically + Protects against upcoming purchases. |
| Interest Rates | Savings
|
|
|
|
| # Of Free Transactions | 0 | N/A | 0 | 0 |
| # Of Free Interac E-Transfers | 0 | N/A | 0 | 0 |
| Max Promotion Rate | 3.15% | N/A | 4.5% | N/A |
| Welcome Bonus Value | N/A | N/A | N/A | N/A |
| Promo End Date | N/A | N/A | October 31, 2025 | N/A |
| Open an account See more Scotiabank products Compare | Open an account See more EQ Bank products Compare | Open an account See more Tangerine products Compare | Learn More See more RBC products Compare |
FAQ
What is the maximum interest rate of the Scotiabank Right Size Savings for business?
The Scotiabank Right Size Savings for business has tiered interest rates, so the rate goes up as your balance increases. The maximum interest rate is 2.15% for $1,000,000 balances. The lowest interest rate is 0%.
Is there a minimum deposit for the Scotiabank Right Size Savings for business?
Yes, the Scotiabank Right Size Savings for business requires a balance of at least $10,000 to earn interest, and balances over $2 million don't earn anything. The tiered interest rates start at 0% and go up to 2.15%.
Are there any account maintenance fees with the Scotiabank Right Size Savings for business?
The Scotiabank Right Size Savings for business account doesn't charge any monthly fees or account maintenance fees. It's common for savings accounts not to charge fees, but it's still a valuable feature that's worth noting.
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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