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 fees to this account and you can access your money at any time, however, at certain balances, you won't earn any interest at all.
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.
With tiered interest rates, a balance of at least $10,000 is required to start earning interest, but if the balance exceeds $2,000,000, you will stop earning interest altogether.
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.
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, but you can earn up to 2.15% interest on your balance.
No fees
Like most savings accounts, the Scotiabank Right Size Savings for business has no account maintenance fees, allowing you to keep more money in your account.
Welcome bonus interest rate
There's a bonus interest rate for new account holders. You'll get a rate of 3.15% for the first 6 months you have the account.
The cons of Scotiabank Right Size Savings for business
Here are a couple of things 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.
Tiered interest rates
The interest rates are tiered, meaning you'll need to leave more in your account to unlock the highest rate. To get the highest rate, you'll need to have $1,000,000 deposited into your account. But, once your balance exceeds $2,000,000, you won't earn interest at all.
Scotiabank Right Size Savings for business alternatives
Here are some other savings accounts and how they compare to the Scotiabank Right Size Savings for business.
 |  |  |  | |
|---|---|---|---|---|
| Account | Scotiabank Right Size Savings for business | Laurentian Bank High Interest Savings Account | Tangerine Savings Account | MAXA Financial High Interest Savings Account |
| Genius Rating | ||||
| Why You Want It | Get an interest rate of up to 2.15%. | Earn up to 3.2%* interest on your savings + Earn interest on every dollar. | Start out strong with 4.5% interest + No minimum balance. | Earn 1.85% interest on your savings + Access funds with a member card. |
| Interest Rates | Savings
|
|
|
|
| # Of Free Transactions | 0 | 0 | 0 | 1 |
| # Of Free Interac E-Transfers | 0 | 0 | 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 Laurentian Bank products Compare | Open an account See more Tangerine products Compare | Learn More See more MAXA Financial 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 a maximum interest rate of 2.15%, though you need a balance of $1,000,000 to get it. The lowest interest rate offered is 0%
Is there a minimum deposit for the Scotiabank Right Size Savings for business?
To earn interest, the account requires a balance of $10,000. If you have more than $2,000,000 in the account, it also won't earn interest.
Are there any account maintenance fees with the Scotiabank Right Size Savings for business?
The Scotiabank Right Size Savings for business has no monthly or account maintenance fees.
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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