As one of 5 available Scotiabank savings accounts, the Scotiabank Savings Accelerator Account is one of the more unique options you can go with. That’s because you can choose to include it as part of a non-registered or registered investment plan.
But other than the option to register your account, the Savings Accelerator Account doesn’t have much to offer. You'll get a low rate of 0.1% and Interac e-Transfers are $1 each. But you’ll also get free transfers between Scotiabank accounts, making it an easy companion to a Scotiabank chequing account.
Scotiabank Savings Accelerator Account features
This Scotiabank savings account has some unique features, but overall it’s a pretty standard big bank savings account with low interest and minimal flexibility.
Why You Want It
Earn 0.25% interest for free + $0 transfers between your Scotiabank accounts.
Special Features
- Add to non-registered or registered plans
- Pre-authorized contributions available
- Unlimited free transfers between Scotiabank accounts
Eligibility
- Age of majority
- Canadian citizen
Provinces
ALL
Interest Rates
Non-registered plans
0.1%
TFSAs
0.25%
FHSA
0.25%
Registered plans (excluding TFSA and FHSA)
0.25%
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
Scotiabank Savings Accelerator Account product rating: 3.8 stars
The major selling feature of a Scotiabank Savings Accelerator Account is the fact that you can choose to include it as part of a registered investment plan. That means you can take advantage of tax savings from things like RRSPs and TFSAs.
But if you look past that, you’re left with a fairly standard savings account with minimal interest rates and flexibility.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of the Scotiabank Savings Accelerator Account
The Scotiabank Savings Accelerator Account makes an easy addition to your Scotiabank investment plans.
Pros
Registered plans available
Unlike other Scotiabank savings accounts, you can choose to include the Scotiabank Savings Accelerator Account as part of a registered investment plan, such as a TFSA, RRSP, or RESP. You can then add more lucrative investments (like mutual funds or GICs) to your overall plan, and see the money grow all in one place.
No monthly fee or minimum balance
You don’t have to worry about keeping a certain amount in your account to earn interest, or paying out of pocket every month just to keep the account open.
Free transfers between Scotiabank accounts
One of the best features of this account is the simple convenience of being able to transfer your money to your other Scotiabank accounts for no charge.
The cons of the Scotiabank Savings Accelerator Account
Beyond the option to register your savings in this account, it’s really a basic big bank savings account with unimpressive fees and limited flexibility for moving your money around.
Cons
Low 0.1% base interest rate
Even if you have more than $250,000 in a TFSA account, you’ll receive the base interest rate of 0.1% on every dollar.
Interac e-Transfers are $1
If you want to send an Interac e-Transfer from this account, you’ll be charged $1 each time.
Your savings calculator
Check out how much interest you’ll gain at these rates here:
Savings Info
Scotiabank Savings Accelerator Account alternatives
To get an idea of how this Scotiabank savings account stacks up against the competition, here’s a comparison between an online bank, plus 2 other big banks.
 |  |  | |
|---|---|---|---|
| Account | TD Every Day Savings Account | RBC Day To Day Savings account | Tangerine Savings Account |
| Genius Rating | |||
| Why You Want It | 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 | 1 | 1 | 0 |
| # Of Free Interac E-Transfers | N/A | 0 | 0 |
| Max Promotion Rate | N/A | N/A | 4.5% |
| Welcome Bonus Value | N/A | N/A | N/A |
| Promo End Date | N/A | N/A | October 31, 2025 |
| Open an account See more TD products Compare | Learn More See more RBC products Compare | Open an account See more Tangerine products Compare |
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FAQ
Is the Scotiabank Savings Accelerator Account worth it?
The main draw of the Scotiabank Savings Accelerator Account is the ability to include it as part of a larger investment plan – including registered accounts, such as a TFSA, RRSP, or RESP. It does have low interest rates when it comes to other investments, but it’s an easy way to keep your saving money separate from your spending.
How many Scotiabank savings accounts are there?
Scotiabank currently offers 5 savings accounts: Momentum Plus, Savings Accelerator, Money Master, U.S. Dollar Daily Interest, and Euro Daily Dollar.
What’s the interest rate on the Scotiabank Savings Accelerator Account?
At the time of writing, the base interest rate for the Scotiabank Savings Accelerator Account is 0.1%.
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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