If you’re looking for ways to save for your retirement, Scotiabank RRSPs come in a variety of shapes and sizes – with options for both the DIY and laidback investors alike (and everyone in between). You can open up a self-directed RRSP through Scotia iTrade, an automated portfolio, or keep it simple with a registered savings account.
And, of course, all options will benefit from standard RRSP tax sheltering – giving you a tax deduction now based on your contributions, and letting your money grow tax-fee until you withdraw it.
Scotiabank RRSP features
Opening an RRSP with Scotiabank gives you a lot of options on how you want to invest your money.
Why You Want It
Grow your money tax sheltered + Get plenty of investment flexibility.
Eligibility
- Age of majority
- Canadian citizen
- Under 71 years old
Provinces
ALL
Cashable
1 Year
2
Non-Cashable
1 Year
2.5
18 Months
2.5
2 Years
2.6
3 Years
2.6
4 Years
2.7
5 Years
2.8
Features
Self-directed RRSP Platform
Scotia iTrade
Self Directed Base Fee (Dollar)
$9.99
Self Directed Base Fee (Percentage)
N/A
RRSP GICs List
- Cashable
- Non-cashable
- Market linked
- Personal redeemable
Self-directed Available?
RRSP GICs Available?
RRSP Mutual Funds?
RRSP Portfolios?
RRSP Savings Account?
Min RRSP Savings Account Interest Rate
0.25%
Max RRSP Savings Account Interest Rate
N/A
Promotion
N/A
Promotion End Date
See Issuer for Details
Average Mutual Fund MER
See Issuer for Details
Investment Portfolios Fees
N/A
Scotiabank RRSP product rating: 2.5 stars
Scotiabank offers several different ways to invest in your RRSP – ranging from DIY to hands-off investing. Its collection of accounts gained points for being so flexible, though it didn’t really offer anything groundbreaking.
The lack of special features and no information on much of their RRSP products is what lost this product most of its stars – on top of the paltry interest rate on its RRSP savings account.
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 RRSP
The choices you get if you want to invest in a Scotiabank RRSPs are very flexible, making the bank work for you, no matter what type of investor you are.
Pros
Options available for the DIY and hands-off investors
There are 2 main types of investors out there: those that like to know exactly where every cent of their money is going, and those who just want to check in every once in a while to see a larger amount than they did last time. Scotiabank RRSPs cater to both types by offering self-directed investing with Scotia iTrade (their online brokerage) and more set-it-and-forget it portfolios or savings accounts.
Both redeemable and non-redeemable GICs available
You also get the best of both worlds when you invest in one of their RRSP GICs – which you can choose to be either non-redeemable (either short term or long term) or redeemable (short term only). You can also get market linked GICs with the chance to get an even higher return.
RRSP GICs have a low $500 minimum investment
Another bonus related to their GICs is that the minimum investment is only $500 when it’s a registered account – otherwise it can be up to $5,000.
The cons of the Scotiabank RRSP
The shortcomings of a Scotiabank RRSP are mostly related to lack of information on their website – or just lack of pizzaz.
Cons
Not a lot of information on the website
Unfortunately, Scotiabank spends a lot more time explaining what an RRSP is than showing you what Scotiabank offers. The information on the website is either hard to find, vague, or non-existent.
No standout features to set it apart from the crowd
Some other banks offer incentives and unique ways to contribute to their RRSPs as a way to stand out from the crowd. That’s not so for Scotiabank.
Scotiabank RRSP alternatives
We took a look at how the Scotiabank RRSP compares to 2 other big banks – BMO and TD – and a popular credit union.
 |  |  |  | |
|---|---|---|---|---|
| Account | Scotiabank RRSP | BMO RRSP | Desjardins RRSP | TD RRSP |
| Genius Rating | ||||
| Why You Want It | Grow your money tax sheltered + Get plenty of investment flexibility. | Secure your retirement with a big bank + Track your investments in one place. | Convert BONUSDOLLARS into RRSP investments + Get flexible options. | Wide selection of investment options + Enjoy tax-deferred growth. |
Cashable
Non-Cashable
| Cashable
Non-Cashable
| Cashable
Non-Cashable
| Cashable
Non-Cashable
| |
| Self-directed RRSP Platform | Scotia iTrade | BMO InvestorLine | Desjardins Online Brokerage | TD Direct Investing |
| Self Directed Base Fee (Dollar) | $9.99 | $9.95 | $0 | $9.99 |
| Self Directed Base Fee (Percentage) | N/A | N/A | N/A | N/A |
| RRSP GICs List |
|
|
|
|
| Self-directed Available? | | | | |
Show More | ||||
| Open an account See more Scotiabank products Compare | Learn More See more BMO products Compare | Learn More See more Desjardins products Compare | Learn More See more TD products Compare |
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FAQ
What options do I have if I want to open a Scotiabank RRSP?
Scotiabank offers many different types of RRSPs, including investment accounts, GICs, savings accounts, and portfolios. You can see everything here.
What kind of account fees are on a Scotiabank RRSP?
This depends on what type of account you’re opening. For example, GICs and the RRSP savings account are both no fee. But if you choose to open an RRSP portfolio, you’ll likely be paying your portfolio manager a cut of your profit. And if you use Scotia iTrade for self-directed investing, you’ll pay a fee (usually $9.99) every time you make a trade.
What’s the rate on Scotiabank’s RRSP savings account?
Currently, the base Scotiabank RRSP interest rate is 0.1%. However, the Savings Accelerator Account is specifically for registered accounts (excluding TFSAs and FHSAs) and offers a rate of 0.45%.
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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