If you want to take advantage of current super-low mortgage rates, but don't necessarily want to sign up for the long term, an open fixed rate mortgage might be right for you. The Scotiabank open fixed mortgage offers both 6 month and 1 year terms, but you have the option to pay it off in full early, if you like, or to convert it to a longer term mortgage at any time.
Of course this sort of flexibility comes at a price, in that the interest rates on open fixed mortgages tend to be somewhat higher than on regular closed mortgages. This is expected, however, as that's how the banks ensure they'll make some money on these products. Compared to what other banks are offering, Scotiabank's rates fall pretty solidly in the middle – lower than many, but higher than some.
Scotiabank open fixed mortgage features
Why You Want It
Get flexible prepayment options + Choose from 6 and 12 month terms.
Provinces
ALL
Mortgage Rates
Fixed Open
1 year
9.75%
6 Months
9.75%
Features
Rate Type
Fixed Open
Pre-approval
Rate Guarantee (days)
120
Bank Prime Rate
4.45%
# Of Prepayments Allowed Per Year
N/A
% Of Prepayment Allowed
N/A
# Of Payment Increases Allowed Per Year
1
Max Payment Increase Allowed
N/A
Promotion Available
N/A
Promotion End Date
N/A
Scotiabank open fixed mortgage product rating: 4.6 stars
There's not a lot to get super excited about when it comes to open fixed rate mortgages. They all offer short terms (usually 6, 12, or 18 month), they all have middling interest rates, and they all generally offer the same flexible prepayment and conversion terms.
That said, Scotiabank does offer slightly lower interest rates than some competitors, but not as low as others. Either way, if you're in need of an open fixed rate mortgage, you probably have a pretty good idea of what you're looking for, so Scotiabank is likely already on your radar.
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.
Scotiabank open fixed mortgage alternatives
 |  |  |  | |
|---|---|---|---|---|
| Account | Scotiabank Open Fixed Mortgage | Coast Capital Closed Fixed Rate Mortgage | nesto | CIBC Closed Fixed Rate Mortgage |
| Genius Rating | ||||
| Why You Want It | Get flexible prepayment options + Choose from 6 and 12 month terms. | Rates as low as 3.71%* APR on a high-ratio 5-year fixed mortgage |  $350 GeniusCash + Get the lowest rate guaranteed + 150 day rate lock
| Unlock special mortgage rates + Add on a low interest line of credit. |
| Mortgage Rates | Fixed Open
| Fixed Closed
High-Ratio Closed
High-Ratio Variable
| Fixed Closed
| Fixed Closed
|
| Rate Type | Fixed Open | Fixed Closed | Fixed Closed | Fixed Closed |
| Pre-approval | | | | |
| Rate Guarantee (days) | 120 | 120 | 150 | 120 |
| Bank Prime Rate | 4.45% | 4.45% | 4.45% | 4.45% |
| # Of Prepayments Allowed Per Year | N/A | 1 | See Issuer for Details | 1 |
Show More | ||||
| See rates & details See more Scotiabank products Compare | See rates & details See more Coast Capital Savings products Compare | I Want This Deal See more nesto products Compare | Learn More See more CIBC products Compare |
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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