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Scotiabank Momentum Plus Savings Account Review
The Scotiabank Momentum Plus Savings Account helps Canadians grow their savings faster by earning higher interest when funds are held longer, while still keeping money accessible when needed.
Jan 19, 2026 10:26 PM
Written By
Credit Card Expert
The Bottom Line
The Scotiabank MomentumPLUS Savings Account offers good incentives to save with tiered and promotional interest rates, no fees, and no balance minimum. It’s strongest for disciplined savers who can benefit from premium periods and account package boosts, though savers seeking regular high yields or free transaction flexibility might find better fits elsewhere.
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OPEN ACCOUNT
on Scotiabank's website
$50 Cash Rebate From FinlyWealth + Earn an interest rate of 4.75%
Welcome Bonus
Earn an interest rate of 4.75%
Interest on Balance
Up to 0.95%
Monthly Fee
$0
Welcome Bonus
- Earn an interest rate of 4.75%* when you pair a Scotiabank Ultimate Package with a MomentumPLUS Savings Account.
- For 3 months with a 90 day premium period. Rates subject to change. Conditions apply.
- Save for multiple goals in one account
- No monthly account fees or minimum balance required
- Earn even more interest¹ when you open and fund a Premium Period(s)²
- The longer you save, the higher your interest rate
Rates, fees and other information are effective as of October 31, 2025. Subject to change.
Fees
Monthly Fee
$0
eStatement
Included
Interest Rates
Regular Rate
0.4%
Regular Rate (For Preferred Package Customers)
0.45%
Regular Rate (For Ultimate Package Customers)
0.5%
Regular Rate (90-Day Premium Period)
0.6%
Regular Rate (For Preferred Package Customers + 90-Day Premium Period)
0.65%
Regular Rate (For Ultimate Package Customers + 90-Day Premium Period)
0.7%
Regular Rate (180-Day Premium Period)
0.65%
Regular Rate (For Preferred Package Customers + 180-Day Premium Period)
0.7%
Regular Rate (For Ultimate Package Customers + 180-Day Premium Period)
0.75%
Regular Rate (270-Day Premium Period)
0.7%
Regular Rate (For Preferred Package Customers + 270-Day Premium Period)
0.75%
Regular Rate (For Ultimate Package Customers + 270-Day Premium Period)
0.8%
Regular Rate (360-Day Premium Period)
0.85%
Regular Rate (For Preferred Package Customers + 360-Day Premium Period)
0.9%
Regular Rate (For Ultimate Package Customers + 360-Day Premium Period)
0.95%
Pros & Cons
Pros
- Competitive promotional rates
- No monthly fees or minimum balance
- Interest compounds daily
Cons
- The promotional high rate is limited in time
- No free Interac e-Transfers or debit access directly from the account
- After promotions, the ongoing rate is modest compared with many online banks and fintech savings products
Our Detailed Review
The Scotiabank MomentumPLUS Savings Account is a high-interest savings account from one of Canada’s Big Five banks that helps you grow your savings with tiered interest incentives and optional premium periods. It’s designed for disciplined savers who want higher rates in exchange for leaving funds untouched longer, while still keeping access to your money when needed.
Interest Rates & How It Works
- Regular Base Rate: You earn a base interest rate on all funds each day, paid monthly.
- Premium Period Boost: If you choose a Premium Period (90, 180, 270, or 360 days) and make no withdrawals during that time, you earn extra interest on deposits for that period. Longer terms mean higher rates.
- Welcome Bonus: New account holders can earn a promotional interest rate—currently up to ~4.05–4.75% for the first 90 days on eligible deposits, especially when paired with a Scotiabank Ultimate or Preferred Package chequing account.
- Package Boosts: If you hold an eligible Scotiabank chequing package (Ultimate or Preferred), you get a small interest rate boost on top of your savings interest.
💡 Note: Withdrawing money before a Premium Period ends forfeits the premium interest for that period—you’ll only keep the regular base interest.
Fees & Accessibility
- Monthly Fee: $0 — no maintenance charges.
- Minimum Balance: None required to earn interest.
- Transfers: Free self-service transfers between Scotiabank accounts.
- Service Fees: Some service transactions (like teller-assisted transfers or moving the account to another institution) may incur fees.
- No ATM/Debit Card: This is a pure savings account—you don’t get ATM or direct debit access.
Compare to Similar Accounts
| Scotiabank Momentum Plus Savings Account | Scotiabank Money Master Savings Account | Neo Savings Account | |
|---|---|---|---|
Welcome Bonus | Earn an interest rate of 4.75% | None | None |
Interest Rate | 0.4% - 0.95% 0.4% Regular Rate 0.45% Regular Rate (For Preferred Package Customers) 0.5% Regular Rate (For Ultimate Package Customers) 0.6% Regular Rate (90-Day Premium Period) 0.65% Regular Rate (For Preferred Package Customers + 90-Day Premium Period) 0.7% Regular Rate (For Ultimate Package Customers + 90-Day Premium Period) 0.65% Regular Rate (180-Day Premium Period) 0.7% Regular Rate (For Preferred Package Customers + 180-Day Premium Period) 0.75% Regular Rate (For Ultimate Package Customers + 180-Day Premium Period) 0.7% Regular Rate (270-Day Premium Period) 0.75% Regular Rate (For Preferred Package Customers + 270-Day Premium Period) 0.8% Regular Rate (For Ultimate Package Customers + 270-Day Premium Period) 0.85% Regular Rate (360-Day Premium Period) 0.9% Regular Rate (For Preferred Package Customers + 360-Day Premium Period) 0.95% Regular Rate (For Ultimate Package Customers + 360-Day Premium Period) | 0.01% - 0.4% 0.4% All Balances if enrolled in Smart Savings tools(6) 0.01% All Balances | 2.25% - 3% 2.25% $0 - $4,999.99 2.5% $5,000 - $19,999.99 3% $20,000+ |
Monthly Fee | $0 | $0 | $0 |
Minimum Balance | No minimum | No minimum | No minimum |
Transaction Limits | N/A | N/A | Unlimited |
Institution | Scotiabank | Scotiabank | Neo Financial |
Open Account | OPEN ACCOUNT | OPEN ACCOUNT | OPEN ACCOUNT |
Scotiabank MomentumPLUS vs Online Banks (e.g., EQ Bank, Neo):
The MomentumPLUS account can deliver a very competitive short-term promotional interest rate (up to ~4.65–4.75% for a 90-day premium period) thanks to bonus periods and package rate boosts, which may outshine many online accounts’ standard yields in the first months. However, online banks like EQ Bank and Neo typically offer strong ongoing interest rates without requiring tiered periods or tied chequing packages—e.g., EQ Bank’s Personal Account pays around ~2.75%, and Neo’s HISA around ~3.00%, with unlimited access and no promotional reset after a few months. If your priority is consistent long-term growth with easy access, online savings accounts might outperform in the long run once Scotiabank’s promo expires.
Scotiabank MomentumPLUS vs Other Promo HISAs (CIBC, Simplii, Tangerine):
Compared to other promotional high-interest savings accounts from big institutions, MomentumPLUS stacks up well: CIBC’s eAdvantage and RBC’s High Interest eSavings both offer promo rates near ~4.6%, and Simplii’s near ~4.5%, usually over fixed promotional periods. The key difference is MomentumPLUS’s tiered premium period structure, which rewards you for leaving funds untouched for defined durations—whereas many promo offers simply apply the special rate to all balances for a shorter set time, after which rates revert. If you prefer flexibility to withdraw anytime without potentially forfeiting bonus interest, some of these other HISAs might feel more user-friendly.
Scotiabank MomentumPLUS vs Traditional Big Bank Savings:
Against standard Big Five savings products, MomentumPLUS is one of Scotiabank’s most attractive offerings because most basic bank savings accounts pay much lower interest rates (often well below 1%), despite easy access and branch support. For savers who value banking under one roof with physical branch access and integrated chequing relationships, MomentumPLUS gives a better balance of convenience and returns than many plain bank savings accounts—but still usually trails leading online-only options on ongoing return potential once promotions or premium periods end.
Benefits and Perks
✅ Can earn one of the more competitive promotional rates among major Canadian banks.
✅ No monthly fees or minimum balance.
✅ Unlimited free online transfers to other Scotiabank accounts.
✅ Interest compounds daily and is paid monthly.
✅ Bonus interest boosts with chequing account bundles.
Drawbacks and Considerations
❌ The promotional high rate is limited in time (typically 3 months).
❌ After promotions, the ongoing rate is modest compared with many online banks and fintech savings products.
❌ If you withdraw before a Premium Period ends, you lose the premium interest.
❌ No free Interac e-Transfers or debit access directly from the account.
About the author
Abid Salahi
Credit Card Expert
Abid leads the design and engineering of the FinlyWealth website, making sure everything runs smoothly and looks great. He’s a seasoned software engineer who follows best practices and designs interfa...
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