Savings account
Scotiabank
Scotiabank Momentum Plus Savings Account
1.8/5 our rating
- Interest rate
- Up to 0.7%
- Monthly fee
- $0
Overview
A Scotiabank savings account that pays more the longer you commit. On top of the regular rate you can open a premium period of 90 to 360 days, and longer periods earn more. A Preferred or Ultimate Package raises the rate further. There's no monthly fee or minimum balance, but no free e-Transfers or debit access from the account either, and even at its best the rate is modest.
What we like
Competitive promotional rates
No monthly fees or minimum balance
Interest compounds daily
Worth knowing
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
Interest rates
Regular Interest Rate
0.4%
90-Day Premium Period
0.45%
180-Day Premium Period
0.5%
270-Day Premium Period
0.55%
360-Day Premium Period
0.7%
Welcome offer
No offers available
Fees
Account fees
Monthly fee
$0
eStatement
Included
Highlights
Effective October 22, 2026
The longer you save, the more interest you can earn | Regular Interest Rate* | Premium Period Interest Rate †† | Total Annual Interest Rate |
|---|---|---|---|
MomentumPLUS | 0.400% | N/A | 0.400% |
90-Day Premium Period | 0.400% | 0.050% | 0.450% |
180-Day Premium Period | 0.400% | 0.100% | 0.500% |
270-Day Premium Period | 0.400% | 0.150% | 0.550% |
360-Day Premium Period | 0.400% | 0.300% | 0.700% |
Legal
*The interest rate paid depends on the total daily closing balance. Interest rate is applied to the entire balance, calculated daily, and paid monthly. Regular interest is stated as an annual rate.
††A maximum of five Premium Periods at any one time, each of which can have a length of 90 days, 180 days, 270 days, or 360 days. For each Premium Period, Premium Interest is calculated daily by applying the Premium Interest Rate to each deposit, including any accumulated Regular Interest, until the end of the Premium Period. Premium Interest is paid at the end of each Premium Period, so long as NO DEBIT TRANSACTION HAS OCCURRED within that Premium Period. When a debit transaction occurs, no Premium Interest is payable for that Premium Period and a new Premium Period of the same length will commence the same day. Refer to Current Rates Page for current Regular Interest Rates, which are subject to change.
See Account Provider's website for complete account details, terms, and current offers. Reasonable efforts are made to maintain accuracy of information.