Review: Scotiabank Momentum Savings Account
Do you have a large bank account balance? If you want to get a better return on your money, you should get a high-interest savings account such as the Scotiabank Momentum Savings Account.
About Scotiabank
Scotiabank is one of the Big Five banks and has more than 1,000 branches and about 3,900 ATMs across the country. It’s also the owner of of Tangerine Bank, which has nearly two million customers.
Rates
The Scotiabank Momentum Savings Account is a tiered rate account depending on the period chosen. The welcome offer rate is 6.00% for the first three months.
Among Canada’s Big Five banks, the interest rate on a balance of $5,000 or more is higher than what’s offered by the BMO Bank of Montreal Savings Builder Account (which has a rate of 1.25%) as well as the other big banks. However, the rate is lower than what other financial institutions offer:
*currently 2.40% for new clients only for the first 182 days and 0.80% thereafter; rate for current clients is 0.80%
Fees
The account doesn’t have a monthly fee and comes with unlimited transfers to Scotiabank accounts using Scotia OnLine, mobile banking, ATMs, TeleScotia, and the customer contact centre. However, there’s a $5 charge for all other debit transactions.
The bottom line
While the Scotiabank Momentum Savings Account offers the best rate among the Big Five banks, it’s only if you have a balance of $5,000 or more in your account. Also, other financial institutions offer better rates. See what they are by comparing the best high-interest savings accounts.
Scotiabank Momentum PLUS Savings Account (360-premium)
- Promo rate
- 5.25% for the first 90 days
- Transaction fees
- $5.00 per use
- E-transfer
- $1.00 per use