Review: Scotiabank Momentum Savings Account

Craig Sebastiano

September 2, 2016

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)

0.65%interest rate

$87 first year return based on$5,000 balance

Promo rate: 5.00% for the first 90 days
Transaction fees: $5.00 per use
E-transfer: $1.00 per use

Earn an interest rate of 5.00%* 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.¹
Save for multiple goals in one account
Unlimited self-service transfers
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 March 14, 2025. Subject to change.
*Includes Regular Interest Rate of 0.55% plus a Package Interest Rate Boost of 0.10% for Ultimate Package holders, 90-Day Premium Period Interest Rate of 0.25% and a Welcome Bonus Interest Rate of 4.10% for 3 months. Regular Interest plus a Package Interest Rate Boost of 0.10% for Ultimate Package holders (or 0.05% for Preferred Package holders) is calculated daily, paid monthly. Premium Period Interest is earned when you choose a 90, 180, 270 and/or 360-day Premium Period. A longer Premium Period earns a higher Premium Period Interest Rate provided you don’t make any withdrawals within the Premium Period you select. Premium Period Interest is calculated daily, paid at the end of the applicable Premium Period. Welcome Bonus Interest is calculated daily and paid monthly for 90 days (3 months) on your first MomentumPLUS Savings Account opened. Interest rates are per annum and subject to change. Visit the Current Rates Page for more information and current rates. ¹Regular Interest is calculated by applying the Regular Interest Rate to your daily closing balance and is paid monthly. Refer to Current Rates Page for current Regular Interest Rates, which are subject to change.
²A 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 Premium Interest Rates, which are subject to change.
³Preferred and Ultimate Package account holders will receive the applicable Package boost to the Regular Interest Rate (the "Package Interest Rate Boost”). Refer to the Current Rates Page on Scotiabank.com for the Total Annual Interest Rate applicable to the Preferred Package and Ultimate Package (current Regular Interest Rate, plus Premium Period Interest Rate, plus Preferred/Ultimate Package Interest Rate Boost, as applicable), which is subject to change at any time without advance notice. It will take up to 10 business days after activating a Preferred or Ultimate Package account for the applicable Package Interest Rate Boost to apply. The applicable Package Interest Rate Boost will cease to apply effective as of the date that the Preferred/Ultimate Package account is closed. The Package Interest Rate Boost is an annual rate calculated daily on the MomentumPLUS Savings Account(s) closing balance and paid monthly.
Self-Service Transfer means a transfer to your other Scotiabank account without the help of a Teller, including through Scotia OnLine®, Scotiabank Mobile Banking and Contact Centre. The MomentumPLUS Savings Account does not have ABM or Point of Sale access or automated direct bill payment functionality.

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Categories	Banking
Tags	high interest savings accounts high-interest savings account savings accounts Scotiabank