Main features and perks

  • The longer you save, the higher your interest2
  • Choose the timeline and track as you earn
  • Save for multiple goals in one account
  • Earn a savings rate of up to 5.40%* for 3 months on a MomentumPLUS Savings Account

Is this Savings Account right for you?

Right for you if you:

  • Want to save longer to receive higher interest
  • Will not require ABM, Point of Sale access, or automated direct bill payment functionality
  • Want free unlimited transfers between Scotiabank accounts via self-service

May not be right for you if you:

  • Want to use for everyday banking such as purchases, ABM transactions, and payroll deposits

More product benefits

Transfer

Account features

No monthly account fees 

Chart

Mobile deposit

Take a picture of your cheque and deposit it into your account

Move money

Automatic Savings

Set up an automatic savings plan and watch your savings grow

Request money

Transfers

Unlimited self-service transfers3

More perks

  • No minimum balance required
  • Free paperless record keeping or online statements

You may also like this alternative

Desc

Money Master Savings Account

  • Earn interest on every dollar you save1
  • Savings made easy with Bank the Rest® or automatic contributions
  • Convenient and easy access to your money, whenever you need it

Find the right account for you

Start over
*

Includes Regular Interest Rate of 1.00% plus a Package Interest Rate Boost of 0.10% for Ultimate Package holders, 360-Day Premium Period Interest Rate of 0.65% and a Welcome Bonus Interest Rate of 3.65% 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.

1

Interest on the credit balance in your Target Account (defined below) will be paid in accordance with the terms of your Day-to-Day Banking Companion Booklet.

In addition to the interest payable on your Target Account, by enrolling into a Smart Savings Tools option, you will be eligible to earn the bonus interest ("Bonus Interest") on the daily account closing balance in your eligible Money Master Savings Account (“Target Account”).  Within approximately 5 business days after you have successfully enrolled your Target Account in one of the Smart Savings Tools options and for so long as it continues to remain enrolled, your bonus interest rate will be applied daily to the entire daily account closing balance.

Your Bonus Interest will be calculated daily and payable monthly.  The bonus interest rate is an annual rate and is subject to change with or without notice. For the current bonus interest rate please go here.

This Bonus Interest cannot be combined with any other bonus interest offer applicable to your Target Account.  If you accept an offer for any other or additional bonus interest offer on your Target Account, you will no longer be eligible to receive the Bonus Interest and such Bonus Interest will automatically no longer be applied to your Target Account as of the date of your acceptance of any such offer. This feature is subject to change or be cancelled at any time.

2

Regular Interest is calculated by applying the Regular Interest Rate to your daily closing balance and is paid monthly. 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 interest rates, which are subject to change.

3
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.
4

Recommendations are provided for information purposes only and should not be relied upon as financial, investment or other advice. All recommendations are based on the information provided to us during this online process in relation to Scotiabank’s current product and service offerings. Terms and conditions apply to all products, services, offers and benefits displayed and should be reviewed carefully. All rates, fees, products, services, offers, and benefits and related terms and conditions are subject to change. 

Please visit your nearest branch or call [1-800-472-6842] to speak with a Scotiabank representative.