What if a digital tool could actually help you save?

Pay Yourself First and Savings Finder are both effective savings tools that can be used to reach your savings goals. Pay Yourself First might work best if you have a regularly recurring deposit like payroll, while Savings Finder might be better for fluctuating income and expenses. 

Pay Yourself First:

This tool helps you set up automatic transfers from payroll or other income deposits in your chequing account into your Money Master savings account. You set the amount or percentage to save, and we’ll move funds when it appears that you can afford it.  

The amount transferred from chequing to savings will change depending on the transaction activity in your chequing account, including spending patterns, expenses, and incoming funds. After each transfer, you’ll receive a notification in the Scotia app letting you know the amount.

Savings Finder: 

This tool looks at your source of income and cash flow to identify opportunities to save small amounts of money you can afford, when it appears that you can afford it. You set your monthly savings target, and Savings Finder will do the rest.   

You’ll receive a notification in the Scotia app once a month letting you know the total amount that was transferred from your chequing account to your Money Master savings account.

No transfer will be more than $75, and funds won’t be transferred more than three times a week. Savings Finder won’t transfer more than the monthly savings target you set when you enrolled.

Before you sign up for either of these smart savings tools, you’ll need access to Scotia Smart Money by Advice+. If you’ve unenrolled from Scotia Smart Money, you’ll need to re-enrol through your Scotia app. You can only enrol in one smart savings tool at a time.

For Pay Yourself First, an existing Scotiabank chequing account, a recurring deposit (like payroll or monthly rental income) linked to that account, and a Money Master savings account are required.

For Savings Finder, a Scotiabank chequing account and a Money Master savings account are required. Savings Finder is the only smart savings tool available if you’re opening a new chequing account, but you’ll be able to switch to Pay Yourself First after 90 days if you have a recurring deposit.

Yes, joint account holders with “any to sign” joint accounts can use these smart savings tools.

However, only one joint account holder can sign up for the tool, manage, or view the savings progress. By default, that will be the account holder who signed up.

Note: “Any to sign” is defined as all account holders can withdraw funds or complete other types of debit transactions without the other’s consent. If you are not sure about your account is set-up for “Any to sign”, please call us at +1-888-246-1149 or reach out to an advisor at your nearest branch.

It only takes a few minutes to sign up for a smart savings tool. 

From the Scotia app’s home screen, select Advice+, then you’ll either:

1. Select the card that says, “Smart savings tools: Enrol today and get an ongoing boost.”
2. See an invitation in the Insights section if you have existing eligible chequing and Money Master savings accounts.

If you don’t have the Scotia app, you can download it.

Yes, you can use the Bank the Rest savings program and either one of Pay Yourself First or Savings Finder at the same time.

Bank the Rest will help you save small amounts each time you use your debit card on everyday purchases. Using Pay Yourself First or Savings Finder at the same time can help you reach your savings goals faster.