Savings account interest rates

Rates are provided for information purposes only and are subject to change at any time.

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.

Interest is calculated daily and will be paid monthly on the entire balance up to $2,000,000 when the minimum daily closing balance of $25,000 is met.

Scotia Registered Accounts hold Scotia GICs and Mutual Funds. Each account also contains a Cash section through which all transactions are settled. Funds may be accumulated in the Cash section prior to purchasing an investment.

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.

Scotia Tax-Free Savings Accounts may hold Scotia GICs, Mutual Funds, cash, and a Savings Accelerator Account. All transactions in the Scotia TFSA are settled through the cash portion of the account. Funds may be accumulated in the cash portion of the account prior to purchasing an investment.

Interest on funds in Canadian currency held in the Savings Account of your Scotia TFSA is calculated on your closing balance and paid monthly. During a leap year, interest is earned on the leap day. Upon account closure, interest earned up to the day of closure is paid on the account balance. 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.

Interest on funds in Canadian or US currency held in the cash section of your account is calculated on your closing balance and paid monthly. During a leap year, interest is earned on the leap day. Upon account closure, interest earned up to the day of closure is paid on the account balance. 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.

Preferred Package account holders will receive a boost to the Regular Interest Rate (the “Preferred Interest Rate Boost”). Refer to the Current Rates Page on Scotiabank.com for the Total Annual Interest Rate applicable to the Preferred Package (current Regular Interest Rate plus Preferred Interest Rate Boost), which is subject to change at any time without advance notice. It will take up to 10 business days after activating a Preferred Package account for the Preferred Interest Rate Boost to apply. The Preferred Interest Rate Boost will cease to apply effective as of the date that the Preferred Package account is closed. The Preferred Interest Rate Boost is an annual rate calculated daily on the Momentum^PLUS Savings Account(s) closing balance and paid monthly.

Ultimate Package account holders will receive a boost to the Regular Interest Rate (the “Ultimate Interest Rate Boost”). Refer to the Current Rates Page on Scotiabank.com for the Total Annual Interest Rate applicable to the Ultimate Package (current Regular Interest Rate plus Ultimate Interest Rate Boost), which is subject to change at any time without advance notice. It will take up to 10 business days after activating an Ultimate Package account for the Ultimate Interest Rate Boost to apply. The Ultimate Interest Rate Boost will cease to apply effective as of the date that the Ultimate Package account is closed. The Ultimate Interest Rate Boost is an annual rate calculated daily on the Momentum^PLUS Savings Account(s) closing balance and paid monthly.

The interest paid depends on the total daily closing balance. Interest rate is applied to the entire balance, calculated daily, and paid monthly. The interest rate is  an annual rate and is subject to change with or without notice. Within approximately 5 business days after you have successfully enrolled your Money Master Savings 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.  Any bonus interest paid will be displayed in your Money Master Savings account transaction details, separately from the regular interest payment. This Bonus Interest does not apply if you have already signed up for any other bonus interest offer applicable to your Money Master Savings Account.

Momentum Savings Premium is paid at the end of each 90 day period (Momentum Savings Period) if you do not initiate or permit any debit transaction or allow your balance to fall below the minimum balance required during that period.

If your dealer is The Bank of Nova Scotia, any Canadian currency you hold as cash in your account is also protected by CDIC, subject to maximum coverage and other limitations. If Scotia Securities Inc. is your dealer, Canadian currency held as cash is not insured by the CDIC. However, Canadian currency GICs or high interest savings held in a Scotia Securities Inc. account are issued by member institutions of the CDIC, and may be insured as eligible deposits, subject to maximum coverage and other limitations.