Scotiabank MomentumPLUS Savings Account Review

It’s tough to say, but one thing that is for sure is that every day, Canadians need more competition. Competition brings about better products, cashback, and better rates. Therefore, several banks are looking to make a name for themselves with this rate increase.

Currently, a few different banks stand atop their competitors with high-interest savings accounts. Many offer great options but can be tough to get into. This is why Scotiabank is looking to change how Canadians bank by introducing their MomentumPLUS Savings Account.

What Is The Scotiabank MomentumPLUS Savings Account?

Scotiabank is one of the five central banks that dominate the Canadian banking market. Like its competitors, Scotiabank provides various savings services, including high-interest savings accounts, mortgages, foreign cash savings accounts, TFSA accounts, and student savings accounts.

Additionally, Scotiabank’s innovative MomentumPLUS Savings account offers a competitive interest return on savings and can be combined with a high-end chequing account.

This groundbreaking new digital savings account is the first of its type in Canada, allowing Canadians to save for several goals in a single account. Furthermore, the longer a consumer saves, the bigger the interest rate. It currently stands as the best high-interest savings account made available by Scotiabank.

The Scotiabank MomentumPLUS Savings Account also offers a basic interest rate and a premium rate add-on, similar to a term deposit account, based on how long you maintain the deposit. It also allows clients to earn up to 1.6% interest on their savings across various periods.

Finally, you receive extra daily interest on all your deposits into the savings account—all with no minimum balance requirement and no monthly cost.

Scotiabank MomentumPLUS Savings Account

How Does The Scotiabank MomentumPLUS Savings Account Work?

After adding the regular interest rate, premium period interest rate, the chequing accounts bonus, and your bonus interests, you can earn up to 4.25 percent interest. The account is excellent for Canadians looking for top-notch interest savings accounts.

Regular interest: it is determined daily and then paid out monthly.

Premium Period Interest: it varies from 90 to 360 days depending on how long you maintain deposits without a debit activity or transaction (i.e., withdrawal).

Bonus interest: is only paid on deposits made during the promotion period.

Note: To encourage customer savings, bonus interests are lost if you withdraw your deposits during the promotional period.

Firstly, you will receive a Regular Interest Rate. This is calculated and paid monthly based on your daily closing balance.

Secondly, when you open a Premium Period, you get a Premium Interest Rate. Each period can have a length of 90, 180, 270, or 360 days. Each day until the conclusion of the Premium Period, a Premium Interest Rate is applied to each deposit. At the end of the period, the Premium Interest is paid. Premium Interest is only paid if there are no debits throughout the period.

Debits include withdrawals, transfers (including transfers to other Scotiabank accounts and between Premium Periods under your Momentum PLUS Savings Account), and service fees.

This table is a summary of how it works:

Premium Period Interest

Regular Interest

Ultimate Package Interest

Bonus Interest

0.85% (90 days)

1.35%

0.10%

1.70%

0.90% (180 days)

1.35%

0.10%

1.70%

1.00% (270 days)

1.35%

0.10%

1.70%

1.10% (360 days)

1.35%

0.10%

1.70%

Additionally, customers who open an Ultimate Chequing Package or a Preferred Chequing Package at the same time they sign up for MomentumPLUS savings receive an additional 0.10% or 0.05% interest on their account balance.

Scotiabank MomentumPLUS Savings Account Charges

There are no monthly fees with the Scotiabank Momentum Plus account. You can also use the MomentumPLUS account to fund transactions to other Scotiabank accounts for free via internet banking.

If you need the aid of a Teller, however, it will cost you $5 for each transfer. Also, moving this account to another banking institution will incur a $20 fee.

Note: The Scotiabank MomentumPLUS savings account has no ATM or Point of Sale access.

What Does The Scotiabank MomentumPLUS Savings Account Provide?

Account Features: There are no monthly account fees or necessary minimum balances.

Transfers: You have limitless access to self-service transfers with this account.

Automatic Savings: It enables you to set up an automatic funds plan effortlessly and watch as your savings increase.

Mobile and online banking: Your MomentumPLUS Savings account includes online and mobile banking platforms for transferring funds and viewing your transaction history.

Deposit using Mobile Cheque: This is one of the few savings accounts that allows you to snap a picture of your cheque and deposit it into your account.

How To Open A Scotiabank MomentumPLUS Savings Account?

Customers can set up their accounts in a matter of minutes by completing the quick and easy digital account registration form made available online on the Scotiabank website or through the Scotiabank app. They can also open an account by visiting any Scotiabank branch near them.

To open an account online:

  • Visit the Scotiabank website.

  • Go to the page for the Scotiabank MomentumPLUS Savings Account.

  • There, click “Open an account now” or “Start saving now.”

  • If you already have a Scotiabank product or service, you will be prompted to sign in to your account using your details.

  • If you are a new customer, you must sign up for the account by filling out an application form.

  • To finish the procedure, provide your information, such as your full name, address, date of birth, email address, social insurance number, and so on. You will get a Scotia Card when you are done with every necessary application procedure.

  • Then, you can go on to activate your online banking after you have received your debit card.

Information required for opening an account

  • Your full name.

  • Your residential status

  • Your date of birth.

  • Your phone number

  • Your contact information

  • Your Social Insurance Number (SIN) (optional)

  • Your email address.

Make sure that the information and documents you submit and correct and verified.

Eligibility for Opening a Scotiabank MomentumPLUS Savings Account

To be eligible for a Scotiabank MomentumPLUS Savings Account, you must meet the following requirements:

  1. You must be at least 16 years old.

  2. You must be a Canadian citizen or a temporary resident.

  3. Create a solo account in your name.

How can I fund the Scotiabank MomentumPLUS Savings Account?

To fund your account:

  1. You can directly deposit the funds into your account.

  2. You can also deposit money by cashing a check or putting cash at a teller or an ATM.

  3. You can also use the Scotiabank Mobile app to deposit a cheque electronically.

How can I get my money out of my account?

To withdraw funds from your account:

  1. You can send it to yourself via Scotiabank internal transfer.

  2. You can also withdraw funds from your account by visiting a bank or using an ATM. However, keep in mind that each transaction will cost $5.

Benefits of the Scotiabank MomentumPLUS Savings Account

The Scotiabank MomentumPLUS Savings Account has several benefits that make them stand out among its competitors, including:

No monthly charges: You will not be charged any monthly fees to keep your account running and active.

No minimum deposit requirements: It is possible to set up your account for as little as $1, making the account accessible to most customers.

Tiered Interest levels: The longer you keep your money in this account, i.e., up to 360 days, the higher your account interest rate will be. Its rates are also above average regardless of the savings plan you opt for.

Keep track of your savings: The Scotiabank MomentumPLUS Savings Account allows you to set up numerous savings goals in this account and also select a timeline to keep track of your progress.

Extra interest: You can earn up to 4.25% interest on your savings for a limited time. This offer is valid through December 31, 2022.

Supports mobile cheque deposits: The Scotiabank MomentumPLUS savings account is one of the banking platforms that allows you to fund your account using cheques. To deposit, you can take a picture of the cheque and upload it. Very simple!

Does The Scotiabank MomentumPLUS Savings Account have any drawbacks?

Alongside its numerous benefits, there are a few drawbacks to the Scotiabank MomentumPLUS Savings Account that you should be aware of:

  1. There are no free debits. Every time you withdraw money from this account (such as through an ATM withdrawal or by accessing funds using your debit card)., you must pay a fee of $5.

  2. There is no ATM access or direct bill payment feature with the Scotiabank MomentumPLUS Savings Account.

  3. To get the best rate, you must have an Ultimate chequing account.

  4. Withdrawals may result in the cancellation of premium rates. If you withdraw from your account within the first year, you may lose the premium rate interest.

  5. There will be no bonus rates after one year. Following one year, the premium rate offer will expire, and you will only earn a base rate of 1.35% on your savings.

Scotiabank MomentumPLUS Savings Account

Other Scotiabank Savings Accounts

Scotiabank Savings Accelerator Account:

This savings account is open to both registered and unregistered accounts. Depending on your deposits, it has no monthly account fee and variable rates ranging from 0.50% to 1.10%. Their tiered rates are perfect for those looking to earn a higher interest rate on a large cash balance.

Scotiabank Money Master Savings Account:

So long as you are willing to save it, this savings account allows you to earn a 0.01% interest on your money.

Additionally, there are no monthly charges for the Money Master Savings Account. The account allows you to make limitless transactions to your other Scotiabank accounts.

Scotiabank Euro Daily Interest Savings Account:

The Euro savings account has a monthly charge of $1, which is canceled if you are over 65 or maintain a minimum balance of €200.

You can also receive interest on your Euro deposits with this account. Its current tiered interest rates are 0%.

Scotiabank U.S. Dollar Daily Interest Savings Account:

With this Savings account, you can earn up to 0.05% tiered rates on your U.S. dollar deposits. It charges a $1 per month account fee. However, the money fee is waived if your balance is $200 or more. Additionally, seniors aged 60 and over do not have to pay the monthly fee.

Scotiabank MomentumPLUS Savings Account FAQS

Is this Savings Account suitable for you?

YES, if you:

  • Want to make free, unlimited transfers between Scotiabank accounts using their self-service?

  • Want to save for a more extended time to earn a higher return rate?

  • There will be no need for POS access, ABM, or an automated direct bill payment function.

No, if you:

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

Is there a cost for the Scotiabank MomentumPLUS Savings Account?

You will not be charged any monthly fees with this account. However, you must pay $5 for each transaction or withdrawal,

Can I lose my interest rate on this account?

No, you won’t! You can only lose your premium interest rate if you withdraw during the premium rate savings period. Therefore, your premium interest rate still stands as long as it is still within 360 days. Additionally, after December 31, 2022, the Bonus Interest Rate of 1.70% will no longer apply.

Note: The 360 days do not affect your base rates earnings

Is my money secure at Scotiabank?

Yes, your money is secured. Apart from their intense security protocols, Scotiabank is one of Canada’s Big Five banks and a Canada Deposit Insurance Corporation partner. This organization will protect any money you put into your account up to $100,000 if Scotiabank goes bankrupt.

Can I withdraw funds from my MomentumPLUS Savings Account before the conclusion of the Premium Period?

Yes, you have the option to withdraw your funds at any moment. If you make a debit transaction before the conclusion of a Premium Period, you will still receive Regular Interest but will forfeit any earned Premium Interest.

Then, a new Premium Period of the same length will begin on the same day with your remaining balance. If you have multiple Premium Periods, just the Premium Period from which you withdraw will be affected.

Final Thoughts

Scotiabank MomentumPLUS is new savings account that Scotiabank has offered Canadians to offer a high-interest rate to customers. This account has been around for a few months now, and the account holders currently see above-average rates of return on their investment.

It’s essential to keep in mind that this doesn’t necessarily mean you’ll make millions with your investments. Still, it does show that Scotiabank is worth applying for, as it offers an unbeatable interest rate.

Thanks for reading! Please let me know your thoughts and comments below. 

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