See where your good savings habits can take you!
Putting aside even a little bit every month should be a part of everyones monthly budget, so weve developed some tools to make saving easier for youand to reward you for good saving habits.
Scotiabanks Automatic Savings Plan (ASP)
The easiest way to save regularly is to immediately put some money aside as soon as you get paid. You can make this automatic and you wont even have to think about it.
Scotiabanks Automatic Savings Plan (ASP) transfers a set amount to your savings account on a regular basis. Start by setting the amount youd like put aside and the interval, and then you can sit back and watch your money grow.
Earn 1% bonus1 interest with the Scotiabank Savings Rewards Plan
Every good habit should come with a reward. With the Scotiabank Savings Reward Plan, we reward your good saving habits by paying bonus1 interest when you stick to your savings plan.
Its easy! Just save regularly through an Automatic Savings Plan and youll earn an additional 1% bonus1 interest on the annual average monthly balance of your contributions made during the one-year term, less any withdrawals you make that are offset by an equal or greater lump sum deposit. And this bonus interest is paid in addition to our already competitive interest4 rates.
Are you ready to save and earn? Find out which account is right for you and then set up an ASP.
Savings in Action
Numbers tell the story best. The interest you earn by saving regularly with an ASPplus the bonus1 interest of an SSRPbrings you closer to your savings goal.
How much closer? Look at the chart to see how regular contributions play a big part in growing your savings.
| See how much you can save* |
| Monthly Amount Saved |
Total savings after: |
| Year 1 |
Year 2 |
Year 3 |
| $100 |
$1,226 |
$2,503 |
$3,831 |
| $150 |
$1,839 |
$3,754 |
$5,746 |
| $200 |
$2,453 |
$5,005 |
$7,662 |
| $300 |
$3,679 |
$7,508 |
$11,493 |
| $500 |
$6,132 |
$12,513 |
$19,154 |
| Based on an annual savings rate of 4%. |
* Example is in USD funds.
View all accounts
1 Some conditions apply
back to top
Education Savings Plan
We all want the best for our children and that includes the benefits of a higher education. Given the high cost of education, however, paying for that education will take planning and a commitment to saving. With the Scotiabank Education Savings Plan (ESP) you can get a head start on your saving and establish a clear path to your childs higher education.
Balancing todays saving with tomorrows borrowing
The ESP builds on the relationship between the need to save and the need to borrow in order to make your childs education dreams a reality.
Assuming that you might need additional funds to pay the cost of your childs post-secondary education, participation in an ESP provides potential borrowing rate discounts at the time a loan for education is taken out. The amount of the discount is based on the length of time the plan has been active, with the earned loan discount rate* growing over the course of the first five years the ESP is opened.
| The Loan Discount Table |
| Time in the ESP |
Loan Discount Earned*
(off posted rates) |
| 1 year |
5% |
| 2 years |
10% |
| 3 years |
15% |
| 4 years |
20% |
| 5 years |
25% |
* Discounts may vary by country. See your branch for current rates.
Education Savings Calculator
Use our Step One Education Savings Calculator to determine how much money you will need to save, based on current savings and projected education costs.
Remember, the time horizon for education savings is typically between five and 10 yearslong enough to build significant savings if you commit to saving regularly. Even if you cant set aside much at first, you will soon be amazed at how quickly even a small investment can grow!
Top up your savings with the Scotiabank Home Savings Plan (SHSP)
With the new Scotiabank Home Savings Plan, you can save the money you need faster and easier than you think.
Its this simple: Start saving now for your home purchase and when youre ready to finance with a Scotiabank Mortgage, we will top up your savings.
All you need to start is a Scotiabank account. Then call a Scotiabank representative to set up an Automatic Savings Plan. Ready for your new home?
Savings in Action
Why should you start saving now, even if you dont know when you will be shopping for a home?
- Start house hunting sooner.
Youll have the savings ready plus the top-up, so youll be ready to house shop sooner.
- Scotiabank will top-up your savings when youre ready to buy.
You can put the top-up toward your down payment or your closing expenses.
- Youll be saving automatically.
Its so easy and convenient youll barely notice you are saving, until you see the amount youve put aside.
Not what youre looking for? View all accounts
|
Automatic Savings Plans (ASP)
