Let’s take a closer look at how the MomentumPLUS Savings Account can work for you.
Your account will always earn regular interest (0.7%), calculated daily and paid monthly.
You can make deposits to a Premium Period at any time – you’ll earn the highest potential interest rate for the time left in that Premium Period.
Let’s look at what would happen if you made a deposit to a 360-Day Premium Period.
Your initial deposit earns the full 360-day rate (1.6%) – assuming you make no debit transactions during that period.
Say three months later you want to deposit more? Great! The Premium interest rate you’ll earn (1.55%) is based on the number of days left in the Premium Period.
At the end of the Premium Period, the Premium Interest pays out, and the Premium Period starts again with the balance, plus your earned interest.
Let’s say you make a debit transaction 60 days into the new Premium Period.
The Premium Period will restart, and you’ll earn only the regular interest saved up to that point.
Save like never before with the Scotiabank MomentumPLUS savings account, only at Scotiabank.