- Automatic deductions and deposits
- Ability to contribute weekly, bi-weekly, monthly, quarterly, semi-annually, or annually
- Choice of contribution amounts and investment options
- Build savings easily and conveniently
PLUS:
Compound savings
Avoid the last-minute scramble
Pay less tax now
Scotiabank will transfer money from other selected Canadian financial institutions to the SSI Investment Savings account you choose
Investment options include all ScotiaFunds (subject to the applicable minimum investment amount) and our Daily Interest Savings/Gain Plan Investment Savings accounts.
When the unit price is higher, your investment buys fewer units. Over time, this can have the effect of lowering the average cost of your investments compared to lump sum investing.
Example: $100 invested monthly for 5 month
| Total units purchased: |
51.9 |
| Multiplied by latest price (end of May) |
$10 |
| Total current value |
$519 |
| Total invested |
$500 |
| Gain |
$19 |
Chart is for illustration purposes only. It does not indicate the performance of any particular investment.
In the above example, an investment of $100 per month for 5 months (total investment = $500), results in the purchase of 51.9 units of a fund, at an average cost of $9.63/unit ($500/51.9 units). If the full $500 had been invested at the beginning, the total units purchased would have been 50, at a price of $10/unit. The effect of dollar cost averaging has reduced the average cost per unit.
When you invest regularly, you generate returns on the amount you invest each month as well as on the amount that money has earned.
As a result of this "compounding", your portfolio has the potential to grow faster than if you made a lump sum contribution. And if you are contributing to an RSP, pre-authorized contributions help to ensure you will not have to scramble to make your contribution at the last minute.
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