Saving for a big purchase

Get the information you need when saving for your dream purchase.

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What you need to know:

When making a major purchase, it's important to know where that money is coming from before signing on the dotted line. If your goal is to buy a car or plan a trip, you'll most likely be looking at a shorter timeline. With that in mind, it's important to look to low-risk investment options that offer steady returns.

Time

For big purchases, like a car or trip, the timeline is usually shorter. It's important to establish a time frame to save for your big purchase so you can figure out how much you need to save on a monthly basis.

Risk

With shorter timelines, lower risk investments will help make sure you've saved enough and that the principal is secure.

Return

Lower risk investment options can bring you strong, steady returns putting you on the right path toward your goal.

'Pros and cons' to using a
loan for your purchase.

Borrowing money to make a large purchase definitely gives you more time to enjoy it, since you'll be buying it sooner. But the interest on your loan will increase the overall cost of your purchase. So you would have it sooner, but pay for it longer.

Savings? Or investments?

A savings account or Guaranteed Investment Certificate (GIC) are perfect for short-term goals. You have easy access to your money and they are low risk. Investments such as mutual funds are ideal for saving for longer-term goals, like retirement or a child's education. There's more risk but there's also potential for greater returns.

Your options:

What plans and products can help you save for your dream purchase?

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What is it?

How does
it work?

Who
is it for?

Tips & hints:

Let us help you achieve your saving for a big purchase goal faster.

Your spending habits

One way to afford that new purchase a little faster is looking at how you're spending every day. Take a look at our Money Finder Calculator to see where you can be saving more.

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Earn cash back on everyday purchases

With some money back accounts and credit cards, you can earn up to 4% cash back on every purchase you make with them. It's an easy way to turn everyday spending into putting just a little bit extra toward that big purchase.

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Pre-Authorized Contributions

Pre-Authorized Contributions (PACs) can help build your savings easily and conveniently through automatic contributions. Set it up once and start saving. It's makes savings simple and hassle-free.

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Bank the Rest

With Bank the Rest™, each purchase you make gets rounded up, to the next $1.00 or $5.00, and the difference goes right into your savings or investment account. So, your savings grow with each purchase.

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Where we can help:

Come to a branch for invaluable advice and get your investment questions answered.

Your Nearest Branch:

Find your Nearest Branch

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or
Call Us
1-800-472-6842

Where we can help:

Come to a branch for invaluable advice and get your retirement questions answered.

In person:

Scotiabank branch locator

or

Call us:

1-800-472-6842

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