Offer Terms and Conditions

Scotiabank MomentumPLUS Savings Account

Effective October 25th, 2018 the “Bonus Interest Rate” increased from 1.05% to 1.25%. All balances eligible for bonus interest will earn the revised Bonus Interest Rate as of this date.

1. Campaign Offer    

The Bonus Interest Rate Offer runs from September 10, 2018 to March 10, 2019, and is available to both new and existing Scotiabank MomentumPLUS Savings Account customers who meet the Campaign Participation Requirements, subject to these Terms & Conditions. 

2. Campaign Participation Requirements

To earn Bonus Interest under the Campaign Offer you must:

a)     Hold a Scotiabank MomentumPLUS Savings Account as sole or primary owner within the Campaign Offer Period defined below.

b)     Complete the Campaign Enrollment process at www.scotiabank.com/mp up to March 10, 2019 11:59pm EST. For jointly held accounts, the primary account holder of the account must enroll and comply with these Terms & Conditions.

c)     Transfer money from other banks or financial institutions and/or from existing Scotiabank Momentum Savings Accounts, into the new or existing Scotiabank MomentumPLUS Savings Account.

3. Definitions of Terms used within Campaign Conditions. 

‘Bonus Interest’

The interest earned under this Campaign Offer, calculated at the Bonus Interest Rate in accordance with these Terms & Conditions.

‘Bonus Interest Rate’

1.05%

‘Campaign Offer Period’

September 10, 2018 – March 10, 2019

‘Combined Balance’ On any particular day, the combined end of day balance of money held within all Scotiabank Savings Account(s) (which includes MomentumPLUS Savings Accounts)1, Scotia Registered Account(s) and Scotia Investment Account(s)2, in which you are the sole owner or, for joint account(s), the primary owner but excludes mutual funds, and balances held in chequing accounts, and Scotiabank Momentum Savings Accounts.
‘Combined Increase’

The excess of Combined Balance over Combined Starting Balance on any day during the Campaign Offer Period.

‘Combined Starting Balance’

The Combined Balance on September 9, 2018

‘MomentumPLUS Savings Account’ Any Scotiabank MomentumPLUS Savings Account open during the Campaign Offer Period.
‘MomentumPLUS Savings Account Increase’ The excess of MomentumPLUS Savings Account Balance over MomentumPLUS Savings Account Starting Balance on any day during the Campaign Offer Period
‘MomentumPLUS Savings Account Balance’ On any particular day, the combined end of day balance in all MomentumPLUS Savings Accounts.

‘MomentumPLUS Savings Account Starting Balance’

The MomentumPLUS Savings Account Balance on September 9, 2018, provided that any MomentumPLUS Savings Account(s) not open on that date will be deemed to have a $0 end of day balance

‘you’

The individual who is eligible for this Campaign Offer.

4. Calculation of Bonus Interest 

In addition to any other interest payable on the MomentumPLUS Savings Account(s), for each day during the Campaign Offer Period, you will earn Bonus Interest calculated on the lower of:

a)     MomentumPLUS Savings Account Increase;

b)     Combined Increase; and

c)      $5,000,000

Bonus Interest is calculated daily and paid monthly. The actual date at which you enroll in accordance with paragraph 2(b) does not affect this calculation

5. Payment of Bonus Interest    

a)     You will see Bonus Interest payments on your online MomentumPLUS Savings Account Transaction History as ‘Campaign Bonus Interest’.  It will be deposited into your MomentumPLUS Savings Account within 7 days after the end of each campaign month (Example: October 7, November 7 and December 7) in which you are enrolled under Paragraph 2(b). Where an enrollment takes place on the last day of a month, Bonus Interest will be paid within 7 days after the end of the month-end following.

b)     Bonus Interest will be paid into the sole ownership MomentumPLUS Savings Account with the highest balance or, if there is no sole ownership MomentumPLUS Savings Account, it will be paid into the joint MomentumPLUS Savings Account (for which you are primary owner) with the highest balance.

6. General Terms

a.      MomentumPLUS Savings Accounts must be open and in good standing at the time of Bonus Interest payout in order for the Bonus Interest to be paid. For purposes of this Campaign Offer, a MomentumPLUS Savings Account is not in ‘good standing’ if it has a negative balance.

b.     All other terms and conditions of the Scotiabank MomentumPLUS Savings Account continue to apply. Refer to www.scotiabank.com/mp for details.

c.      Scotiabank reserves the right, at its sole discretion, to suspend, modify, limit or revoke this Campaign Offer at any time including, without limitation, amending the time periods for eligibility and to disqualify any account holder it finds or believes to be manipulating or otherwise abusing the process, fairness, integrity or operation of this Campaign Offer. Scotiabank reserves the right to change interest rates at any time, and without notice. This Campaign Offer cannot be combined with any other offer.