Automatic Savings Plan – Pay Yourself First

Right for you if:

  • You want to save while staying within your budget
  • You want to put money aside as soon as you get it

Deposit Tip of the Month

Finding money can be easier than you think. Save regularly with an Automatic Savings Plan (ASP).

Have a pre-determined amount automatically transferred to your savings account at set intervals to ensure you save regularly and avoid temptation to spend the funds sitting in your chequing account.

Putting aside even a little bit every month should be a part of everyone's monthly budget, so we've developed some tools to make saving easier for you and to reward you for good saving habits.

Scotiabank's Automatic Savings Plan (ASP) let's you:

  • Make this automatic and you won't even have to think about it.
  • Transfer a set amount to your savings account on a regular basis
  • Set the amount you'd like put aside and the interval
  • Watch your money grow

Fees and Terms

earn a bonus* 1% annual interest

savings are automatically invested

save up to $19,000 in 5 years by saving $500 per month

  • Earn 1.0% bonus* interest with the Scotiabank Savings Reward Plan (SSRP)
  • Save regularly through an Automatic Savings Plan
  • Earn an additional 1.0% bonus* interest on the average monthly balance of your contributions made during the 18-month term, less any withdrawals you make that are not offset by an equal or greater lump sum deposit
  • Bonus interest is paid in addition to our already competitive interest rates

*Some conditions apply.

See how fast your savings can grow!

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%.

Transfer a set amount to your savings account on a regular basis. Start by setting the amount you'd like put aside and the interval, and then you can sit back and watch your money grow. You will earn a bonus 1.0% on your savings when you stick with your savings plan.

Ready to Apply?