Master the art of savings

Open a Money Master Savings Account and get access to the smart tools you need to start saving like a pro.

How to grow your savings

  • Step 1
    Open a new Money Master Savings Account

  • Step 2
    Enrol in our smart savings tool, Pay Yourself First by Advice+. 

STEP 1 OF 2

Open a new Money Master Savings Account

FLEXIBLE SAVINGS

Money Master Savings Account

An everyday savings account to help you reach your goals.

No minimum balance required and
no monthly account fees

Smart savings tools
that allow you to grow your savings easily and automatically

Earn interest on every dollar you save1

Convenient and easy access to your money,
whenever you need it 

Is this chequing account right for you? 
 
  Right for you if you:
  • Want to earn interest on the money you save but also want convenient and easy access to your money, at any time
  • Want help finding savings using our smart savings tools or Bank the Rest program, and value insights that help improve your savings habits
  • Want free unlimited transfers between Scotiabank accounts via self-service
  May not be right for you if you:
  • Want to earn higher interest and prefer to save on your own (e.g., not rely on automated savings tools)
Open an account
Learn more >

STEP 2 OF 2

Enrol in one of our smart savings tools like Pay Yourself First

SMART SAVINGS TOOL

Pay Yourself First

Best for regularly recurring deposits like payroll.

How it works
Set an amount or percentage of your payroll or other eligible recurring deposit2 to move from your selected Scotia chequing account to your Money Master Savings Account. Your money is moved only when it appears you can afford it.3

Track your savings
Receive notifications after every transfer in the Scotia app. The amounts will change based on the activity in your chequing account but won’t go above your targets.

Get an ongoing boost
Earn a 0.39%4 interest rate boost on your Money Master account while you remain enrolled, for a total interest rate of 0.40%.1,4
Learn more >

How to start using Pay Yourself First

There are a couple of ways to start.
From the Scotia app’s home screen, select Advice+. Then you’ll either:

  1. Select the card that says, Smart Savings Tools: Enrol today and get an ongoing boost.
  2. Or select View details on the invitation in the Insights section.
  3. And follow the steps to enrol.
  4. In the Manage section in Advice+ on the mobile app, you can easily manage your transfers or stop them by opting out.

Not the right smart savings tool for you? 

Explore our other smart savings tool, Savings Finder by Advice+. This tool transfers funds from your selected chequing account to your Money Master Savings Account, up to 3 times per week, to meet your monthly savings target.5 You can only be enrolled in one savings tool at a time but you can switch tools at any time. Both Pay Yourself First and Savings Finder may also be subject to additional eligibility requirements

Learn more

Frequently Asked Questions

Have more questions? Visit our Help Centre to learn more or call us at 888-246-1149.

1
The regular annual interest rate on the Money Master Savings Account is paid on the entire balance based on the tier within which the daily account closing balance falls (tier rates are subject to change and may not differ from one another). The interest rate paid depends on the total daily closing balance. Interest rate is applied to the entire balance, calculated daily, and paid monthly. Interest rates are subject to change at any time with or without notice. For the current bonus interest rate please go here.
2
Deposits or income sources that are greater than $200 per deposit, credited into your Source Account with a weekly, bi-weekly, monthly, semi-monthly or every two months frequency will be considered recurring and can be selected as part of your enrolment in the Pay Yourself First.
3
Based on an analysis of your transaction activity (including spending patterns, expenses, and incoming funds) in your designated chequing account over the three-month period prior to the transfer and the default balance limit for the Pay Yourself First tool of $400, or the limit you have chosen. For example, if your designated chequing account balance is below the default limit of $400, then the tool will not initiate the transfer. Click here for full terms and conditions.
4

Interest on the credit balance in your Target Account (defined below) will be paid in accordance with the terms of your Day-to-Day Banking Companion Booklet.

In addition to the interest payable on your Target Account, by enrolling into a Smart Savings Tools option, you will be eligible to earn the bonus interest (“Bonus Interest”) on the daily account closing balance in your eligible Money Master Savings Account (“Target Account”).  Within approximately five business days after you have successfully enrolled your Target Account in one of the Smart Savings Tools options and for so long as it continues to remain enrolled, your bonus interest rate will be applied daily to the entire daily account closing balance.

Your Bonus Interest will be calculated daily and payable monthly.  The bonus interest rate is an annual rate and is subject to change with or without notice. For the current bonus interest rate please go here.

This Bonus Interest cannot be combined with any other bonus interest offer applicable to your Target Account.  If you accept an offer for any other or additional bonus interest offer on your Target Account, you will no longer be eligible to receive the Bonus Interest and such Bonus Interest will automatically no longer be applied to your Target Account as of the date of your acceptance of any such offer. This feature is subject to change or be cancelled at any time.

5
Based on an analysis of your transaction activity (including spending patterns, expenses, and incoming funds) in your designated chequing account over the three-month period prior to the transfer and the default balance limit for the Savings Finder tool of $200, or the limit you have chosen. For example, if your designated chequing account balance is below the default limit of $200, then the tool will not initiate the transfer. The range of amounts and frequency of such transfers is set by Scotiabank and may be amended from time to time, without prior notice to you. For more information on the current ranges and frequencies please refer to the FAQs section in Scotia Smart Money by Advice+ on the Scotia mobile app. Click here for full terms and conditions.
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Registered trademarks of The Bank of Nova Scotia.