If you have products or services at Scotiabank, click here to enroll in the campaign.

If you don't, follow these 3 steps to enroll in the campaign:

  1. Open a MomentumPLUS Savings Account
  2. Activate your online banking when you receive your debit card
  3. Sign in to online banking to enroll

Bonus Interest Rate Offer Terms & Conditions

Campaign Offer

The Bonus Interest Rate Offer (the “Offer”) is applicable to New Funds deposited between April 1, 2021 and August 31, 2021 (the “Offer Period”) into a new or existing Scotiabank MomentumPLUS Savings Account.  By accepting the Offer, you agree to these Bonus Interest Rate Offer Terms & Conditions (the “Terms & Conditions”). 

Campaign Participation Requirements

To be eligible for the Offer, you must satisfy ALL of the following conditions:  

  1. Hold a Scotiabank MomentumPLUS Savings Account as sole or primary owner within the Offer Period;
  2. Complete the Campaign Enrollment process within the Offer Period. For jointly held Accounts, all accountholders on the Account must enroll and comply with these Terms & Conditions;
  3. Deposit New Funds from other banks or financial institutions into your Scotiabank MomentumPLUS Savings Account; and
  4. Be a personal customer (non-personal customers, e.g. small business, are not eligible).

Definitions of Terms

‘Bonus Interest’

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

‘Bonus Interest Rate’

1.20% per annum (subject to change)

'Offer Period’

April 1, 2021 at 12:01 a.m. EST – August 31, 2021 at 11:59 p.m. EST

'New Funds’

Funds from a non-Scotiabank source, including funds that did not originate from an existing Scotiabank Savings Account, Scotia Investment Account or Scotia Registered Account.

‘Combined Balance’

On any particular day, the combined end of day balance of funds held within all Scotiabank Savings Account(s)1 (which includes MomentumPLUS Savings Accounts, Scotia Investment Accounts2 and Scotia Registered Accounts2), of which you are the sole owner or, for joint account(s), the primary owner, but excludes mutual funds, and balances held in chequing accounts.

‘Combined Increase’

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

‘Combined Starting Balance’

The Combined Balance on March 31, 2021.

‘MomentumPLUS Savings Account’ or the “Account”

Any Scotiabank MomentumPLUS Savings Account open during the Offer Period. 

‘MomentumPLUS Savings Account Increase’

The excess of MomentumPLUS Savings Account Balance over MomentumPLUS Savings Account Starting Balance on any day during the 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 March 31, 2021, 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 Offer.

Calculation of Bonus Interest 

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

  1. MomentumPLUS Savings Account Increase;

  2. Combined Increase; and

  3. $5,000,000

The actual date at which you enroll in accordance with the Campaign Participation Requirements does not affect this calculation.

Bonus interest will be calculated on the following types of interest payments for the Account as outlined below:

 

Type of Interest Payment:

How bonus interest is calculated:

Regular Interest Payments

Regular interest payment will start earning Bonus Interest on the first day of the following month except that if the first day of the month is a holiday or Sunday, then the regular interest payment will start earning Bonus Interest on the first business day after the holiday or Sunday, as applicable. 

For example, the regular interest payment for the month of June 2021 will start earning Bonus Interest on July 2, 2021 since July 1st is a holiday. Similarly, the regular interest payment for the month of July 2021 will start earning Bonus Interest on August 2, 2021 since August 1st is a Sunday and the next business day is Monday August 2st.

Preferred or Ultimate Interest Rate Boost Payments

Preferred or Ultimate interest rate boost payment will start earning Bonus Interest on the first day of the following month except that if the first day of the month is a holiday or Sunday, then the Preferred or Ultimate interest rate boost payment will start earning Bonus Interest on the first business day after the holiday or Sunday, as applicable. Please see the examples above for regular interest payments.

Premium Period Interest Payments

Premium period interest payment will start earning Bonus Interest on the next business day after the day on which the premium period interest payment was deposited.

Bonus Interest Payments

Bonus Interest paid in May, June and August 2021 will start earning Bonus Interest two (2) calendar days after the Bonus Interest was deposited.

Bonus Interest paid in July 2021 will start earning bonus interest three (3) calendar days after the Bonus Interest was deposited.

Payment of Bonus Interest    

  1. Provided you have satisfied all Offer conditions,  Bonus Interest payments will be deposited into your MomentumPLUS Savings Account within 7 days after the end of each campaign month (Example: May 7, June 7, July 7, etc.) in which you are enrolled under the Campaign Participation Requirements. 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 subsequent month-end (Example: If you enroll on May 31, payment will occur by July 7). Bonus Interest payments will appear as ‘Campaign Bonus Interest’ on your online MomentumPLUS Savings Account Transaction History. If for technical or other reasons the Bonus Interest payments are not deposited into your MomentumPLUS Savings Account as described above, you will receive a lump sum payment of your total Bonus Interest payments no later than 120 days after the Offer Period ends.

  2. Bonus Interest will be paid into the solely owned MomentumPLUS Savings Account with the highest balance or, if there is no solely owned MomentumPLUS Savings Account, it will be paid into the joint MomentumPLUS Savings Account (for which you are primary owner) with the highest balance.  For example, a customer who is a sole owner on a MomentumPLUS Savings Account as well as a primary joint accountholder on another MomentumPLUS Savings Account will see Bonus Interest for all balances in both accounts paid to their sole MomentumPLUS Savings Account.

  3. Applicable tax receipts for income earned will be issued in the name of the account holder(s) of the MomentumPLUS Savings Account(s) to where the interest has been paid.

General Terms

  1. 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 Offer, a MomentumPLUS Savings Account is not in ‘good standing’ if it has a negative balance.

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

  3. Scotiabank reserves the right, at its sole discretion, to suspend, extend, modify, limit or revoke this 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,  operation of this Offer or who otherwise is deemed ineligible.

  4. Scotiabank reserves the right at its absolute discretion to vary, delete or add to any of these Terms and Conditions from time to time without prior notice. In the event of conflict, these Terms and Conditions will prevail over any of the contents of any brochure, promotional materials or statements, or any other communication regarding this Offer, whether written or oral from Scotiabank, except where otherwise stated.

  5. Scotiabank reserves the right at its sole discretion, without advance notice, to extend, suspend, terminate, or otherwise modify the Offer, in whole or in part or for select customers, for any reason or if the Offer can't run as planned including infection by computer virus, bugs, tampering, unauthorized intervention, fraud, technical failures, or any other causes beyond the reasonable control of Scotiabank which corrupt or affect the administration, security or proper conduct of this Offer.

  6. Scotiabank reserves the right to change interest rates at any time, and without notice. This Offer cannot be combined with any other offer except as permitted by Scotiabank.