Savings Accelerator Account
Earn a competitive interest rate on your money as it grows, with no monthly account fee. Available in registered§ and non-registered plans.
For a limited time, earn an interest rate of 5.00% on new FHSA deposits with the Savings Accelerator Account.†
Learn more about the First Home Savings Account (FHSA).
Is this Savings Account right for you?

Right for you if you:
- Want to have a higher interest rate for a larger balance
- Want to set up pre-authorized contributions easily
- Want free unlimited transfers between Scotiabank accounts via self-service

May not be right for you if you:
- Want to use for everyday banking such as purchases, ABM transactions and payroll deposits
Top reasons to choose this account

Available to add on to any non-registered or registered plan

The higher your balance, the higher your interest rate

Unlimited no-fee self-service transfer to your other Scotiabank accounts1

No monthly fees

Save automatically with pre-authorized contributions

Free quarterly personal portfolio statements
How the Savings Accelerator works
Our step-by-step guide to get you saving.

Step 1
Open a non-registered or registered plan, such as a TFSA, RRSP, or RESP.

Step 2
Add the Savings Accelerator and earn a competitive interest rate.

Do more with your plan
Add an investment product to grow your money faster, such as mutual funds or GICs.
How to open an account
You’re an existing customer with a registered plan
Open a Savings Accelerator account online.
You’re an existing customer, but you don’t have a registered plan
Open a registered plan first and then add on the Savings Accelerator.
You’re a new customer to Scotiabank
Book at an appointment online with a Scotia Advisor to open your account.
Account details
Account Fees
For more details about our monthly record-keeping options and fees, review the summary of account fees.
Interest Rate
The higher your balance, the higher your interest rate. View current interest rates.
Withdrawal Fees
TFSA and Non-Registered Plans
You have unlimited no-fee self-service transfers to other accounts using Scotia OnLine, mobile banking, or over the phone. A $5 service charge applies for any in-branch transaction. Standard fees apply for transfers to non-Scotiabank TFSAs.
Registered Plans
For more information about investment plan withdrawal and transfer fees, including for RESPs, RRSPs, and other registered plans, view our Investment Companion Booklet.
No ABM access
Tools and advice

Get started with financial planning
Planning your financial future can feel overwhelming for some, but you don’t have to do it alone. Find out what a financial plan is, why having a plan is important, and what elements go into making a plan.

Get started with investing
There’s a lot to understand if you’re investing for the first time. This how-to investment guide will take you through the basics, so you can feel confident in your investment strategy.

Scotiabank Budget Calculator
A great way to plan for your financial future is to understand where you are now. Use our calculator for a better picture of your finances and to see if you have additional funds available to put towards your goals.
Get advice
Your financial plan can start with a simple conversation. Give us a call to book a meeting with one of our advisors.
The Scotiabank Savings Accelerator Account may be opened within the following registered investment accounts - TFSA, RRSP, RESP, RRIF and RDSP.
The bonus interest rate (The “Bonus Rate”) applies to New Deposits (defined below) made into an eligible Scotiabank Savings Accelerator Account (“SSAA”) between August 14, 2023 and January 31, 2024 (the “Bonus Rate Period”). Eligible SSAAs include only those held within a First Home Savings Account (FHSA) at either The Bank of Nova Scotia or Scotia Securities Inc. (together, “Scotiabank”). SSAAs held within a TFSA, RRSP, RRIF, LIF, Registered Locked-In RSP, RESP, RDSP or any other registered plan or non-registered account at Scotiabank are not eligible for this Bonus Rate.
During the Bonus Rate Period, the Bonus Rate of 4.25% will be earned only on that portion of the SSAA Daily Balance that is greater than the SSAA Daily Balance as of August 13 2023 (“New Deposits”). The “SSAA Daily Balance” means, with respect to any particular day, the closing balance in the eligible SSAA. In addition, New Deposits will continue to earn interest at the posted annual interest rate for the SSAA (click here for current rates).
The Bonus Rate will cease to apply as of February 1, 2024. The bonus interest earned during the Bonus Rate Period will be calculated daily and paid monthly. All interest rates described herein are annual rates.
SSAAs must be open and in good standing in order to receive any interest calculated at the Bonus Rate. A SSAA is not in 'good standing' if it has a negative balance, or the account holder is in breach of the account agreement with Scotiabank.
It is the SSAA account holder’s responsibility to determine his or her maximum allowable annual contributions in SSAAs held in registered plans.
All other terms and conditions of the SSAA continue to apply, refer to https://www.scotiabank.com/ca/en/personal/bank-accounts/savings-accounts/savings-accelerator-account.html for details, including calculation of interest.
By accepting this offer, you consent to receive messages from Scotiabank via e-mail, Scotia OnLine and/or the Scotiabank Mobile Banking App so that we can notify you when the Bonus Rate Period and the offer are expiring and what interest rate will take effect after the Bonus Rate Period expires. Should you ever need to change your email address, you can update it by calling us or going into a branch.
These offer terms, including the Bonus Rate, may be changed, cancelled or extended at any time, in whole or in part, without notice.
Scotia Securities Inc. is a mutual fund dealer and is a corporate entity, separate from, although wholly-owned by, The Bank of Nova Scotia ("Scotiabank"). ScotiaFunds are managed by 1832 Asset Management L.P. and are available from Scotia Securities Inc. 1832 Asset Management L.P. is a limited partnership the general partner of which is wholly-owned by Scotiabank. Scotia Smart Investor is a trade name of Scotia Securities Inc.