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The 1.50% Promotional Interest Offer (the “Offer”) applies to New Deposits (defined below) made into an eligible Scotiabank Savings Accelerator Account (“SSAA”) between December 1, 2020 and March 31, 2021(the “Offer Period”). Eligible SSAAs include only those held within a Registered Retirement Savings Plan (RRSP) or a Tax-Free Savings Account (TFSA). SSAAs held within a RRIF, LIF, Registered Locked-In RSP, RESP, RDSP or any other registered plan or non-registered plan are not eligible for this Offer.

During the Offer Period, promotional interest of 1.50% will be earned only on that portion of the SSAA Daily Balance that is greater than the SSAA Daily Balance as of November 30, 2020 (“New Deposits”). The “SSAA Daily Balance” means, with respect to any particular day, the closing balance in the eligible SSAA.

Promotional interest earned will be calculated at a promotional interest rate of 1.40% or 1.45% (the “Promotional Interest Rate”) plus the regular interest rate that applies to the eligible SSAA for a total effective interest rate of 1.50% during the Offer Period and only for New Deposits, as follows:

  • If the SSAA Daily Balance is $250,000 or more: regular interest rate is 0.10% plus a Promotional Interest Rate of 1.40% for a total interest rate of 1.50%;
  • If the SSAA Daily Balance is less than $250,000: regular interest rate is 0.05% plus a Promotional Interest Rate of 1.45% for a total interest rate of 1.50%.

The above regular interest rates are effective as at December 1, 2020 and are subject to change at any time without prior notice, resulting in a corresponding change to the Promotional Interest Rate so that the interest earned during the Offer Period on New Deposits will remain at 1.50%. Please click here for current regular interest rates.

The Promotional Interest Rate will cease to apply as of April 1, 2021. All promotional and regular interest earned during the Offer Period will be calculated daily and paid monthly. All interest rates described here in are annual rates.

SSAAs must be open and in good standing in order to receive any interest calculated at the Promotional Interest Rate. For purposes of this Offer, 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 SSSA 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 for details.

This Offer, including the Promotional Interest Rate, may be changed, cancelled or extended at any time, in whole or in part, without notice. 

Savings Accelerator Account

Earn a competitive interest rate on your money as it grows, with no monthly account fee.

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.

See how opening an account will make your savings grow 

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 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.