Savings Accelerator Account

Worrying about your finances shouldn’t keep you up at night. Earn a competitive interest rate on your money as it grows, with no monthly account fee. Available in registered2 and non-registered plans.

Special Offer

Earn up to 4.05% interest until April 30, 2023 on new deposits in your eligible RRSP or TFSA with the Savings Accelerator Account.†

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.

See how opening an account will make your savings grow. 

Check out the demo Check out the demo

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.

Eligible for CDIC Insurance

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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 Promotional Interest Rate Offer (the “Offer”) applies to New Deposits (defined below) made into an eligible Scotiabank Savings Accelerator Account (“SSAA”) between November 10, 2022 and April 30, 2023 (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, a promotional interest rate of 3.25% (the “Promotional Interest Rate”) will be earned only on that portion of the SSAA Daily Balance that is greater than the SSAA Daily Balance as of November 9, 2022 (“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 Promotional Interest Rate will cease to apply as of May 1, 2023. Promotional interest earned during the Offer 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 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 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 www.scotiabank.com/ca/en/personal/bank-accounts/savings-accounts/savings-accelerator-account.html for details, including calculation of interest.

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

1
Self-service refers to any transfers processed without the help of a Scotia Advisor. You have unlimited no-fee self-service transfers to other Scotiabank accounts using Scotia OnLine, mobile banking, or over the phone. A $5.00 service charge applies for any in-branch transaction. Standard withdrawal and transfer fees apply for all registered plans.
2
The Scotiabank Savings Accelerator Account may be opened within the following registered investment accounts - TFSA, RRSP, RESP, RRIF and RDSP.
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