Saving for a big purchase

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 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 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 www.scotiabank.com/accelerate 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.