Saving for education

Discover our range of investment solutions to save for your children’s post-secondary education.

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Investment options

While Registered Education Savings Plans (RESPs) are a popular way to set aside money for your child’s or grandchild’s education, there are other ways to save money for school, such as a non-registered account or a TFSA.

Personalized approach

A Scotia advisor will get to know you and help build a customized education savings plan to help you achieve your goals.

The Canada Education Savings Grant (CESG)

The CESG is equal to 20% on the first $2,500 in annual contributions made to each beneficiary in an RESP plan. Find out how to boost your RESP savings with the CESG.¹

More details

Registered plan for education

Start a savings plan that’s right for your child with the help of a trusted expert.

Registered Education Savings Plans (RESPs)

RESPs help parents, family, and friends save towards a child's future post-secondary education.

Learn about RESPs

Products for education

Build your plan by choosing from our flexible and customizable investment options.

Savings Accelerator Account

Earn up to 4.05% interest until August 31, 2023 on eligible new deposits in your TFSA with the Savings Accelerator Account.^†

Accelerate your savings

ScotiaFunds^® Portfolio Solutions

Our Portfolio Solutions offer a diversified mix of mutual funds in the convenience of single investment to help you grow your savings while carefully managing risk. Whether you are seeking regular income or long-term growth, there’s a portfolio solution designed to help you achieve your goals.

Invest with confidence

Mutual funds

Mutual funds deliver instant diversification and professional money management in a cost-effective and convenient solution.

Grow your money

Guaranteed Investment Certificates (GICs)

A worry-free investment product that keeps your principal investment safe and has a guaranteed rate of return.

Learn about GICs

Momentum^PLUSSavings Account

A high interest savings account that rewards you the longer you save.

All with no minimum balance or monthly account fee.

Open an account online

Are you saving for something else?

We can help you achieve your financial goals.

Planning retirement

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Emergency fund

Major purchase

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Investing FAQs

This answer will vary depending on your life situation and what you’re comfortable with. Before you start working with an advisor to help you figure this out, you can get a better understanding with our Budget Planner tool. Remember that it’s okay to start small. Even setting up automatic contributions for as little as $25 per month may not seem like a lot, but it can make a big difference over time.

There are a wealth of investment options available. Depending on the length of time you’re planning to invest, your needs may vary. For example, if you’re investing for a short-term goal or planning on retiring soon, your advisor can recommend investments that limit your exposure to risk. If you can invest for a longer period of time, you can likely handle more risk in exchange for greater potential returns in the future. Your Scotiabank advisor can map out a personalized financial plan that includes investments that match your goals, time horizon, and risk tolerance.

Do your homework beforehand by reviewing your investment objectives and bring along topics for discussion. Remember to bring all relevant paperwork, including recent account statements, budget plans and any relevant tax forms.

Don’t be afraid to ask questions. It’s important that you understand the investments that your advisor recommends and how they work with your financial plan. If you have any concerns or don’t understand something, ask for clarification. Your advisor is there to answer your questions.

Terms and conditions

1

Note: The above statement is true for basic CESG. In addition to the basic CESG, an additional amount of CESG will be paid for each qualifying beneficiary, based on the adjusted income. The maximum amount of CESG, including the Additional amount, a child can get is $7,200.

§

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 May 30, 2023 and August 31, 2023 (the “Bonus Rate Period”) Eligible SSAAs include only those held within a Tax-Free Savings Account (TFSA) at either The Bank of Nova Scotia or Scotia Securities Inc. (together, “Scotiabank”). SSAAs held within a 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 3.25% will be earned only on that portion of the SSAA Daily Balance that is greater than the SSAA Daily Balance as of May 29, 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 September 1, 2023. 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.

The 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.described herein are annual rates.