Savings Account Interest Rates

Rates are provided for information purposes only and are subject to change at any time.

Deposits are eligible to be insured under the CDIC Act only if they are in Canadian Currency, have a term of 5 years or less and are payable in Canada.

The interest rate paid depends on the total daily closing balance. Interest rate is applied to the entire balance, calculated daily, and paid monthly. Regular interest is stated as an annual rate.

Interest is calculated daily and will be paid monthly on the entire balance up to $2,000,000 when the minimum daily closing balance of $25,000 is met.

Scotia Registered Accounts hold Scotia GICs and Mutual Funds. Each account also contains a Cash section through which all transactions are settled. Funds may be accumulated in the Cash section prior to purchasing an investment.

A maximum of five Premium Periods at any one time, each of which can have a length of 90 days, 180 days, 270 days, or 360 days. For each Premium Period, Premium Interest is calculated daily by applying the Premium Interest Rate to each deposit, including any accumulated Regular Interest, until the end of the Premium Period. Premium Interest is paid at the end of each Premium Period, so long as NO DEBIT TRANSACTION HAS OCCURRED within that Premium Period. When a debit transaction occurs, no Premium Interest is payable for that Premium Period and a new Premium Period of the same length will commence the same day. Refer to Current Rates Page for current Regular Interest Rates, which are subject to change.

Scotia Tax-Free Savings Accounts may hold Scotia GICs, Mutual Funds and a Savings Account. All transactions in the Scotia TFSA are settled through the Savings Account. Funds may be accumulated in the Savings Account prior to purchasing an investment.

Interest on funds in Canadian currency held in the Savings Account of your Scotia TFSA is calculated on your closing balance and paid monthly. During a leap year, interest is earned on the leap day. Upon account closure, interest earned up to the day of closure is paid on the account balance. The interest rate paid depends on the total daily closing balance. Interest rate is applied to the entire balance, calculated daily, and paid monthly. Regular interest is stated as an annual rate.

Interest on funds in Canadian currency held in the cash section of your account is calculated on your closing balance and paid monthly. During a leap year, interest is earned on the leap day. Upon account closure, interest earned up to the day of closure is paid on the account balance. The interest rate paid depends on the total daily closing balance. Interest rate is applied to the entire balance, calculated daily, and paid monthly. Regular interest is stated as an annual rate.

Preferred Package account holders receive an additional 0.05% annually added to the annual Regular Interest Rate of any Momentum^PLUS Savings Account (the “0.05% Interest Rate Boost”) held by the Preferred Package account holders. It will take 10 business days after opening a Preferred Package account for the 0.05% Interest Rate Boost to apply. The 0.05% Interest Rate Boost will cease to apply effective the Preferred Package closing date. The Regular Interest Rate plus the 0.05% Interest Rate Boost is calculated daily on the Momentum^PLUS Savings Account(s) closing balance and paid monthly. 

Ultimate Package account holders receive an additional 0.10% annually added to the annual Regular Interest Rate of any Momentum^PLUS Savings Account (the “0.10% Interest Rate Boost”) held by the Ultimate Package account holders. It will take 10 business days after opening an Ultimate Package account for the 0.10% Interest Rate Boost to apply to Momentum^PLUS Savings Account(s). The 0.10% Interest Rate Boost will cease to apply effective the Ultimate Package closing date. The Regular Interest Rate plus the 0.10% Interest Rate Boost is calculated daily on the Momentum^PLUS Savings Account(s) closing balance and paid monthly.

Customers can have a maximum of five Premium Periods at any one time, each of which can have a length of 90 days, 180 days, 270 days, or 360 days. For each Premium Period, Premium Interest is calculated daily by applying the Premium Interest Rate to each deposit, including any accumulated Regular Interest, until the end of the Premium Period.  Premium Interest is paid at the end of each Premium Period, so long as NO DEBIT TRANSACTION HAS OCCURRED within that Premium Period.  When a debit transaction occurs, a new Premium Period of the same length will commence the same day.

Premium interest rate is stated as an annual rate.

Momentum Savings Premium is paid at the end of each 90 day period (Momentum Savings Period) if you do not initiate or permit any debit transaction or allow your balance to fall below the minimum balance required during that period.

If your dealer is The Bank of Nova Scotia, any Canadian currency you hold as cash in your account is also protected by CDIC, subject to maximum coverage and other limitations. If Scotia Securities Inc. is your dealer, Canadian currency held as cash is not insured by the CDIC. However, Canadian currency GICs or high interest savings held in a Scotia Securities Inc. account are issued by member institutions of the CDIC, and may be insured as eligible deposits, subject to maximum coverage and other limitations.