Savings Account Interest Rates
A variety of ways to earn interest on your money.
Savings Accounts for your Investment Plan
Foreign Currency Savings Accounts
Cash in Scotia Investment Accounts
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Rates are provided for information purposes only and are subject to change at any time.
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.
Preferred Package account holders receive an additional 0.05% annually added to the annual Regular Interest Rate of any MomentumPLUS 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 MomentumPLUS 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 MomentumPLUS 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 MomentumPLUS 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 MomentumPLUS Savings Account(s) closing balance and paid monthly.
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.
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 www.scotiabank.com/ca/en/personal/bank-accounts/savings-accounts/savings-accelerator-account.html 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.