Review: Scotiabank Momentum Savings Account

Craig Sebastiano
by Craig Sebastiano September 2, 2016 / No Comments

Do you have a large bank account balance? If you want to get a better return on your money, you should get a high-interest savings account such as the Scotiabank Momentum Savings Account.

About Scotiabank

Scotiabank is one of the Big Five banks and has more than 1,000 branches and about 3,900 ATMs across the country. It’s also the owner of of Tangerine Bank, which has nearly two million customers.

Rates

The Scotiabank Momentum Savings Account is a tiered rate account. If you have less than $5,000 in your account, the interest rate is 0.50%. But if you have more than $5,000 in your account, the rate is 1.50%.

Account balance Interest rate
$0 to $4,999.99 0.50%
$5,000 or more 1.50%

Among Canada’s Big Five banks, the interest rate on a balance of $5,000 or more is higher than what’s offered by the BMO Bank of Montreal Savings Builder Account (which has a rate of 1.25%) as well as the other big banks. However, the rate is lower than what other financial institutions offer:

Financial institution Interest rate
Tangerine 2.40%/0.80%*
EQ Bank 2.00%
Alterna Bank 1.95%
Oaken Financial 1.75%
Luminus Financial 1.75%
Achieva Financial 1.70%
Outlook Financial 1.70%
Steinbach Credit Union 1.60%
Meridian Credit Union 1.50%
Scotiabank 1.50%
BMO Bank of Montreal 1.25%
Canadian Western Bank 1.00%
PC Financial 0.80%
ATB Financial 0.70%
CIBC 0.55%
RBC Royal Bank 0.55%
TD Canada Trust 0.55%

*currently 2.40% for new clients only for the first 182 days and 0.80% thereafter; rate for current clients is 0.80%

Fees

The account doesn’t have a monthly fee and comes with unlimited transfers to Scotiabank accounts using Scotia OnLine, mobile banking, ATMs, TeleScotia, and the customer contact centre. However, there’s a $5 charge for all other debit transactions.

The bottom line

While the Scotiabank Momentum Savings Account offers the best rate among the Big Five banks, it’s only if you have a balance of $5,000 or more in your account. Also, other financial institutions offer better rates. See what they are by comparing the best high-interest savings accounts.

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