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Review: Scotiabank Momentum Savings Account

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 balanceInterest rate
$0 to $4,999.990.50%
$5,000 or more1.50%

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 institutionInterest rate
Tangerine2.40%/0.80%*
EQ Bank2.00%
Alterna Bank1.95%
Oaken Financial1.75%
Luminus Financial1.75%
Achieva Financial1.70%
Outlook Financial1.70%
Steinbach Credit Union1.60%
Meridian Credit Union1.50%
Scotiabank1.50%
BMO Bank of Montreal1.25%
Canadian Western Bank1.00%
PC Financial0.80%
ATB Financial0.70%
CIBC0.55%
RBC Royal Bank0.55%
TD Canada Trust0.55%

*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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