Scotiabank MomentumPLUS Savings Account Review 2023

Are you looking for a high-interest savings account in Canada? Scotiabank’s MomentumPLUS Savings Account could be a good option for you. 

The account has a tiered interest rate, so you have different interest rates depending on how much and how long your money stays in the account. 

Meaning, the more money you put into the Scotiabank MomentumPLUS Savings Account, the higher rate you earn. 

In this Scotiabank’s MomentumPLUS Savings Account review, we’ll take a look at everything you need to know about the account.

So continue reading if you’re interested in learning more about the Scotiabank MomentumPLUS Savings Account!

About Scotiabank 

Founded in 1832, Scotiabank is one of the leading banks in Canada. It is also one of the big five banks in Canada. Scotiabank offers a variety of financial services to its large customer base. 

The bank provides its clients with several types of savings accounts that can help them save money. The bank also offers credit cards, loans, and mortgages to its clients. 

In addition, Scotiabank has a wide network of ATMs and branches that are located across Canada. Scotiabank is a reliable and trusted bank that can help you with all your financial needs.

With a strong focus on customer service, Scotiabank is dedicated to providing its customers with the best possible experience. 

If you’re looking for a Canadian bank that can meet your needs, Scotiabank is a great option to consider.

Scotiabank MomentumPLUS Savings Overview

The Scotiabank Momentum PLUS Savings Account is a great choice for those who are looking for a high-interest savings account. 

This account offers one of the highest interest rates in Canada, and it’s a tiered account so you can earn more interest on your deposits the longer you keep them in the account.

In addition, the account comes with several other benefits, including no monthly fees, no minimum balance requirement, and unlimited transactions. 

With the Scotiabank Momentum PLUS Savings Account, you can get an interest rate of up to 4.25% on your savings for 5 months.

Now let’s look at how you can earn up to 4.25% on the Scotiabank Momentum PLUS Savings Account:

When you open the account, you will get a regular savings interest rate of 1.35% no matter the amount you save in the account.

There is also a Premium Period Interest rate of up to 1.10% on the account which depends on the period you choose. The premium Periods are as follows:

During a premium period, if no debit transaction occurs, the premium period interest rate is calculated daily, then paid when the premium period ends.

Apart from the regular interest rate and the premium period interest, there is also an ultimate package interest rate boost of 0.10%.

In addition, there is also a welcome bonus interest rate of 1.70% on the account. However, there are certain requirements you must meet before you can enjoy the welcome bonus interest rate.

To get the interest rate, you must open a Scotiabank MomentumPLUS Savings Account from 6th October 2022 to 31st March 2023.

After opening the account, all you have to do is make eligible deposits into your new Scotiabank MomentumPLUS Savings Account. 

Once you do this, you will begin earning the welcome bonus interest rate on your savings for 5 months.

Pros and Cons of the Scotiabank MomentumPLUS Savings Account

By now you may be wondering if the Scotiabank MomentumPLUS Savings Account is right for you or not.

Before you can decide to open the account, it is essential to know both the good and bad sides.

Let’s look at some of the pros and cons of the Scotiabank MomentumPLUS Savings Account so that you can make an informed financial decision:

Pros

Bonus Interest

The Scotiabank MomentumPLUS Savings Account offers one of the highest interest rates in Canada. With the account, you can get an interest rate of up to 4.25% when you make qualified deposits.

You should note, however, that this interest is tiered so it’s the longer you keep your money in the account that you will earn. You can only earn up to 4.25% when you allow your money to stay in the account for up to 360 days.

No Minimum Deposits

The Scotiabank MomentumPLUS Savings Account doesn’t require any minimum deposits before you can open the account.

This makes the account a great option for people with little savings as you don’t need a certain amount of money before opening it.

Free Unlimited Transfers

The Scotiabank MomentumPLUS Savings Account allows you to make free self-service transfers without limits.

This means you can transfer money between your savings and chequing accounts for free and instant.

No Monthly Fees

In contrast to other high-interest savings accounts in Canada, you do not have to worry about monthly fees with the Scotiabank MomentumPLUS Savings Account.

This makes the account a great option for you if you are looking for a no-fee savings account that offers high interest.

Automatic Savings

The Scotiabank MomentumPLUS Savings Account has a unique feature that allows you to save automatically. 

With this feature, you can set up automatic savings like a recurring bill payment on your Scotiabank MomentumPLUS Savings Account. 

Mobile Cheque Deposit

The Scotiabank MomentumPLUS Savings Account allows you to deposit your cheque online. To do this, all you have to do is take a picture of your cheque and deposit it using your mobile device.

Using this method, you do not have to go to the bank to deposit your cheque, which makes it very convenient for you especially if you are a busy type.

Tiered Interest

As mentioned earlier, the interest rate on the Scotiabank MomentumPLUS Savings Account is tiered. The longer you save the higher interest you will earn.

This means the interest rate you will enjoy on your savings in the account is based on how long you allow your money to stay in the account. 

Cons

Incoming Wire Transfers Fees

Although the Scotiabank MomentumPLUS Savings Account doesn’t have monthly fees, there is an incoming wire transfer fee of $15.

This means anytime you receive funds in your Scotiabank MomentumPLUS Savings Account through wire transfers, you will be charged $15.

Limited Rates 

The interest rate you will enjoy on the Scotiabank MomentumPLUS Savings is for a limited time. You can only earn a high-interest rate of 4.25% for 5 months.

Once the 5 months are over, you will start earning the regular interest rate of 1.35%. When compared to other high-interest savings accounts in Canada, this is a low-interest rate.

Scotiabank MomentumPLUS Savings Account Fees

As mentioned above, Scotiabank MomentumPLUS Savings doesn’t have any monthly fees.

However, there are other fees associated with this account. Let’s look at the fees you will be subjected to when you open the account:

When you use your Scotiabank mobile app or the bank’s online banking portal to make international transfers, you will be charged a transfer fee of $1.99.

You will also be charged $20 if you move your Scotiabank MomentumPLUS Savings Account balance to another bank.

When you receive money in your Scotiabank MomentumPLUS Savings Account via wire transfers, you will be charged $15.

For every withdrawal you make from your Scotiabank MomentumPLUS Savings using a different bank’s ABM within Canada, you will be charged $2.

In addition, if you make any withdrawals from your Scotiabank MomentumPLUS Savings Account using a different bank’s ABM outside Canada, you will be charged $5.

Furthermore, for any international transfers you make using your Scotiabank MomentumPLUS Savings Account, you will be charged $1.99.

How to Open a Scotiabank MomentumPLUS Savings Account

Now that we have discussed everything you need to know about the Scotiabank MomentumPLUS Savings Account, let’s look at how you can open the account.

The process of opening the Scotiabank MomentumPLUS Savings Account is very straightforward.

However, before you proceed with the account opening process, you have to ensure that you have the necessary information ready.

Some of the basic information you will need to open the account include your name, date of birth, address, and a government-valid photo ID card.

When you have gathered every information you will need together, you can begin. 

You have the option of opening your Scotiabank MomentumPLUS Savings Account online or through any of the bank’s branches.

To open your Scotiabank MomentumPLUS Savings Account online, you have to go to the bank’s online banking portal.

With just a few clicks and a few minutes, you will be done. Once you assess the Scotiabank online banking portal, click on accounts.

After that, you will be taken to a page where you will see several accounts offered by Scotiabank, scroll down and you will see the MomentumPLUS account.

Once you see the account, click on open account now. You will now be taken to a page where you fill out the online account opening form.

After you fill out the form and verify your identity, wait for the account confirmation message from Scotiabank.

Alternatives to Scotiabank MomentumPLUS Savings Account 

The Scotiabank MomentumPLUS Savings Account is one of the best savings accounts available in Canada. This is due to its competitive interest rate.

However, there are other alternatives that can’t be ignored especially when it comes to saving money over a shorter period.

Now, let’s compare the Scotiabank MomentumPLUS Savings Account to some of its alternatives so you can make an informed decision: 

Scotiabank MomentumPLUS Savings Account vs Motive Savvy Savings Account

The Scotiabank MomentumPLUS Savings Account and the Motive Savvy Savings Account are two popular options for Canadian savers.

Both accounts offer high-interest rates and a variety of features, but there are some key differences to be aware of. 

The Scotiabank MomentumPLUS Savings Account offers a higher interest rate of 4.25%, but this rate is only available for a limited time and it is a tiered interest. After the promotional period ends, the interest rate drops to 1.35%. 

With the Motive Savvy Savings Account, you’ll earn a high-interest rate of 3.00% on your entire balance.

The best part is that you can enjoy this Motive Financial high interest no matter how much you have in the account and how long your money stays in the account. This makes it a great choice if you are looking to maximize your savings. 

However, when it comes to deciding which account among the two is right for you, it is important to consider your savings goals and time frame. 

If you are looking for a short-term solution with a higher interest rate, the Scotiabank MomentumPLUS Savings Account may be a good option. 

However, if you are looking for a long-term solution, the Motive Savvy Savings Account may be a better choice.

Scotiabank MomentumPLUS Savings Account vs Tangerine Savings Account

Another great alternative to the Scotiabank MomentumPLUS Savings Account is the Tangerine Savings Account.

When it comes to savings accounts, both the Scotiabank MomentumPLUS Savings Account and the Tangerine Savings Account offer some great benefits. 

Both have very competitive interest rates of up to 4.25% for 5 months. However, the Tangerine account has an edge over Scotiabank when it comes to the conditions attached to the high-interest rate.

Before you can earn an interest rate of up to 4.25% on the Scotiabank MomentumPLUS Savings Account, you have to lock your savings in the account for up to 360 days without withdrawal.

With the Tangerine Savings Account, all you have to do to earn the high-interest rate is to open the account using the code “EARNMORE”.

This makes the Tangerine Savings Account a great option for those who are looking to earn a high-interest rate on their savings no matter the amount they save or how long they save.

Also, with the Tangerine Savings Account, you can get a Visa card that offers cashback of up to $400.

Nevertheless, when it comes to the regular interest rate, the Scotiabank MomentumPLUS Savings Account has an edge over the Tangerine Savings Account.

With the Scotiabank MomentumPLUS Savings Account, you can get an interest rate of 1.35% after the promotional period.

The Tangerine Savings Account, on the other hand, offers a lower regular interest rate of 1.00% after the promotional period.

Ultimately, the decision of choosing between the two accounts still boils down to your financial goals. Using either of these accounts would be a great option for you.

RELATED: Scotiabank Ultimate Package Review

Conclusion on Scotiabank MomentumPLUS Savings Account Review

When you are looking for a high-interest savings account in Canada, the Scotiabank Momentum PLUS Savings Account may be an ideal choice. 

However, before you can earn the highest interest rate you must keep your money in the account up to the maximum premium period. 

If you plan to keep your savings untouched for a long period, then this account may be right for you. 

But if you plan to save your money for a short period and earn higher returns, there are alternatives that can suit your needs better and we have discussed some above.

Hopefully, this Scotiabank Momentum PLUS Savings Account review should be helpful in deciding whether or not this account is right for you.