Scotiabank MomentumPLUS Savings Account

The Scotiabank MomentumPLUS Savings Account earns a regular rate of 0.40% on all balances.

New clients can also earn a welcome rate of 4.05% for their first 3 months.

On top of the regular rate, Scotiabank pays premium-period boosts when you leave your money untouched for a set stretch of time. The longer you commit, the bigger the boost.

• 0.45% for a 360-day premium period
• 0.30% for a 270-day premium period
• 0.25% for a 180-day premium period
• 0.20% for a 90-day premium period

Keep in mind that the premium boost only applies if you make no withdrawals during the chosen period.

Package holders earn a little extra, too. The Ultimate Package adds 0.10% and the Preferred Package adds 0.05% to your rate.

There's no monthly fee on the MomentumPLUS Savings Account.

Transfers to your other Scotiabank accounts are free and unlimited, which makes it easy to pair with a Scotiabank chequing plan.

The MomentumPLUS Savings Account is Scotiabank's flagship high-interest savings product, structured around its premium-period system.

You can set up multiple savings goals within the account, which makes it practical for tracking separate targets like a trip fund and an emergency fund.

It's worth noting that the account rewards patience above all. The rate structure is built to pay more the longer your money sits untouched.

Deposits are eligible for CDIC coverage.