Scotiabank Savings Accelerator Account

The Scotiabank Savings Accelerator Account earns 0.10% interest on non-registered deposits.

The account is also available within registered plans, where the rate can run slightly higher. It's worth checking Scotiabank's live rates page for the current figures, as savings rates move with the market.

There's no monthly fee on the Savings Accelerator Account, and no minimum balance is required to open or maintain it.

Transfers to your other Scotiabank accounts are free and unlimited, so moving money in and out won't cost you anything.

The Savings Accelerator Account is a pure savings vehicle. There's no debit card or ABM access attached, so it's designed as a place to park money rather than a spending account.

One of its distinguishing traits is flexibility across account types. You can hold it as a regular non-registered account or open it inside a registered plan.

Keep in mind that Scotiabank doesn't offer a retail product called a High Interest Savings Account. The Savings Accelerator and MomentumPLUS accounts fill that role in the lineup.

Deposits are eligible for CDIC coverage.