Reviewed by Jen, founder of MoneyMint · Updated September 25, 2026
Scotia High Interest Savings Account (HISA)
Our take: Scotiabank advertises “up to 5.00%”, but its own footnote shows that figure assumes a Total Relationship Balance of at least $500,000. Below $10,000 the account pays nothing at all.
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The Scotia High Interest Savings Account is the bank’s flagship savings product, and the headline on its page is a promotional rate of up to 5.00% for the first three months.* That number is real, but it is a combination, and the part Scotiabank does not put in the headline is that both halves depend on how much money you already hold across your Scotiabank accounts. For most savers the effective rate is meaningfully lower than 5.00%, and for anyone under $10,000 it is zero. Here is how the tiers actually work.
MoneyMint rating
#6 of 13 savings accounts · How we rate
$150
interest on $10,000 over a year at this account’s effective rate. Compare savings rates →
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Scotia High Interest Savings Account (HISA)
Promotional rate for new HISA clients
Rates, tiers and promotional terms were confirmed on scotiabank.com and Scotiabank’s savings account interest rates page on September 16, 2026. Interest rates are subject to change without notice. This is general information, not financial advice — confirm the current rate and terms with Scotiabank before opening an account.
Frequently Asked Questions
What interest rate does the Scotia HISA actually pay?
It depends on your Total Relationship Balance across your Scotiabank accounts. The regular rate is 0.00% under $10,000, 1.50% from $10,000 to $99,999, 1.75% from $100,000 to $249,999, 2.00% from $250,000 to $499,999 and 2.20% at $500,000 or more. New HISA clients also get a 2.80% welcome promotional rate for the first 3 months on top of that, which is how Scotiabank reaches its advertised 5.00%.
Why does Scotiabank advertise 5.00% then?
Because 2.20% plus 2.80% equals 5.00%. The 2.20% half assumes you hold at least $500,000 across your eligible Scotiabank accounts. A saver with $20,000 would earn 1.50% plus 2.80%, or 4.30%, for the first three months and 1.50% after that.
What happens if I have less than $10,000 at Scotiabank?
You earn nothing. Scotiabank’s terms state that both regular and promotional interest are only earned on days when your Total Relationship Balance is equal to or greater than $10,000. This is the single most important condition on the account and it is easy to miss.
Who qualifies for the promotional rate?
People who are not current Scotia HISA or MomentumPLUS Savings Account holders and have not held either account in the last two years. Scotiabank does not publish an end date for this promotional offer, so it could be withdrawn at any time.
Is my money protected?
Yes. Scotiabank is a member of the Canada Deposit Insurance Corporation, so eligible deposits are insured within CDIC limits.
Offer Terms and Conditions
*Terms and conditions apply. See Card Provider’s website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.