Reviewed by Jen, founder of MoneyMint · Updated September 25, 2026

Scotiabank®High-Interest Savings

Scotiabank MomentumPLUS Savings Account

Our take: The strongest headline savings rate Scotiabank publishes, and the only one that does not depend on how much money you already keep at the bank. The catch is structural rather than hidden: the rate is built from three separate pieces, and one of them disappears if you withdraw.

At a glance4.65% for the first 3 months on a 90-day Premium Period — 4.70% with a Preferred Package, 4.75% with an Ultimate Package^*

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Our review

The MomentumPLUS Savings Account is Scotiabank’s answer to the online-bank savings account. It charges no monthly fee, has no minimum balance, and pays a rate that goes up the longer you leave the money alone. Right now Scotiabank advertises 4.65% on it, which is competitive with anything a big-five bank is offering.

That 4.65% is not one rate. It is three rates added together: a 0.400% regular rate that is always paid, a 0.200% Premium Period rate for choosing a 90-day term, and a 4.05% welcome bonus that runs for your first three months. Understanding which piece is which is the difference between getting the advertised return and being disappointed in April.

2.0out of 5

MoneyMint rating

#11 of 13 savings accounts · How we rate

Regular rate

2/10

Promotional rate

6/10

Fees and minimums

10/10

Access and liquidity

4/10

Cash bonus

0/10

$40

interest on $10,000 over a year at this account’s effective rate. Compare savings rates →

At a Glance

Monthly fee

$0No minimum balance to open or maintain.

Advertised rate

4.65%0.400% regular + 0.200% (90-day Premium Period) + 4.05% welcome bonus, for the first 3 months.^*

With a package

4.70% – 4.75%Preferred Package adds a 0.05% boost; Ultimate Package adds 0.10%.

Welcome bonus

4.05% for 90 daysApplies to deposits for 3 months from the day the account is opened. New MomentumPLUS clients only.

Regular rate

0.400%Calculated daily, paid monthly, paid on every dollar regardless of balance.

Premium Periods

0.200% / 0.250% / 0.300% / 0.450%For 90, 180, 270 and 360-day periods. Up to five running at once.

Rate after 3 months

0.600% on a 90-day period0.400% regular plus the 90-day premium, at rates effective September 16, 2026.

Transactions

Unlimited free self-service transfersNo ABM access, no debit purchases, no automated bill payments from this account.

The part most people miss: Premium Interest is only paid at the end of a Premium Period, and only if no debit transaction happened during it. Make one withdrawal and the premium interest for that period is forfeited entirely, and a fresh period of the same length starts that day. The 0.400% regular rate and the 4.05% welcome bonus keep paying, so a withdrawal costs you the 0.200% piece, not the whole rate — but on a 360-day period you would be giving up 0.450%.

Pros & Cons

Pros

The 4.65% headline rate does not depend on your total balance at Scotiabank, unlike the Scotia HISA
No monthly fee and no minimum balance
Regular interest is calculated daily and paid monthly on every dollar
Up to five Premium Periods at once, so you can ring-fence separate savings goals in one account
Preferred and Ultimate Package holders get an extra 0.05% or 0.10% on top
Unlimited free self-service transfers to and from your other Scotiabank accounts
CDIC-insured through Scotiabank within CDIC limits

Cons

The advertised rate is mostly a 3-month welcome bonus; the ongoing rate on a 90-day period is 0.600%
Premium Interest is forfeited for the whole period if you make any debit transaction during it
The welcome bonus is limited to one per customer and excludes anyone who has held a MomentumPLUS account in the last 2 years
Scotiabank publishes no end date for the bonus and can change or cancel it without notice
No ABM access, debit purchases or automated bill payments — money has to move to a chequing account first
The best ongoing rate (0.850%) requires locking money away for 360 days without touching it

Who It’s For

Best For

Savers who want a real rate from a big bank without moving to an online-only institution
People saving toward a dated goal — a down payment, a tax bill, a trip — who will not need to dip in
Existing Preferred or Ultimate Package holders, who get the boost for free
Anyone who wants several savings goals tracked separately in one account

Not For

Anyone who needs to withdraw from savings unpredictably — the Premium Period structure punishes it
People who want a single flat rate they do not have to think about
Everyday banking — this account has no debit or bill-payment access
Anyone who has held a MomentumPLUS account in the last two years, who cannot get the bonus

Not Sure? Three Accounts People Compare It With

All accounts →

BMO Savings Amplifier Account

Pick this instead if you want a promotional rate that does not depend on how much you already hold at the bank.

Fee $0Promo 5.000%Term 120 days

Read review

Scotia High Interest Savings Account

Pick this instead if you already keep a large balance at Scotiabank and want the tiered relationship rate.

Fee $0Promo 2.80%Term 3 months

Read review

EQ Bank Personal Account

Pick this instead if you want a strong everyday rate rather than a short promotional one.

Fee $0Rate up to 2.75%

Read review

Scotiabank MomentumPLUS Savings Account

Welcome bonus rate for new MomentumPLUS clients^*

View at Scotiabank Compare all accounts

Jen, founder of MoneyMint

Reviewed by Jen. We verify every rate, fee and offer term against the financial institution’s own published material before we publish it, and we re-check on a set schedule.

Rates, Premium Period terms and welcome bonus conditions were confirmed on scotiabank.com, Scotiabank’s savings account interest rates page and the Welcome Bonus Interest Rate Offer terms and conditions 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

Is the Scotiabank MomentumPLUS rate really 4.65%?

For the first three months, yes — if you open a 90-day Premium Period and make no withdrawals. The 4.65% is 0.400% regular interest, 0.200% Premium Period interest and a 4.05% welcome bonus^* added together. After 90 days the welcome bonus ends and the rate on a 90-day Premium Period drops to 0.600% at current rates.

What happens if I withdraw money from a Premium Period?

Premium Interest for that period is not paid at all, and a new Premium Period of the same length starts the same day. Your regular interest and, during the first three months, your welcome bonus interest still get paid. So a withdrawal costs you the premium piece only — 0.200% on a 90-day period, up to 0.450% on a 360-day one.

Who qualifies for the 4.05% welcome bonus?

Anyone opening their first MomentumPLUS Savings Account. You are not eligible if you currently hold one or have held one in the last two years. On a joint account, at least one holder must meet that test. There is a limit of one offer per customer, and it applies only to the first eligible account you open.

How many Premium Periods can I have?

Up to five at any one time, each 90, 180, 270 or 360 days long. That lets you keep separate savings goals in a single account with different time horizons.

Can I use MomentumPLUS for everyday banking?

No. It has no ABM or point-of-sale access and no automated bill payment. You can move money to a Scotiabank chequing account for free through online banking, the mobile app or the contact centre, and spend from there.

How does it compare to the Scotia High Interest Savings Account?

The Scotia HISA pays a tiered rate based on your Total Relationship Balance and pays nothing at all on days your relationship balance is under $10,000. MomentumPLUS pays its rate regardless of how much you hold at Scotiabank, which makes it the better choice for most savers.

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.