Reviewed by Jen, founder of MoneyMint · Updated September 16, 2026

Scotiabank®Savings Account

Scotiabank Money Master Savings Account

Our take: A low-rate savings account whose main reason to exist right now is the $200 it adds to Scotiabank’s bundle offer. As a place to actually keep savings, almost every other account on this site pays more.

At a glanceWorth up to $200 as part of Scotiabank’s up-to-$1,000 Cash Bonus Bundle^* — but the account itself pays 0.50% at best

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The Money Master Savings Account is Scotiabank’s basic savings account. There is no monthly fee and no minimum balance, and it sits alongside your chequing account with free transfers between the two. The problem is the rate: 0.01%, or 0.50% if you enrol in one of Scotiabank’s Smart Savings tools.

At 0.50%, $10,000 earns about $50 a year. The same money in a promotional high-interest account earns several hundred. So the honest case for opening a Money Master account in September 2026 is not the interest — it is the extra $200 it unlocks in the Cash Bonus Bundle Offer that runs to October 29, 2026.

1.5out of 5

MoneyMint rating

#13 of 13 savings accounts · How we rate

Regular rate

2/10

Promotional rate

0/10

Fees and minimums

10/10

Access and liquidity

4/10

Cash bonus

3/10

$38

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.

Regular interest rate

0.01%Paid on the entire balance, calculated daily, paid monthly. Rate effective February 13, 2026.

With Smart Savings tools

0.50%An extra 0.49% bonus interest while enrolled in Pay Yourself First or Savings Finder.

Bundle value

Up to $200Adds $200 to the $700 chequing bonus when opened and enrolled within the offer window.

Transfers

Free to Scotiabank accountsNo-fee transfers to and from your other Scotiabank accounts.

Debit transactions

$5 eachA service charge applies to every debit transaction on the account.

Deposit insurance

CDIC-insuredThrough Scotiabank, within CDIC limits.

How the $200 works: you first have to qualify for the $700 chequing bonus — open a new Preferred or Ultimate Package between July 3 and October 29, 2026, set up a recurring direct deposit within 60 days that runs for six consecutive months, and complete one qualifying transaction. Then, within 60 days of opening that chequing account and before October 29, 2026, open a new Money Master Savings Account and set up either Pay Yourself First or the Savings Finder tool, staying enrolled for at least 90 days in a row. Adding an eligible credit card is worth another $100, for up to $1,000 in total.^*

Pros & Cons

Pros

No monthly fee and no minimum balance
Free transfers to and from your other Scotiabank accounts
Worth up to $200 in the current Cash Bonus Bundle Offer^*
Interest is paid on every dollar, calculated daily and paid monthly
The Smart Savings tools that unlock the bonus rate also automate saving
CDIC-insured through Scotiabank within CDIC limits

Cons

The regular rate is 0.01%, which is effectively no interest at all
Even the bonus rate of 0.50% is far below what promotional savings accounts pay
The 0.50% only applies while you stay enrolled in a Smart Savings tool
The bonus interest does not stack with any other bonus interest offer on the account
$5 service charge for every debit transaction
The $200 bundle amount depends on qualifying for the $700 chequing bonus first

Who It’s For

Best For

People opening a Preferred or Ultimate Package who want the extra $200 in the bundle offer
Scotiabank customers who want an automated savings habit more than a high rate
Holding a small everyday buffer beside a Scotiabank chequing account

Not For

Anyone whose main goal is earning interest on savings
Emergency funds of any size — the rate gap versus a high-interest account is large
People who want to make withdrawals directly from savings, given the $5 debit charge

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Not Sure? Three Accounts People Compare It With

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Scotiabank MomentumPLUS Savings Account

Pick this instead if you want the highest headline rate Scotiabank offers on a savings account.

Fee $0Promo 4.65%Term 3 months

Read review

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

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 Money Master Savings Account

Bundle offer ends October 29, 2026^* · $50 Mint Rebate from MoneyMint

Get $50 Mint Rebate – Open an Account 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, fees and Cash Bonus Bundle Offer conditions were confirmed on scotiabank.com and Scotiabank’s savings account interest rates page on September 16, 2026. Interest rates and offer terms are subject to change without notice. This is general information, not financial advice — confirm the current rate and full offer terms with Scotiabank before opening an account.

Frequently Asked Questions

How much interest does the Money Master Savings Account pay?

0.01% on the entire balance, calculated daily and paid monthly, at the rate effective February 13, 2026. If you enrol in one of Scotiabank’s Smart Savings tools, a bonus interest rate of 0.49% is added for a total of 0.50% while you stay enrolled.

What are Smart Savings tools?

Two automated savings features. Pay Yourself First transfers a set amount from a recurring deposit into your Money Master account. Savings Finder makes up to three automatic transfers a week from your Scotiabank chequing account toward a monthly savings goal. Enrolling in either one unlocks the bonus interest rate, applied within about five business days.

How do I get the $200 from the bundle offer?

You have to qualify for the $700 chequing bonus first by opening a new Preferred or Ultimate Package between July 3 and October 29, 2026 and meeting its direct deposit and transaction conditions. Then, within 60 days of opening the chequing account and before October 29, 2026, open a new Money Master Savings Account and set up Pay Yourself First or Savings Finder, staying enrolled for at least 90 days in a row.

Is there a fee to withdraw money?

There is a $5 service charge per debit transaction on the account. Transfers to your other Scotiabank accounts are free, so moving money to a Scotiabank chequing account first and spending from there avoids the charge.

Should I use this as my main savings account?

Only if the bundle bonus is what you are after. At 0.50% the account pays far less than promotional high-interest savings accounts, including Scotiabank’s own MomentumPLUS account. Many people open the Money Master account for the bonus and keep their actual savings somewhere that pays more.

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.