Best Scotiabank Savings Accounts For May 2024

Though this account is only meant for those who need a place to save their euros, its low fees and competitive exchange rate put it ahead of the other accounts on this list—despite the fact that it doesn’t earn interest.

• €1 monthly fee
• €200 minimum daily closing balance needed to waive the monthly fee
• Those 60 years of age or older get the monthly maintenance fee waived.
• Two free teller-assisted transactions per month, €1.25 per transaction after that
• Telephone and internet banking services, direct payment transactions, bill payments, overdraft protection and cheque-writing are not available on this account.
• Deposits protected by CDIC insurance up to $100,000
• Competitive foreign exchange rates

Though this account is only meant to save U.S. dollars, its low fees, competitive exchange rates and slight bit of interest that can be generated depending on what your balance is, put it ahead of the other accounts on this list, even though transaction costs could add up.

• $1 USD monthly fee
• $200 minimum closing daily balance required to waive the monthly fee
• Those over the age of 60 don’t pay the monthly maintenance fee after the seniors discount.
• No fee for U.S. dollar bank drafts through this account
• Two free debit transactions per month
• Debit transactions include cheques, pre-authorized payments, cash withdrawals, and account transfers.
• Additional transactions cost $1.25 USD each
• Free paperless statements and recordkeeping
• Tiered interest rates offered depending on your balance calculated daily and awarded monthly:
  Balance               Interest
  $10,000 or more | 0.050%
  $5,000 to $9,999 | 0.025%
  $1,000 to $4,999 | 0.010%

This is Scotiabank’s best account for saving Canadian dollars, since it has no fees, no minimum balances, unlimited self-service transfers and earns a decent interest rate on your balance.

• As a welcome bonus, earn an APY of 5.15% for the first five months after account opening by making a deposit to earn the standard 1.40% interest rate. Then, start a premium period to earn up to 1.25% based on the premium period chosen to a maximum of 360 days. Then earn a maximum of 0.10% when you get the Ultimate Banking Package and 0.05% if you get the Preferred Banking Package. Finally, get a 2.40% interest rate in the first five months after account opening.
• No monthly account fees
• No minimum balance requirement
• Unlimited self-service transfers (meaning transfers that don’t require help from a teller)
• Choose a premium period of the following to earn interest on top of the standard 1.40% interest rate:
  1.25% | 360 days
  1.00% | 270 days
  0.90% | 180 days
  0.85% | 90 days
• Save for multiple goals in the same account
• Mobile cheque deposit available
• Online or mobile banking available
• Get an interest rate boost of 0.05% when you sign up for the Preferred Banking Package and 0.10% when you sign up for The Ultimate Banking Package
• All deposits CDIC insured up to $100,000

This account promises a competitive interest rate on your balance and is available for both non-registered and registered accounts (like RESP, RRSP, TFSA, etc.). However, there’s actually a lower APY offered on registered accounts when compared to the APY offered on non-registered accounts. Even still, its high welcome bonus interest rate makes up for it (for a limited time).

• Earn up to 4.05% interest until August 31, 2023 on eligible new deposits in your TFSA with the Savings Accelerator Account.
• The bonus interest rate of 3.25% applies to new deposits made into an eligible Scotiabank Savings Accelerator Account between May 30, 2023 and August 31, 2023 and applies in addition to the posted interest rate that applies to your balance on your registered or non-registered account.
• No monthly fees
• Open a non-registered plan or a registered plan like a TFSA, RRSP, RESP, or RDSP, add a Savings Accelerator Plan and get 1.40% interest on balances under $250,000 on non-registered plans and 1.5% on balances over $250,000 on the same plans.
• Conversely, earn 0.750% on balances under $250,000 and 0.800% over $250,000 on registered accounts.
• Add an investment vehicle like a GIC or mutual fund to your Accelerator Savings Account to grow your savings even more
• You have unlimited no-fee self-service transfers to other accounts using online, mobile or phone banking services.
• $5 service charge for any in-branch transaction
• Standard fees apply for transfers to non-Scotiabank TFSAs.

This account gives you a little bit of interest on every dollar you save, while still allowing you instant access to your money. You can also save every time you use your debit card using Scotiabank’s Bank the Rest feature, which rounds your purchases to the nearest $1 or $5 and saves the difference in your account.

• No fees other than paper statements ($2.25 per statement)
• Earn 0.10% interest on any balance
• Unlimited no-fee transfers to other accounts using online banking, mobile banking, ABM, or over the phone
• Includes their Bank the Rest feature which rounds purchases from your chequing account to the nearest $1 or $5, depending on what you select, and contributes the difference to your savings account.
• Receive an email, text message, or a notification in your mobile app when important activity happens on your account.
• Online and mobile banking available
• Deposits are CDIC insured up to $100,000