MomentumPLUS Savings Account
As of October 22, 2026, the MomentumPLUS Savings Account pays 4.65% for 3 months, then 0.05% base interest.
CDIC insuredRates verified October 22, 2026
Calculate your Scotia Bank interest
Conditions: Base rate 0.40%; up to 0.70% with 360-day premium period
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Key account terms
A unique savings account that pays higher interest the longer you leave your money untouched.
- Monthly fee
- $0
- Minimum deposit
- $0
- Transactions
- Limited
- Transfer speed
- Instant (Internal)
Pros and considerations
What we like
- Rewards long-term savings
- Bonus rates available
- Good integration with Scotiabank
Watch out for
- Complex rate structure
- Penalty for early withdrawal (loss of bonus)
- Base rate is low
Frequently Asked Questions
Everything you need to know about Scotia Bank's savings rates, terms, and account features.
How does MomentumPLUS work?
You earn a base rate plus a 'Premium' rate if you don't withdraw for 90, 180, or 360 days.
Is Scotia Bank deposit-insured and safe?
Yes. With Scotia Bank, eligible deposits are insured up to $100,000 per category by the Canada Deposit Insurance Corporation (CDIC). This protection guarantees that your principal deposit and accumulated interest remain safe against institutional failure.
How is interest calculated and paid on the MomentumPLUS Savings Account?
Interest is calculated daily based on your account's closing balance and deposited directly into your balance on the final business day of each month, compounding your yield monthly.
Can I withdraw my money from Scotia Bank at any time?
Yes. Unlike a GIC (Guaranteed Investment Certificate) which locks in funds for a predetermined duration, this high-interest savings account offers complete liquidity. You can transfer money out at any time without penalty or loss of earned base interest.
How is interest earned at Scotia Bank taxed in Canada?
In non-registered accounts, interest earned is treated as regular taxable income by the Canada Revenue Agency (CRA). Scotia Bank will issue a T5 tax slip if your annual interest exceeds $50 (or upon request for lower amounts). If held inside a TFSA, interest is 100% tax-free.
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