When you’re young, it’s not hard to find reasons why saving money is important. If you’re like me, though, as you grow older, it becomes much harder.
However, if you know that you could benefit from having a required amount set aside every month, opening a Scotiabank MomentumPLus Savings Account could help.
The Scotiabank MomentumPLUS Savings Account is an online savings account that prides itself on convenience and maximizing your interest. It makes every day saving easier. This account offers a variety of features to help you create a solid savings habit.
Let’s look at the pros and cons of this account to see if it may be beneficial for you.
Key Account Details
- No minimum balance
- No monthly fees
- Unlimited free self-service transfers
- Earn a savings rate of up to 2.75%* interest for a limited time
- Apply through this secure link for a $60 cashback rebate
Scotiabank MomentumPLUS Savings Account Benefits
1. No minimum balance
As a flexible Savings Account, you will earn the same interest rate regardless of how much you have in the account. Since the account has no minimum balance, you can start earning interest when you deposit any amount into your account.
2. No monthly fee
The Scotiabank Momentum Savings Account has no monthly fees. However, you will be charged for some transactions.
3. Free self-service transfers
You can transfer money between your Scotiabank accounts without any additional charges. This helps you manage your finances more efficiently because it lets you maximize interest and avoid unnecessary fees, such as over the counter bank fees.
4. Track your savings
Investing in the future is easier than ever with this savings account. You can make multiple savings goals to see how much you’ve saved for your needs, set a timeline for reaching those goals, and track your progress towards meeting them. Whether you’re saving for a car down payment or a vacation, the Scotiabank MomentumPLUS Savings Account can help you achieve your dream.
5. Bonus interest on your savings goal
The longer your money stays in this account, the more interest you can earn. Money can be kept in the account for up to one year to earn a bonus interest rate. For example, if you leave your savings goal in the account for the full period, you’ll earn up to a 0.9% bonus interest rate. But if you withdraw before the end of the period, you’ll forfeit the interest bonus.
Scotiabank MomentumPLUS Savings Account Downsides
Here are some downsides to watch out for before opening this savings account:
1. No free debits
If you plan on using your Momentum Savings account to make a debit transaction, either from an ATM or your debit card, you will be charged a $5.00 fee. This is quite high for a bank with low-average costs. To avoid this expense, use the debit feature with another bank account or move the funds first into one that offers free debit transactions.
2. No free Interac e-Transfers
If you want to send money to someone, the most straightforward option is an Interac e-Transfer. Some savings accounts like HSBC High Rate Savings Account let you do these for free three times a month. But some will charge you a small fee each time. Scotiabank’s Momentum Savings Account allows you to use Interac e-Transfers, but it will charge you $1.00 for each transaction.
In conclusion
The Scotiabank MomentumPLus Savings Account is a decent account that offers an interesting approach to encouraging people to save. The key advantage of this account is the boosted interest rates you can earn, provided that you leave your money untouched for some time. The only real downside is that you can’t withdraw your money without losing the bonus interest. This means that you need to be sure that you won’t need access to your money for at least three months.