New digital savings account is the first in Canada to provide a higher Premium Interest Rate with the ability to set up different savings periods
TORONTO, Aug. 24, 2017 /CNW/ - Today, Scotiabank introduced Canadians to a whole new way to save with the launch of the Scotiabank MomentumPLUS Savings Account (patent pending). The innovative new digital savings account is the first-of-its-kind in Canada, enabling Canadians to save for multiple goals in one account. The longer the customer saves, the higher the interest rate.
"We know Canadians have a lot of competing priorities when it comes to their savings goals," says Mike Henry, Executive Vice President, Retail Payments, Deposits and Unsecured Lending, Scotiabank. "Whether it's a down payment, vacation or emergency fund, our priority is to reimagine, redefine and reinvent the role banking plays in people's lives and help our customers meet all of their goals. Scotiabank is transforming how we do business today and shaping banking into the future, to serve customers in the way they want to be served. With MomentumPLUS, we are doing just that, allowing our customers more choice - to save as much as they want to for as long as they want to - helping them reach all of their goals faster with higher interest."
Scotiabank's new digital MomentumPLUS Savings Account offers customers different time periods for their savings, allowing them to earn up to 1.6 per cent interest - the highest daily interest rate on a retail savings account among Canada's Big 5 Banks. All with no minimum balance and no monthly fee. With the unique savings needs of each customer, the launch of the MomentumPLUS Savings Account showcases Scotiabank's commitment to meeting our customers' needs with personalized financial solutions and rewards.
How it Works
The Scotiabank MomentumPLUS Savings Account offers an annual interest rate of 0.70% regular interest, plus between 0.75% to 0.90% premium interest, depending on the savings period (referred to as Premium Periods) selected. The Account is about choice, allowing Canadians to save as they would with a regular savings account, or choosing to save for a 90, 180, 270 or 360-day Premium Period. A longer Premium Period earns a higher Premium Interest Rate, with regular interest paid monthly and the Premium Interest paid at the end of the Premium Period if no withdrawals are made. No matter how you chose to save, your money is always accessible.
Customers can easily set up an account themselves in just a few minutes using the simple and easy digital application available online or through the Scotiabank app. Or they can visit a Scotiabank branch to open an account.
"You can't save like this with any other financial institution," adds Henry. "We're offering Canadians the ability to manage savings goals efficiently, with a higher interest rate. Scotiabank recognizes how hard it is to save so we're rewarding customers with higher interest for saving more, for longer. We know that saving your money is hard work; we want to help it work just as hard for you."
For more information on the new Scotiabank MomentumPLUS Savings Account, visit Scotiabank.com/mp or your nearest branch.
Scotiabank is Canada's international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, and Asia-Pacific. We are dedicated to helping our 23 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of more than 88,000 employees and assets of over $921 billion (as at April 30, 2017), Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges (NYSE: BNS). For more information, please visit www.scotiabank.com and follow us on Twitter @ScotiabankViews.