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Email this7:14 pm
May 20, 2016
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Perhaps I was dreaming, I thought Scotia Bank currently has a promotional savings rate of at [least] 4.75% for regular savings account and there might even be some bonus perks through MoneyGenius?
11:41 am
December 9, 2018
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To be clear:
1.50% regular interest
1.10% bonus interest if you go for 365 days, but you don't get paid until after 365 days, and you can't touch your money for the duration, NOT EVEN A PORTION, otherwise ALL the interest on the COMPLETE balance is lost
0.10% if you also get the ultimate package, but be prepared to keep $3500 minimum balance in the chequing account to avoid fees
1.80% bonus interest, but only for new accounts, and only for 5 months
Don't know about MoneyGenius, but I'm guessing that's where the extra 0.25% comes in.
11:55 am
April 14, 2021
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What a load of malarkey. Who in their right mind would sign up for such a Keystone Kops arrangement?
4:21 pm
May 20, 2016
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Pronounced Zed said
https://www.scotiabank.com/ca/en/personal/bank-accounts/savings-accounts/momentum-plus-savings-account.htmlTo be clear:
1.50% regular interest1.10% bonus interest if you go for 365 days, but you don't get paid until after 365 days, and you can't touch your money for the duration, NOT EVEN A PORTION, otherwise ALL the interest on the COMPLETE balance is lost
0.10% if you also get the ultimate package, but be prepared to keep $3500 minimum balance in the chequing account to avoid fees
1.80% bonus interest, but only for new accounts, and only for 5 months
Don't know about MoneyGenius, but I'm guessing that's where the extra 0.25% comes in.
Ok, I was dreaming. I think MoneyGenius gave a hundred or two hundred dollars for signing up with them.
4:24 pm
May 20, 2016
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HermanH said
What a load of malarkey. Who in their right mind would sign up for such a Keystone Kops arrangement?
Totally agree. That's a both absurd and complex process. Scotiabank obviously wants to keep their programmers employed.
10:05 am
August 9, 2022
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Need some math (and some human comprehensible) help with Scotia Malarkey (Momentum) Account's keystone kop promotion please!
I opened new account Dec 5. On Jan 01, I will deposit funds. Then I will choose 90 days "Premium Period" which is 0.85% interest.
So if I'm reading the Borg correctly... Will I get 4.25% interest rate for 90 days?
Premium Period Interest 0.85% +
Welcome Bonus Interest 1.80% = 4.25%
Also, to confirm, if I make a debit during 90 days, I will only get 3.4% interest paid monthly, but NO 0.85% additional after 90 days right?
Phew! 
Thanks!
11:56 am
September 7, 2018
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frencols said
Need some math (and some human comprehensible) help with Scotia Malarkey (Momentum) Account's keystone kop promotion please!I opened new account Dec 5. On Jan 01, I will deposit funds. Then I will choose 90 days "Premium Period" which is 0.85% interest.
So if I'm reading the Borg correctly... Will I get 4.25% interest rate for 90 days?
Regular Interest 1.60% +
Premium Period Interest 0.85% +
Welcome Bonus Interest 1.80% = 4.25%Also, to confirm, if I make a debit during 90 days, I will only get 3.4% interest paid monthly, but NO 0.85% additional after 90 days right?
Phew!
Thanks!
You can open several "pools" for 90 days each so that if you want to cash in/debit one of the pools, then the other pools will still get the full interest (regular, premium and bonus). So instead of opening one "pool" of 30K open 3 "pools" of 10K each. It works well if you think you will do a debit (withdraw funds.)
9:59 pm
November 21, 2022
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Pronounced Zed said
https://www.scotiabank.com/ca/en/personal/bank-accounts/savings-accounts/momentum-plus-savings-account.htmlTo be clear:
1.50% regular interest1.10% bonus interest if you go for 365 days, but you don't get paid until after 365 days, and you can't touch your money for the duration, NOT EVEN A PORTION, otherwise ALL the interest on the COMPLETE balance is lost
0.10% if you also get the ultimate package, but be prepared to keep $3500 minimum balance in the chequing account to avoid fees
1.80% bonus interest, but only for new accounts, and only for 5 months
Don't know about MoneyGenius, but I'm guessing that's where the extra 0.25% comes in.
And this silly structure is exactly why I ended up deciding against opening a HISA with Scotia. It is an entirely and unnecessarily complicated and convoluted construction. Like all of the Big 5, Scotia has some good products here and there, but as a complete package for every aspect of a person's finances, in my opinion, forget 'em.
IMO, TD takes the cake for an extremely poor HISA (promotion and non-promotion alike).
Pirithous
"Sometimes I do what I want to do. The rest of the time, I do what I have to."
3:19 am
August 9, 2022
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Completely agree with the opinions about this being a totally bizarre & ridiculously convoluted mess.
I initially signed up to this absurdity just to get the rebate.
But then I really wanted to try it out too with some extra funds.
However, everything so far is a deterrent! Too much work and mind bending puzzles!
4:31 am
March 15, 2019
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Pronounced Zed said
0.10% if you also get the ultimate package, but be prepared to keep $3500 minimum balance in the chequing account to avoid fees
Just a heads up. You need to keep $5000 in account for the Ultimate Package to avoid fees.
"* No monthly account fee by maintaining a minimum daily closing balance of $5,000 in your Ultimate Package."
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