Momentum PLUS Savings Promo until December 31, 2022 | Scotiabank | Discussion forum

AllanB said
Funny, in the link

"Is this Savings Account right for you?

- May not be right for you if you: Are interested in only opening a savings account that earns interest"  

True - 3% for the 90 day term may be just too much interest for some people.

Now up to 4.05% due to regular interest increase

• Regular Interest Rate (1.35%)
• Limited Time Bonus Interest Rate Offer (1.60%) *
• Premium Period Interest Rate (1.00%, based on the 360-day premium period chosen)
• Ultimate Package Interest Rate Boost (0.10%)

* New deposits deposited between March 3, 2022 and December 31, 2022 (the “Offer Period”) into a new or existing Scotiabank MomentumPLUS Savings Account.

... as others have already pointed out, the 90-day premium seems more attractive

hwyc said
Now up to 4.05% due to regular interest increase

• Regular Interest Rate (1.35%)
• Limited Time Bonus Interest Rate Offer (1.60%) *
• Premium Period Interest Rate (1.00%, based on the 360-day premium period chosen)
• Ultimate Package Interest Rate Boost (0.10%)

* New deposits deposited between March 3, 2022 and December 31, 2022 (the “Offer Period”) into a new or existing Scotiabank MomentumPLUS Savings Account.

... as others have already pointed out, the 90-day premium seems more attractive   

I originated a 90 day deposit in March then cashed it out after the 90 day period expired and temporarily moved it elsewhere. I recently attempted to start another 90 day deposit and was refused the "bonus" part of the interest because the funds were not deemed to be eligible. It took 4 bank tellers and finally the manager to come to this decision.
Scotia Bank's small print on these accounts is quite ambiguous and difficult to interpret even for their employees. I subsequently placed the money elsewhere.

It should be noted also that all four of these interest payments are deposited at four different times of the month into two different accounts. This makes the verifying of these amounts for correctness very difficult especially if money is added during the 90 day period.
Just be sure that you read ALL the fine print on these things before committing funds.

One can't fool Scotiabank by moving money elsewhere and back.

Combined Balance needs to be higher than Combined Balance as of March 2, 2022 to receive bonus interest. It won't be higher after moving funds elsewhere and back.

Actually, Hubert is the best deal right now for 90 days (3 months), at 3.95%. And if you choose to extend it to six months, you'll average 4.00% at today's rates. The interest all comes in one clean deposit on one day to one account after 3 months and again at six months. You don't have to do anything special to keep it going for the second 3 months and no time wasted discussing this with various employees, no risk of being turned down.

Your experience with Scotia is obviously quite different from Jowett's and you don't mind making all the detailed calculations to ensure interest is correct in four pockets.

I don't see much risk in Hubert over 3 months. Their one year GICs are cashable at any time if it should prove necessary. In the current global climate, any FI could become vulnerable. Scotia is a small player really.

I have no doubt that the MB gov't would step in if needed, no matter which party were in power. They would have to, for the sake of their political future. Manitobans are much more committed to their CUs than Ontarians from what I hear. Similar in Saskatchewan.

re: Manitoba:
"Credit unions are far and above their nearest competitors when it comes to market share. Forty-three point six per cent of Manitoba consumers and 47 per cent of Manitoba businesses are credit union members. Even more impressive, 34.8 per cent of all consumers and 46 per cent of all small- and medium-sized businesses (SMEs) consider a credit union to be their primary financial institution. Nationally, credit union market share is highest in Manitoba — with the exception of Quebec’s caisse populaire system — and Manitoba’s share has increased by more than any provincial system that held at least a 10 per cent share in 1985."
https://www.cucm.org/press/manitoba-credit-unions-continue-to-lead-the-province-in-market-share#:~:text=Credit%20unions%20are%20far%20and,businesses%20are%20credit%20union%20members.

No government can afford to take such statistics lightly.

MB gov't might, or might not, step in, nobody knows for sure. If I was the gov't and the fund was dry I'd step in for Manitobans (assuming I had the resources to do so) and maybe let the out-of-province crowd twist in the wind for balances over, say, $10k on the basis that provincial credit unions should be local community-based anyways plus those others are not provincial voters so might be very popular to not use Manitoba resident taxes to pay off large balance holding outsiders. But that's me, and as of right now it looks very unlikely that I'll ever be the Premier of Manitoba - probably a good thing for everybody

I've spent a few hours studying their terms and running a some tests in my account with small amounts, but there's a few scenarios I'm not sure about, or don't have time to wait to find out. Wondering if anyone has first hand experience, otherwise I'll see if I luck out with a knowledgeable agent on the phone.

(Assume all deposits/withdrawals are "new" money coming/going to another bank)

1. Deposit $1,000 on Jul 28 to a 90 day period. Interest was Reg 1.35%, Premium 0.85%, Bonus 1.60%. Then deposit $1,000 to same period on Aug 28. No withdrawals or further deposits made, all interest rate portions remain the same, the date is now Oct 26. According to terms, new money deposited during mid-period also earns the 90-day premium bonus. Is this correct?, as it seems like a trick where you could have multiple 90 day periods going with various end dates, allowing large amounts of money deposited mid-period to earn interest calculated daily at the 3.80% rate, but "locked in" less than 90 days.

2. Deposit $1,000 on Jul 28 to a 90 day period. Interest was Reg 1.35%, Premium 0.85%, Bonus 1.60%. Then deposit $1,000 to same period on Aug 28. Interest rates changed on Aug 27 to Reg 1.85%, Premium 0.95%, Bonus 1.60%. No withdrawals or further deposits made, date is now Oct 26. Terms also say if Premium rate changes, the new deposit "updates" to the new rate. Does that new rate apply to $2,000 or only the $1,000 portion from the 2nd deposit?

3. Deposit $1,000 on Jul 28 to a 90 day period. Interest was Reg 1.35%, Premium 0.85%, Bonus 1.60%. Then withdraw $999 from same period on Aug 28. 90-day period end date updates to Nov 26. Would the $1,000 earn the Bonus 1.60% interest from Jul 28 - Aug 28, or is it forfeited like the Premium interest? If not it seems like a decent enough rate of 2.95%, whether you happen to withdraw money mid-period if a much better rate becomes available, but with the potential to earn 3.80% if the 90 day term is completed with no withdrawals.

4. In the event of having multiple premiums with different end dates, do withdrawals/deposits leaving/coming from another bank somehow screw you out of the bonus under certain scenarios? There was another thread about a TFSA withdrawal messing up bonus interest but there were a few missing details that made it inconclusive.