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Email this12:19 pm
April 5, 2018
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In reality it's just 1.4% for 3 months if you are a regular customer without any packages
Here’s how you can earn up to 1.80%* interest until August 31, 2021:
Regular Interest Rate (0.05%)1,
Premium Period Interest Rate (up to 0.45%2, based on the premium period chosen; see here for rates),
Ultimate Package Interest Rate Boost (0.10%)3, and
Limited Time Bonus Interest Rate Offer (1.20%)
Here’s how to qualify for the Limited Time Bonus Interest Rate Offer:
Hold a Scotiabank MomentumPLUS Savings Account and an Ultimate Package within the Offer Period (defined below);
Complete the Campaign Enrollment process by August 31, 2021 11:59 pm EST. For jointly held Accounts, all owners on the Account must enroll and agree to the Terms & Conditions; and
Make an eligible deposit into your Scotiabank MomentumPLUS Savings Account.
The Bonus Interest Rate Offer is applicable to eligible deposits from another bank or financial institution deposited between April 1, 2021 and August 31, 2021 (the “Offer Period”) into a new or existing Scotiabank MomentumPLUS Savings Account.
Additional terms apply. See Bonus Interest Rate Offer Terms & Conditions for full details, including a description of how Bonus Interest is calculated.
Follow these 3 steps to enroll in the campaign:
Open a MomentumPLUS Savings Account
Activate your online banking when you receive your debit card
Sign in to online banking to enroll
5:59 pm
August 6, 2018
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Does it show the 1.2% anywhere on the savings account page? Mine doesn't but the staff on telephone says I am enrolled and it should be fine. Just wondering if it is the same as everyone.
5:56 pm
March 15, 2019
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Too complicated!
8:28 am
May 27, 2016
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COIN said
Too complicated!
I can think of a lot of other words to describe this offer besides "complicated" but I can't post them on a public thread
5:57 pm
March 15, 2019
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Ok, colour me confused.
1) You only get the full 1.8% if you keep the money on deposit for 360 days.
2) But, the promotional period ends on August 31, 2021. That is only 111 days from now.
What am I missing?
8:23 am
December 9, 2018
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It's step 2, the Premium Period Interest Rate, where you need to select 360 days to get the additional 0.45%. Of coarse you could select 180 days and get .025% instead. It's just an additional way for banks to hold on to your money.
And that's not even the worst. YOU CANNOT WITHDRAW ANY MONEY DURING THE PREMIUM PERIOD, otherwise you lose the interest on the complete amount.
That's right, if you put in $100,000, and then at some point, even on day 359, withdraw so must as $1, you lose the complete 0.45% interest on the remaining $99,999.
Just the worst!
9:12 am
April 14, 2021
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I find the BNS process downright insulting to the intelligence of the public. And, to think that they are created by grown men and women who actually believe that they are offering something wanted by customers.
1:19 pm
October 21, 2013
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HermanH said
I find the BNS process downright insulting to the intelligence of the public. And, to think that they are created by grown men and women who actually believe that they are offering something wanted by customers.
Honestly, I think most Canadians' heads are screwed on backwards when it comes to their choices of banking options. It's hard to understand people throwing money away on fees and ultra-low or non-existent returns when they could be doing significantly better elsewhere.
2:28 pm
September 6, 2020
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Apparently there are people that do. I have looked at promos. It does not take many seconds to determine if it is worth doing. Too complicated or worth the time to initiate stop me.
Have a Great Day
2:30 pm
July 18, 2017
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I was really interested in this promo, but I couldn't figure out what time the train leaving Chicago passed the train leaving Toronto. Oh well.
"Scotiabank -- we're more ridiculous than you think."
5:51 pm
October 21, 2013
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I consider the complexity of the fine print on such offers is about the same as the ingredients list on some food products. The longer it is and the more words that you don't really understand, the worse it likely is for you, whether it's your health or your finances.
At a certain point, I stop reading and put them back on the shelf.
7:38 pm
July 18, 2017
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Loonie said
I consider the complexity of the fine print on such offers is about the same as the ingredients list on some food products. The longer it is and the more words that you don't really understand, the worse it likely is for you, whether it's your health or your finances.
At a certain point, I stop reading and put them back on the shelf.
But maybe you don't have enough wholesome nutritious Butylated hydroxytoluene in your diet.
8:41 pm
October 21, 2013
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Right. I must look up the recommended daily requirement.
7:12 am
September 7, 2018
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miro said
In reality it's just 1.4% for 3 months if you are a regular customer without any packages
Exactly. Once you cut through the verbage it becomes evident - 1.4% for 90 days.
Actually, I think 1.4% for 90 days is quite competitive at this point in time particularly from a big 6 bank. But yes, I agree, the offer details could be less complex.
3:39 pm
March 15, 2019
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I spoke to one of the BNS reps and he said (confess?) the actual return once you cut through all the clutter is 0.97% or less. The problem is that the 1.20% bonus falls off the table after August 31, 2021.
5:08 pm
September 7, 2018
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COIN said
I spoke to one of the BNS reps and he said (confess?) the actual return once you cut through all the clutter is 0.97% or less. The problem is that the 1.20% bonus falls off the table after August 31, 2021.
This promo started April 1-21. It is still easy to get 1.40% for a 90 day period. You still have time to get 1.40% if you start in May or even June for 90 days. Your 90 day period would end on or before August 31. Obviously don't go for the 180 day or 360 day periods because you won't get the 1.20% bonus after August 31.
I don't know what period you are talking about to earn .97% - it would have been useful to state that. So just take a 90 day period (if you have any interest in this promo) and you will get 1.40% on your savings if the end of the 90 days is on or before August 31.
7:02 pm
April 6, 2013
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I think the 0.97% comes from the 360 day period:
| Regular Interest |
Bonus Interest |
Premium Interest | Ultimate Package |
|||
| 0.05% | 1.20% 110 days |
0.15% 90 days |
0.25% 180 days |
0.35% 270 days |
0.45% 360 days |
0.10% |
| 0.00% 250 days |
||||||
For the 360-day period, the 1.2% Bonus Interest for the first 110 days works out to be 0.37% over the whole 360-day period. The result is 0.97%:
0.05% + 0.37% + 0.45% + 0.10% = 0.97%
10:04 pm
November 18, 2017
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These heavily restricted "savings account" offers are just cashable term deposits in drag. Calling them savings accounts, or bonuses on savings accounts, makes them look more competitive than just letting them be GICs. You'd think they'd at least let you ADD money to them.
RetirEd
RetirEd
6:55 am
September 7, 2018
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RetirEd said
These heavily restricted "savings account" offers are just cashable term deposits in drag. Calling them savings accounts, or bonuses on savings accounts, makes them look more competitive than just letting them be GICs. You'd think they'd at least let you ADD money to them.
RetirEd
You can ADD money to them. You pick your term first and you can add additional funds throughout the term (s) you selected. You can pick more than one term if you want - the separate pools of cash show separately by term and start date. eg 90 days, 180 days and perhaps a second 90 day term. You can pick two (or more) 90 days terms eg #1 starts April 1 and ends about June 30 and you can pick another 90 day term term #2 eg starting May 1 which would end about July 31 and even a #3 90 day term starting June 1 ending about August 31. The 3 90 day terms will also show separately because the start (and end} dates are different for each of these pools. Having taken this offer the last time, I learned the options. Anyways, it works for me 1.4% for 90 days is fine. I started one 90 day pool in April, and started another 90 day pool in May. I have no interest in the 180 day or 360 day because it does not maximize the additional 1.20% bonus which only goes until August 31 - so I don't want any maturity after August 31.
11:16 am
April 6, 2013
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The MomentumPLUS Savings account seems to be a complex product.
Page 26 of Scotiabank's Day-to-Day Banking Companion Booklet has the details:
How Premium Interest works
… To receive Premium Interest, you must open a Premium Period and leave the amount you deposit without withdrawals until the end of the Premium Period. When you open a Premium Period you choose a) how much of your savings you want to deposit into a Premium Period and b) how long a Premium Period you want—90, 180, 270, or 360 days. … You may have five different Premium Periods open at a time.
A Premium Period begins when you make a deposit. Any transaction that draws money from that specific Premium Period will end it and the premium interest will be forfeited. … When one Premium Period ends, a new Premium Period of the same length starts the same day.
…
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