8:18 am
September 18, 2018
Transfers
Unlimited self-service transfers to other accounts in your name
Leave the money in for 90 days you will get 2.50%
Made up of 1.00% regular plus .50 premium,plus 1.00 bonus
Leave the money in for 180 days you will get 2.60%
Made up of 1.00% regular plus .60 premium,plus 1.00 bonus
Leave the money in for 270 days you will get 2.80%
Made up of 1.00% regular plus .80 premium,plus 1.00 bonus
Leave the money in for 360 days you will get 3.00%
Made up of 1.00% regular plus 1.00 premium,plus 1.00 bonus
Not hard to understand.
If you make a withdrawal of any kind you will the premium interest. Basically you will get 1.00%
Bonus rate lasts until January 2020.
Money has to be deposited by November 30,19
Regular rate is 1.00% which will have .05% added if you have their account November 1,19 called Scotia One. Fee is going up also from 13.95 to 15.95 monthly
Read the terms and conditions. Straightforward
9:38 am
March 15, 2019
Good said
Read the terms and conditions. Straightforward
To me, putting your money in a bank account that offers and pays monthly a said rate (ie., Motive 2.8%) is straightforward.
I have messed with this account in the past and it is a pain to be sure you are getting what is owed. And as you stated you lose the premium interest if you withdraw anything. IMHO not a good offer by any means. I deal with Scotia for years now but never for saving any money.
I find the graph purposely and significantly misleading where it shows a 3.00% bar with a label of "360 days" underneath. In my opinion, it's already bad enough when you make an offer purposely as complicated as Scotiabank typically has, but it crosses the line with such a false graphic.
It took me 3 tries via Scotiabank's Twitter support to get them to acknowledge that the 3.00% rate does not apply to the entire 360 days. In the end, they gave the answer below after I presented a concrete example asking what interest you get over the entire period if you deposit $10K on day 1 and leave it in for a year:
The currently advertised Momentum PLUS Savings Account Bonus Rate offer runs from August 26, 2019 to January 31, 2020, on New Funds deposited between August 26, 2019 and November 30, 2019 into a new or existing Scotiabank Momentum PLUS Savings Account, so this would not apply to the entire 360 days. Kindly be advised that the offer allows "Up to 3.00% interest"
In fact, the first response they gave me was this:
You will earn 3.00% over the 360-period.
12:36 pm
September 30, 2017
1:16 pm
March 15, 2019
8:14 am
February 20, 2018
10:03 am
January 12, 2019
Loonie said
As far as I recall, all of these Big Bank offers turn out to be BS upon close examination.
My rule of thumb is that if it seems like a complicated calculation, it's not going to be worth considering, so I don't bother. So far correct - usually the rate is illusory or there are additional costs embedded. I've saved a lot of time ignoring these offers!
Amen to that ^ !
" Live Long, Healthy ... And Prosper! "
2:36 pm
July 15, 2014
Good said
Transfers
Unlimited self-service transfers to other accounts in your nameLeave the money in for 90 days you will get 2.50%
Made up of 1.00% regular plus .50 premium,plus 1.00 bonusLeave the money in for 180 days you will get 2.60%
Made up of 1.00% regular plus .60 premium,plus 1.00 bonusLeave the money in for 270 days you will get 2.80%
Made up of 1.00% regular plus .80 premium,plus 1.00 bonusLeave the money in for 360 days you will get 3.00%
Made up of 1.00% regular plus 1.00 premium,plus 1.00 bonusNot hard to understand.
If you make a withdrawal of any kind you will the premium interest. Basically you will get 1.00%
Bonus rate lasts until January 2020.
Money has to be deposited by November 30,19
Regular rate is 1.00% which will have .05% added if you have their account November 1,19 called Scotia One. Fee is going up also from 13.95 to 15.95 monthly
Read the terms and conditions. Straightforward
The most frustrating aspect of this website is when people like you post without a thorough understanding of the topic. You said "Leave the money in for 360 days you will get 3.00%
Made up of 1.00% regular plus 1.00 premium,plus 1.00 bonus
Not hard to understand." yes hard to understand because its wrong!
I think you subsequently realized that this is incorrect. It would be useful if those like you could retract earlier posts to prevent misunderstandings.
3:50 pm
September 18, 2018
You are getting 3.00% tell January 31,2020. Then 1.00% bonus drops off.
So the catch is they want you to pick the 360 day term that does give you 3.00% as long as you make no debits. After that your rate drops to 2.00%.
Basically the account is term deposits with 90 day intervals. Only get the maximum interest if you make no withdrawals.
Not hard to understand .
I put in the comments that the bonus rate of 1.00% drops off January 31,2020.So then starting February 1,2020 you will be down to 2.00%.
To make it easier then for everyone the best term is 90 days.You will get 2.50%.The account has to be opened before end of November and funded otherwise the 1.00% bonus expires January 31,2020.
Like I wrote previously their is better offers out their with no catches.
4:02 pm
September 18, 2018
Smartest thing is if you open the account with no premium periods. That way you are getting 1.00% with unlimited transactions to other accounts with them .
Or do not even have a savings account with them. If you have to have a chequing account you can link to another institution that is paying higher interest.
To not make it less confusing took off one of my comments.
Agree it is very misleading.
6:46 pm
February 20, 2018
4:53 am
September 18, 2018
I opened the account yesterday.Good account it has two sections in it. One is the daily interest that pays 1.00% and goes up by 0.05% starting November 1,19 if you have their preferred account.
I took the 90 day term.
Other part of the account has the 5 periods you can chose for your term deposits.Tells you the daily interest and also if you do not redeem what your bonus amount will be paid .
Safety from a big bank. Very busy at the branch. Plus I called in to ask about the account because it was my first time . The phone lines were really busy.
Good account if you have a chequing account with it.
Straightforward the account details when you open it .Informs you of the rate you will be receiving. Warns you if you withdrawal you lose any premium interest.
The interest rate of course can not compete with smaller institutions.From a big bank it is a good account.
I will make more deposits before the promotion cut of day November 30,19
7:42 pm
February 20, 2018
5:17 am
September 18, 2018
7:15 am
March 15, 2019
Good said
Excellent account from a BIG Bank and rate.
Glad you are happy with this account for you are really selling it. I tried it in the past and find it a pain. If you withdraw .01 cents you lose the bonus interest for instance. Sure it is a big bank but in this day and age not so important....at least to me.
When I have a choice of Tangerine @2.75% till Jan 31st, 2020, or regular EQ Bank @2.35% or Motive @2.8% and can freely use/move my money without penalty I do not think Scotia's account is much. Thanks for listening.
Some good news is that they appear to have removed the misleading bar graph that suggested you get 3.00% for 360 days! (See https://www.highinterestsavings.ca/forum/scotiabank/scotiabank-aug-26-jan-31-2020-promo/#p43730 for an image of the graph.)
8:37 am
September 18, 2018
8:46 am
September 18, 2018
The account gives you a warning if you are going to withdraw and it says that you are going to lose your premium interest.
When I do withdraw like I did twice I took it out of the regular savings part of the account paying 1.00% with no penalty.
I also have the Tangerine offer paying 2.75% tell December 31,19. Lucky I read off here that the line of credit money is not considered new funds. So I had to transfer that to Bank Of Nova Scotia Momentum account to get 2.50% tell December 2019.
Canadian Tire Bank promotion of 3.00% also is expiring end of the month.
There will be more promotions on the way also.
Please write your comments in the forum.