Current promotional interest rates from Scotia Bank? | Scotiabank | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
Current promotional interest rates from Scotia Bank?
November 14, 2022
7:14 pm
Hmm
Member
Members
Forum Posts: 129
Member Since:
May 21, 2016
sp_UserOfflineSmall Offline

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?

November 15, 2022
11:41 am
Pronounced Zed
Toronto
Member
Members
Forum Posts: 19
Member Since:
December 9, 2018
sp_UserOfflineSmall Offline

https://www.scotiabank.com/ca/en/personal/bank-accounts/savings-accounts/momentum-plus-savings-account.html

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.

November 15, 2022
11:55 am
HermanH
Member
Members
Forum Posts: 1208
Member Since:
April 14, 2021
sp_UserOfflineSmall Offline

What a load of malarkey. Who in their right mind would sign up for such a Keystone Kops arrangement?

November 16, 2022
4:21 pm
Hmm
Member
Members
Forum Posts: 129
Member Since:
May 21, 2016
sp_UserOfflineSmall Offline

Pronounced Zed said
https://www.scotiabank.com/ca/en/personal/bank-accounts/savings-accounts/momentum-plus-savings-account.html

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.  

Ok, I was dreaming. I think MoneyGenius gave a hundred or two hundred dollars for signing up with them.

November 16, 2022
4:24 pm
Hmm
Member
Members
Forum Posts: 129
Member Since:
May 21, 2016
sp_UserOfflineSmall Offline

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.

December 7, 2022
10:05 am
frencols
Member
Members
Forum Posts: 34
Member Since:
August 9, 2022
sp_UserOfflineSmall Offline

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! sf-surprisedsf-yell

Thanks!

December 7, 2022
11:56 am
canadian.100
Member
Members
Forum Posts: 957
Member Since:
September 7, 2018
sp_UserOfflineSmall Offline

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! sf-surprisedsf-yell

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.)

December 7, 2022
9:59 pm
Pirithous
Member
Members
Forum Posts: 28
Member Since:
November 21, 2022
sp_UserOfflineSmall Offline

Pronounced Zed said
https://www.scotiabank.com/ca/en/personal/bank-accounts/savings-accounts/momentum-plus-savings-account.html

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.  

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."

December 8, 2022
3:19 am
frencols
Member
Members
Forum Posts: 34
Member Since:
August 9, 2022
sp_UserOfflineSmall Offline

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!

December 8, 2022
4:31 am
krwilson
Member
Members
Forum Posts: 148
Member Since:
March 15, 2019
sp_UserOfflineSmall Offline

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."

Please write your comments in the forum.