New Momentum Plus Savings Acoount | Scotiabank | Discussion forum

"Individuals who are currently or were previously a holder of a MomentumPLUS Savings Account within the last 2 years are not eligible for the Offer."

Another promo that is restricted to only folks who never had a Momentum PLUS account. It looks like 1 or 2 or 3 of the big bank are only interested in recent immigrants, students and/or "tent people".

RetirEd said
,,,or they simply want to put their promotional money into attracting new customers.

That's what it is. The savings account market is mature. People have to paid something to take the time to open a savings account and test drive the account.

Anyone knows if scotia 4.9% 90days promo has a balance cap? Other financial institutions promo rate terms and conditions always include balance cap, e.g. manulife bank promo rate is up to 500k, but don't see it on scotia 4.9% offer details I wonder if I misread it

Does anyone know if transfer from another scotiabank account to momentum plus saving (that has promo rate) qualifies for promo rate? E.g. transfer funds from scotiabank chequing to momentum plus saving will earn promo rate or it has to be funds from other FI? Thanks.

"The only restriction I recall reading was you couldn't have had a Momentum Plus account within the last two years."

I think I already served the 2 year in the penalty box. Does this mean I can play again?

Does the two years mean one can have the Momentum Plus account as long as there is a nil balance? Or, does it mean one has to actually kill the account and drive a stake through the account's heart?

It is a time honoured tradition that many businesses offer great perks to get your new business and then take it for granted that they can keep your business because you will be too complacent to then relocate your funds after the perk expires.
I once had an inane conversation with my TD bank manager that went something like this: The manager said, "I notice you receiving and transferring out large sums of money to other financial institutions. Why don't you invest with us?" I said, "Your rates are generally too low. What can you offer me for a 5 year GIC?" She told me her rate, which was about a full point lower than what I could get elsewhere. When I said that to her, she said, "well, if you had more invested with us, we could get you a better rate." Of course this is a vicious circle. I won't invest more without a better rate. I felt like I was talking to an 8 year old. This was, in effect, "bank policy," not her policy, but she had to administer it. I still won't invest with TD until they change their philosophy.(logic?)

rk said
I am looking for a new home for some non registered funds currently at Manulife. The Scotiabank Momentum Plus Savings account at 4.65% for 90 days seems one of the best offers that I know of (at least in Ontario). I have not had any Scotiabank accounts in the past 4-5 years, so I should qualify.
Apparently there are no monthly fees. I am also unaware of any other fees if all you do is keep the funds there for 90 days (or so). Anything that I should be aware of, before opening an account?  

You will need to open one of their checking account as well to facilitate moving money in and out of the momentum plus acct, as you wont be able to externally link to that acct etc. That's what I was told.
I did that acct plus the pref checking (req min $4k to waive monthly fee), but if u meet their new acct bonus requirements you will also get $500 on top. Check their website for details.

the scotia app and online interface is one of the most clumsy in my mind, compare to the other banks. but once you know where to look etc, it's fine.

savemoresaveoften said

You will need to open one of their checking account as well to facilitate moving money in and out of the momentum plus acct, as you wont be able to externally link to that acct etc. That's what I was told.
I did that acct plus the pref checking (req min $4k to waive monthly fee), but if u meet their new acct bonus requirements you will also get $500 on top. Check their website for details.

the scotia app and online interface is one of the most clumsy in my mind, compare to the other banks. but once you know where to look etc, it's fine.  

"the scotia app and online interface is one of the most clumsy in my mind, compare to the other banks. but once you know where to look etc, it's fine."

Yes, I would second that.

Also, I think there is something bizarre when you deposit a cheque at their ATM. If I remember correctly you can deposit only to your no interest credit chequing account and cannot transfer the funds to your interest bearing savings account for 7 days. Let me know if this has changed.

So can one now deposit directly to the interest bearing savings account at the ATM?

Also, are ATM deposits still limited to $99,999.00?