New Scotiabank HISA coming in April | Scotiabank | Discussion forum

Hubble said
Just noticed what I think is new offering from Scotiabank . A tiered HISA that is currently showing rates. Claims " Coming soon in April 2026"

$0 - $9,999....0.00%
$10,000 - $99,999....1.00%
$100,000 - $249,999....1.75%
$250,000 - $499,999....2.00%
$500,000+....2.25%  

Would that be an improvement on Simplli's and Tangerine's tiered rates?

That tiered rate is better than standard big 6 savings rates though. The better option is still to own Scotia's DYN6004 (brokerage based ISA) in one's brokerage account, depending on one's brokerage where every dollar earns 2.2%. Better yet, own a Money Market mutual fund like BMO95142 in an investment account which is currently in the 2.3% range.

COIN said

Once your balance exceeds $500,000 do you get 2.25% on the full balance or only on the excess over $499,999.99?  

I can't see them applying and paying 5 different interest rates on a 500k+ deposit.

cgouimet said
Other than a short term resting place between the sale of one property and the purchase of another, I don't know why I'd ever want that much sitting in a HISA vs a GIC ladder at 3.5% for 2x the interest income.  

Scotia Bank is offing better Tiered HISA rates at Tangerine. So that would be an improvement but still less than a GIC ladder.

As for CDIC, $500k in a single CDIC client/category would be OK with me for the big 6 and their offsprings and perhaps a few others like EQB and Oaken ...