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Scotiabank Aug 26 - Jan 31 2020 Promo
August 30, 2019
8:18 am
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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

August 30, 2019
9:38 am
krwilson
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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.

August 30, 2019
10:12 am
Bud
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wilson why is it a pain to get what ur owed

August 30, 2019
10:25 am
Peter
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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.

August 30, 2019
12:36 pm
hwyc
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I filed a complaint to Competition Bureau Canada under "Misleading advertising and labelling"

Hope this helps. [ That said, I am not sure it is the right agency though ]

August 30, 2019
1:16 pm
krwilson
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dealjunkie said
wilson why is it a pain to get what ur owed  

I stated it is a pain to be sure you get what you are owed.

Because of the needlessly complicated tiers of interest. Compared to just using a straight forward interest rate calculation.

August 30, 2019
6:48 pm
Norman1
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Peter said
I find the graph purposely and significantly misleading where it shows a 3.00% bar with a label of "360 days" underneath. …

I agree. That graph would be less misleading if it were something like this:

Interest, 360 days

September 2, 2019
7:03 am
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September 2, 2019
8:14 am
Bud
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The only sure bet then is the 90d cycle the bonus dies before the 180 is up you are saying

September 2, 2019
10:03 am
Selkirk
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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!sf-smile  

Amen to that ^ ! sf-cool

September 2, 2019
2:36 pm
rqs
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Good said
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  

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.

September 2, 2019
3:50 pm
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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.

September 2, 2019
4:02 pm
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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.

September 2, 2019
6:46 pm
Bud
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Good if you open the 360d cycle leave all funds in guys are sayin u dont get the full 3% even if u dont make withdrawals. You said urself 3% only paid till about 5mths in

September 3, 2019
7:04 am
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September 4, 2019
4:53 am
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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

September 8, 2019
7:42 pm
Bud
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Whats the latest date to sign up to momentum and get the full 90 day cycle at 2.5% oct 30?

September 9, 2019
5:17 am
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Latest date to sign up and add funds is November 30,19.

Latest date to get 2.5% on 90 day term is like you wrote October 30,19.

Once you open up a 90 day term you can add to it anytime and still get the current rate as long as you make no debits.

Excellent account from a BIG Bank and rate.

September 9, 2019
7:15 am
krwilson
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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.

September 9, 2019
7:41 am
Peter
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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.)

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