SOURCE: Scotiabank

Scotiabank

May 15, 2015 10:49 ET

Scotiabank Builds Cash Momentum for Customers' Savings Accounts

Unique Savings Account Rewards Customers With Interest Not Once, but Twice

TORONTO, ON--(Marketwired - May 15, 2015) - Scotiabank has launched the Scotiabank Momentum Savings Account, a unique, high-interest savings account that automatically rewards Canadians for keeping their cash saved. In today's low interest rate environment, the Scotiabank Momentum Savings Account provides customers with a faster way to build their savings.

"The Scotiabank Momentum Savings Account is the only account of its kind in Canada, helping Canadians save like never before," said Ahmad Dajani, Scotiabank's Vice President of Retail Deposits & Investments. "This unique account pays customers not once, but twice, helping Canadians achieve their savings goals faster."

Scotiabank's Momentum Savings Account offers customers a total interest rate of up to 2% for a limited time.

How it Works

Scotiabank's Momentum Savings Account offers a competitive everyday interest rate of 0.75%, plus it offers customers another 0.75% when they do not make a withdrawal or initiate a debit transaction for a period of 90 days. These rates are valid for balances of $5,000 or more. The Scotiabank Momentum Savings Account makes it easy for customers to earn one of the best savings interest rates in the marketplace by rewarding them for keeping their money saved.

  • Introductory Bonus Interest Rate
    Customers who open a Scotiabank Momentum Savings Account by June 15, 2015 will earn an introductory bonus interest rate of 0.50% for a total of up to 2% interest until July 31, 2015.

"Scotiabank is committed to providing our customers with financial advice tailored to their unique circumstances and we make it easier for them to save by rewarding them for their longer term savings," added Dajani. "Our focus at Scotiabank is to help Canadians make saving part of their overall financial plan."

Account Tracker Tool to Maximize Savings

Scotiabank Momentum Savings Account comes with an easy to read "Account Tracker" that is accessible to customers via all banking channels (branch, online and mobile banking). The Account Tracker provides a visual "countdown" of each 90-day period so that customers are always aware of the remaining number of days, without any debit or withdrawal activity, required to earn the additional 0.75% interest rate. This tool is the first of its kind and allows customers to be strategic about managing their money.

Join the Conversation
Tell us what you're saving for: Vacation? Down payment? Retirement? Let us know using #ScotiaSavings and tag us @Scotiabank

About Scotiabank
Scotiabank is Canada's international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, and parts of Asia. We are dedicated to helping our 21 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking. With a team of more than 86,000 employees and assets of $852 billion (as at January 31, 2015), Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges (NYSE: BNS). Scotiabank distributes the Bank's media releases using Marketwired. For more information, please visit www.scotiabank.com and follow us on Twitter @ScotiabankNews.

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