GreedyRates is proud to be the go-to authority for Canadians who want to save money and earn the best benefits possible from their credit cards, and we will continue to work hard to be Canada’s number one destination for all things credit card related.
That said, we believe our readers can apply their bargain-hunting mindset to other aspects of their financial well-being, and we plan to expand our focus to include other opportunities where Canadians can save, starting with the chequing and savings accounts offered by various Canadian banks.
Too many of us perceive a bank as a place to merely put our money, rather than a place to watch it grow. Follow along as we show you which bank accounts offer the best deals to help your money work for you. First up, we will be looking at the various options you can find at Scotiabank.
The Momentum Chequing Account is perfect for those looking to make money off their spending. For a monthly fee of $15.95 you receive 1% cash back on debit purchases ($300 yearly cap). Also included are unlimited self-serve transactions, 2 free monthly withdrawals from non-Scotiabank machines within Canada, 2 free Interac transactions each month, and 1 free teller transaction per month.
The Scotia One account is great if you love movies and require unlimited transactions per month. The monthly $13.95 fee covers an unlimited amount of both self-serve and teller transactions, includes 2 free Interac transfers per month, and allows you to collect SCENE points which can be redeemed for free movies at Cineplex. Even better—the monthly fee is waived entirely if your daily closing balance exceeds $4,000.
The Basic plan is perfect if your transaction needs are moderate. For $10.95 a month you are given 25 total transactions split between self-serve and teller. It also includes 2 free Interac transactions a month, and allows you to collect SCENE points. Also, if your daily balance stays above $3,000 they waive that annoying monthly fee.
While many of us have switched over to no-fee online banking, it is always a good idea to keep an account open with one of the brick-and-mortar banks just in case you run into a situation where you need to talk to a banker face to face. That’s what this account is perfect for. For just $3.95 a month, 12 transactions are included (with up to 4 of them being teller transactions). It also has the standard 2 free Interac transactions and the option to collect SCENE points. This account is also FREE for seniors. Keep in mind though—if you exceed those 12 transactions you will be charged $1.25 per transaction.
As the name implies, this tax-free savings account is great for those focused on increasing their savings. For no annual fee, it allows you to put away tax-free optional savings at a rate of 0.050 percent for $4,999 and under, 0.800 percent for savings of $5000 to $249,999, and 0.900 for $250,000 and up. It also includes unlimited no-fee self-serve transfers to your other Scotiabank accounts if and when you want to use those savings on a big purchase you’ve been saving up for. It is also eligible for CDIC Deposit Insurance. Keep in mind though, if you are moving that money to a non-Scotiabank account there will be a $5.00 fee per transaction.
If you have $5000 or more saved, this high-interest savings account allows you to generate quite a bit of money. While amounts below $5000 earn their standard 0.050 percent interest rate, if you exceed that amount without withdrawing anything for 90 days, the rate jumps up to 1.300 percent–and right now (until August 31st 2017) they have a special promotion that raises that rate to a crazy-high 2.15 percent. This account is free and is also eligible for CDIC Deposit Insurance.
The Money Master savings account is best for those who are new to saving, and want to earn interest right away, even on a smaller amount. It gives 0.020 percent savings on any amount—but that means if you exceed $5,000 you are still only earning that 0.020 percent. It is also a free account, offering no-fee free self-serve transfers to your other Scotiabank accounts, along with the CDIC Deposit Insurance option. But beware, transfers to non-Scotia accounts will be charged a $5.00 fee.
If you liked this breakdown of the account offerings from Scotiabank, let us know so we can continue to bring you a more thorough understanding and comparison of the rest of the banking options in banks across Canada. There is money to be made in Canadian banks — you just have to know where to put it.