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MomentumPLUS Savings Account full review

This MomentumPLUS Savings Account review gathers information about rates, fees, balance, pros, cons, and requirements.

by Aline Augusto

Published on 03/04/2023

MomentumPLUS Savings Account: no minimums and no monthly fees

See how this Scotia account works: read our full review! Source: The Mister Finance.
See how this Scotia account works: read our full review! Source: The Mister Finance.

If you want to save longer to earn higher interest, take a look at this MomentumPLUS Savings Account review.

MomentumPLUS Savings Account

How to apply for the MomentumPLUS Savings Account?

Learn how to apply for a MomentumPLUS Savings Account and earn a special offer for five months along with other valuable banking features.

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How to apply for the MomentumPLUS Savings Account?

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To sum up, Scotia offers a worthwhile account for those who seek long-term investments. Also, the account features a special welcome offer, among other benefits you may love.

Keep reading to find out the details about it!

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How does the MomentumPLUS Savings Account work?

One of the most well-recognized banks in the Americas, Scotiabank, wouldn’t lack options for you to choose a product to fit your needs.

Then, if you are looking for a long-term investment option, reading this MomentumPLUS Savings Account review is worthwhile.

Essentially, the account was designed for those who don’t want to use it in an everyday matter—for instance, purchases, ABM transactions, payroll deposits, and Point of Sale access.

However, MomentumPLUS allows unlimited transfers between Scotiabank accounts for free. However, it applies to self-service only.

In addition, this savings account offers up to 5.00% for five months. In fact, the regular rate is 1.50%, but you can add other rates to boost your earnings, as follows:

  • Premium Period Interest (up to 1.15% depending on the term);
  • Ultimate Interest Rate Boost (additional 0.10%);
  • Welcome Bonus Interest Rate (extra 2.25% on eligible deposits).

The regular rates are paid monthly. Regarding the other rates, conditions apply. Then, you can access the Terms and Conditions brochure on the official website to learn how to boost your investments with simple requirements.

Lastly, the best feature is no minimum balance requirements and no monthly account fees.

Thus, you basically access a good rate at a very low cost.

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MomentumPLUS Savings Account benefits

Check this account features. Source: The Mister Finance.
Check this account features. Source: The Mister Finance.

Of course, this account is not suitable for those who want to regularly access their investments. MomentumPLUS Savings is designed for the long term, indeed.

However, if you are looking for a cheap option at a great interest rate, you have just found it.

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Pros

  •  It doesn’t require a minimum balance;
  • There are no monthly fees;
  • It offers a regular rate of 1.50% plus the possibility of boosting the rate;
  • It offers unlimited self-service transfers;
  • You can set up an automatic savings plan;
  • You can get access to online and mobile banking, among other features.

Cons

  • Disadvantages weren’t found.

Pre-approved credit cards for low credit score available now

We analyzed your profile and found some offers that you can apply for today.

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How good does your credit score need to be?

Unfortunately, this information is not disclosed. However, some other requirements apply, such as:

  • Be a Canadian resident;
  • Be at least 16 years old;

Also, if you are considering opening a joint account, you must visit a branch.

How to apply for the MomentumPLUS Savings Account?

So, if you are looking to save money for the future, then learn how to apply for a MomentumPLUS Savings Account.

MomentumPLUS Savings Account

How to apply for the MomentumPLUS Savings Account?

Learn how to apply for a MomentumPLUS Savings Account and earn a special offer for five months along with other valuable banking features.

Keep Reading
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How to apply for the MomentumPLUS Savings Account?

You will remain in the same website

About the author

Aline Augusto

My name is Aline Mesquita; I'm a writer here on the blog, where I write about finance in general and other subjects. I have been working with content creation for ten years. Also, I'm post-graduated in Project Management, with expertise in SEO practices. Currently, I am studying finance, market trends, and cryptocurrencies.

Reviewed by

Aline Barbosa

Senior Editor

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Under no circumstance we will require you to pay in order to release any type of product, including credit cards, loans or any other offer. If this happens, please contact us immediately. Always read the terms and conditions of the service provider you are reaching out to. We make money from advertising and referrals for some but not all products displayed in this website. Everything published here is based on quantitative and qualitative research, and our team strives to be as fair as possible when comparing competing options.

Advertiser Disclosure

We are an independent, objective, advertising-supported content publisher website. In order to support our ability to provide free content to our users, the recommendations that appear on our site might be from companies from which we receive affiliate compensation. Such compensation may impact how, where and in which order offers appear on our site. Other factors such as our own proprietary algorithms and first party data may also affect how and where products/offers are placed. We do not include all currently available financial or credit offers in the market in our website.

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Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included within the post. That said, the compensation we receive from our affiliate partners does not influence the recommendations or advice our team of writers provides in our articles or otherwise impact any of the content on this website. While we work hard to provide accurate and up to date information that we believe our users will find relevant, we cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof.

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