Account (CA)
MomentumPLUS Savings Account full review
This MomentumPLUS Savings Account review gathers information about rates, fees, balance, pros, cons, and requirements.
by Aline Augusto
MomentumPLUS Savings Account: no minimums and no monthly fees
If you want to save longer to earn higher interest, take a look at this MomentumPLUS Savings Account review.
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.
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!
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
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.
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.
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.
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.
Aline Augusto
Aline Barbosa
Senior Editor
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