Toronto-based Bank of Nova Scotia (TSX: BNS) is launching a new high-interest savings account for its customers.
The Scotiabank Momentum Savings Account offers an everyday interest rate of 0.75%, which is doubled if the customer does not make a withdrawal or conduct a debit transaction for 90 days. These rates are valid for balances of $5,000 or more.
“This unique account pays customers not once, but twice, helping Canadians achieve their savings goals faster,” says Ahmad Dajani, vice president of retail deposits & investments.
The account comes with a tool that provides a countdown of each 90-day period so customers know of how many days they should forgo withdrawal or debit activity in order to earn the higher interest rate. The “account tracker” is accessible to customers through branch, online and mobile banking services.
The bank also has a limited-time offer where customers who open a momentum savings account by June 15, 2015 will receive an introductory bonus interest rate of 0.5% until July 31, 2015. This means new account holders may be eligible for an interest rate of up to 2%.