We have all heard the statics, Canadians are saving less. There are many reasons for this but many of us simply do not put savings in the budget. We may feel there is no reason to save when there is little return for their investment and when your money can get tied up in bank fees. Now, one bank, Scotiabank has introduced a brand new product with a new high-interest savings account called the Momentum Account.
We all know we should be saving for those rainy days, well this account gives you the incentive to do just that. It is built on the idea that you actually leave money in your account, no shuffling it around, no borrowing from it before your next pay day. With this new account, Scotiabank rewards you for leaving it in the account. The Scotiabank Momentum Savings Account pays a bonus interest rate for customers who do not make a withdrawal for 90 days.
The normal interest rate on the account is 0.75 percent but when you keep a balance of $5,000 in the account for 90 days, you receive an extra 0.75 percent for a total of 1.5%. Sounds pretty sweet to me.
If you open an account before June 15th, 2015 you also get an extra 0.5 percent bonus, so that’s 2% until July 31st, 2015.
It is easy to track your progress through Scotia OnLine and Mobile and sign up for Scotia® InfoAlerts. You can literally see through the virtual countdown when your bonus interest payment is coming, so you will always be able to make smart choices about when to withdraw funds.
Now, I know it is only two percent but every little bit adds up if you are saving for things like a family vacation, tuition, or even that first home payment and you want access and flexibility while keeping your money safe. Think about it – not many accounts these days pay you a decent interest rate, let alone pay you twice for building a great habit: saving your money.
*this is a sponsored post however as always my opinions are always the same.