Types of Scotiabank deposits
If you wish to place your money into a bank for safekeeping, Scotiabank offers a range of deposit products:
- Chequing accounts — the accounts for everyday banking featuring no monthly fees when maintaining the minimum balance and allowing to use the funds on demand, with a limited or unlimited number of debit transactions included.
- Savings accounts — the accounts enabling to earn interest for holding money (with the MomentumPLUS Savings Account being the top option) and featuring no monthly fees when maintaining the minimum balance or being over 60 years old.
- Tax-free savings accounts — accounts with the flexibility to save for many goals in one place, increase your earnings tax-free, and withdraw the funds whenever you need.
- Registered retirement savings plans — the solutions to save for retirement with no need to pay income tax on earnings from your investments.
- Registered disability savings plans — savings solutions for Canadians with disabilities to grow the funds on a tax-deferred basis, with a $ 200,000-lifetime contribution limit.
- Guaranteed investment certificates — deposit accounts that guarantee 100% of your original principal investment and allow you to earn interest at a fixed or variable rate.
Requirements
Canadian residents and individuals working and studying there can apply for deposit products. When applying, be ready to provide your personal information, proof of your address and identity, your employment information, and your Social Insurance Number.
With most savings accounts, there is no minimum balance required. Scotia U.S. Dollar Daily Interest Account and Scotia Euro Daily Interest Savings Account are the exceptions and require a $200 and a 200 euros minimum balance accordingly.
Pros and cons
Deposit options from Scotiabank have numerous advantages. To name a few pros:
- Solutions with no monthly account fees or minimum balance required.
- Holding your deposits for longer can bring you greater returns (in particular, with the MomentumPLUS Savings Account).
- Certain eligible deposits made by December 31, 2022, can earn bonus interest.
- Mobile cheque deposit feature that enables you to take a picture of your cheque and deposit it into your account right away.
- The coverage from Canada Deposit Insurance Corporation (CDIC) will protect your deposits.
As for the cons:
- Keep in mind that debit transactions within the premium period can prevent you from earning the premium interest rate (particularly, with the MomentumPLUS Savings Account).
How to make a deposit?
You can make a cash deposit into your bank account either in person at your local Scotiabank branch, or at an ATM accepting deposits.
If the branch’s opening hours don’t work for you, and there is no ATM around, Scotiabank also offers a mobile deposit feature. To deposit a cheque to your account through your smartphone, launch the Scotiabank app, select the account to deposit, specify the amount, take a picture of a cheque, and make a deposit.
The eligible types of cheques include Canadian and U.S. dollar cheques, bank drafts, money orders, certified cheques, and travelers' cheques. You can deposit up to $500,000.00 per cheque.