Scotiabank Savings Reward Plan (SSRP)
Right for you if:
You want to save for a major purchase
You want to be rewarded for your good saving habits
Good financial habits always include a regular, personal commitment to saving for your key life goals whether you're saving for a major purchase, a child's education, a new home or a comfortable retirement. Scotiabank has a simple way to make it happen.
With the Scotiabank Savings Reward Plan, you get:
Automatically invested savings that begin earning interest right away
An additional 1.0% bonus interest* on the annual average monthly balance of your contributions made during the one-year term
Your savings are deducted automatically from your primary Scotiabank account and deposited into your designated savings account, before you have second thoughts about spending it
Your savings are automatically invested and begin earning interest right away. You'll be surprised at how fast small amounts can grow
Continue your savings commitment and enjoy a 1.0% interest rate bonus on the annual average monthly balance of your contributions made during the one-year term that's in addition to our already competitive rates of return
It takes a little to save a lot!
For example, your initial deposit of $1,000 will grow to $1,284 in 10 years. If you continue to save an additional $50 per month, your savings will grow to $8,106 over the same time period!
Contributions assumed to be at beginning of each period
Interest rate: 2.5% compounded monthly over the entire period
Amounts are rounded to the nearest dollar
Note: the above information and interest rates are for illustration purposes only.
It's easy to start. If you already have an account with Scotiabank, it takes just minutes to set up an Automatic Savings Plan, and you only need a small amount to start saving. If you don't have a savings account, no problem, we can help you set that up too.
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Automatic Savings Plan
Putting aside even a little bit every month should be a part of everyone's monthly budget, so we've developed some tools to make saving easier for you and to reward you for good saving habits.