Scotiabank Money Master Savings Account and $50 $90 from FinlyWealth**

Scotiabank is revamping the Money Master savings account and introducing two new smart savings tools that clients will be able to benefit from if they have a D2D Chequing account and a Money Master account. Clients will be able to enrol in one of these tools at a time and cancel or change tools at any time.

The two new savings tools will help clients ‘find savings’ and seamlessly move money from their selected chequing to their Money Master Savings account at no cost. As an added incentive to help encourage clients to sign up for one of these new tools, they will be eligible to receive an ongoing interest rate boost of 0.39% for a total rate of 0.40% (0.39% is the EDS boost, 0.01% is the BAU MM rate). Rates are subject to change.

The two new tools are:

1) Pay Yourself First:

• Works best if you have a regularly recurring deposit like payroll set up
• This tool helps you set up automatic transfers from payroll or other income deposits in your chequing account into your Money Master savings account. You set the amount or percentage to save, and we’ll move funds when it appears that you can afford it.
• The amount transferred from chequing to savings will change depending on the transaction activity in your chequing account, including spending patterns, expenses, and incoming funds but will not be more than the amount or percentage you set. After each transfer, you’ll receive a notification in the Scotia app letting you know the amount.

2) Savings Finder:

• Works best if you have a fluctuating source of income or expenses
• This tool looks at your source of income and cash flow to identify opportunities to save small amounts of money you can afford, when it appears that you can afford it. You set your monthly savings target, and Savings Finder will do the rest. 
• You’ll receive a notification in the Scotia app once a month letting you know the total amount that was transferred from your chequing account to your Money Master savings account.
• No transfer will be more than $75, and funds won’t be transferred more than three times a week. Savings Finder won’t transfer more than the monthly savings target you set when you enrolled.

How clients can get started:

Step 1: Open a Money Master Savings Account & an eligible Scotia chequing account

Step 2: Download the Scotia app

Step 3: Enrol in one of the smart savings tools by tapping on Advice+ within the Scotia app

Step 4: Once enrolled, set up your monthly savings goal (an amount or % for Pay Yourself first, and an amount for Savings Finder)

• Pay Yourself First requirements – a Scotia chequing account, recurring deposit linked to that account, and a Money Master savings account.
• Savings Finder requirements – a Scotia chequing account and a Money Master savings account.

*Note: Savings Finder is the only smart savings tool available if you’re opening a new chequing account, but you’ll be able to switch to Pay Yourself First after 90 days if you have a recurring deposit.

Step 5: Money is moved between your Scotia chequing account to your Money Master Savings account automatically to reach your savings goals each month. Clients will also be eligible to earn the bonus interest on the daily account closing balance in your eligible Money Master Savings Account for so long as they remain enrolled. The bonus interest rate is an annual rate and is subject to change.

Resources:

For more information on the smart savings tools, visit:

EN = https://www.scotiabank.com/ca/en/personal/programs-services/smart-savings-tools.html

FR = https://www.scotiabank.com/ca/fr/particuliers/programmes-et-offres/outils-depargne-intelligents.html

Educational videos for the smart tools:

Savings finder tool:
EN https://www.youtube.com/watch?v=3vcDlFFVEns
FR https://www.youtube.com/watch?v=zI0DYBNOJpg

Pay yourself first:
EN https://www.youtube.com/watch?v=YYSfLA8ymhU
FR https://www.youtube.com/watch?v=orqnrpkUtuU