# Scotiabank 2% savings account interest rate



## J Watts (Jul 19, 2012)

Limited time offer: earn 2% interest on new money deposited into a Scotiabank Power Savings Account between now and October 11, with 2% interest being earned until December 9.


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## Chris L (Nov 16, 2011)

You can also open an ING account, then do a "child's savings account." Put the money in that at 2%. They don't care if it's a kids account or yours. Just remember to pay the tax on earned interest.


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## My Own Advisor (Sep 24, 2012)

You got it Chris, I don't like paying tax on interest...


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## Spudd (Oct 11, 2011)

You do have to have a kid. For me, when I log into my ING Direct account, I see a small banner ad at the top right of the accounts overview page advertising the 2%. Also, if you click on the "Open New Account" tab, then click on "Savings Accounts", children's account is one of the sub-categories.


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## avrex (Nov 14, 2010)

*Scotia Power Savings Account. 2%.*
It sounds like this is an introductory rate. 
Then on Dec 10, I'm assuming the rate goes back to 1%


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## MrMatt (Dec 21, 2011)

avrex said:


> *Scotia Power Savings Account. 2%.*
> It sounds like this is an introductory rate.
> Then on Dec 10, I'm assuming the rate goes back to 1%


I've learned that these time limited promotions are little more than fancy bait and switch programs. I avoid them.


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## fatcat (Nov 11, 2009)

canadian direct financial (which is a subsidiary of canadian western bank) has an e-savings account that pays 1.90 and is permanent (not an introductory offer)


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## AltaRed (Jun 8, 2009)

fatcat said:


> canadian direct financial (which is a subsidiary of canadian western bank) has an e-savings account that pays 1.90 and is permanent (not an introductory offer)


Which I am happy to have.


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## My Own Advisor (Sep 24, 2012)

Pretty good rate.


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## GoldStone (Mar 6, 2011)

*Re: ING Child's Saving Account*

Can you transfer the funds from CSA back to your own account online?


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## Itchy54 (Feb 12, 2012)

People's trust savings account also pays 1.9 percent and you can access your other accounts (your main account) online. This is not an introductory rate. I hate those promotions.


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## Chris L (Nov 16, 2011)

GoldStone said:


> *Re: ING Child's Saving Account*
> 
> Can you transfer the funds from CSA back to your own account online?


Yes you can. I can move the money from my ISA, TFSA and CSA easy peasy. Can also move it to my bank account, but there is a delay of a few days. I've been moving things around for the intro rates at ING (they did a bonus offer for new deposits). Then I had my brother sign up, we both got a bonus and 2.5% for 3 months. If anyone wants my orange key, PM me and you can get the sign up bonus. Then just open the child's savings account and I think you can get another sign up bonus. When I signed up, I needed to provide my son's info to make it legit. You can always take the cash out whenever you want.


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## liquidfinance (Jan 28, 2011)

dotnet_nerd said:


> Where's this Chris? I don't see a "child savings account".


You do need to have a kid as they require the sin. As Spudd stated you can see it under the open new account tab but you must be an existing client to see it. 

A quick Google search will dig up this link

http://www.ingdirect.ca/en/save-invest/csa/


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## J Watts (Jul 19, 2012)

avrex said:


> *Scotia Power Savings Account. 2%.*
> It sounds like this is an introductory rate.
> Then on Dec 10, I'm assuming the rate goes back to 1%


Right... just like their website says... so I'm not sure what your complaint is?


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## avrex (Nov 14, 2010)

In my opinion, these introductory rates are a waste of my time.

Let's say that I already have a HISA with another bank that pays 1.25%.
Now, I see this introductory rate at Scotiabank for 2%. Hmm. I'm tempted to move my cash over.
But, wait, this introductory rate will only last for two months before it goes back to 1%.

Let's say that I have $40,000 in cash that I want to get a better interest rate on. I move this money to the new Scotiabank account and gain an additional *$50* in interest payments. Then, when the introductory period ends, and returns to 1%, I would probably want to move my money back to my old bank with it's 1.25% rate.

I don't think it would be worth $50 of my time to create a new account and to move this money around.


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## Jay3 (Jul 16, 2013)

^ so put it in peoples trust at 1.9 percent


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## AltaRed (Jun 8, 2009)

avrex said:


> In my opinion, these introductory rates are a waste of my time.
> I don't think it would be worth $50 of my time to create a new account and to move this money around.


Agreed. I would not do it either if it required any material amount of time. Since I bank with BNS anyway, it took me all of about 60 seconds to open this account online and fund it. Then the money will move again on Dec 10th, probably back into DYN500 ISA @ 1.25% at Scotia iTrade (at a stroke of a few clicks on my mouse), or PC Financial if it has a promo going (where I have an account anyway).


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## avrex (Nov 14, 2010)

Agreed.


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## eulogy (Oct 29, 2011)

Jay3 said:


> ^ so put it in peoples trust at 1.9 percent


Yup. I never really chased intro rates. I've just stuck with what was consistent and high.


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## humble_pie (Jun 7, 2009)

avrex i agree with you & even for those people who already have all their HISA links set up with a network of so-called "high" paying institutions, there's still the cost of the time involved setting up those networks ... not to speak of time involved in writing about them here!

but clearly from recent threads, many cmf forum members have become obsessive about tracking today's low GIC & savings account rates. We even have a bond devout writing affectionately about his new-found bargain bond, an 8-year yielding only 2.47!

we also have emerging threads about retirees who "only" have $400k or $500k in a portfolio ... but now they are hardly going to be able to manage, even with CPP & OAS. Although the brutal truth is that they are going to have to manage.

it's a different story in the US but with parallel elements. Jobs & pensions gone. Cities abandoned or close to bankruptcy. Taking all this together & observing from very far off, we can see the slow dissolving of mass buying power, the inevitable drop in expenditures that will have to follow.

i know i know, it's a far cry from fretting over a few extra dollars in interest income to watching north america scale down & down & further down ... but i think this thread & its picayune concerns is another symptom of la grande malaise.


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## fatcat (Nov 11, 2009)

high interest savings account make a lot of sense to me

if you accept the wisdom that you should keep your fixed income in short duration vehicles
like XSB which is recommended by many
or a very short gic ladder in which you can get about 2.15 or something

an e-savings account is worth the time and trouble

until royal came along and basically killed them ally bank was a fantastic bank that paid well and was super easy to deal with 

canadian direct financial took me about 30 minutes to open
transfers take a couple of business days in either direction
and i'm getting 1.9, a rate which is stable and will likely only go up 

you compare that to any other short duration strategy and it looks very good in my opinion

at the end of the day, maximizing income and lowering costs around the edges can add up to a lot of money


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## AltaRed (Jun 8, 2009)

fatcat said:


> canadian direct financial took me about 30 minutes to open
> transfers take a couple of business days in either direction
> and i'm getting 1.9, a rate which is stable and will likely only go up


Per my experience, the application part (with a cheque) only takes about 30 minutes. But it takes/took about 10-14 days to become fully operational. This is one primary thing that deters folks from opening 'new accounts'. I suspect the same applies to Peoples Trust. That said, once set up, moving money around is easy.

Note: CDF says they will be making improvements to their online systems later this year. Just maybe they will also improve that ridiculous 2 business day transaction process.


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## fatcat (Nov 11, 2009)

AltaRed said:


> Per my experience, the application part (with a cheque) only takes about 30 minutes. But it takes/took about 10-14 days to become fully operational. This is one primary thing that deters folks from opening 'new accounts'. I suspect the same applies to Peoples Trust. That said, once set up, moving money around is easy.
> 
> Note: CDF says they will be making improvements to their online systems later this year. Just maybe they will also improve that ridiculous 2 business day transaction process.


you need to find something else to keep yourself entertained for those 14 days ...:biggrin:

i like instant too .. ally bank was pretty close to instant
but the time to open is just part of the process and planning

don't you spend more time waiting for entry point for stocks ?
it's part of the process

cdf will improve ... this online high-interest low cost banking is definitely going to grow


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## humble_pie (Jun 7, 2009)

fatcat said:


> at the end of the day, maximizing income and lowering costs around the edges can add up to a lot of money



that was the point. Fiddling smallish amounts of cash around doesn't strike me as maximizing income or lowering costs. I can't see how moneywise it adds up to much more than a sneeze. In fact i believe the investor is losing, by diverting his attention away from proper management of his investment portfolio to playing niggly interest rate games.

the 1.25% interest that avrex recites as standard belongs to brokers' accounts. Registered accounts at brokers don't offer access to the ultra "high" payors like people's. To get people's high rates in reg'd accounts, would clients have to open a tfsa at people's?

this would be one aitch of a lot of trouble imho. Plus investor has to check what kind of transfer-out fee they have. Plus do they offer rrsps? if so i'd hate to think how limited the product choice would be. Even an ING rrsp offers limited mutual fund choices only, for folks who want equity exposure in retirement accounts.

in a non-registered account, people's can nicely offer the 1.90% that posters here are reporting. But i for one don't see much of a benefit, even for the investor with $100k. By moving to a 1.90 payor or flipping among promotions or both, he's going to score an extra $550-600 per annum in interest income (yea, i've deducted for days lost due to transfers.)

but in return he's going to have to scour interest-paying websites year round like a hawk, as well as hyper-stickhandle his cash. Just like those grocery shoppers who scour coupons & flyers, then drive 40 kilometres out of the way on expensive gas, in order to buy laundry detergent & broccoli on deep special.

it might be entertaining though. Indeed it's a bit of a hoot to see personnages with usernames like Fat Cat & Alta Red painstakingly driving their shekels around the landscape! 

PS wouldn't a car rally be more fun? they drive thousands of kilometres for no purpose, profoundly pollute the air & the landscape, wear down their tires, clog up traffic on the highways ... all in the name of whoopee ...


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## AltaRed (Jun 8, 2009)

humble_pie said:


> it might be entertaining though. Indeed it's a bit of a hoot to see personnages with usernames like Fat Cat & Alta Red painstakingly driving their shekels around the landscape!


Actually, I am known in some forum circles online as pooh-poohing those that chase interest rates around. I don't have a Peoples' account, nor an Ally account, nor an ING account. I now have a CD Financial savings account which essentially replaces the PC Financial savings account that I had for a long time and didn't play the bonus/promotion games until this year. I don't like those distractions either.


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## humble_pie (Jun 7, 2009)

altaRed i have a lot of cash. If i move it to people's & use the extra shekels to find a motorcycle rally, would you fly over from BC w the good lady & join me?

i'd have to find a gallant gent on a Harley. We'd all ride 2-up & blow everything in a casino that evening.

any luck & marina would accompany with her husband in that polished red sports car she keeps talking about. The one that hubby won't take out of the garage for fear of getting a speck of dust on the enamel.


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## mrPPincer (Nov 21, 2011)

You only ever need to go through the application process once per account.
I don't see what the big deal is.

Once the accounts are set up you might have to move the cash around once or twice or a few times in a year, but all the best rates can be found on one regularly updated page at http://www.highinterestsavings.ca/

It's not like driving across town for broccoli imho, it's just a click of the mouse button, and depending on the online bank, if you're pulling the money rather than pushing it from the other institution, you collect interest there immediately.

I want my fixed income to be working as hard as possible for me.
With bond yields so low all my fixed income is in HISAs right now and it makes no sense to me to be satisfied with rates that are not even keeping up with or beating inflation and not half as good as the current highest paying HISA.


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## humble_pie (Jun 7, 2009)

aww i was hoping you'd turn out to be the guy w the Harley


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## mrPPincer (Nov 21, 2011)

humble_pie said:


> aww i was hoping you'd turn out to be the guy w the Harley


'fraid not, I'm loow budget, I live way too cheap for fancy toys like that.
I do have a 12-speed


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## AltaRed (Jun 8, 2009)

mrPPincer said:


> 'fraid not, I'm loow budget, I live way too cheap for fancy toys like that.
> I do have a 12-speed


Too old now to have a Harley. Will stick to my bicycle.


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## fatcat (Nov 11, 2009)

oh come on pie, you're grumpy today 

as mrppincer says well highinterestsavings.ca will cover hisa savings accounts, that takes about 10 minutes to get up to speed on 

http://www.cannex.com/canada/english/index.htm will give you all the latest GIC rates, that will take another 10 minutes of reading

so, in 20 minutes you have all the rates you need ...

simple, and easy as pie ... pie ... 

on a 100K the difference between a waterhouse hisa @1.25 and a cdf e-savings account 1.90 is $650 a year ... well worth the few hours i put in
and the difference between plain cash on 100K is $1900, certainly worth the effort
once the short application is submitted and in place, all this stuff takes to manage is a few keystrokes and an excel spreadsheet

as far as user names go ... i am certainly *not* a fatcat
and you will never be mistaken for being ... well ... humble

but i am still very fond of you pie :biggrin:


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## humble_pie (Jun 7, 2009)

another sniper who doesn't have a motorbike!

i once rode from vancouver to banff & back on a Harley. Trip took 5 days, weather was perfect, not a drop of rain.


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## Retired Peasant (Apr 22, 2013)

humble_pie said:


> ...Just like those grocery shoppers who scour coupons & flyers, then drive 40 kilometres out of the way on expensive gas, in order to buy laundry detergent & broccoli on deep special...


Don't be silly; you just price match with the flyer.:biggrin:


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## mrPPincer (Nov 21, 2011)

Nice, brings up thoughts of Persig's book, should pick that up again sometime.

Though if I do any cross-country tours again it will be in a van; ex-girlfriend's brother died on a brand new Harley last summer, woman in my hiking group, her son almost died in an accident this summer on a motorbike tour.
I'd rather be living in a van down by the river than not so with a brand new Harley even though I could prolly buy a nice one if I emptied out my HISA.


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## blin10 (Jun 27, 2011)

i agree 100%... 



humble_pie said:


> that was the point. Fiddling smallish amounts of cash around doesn't strike me as maximizing income or lowering costs. I can't see how moneywise it adds up to much more than a sneeze. In fact i believe the investor is losing, by diverting his attention away from proper management of his investment portfolio to playing niggly interest rate games.
> 
> the 1.25% interest that avrex recites as standard belongs to brokers' accounts. Registered accounts at brokers don't offer access to the ultra "high" payors like people's. To get people's high rates in reg'd accounts, would clients have to open a tfsa at people's?
> 
> ...


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## Chris L (Nov 16, 2011)

The child savings account is 2% and is not an intro rate - that's ING. I just move the cash from the high 2.5% intro rate to the CSA. At one time they offered 2.5% for new deposits so that's what got me to move it from TD at 1.25%. Eventually, all this moving provides incentives to the banks to offer better rates long term. Worth the effort.


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## Jon_Snow (May 20, 2009)

humble_pie said:


> another sniper who doesn't have a motorbike!
> 
> i once rode from vancouver to banff & back on a Harley. Trip took 5 days, weather was perfect, not a drop of rain.


I must admit that you fascinate the hell out of me Humble....


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