Automatic Savings Plan (ASP)

Right for you if: 

  • You want to start saving through regular, pre-authorised payments

  • You want to make regular contributions to your savings

  • Putting a set amount of your income aside every month, often called ‘paying yourself first,’ is one of the most effective ways to save, so we've designed an account to make this easier for you and reward your saving habits.

    An Automatic Savings Plan automatically deducts a specified amount on a regular basis from your bank account and deposits it directly into your Savings Account.

  • Choose to make savings contributions weekly, bi-weekly, monthly, quarterly, semi-annually, or annually

  • Scotiabank will automatically transfer the money into the Scotiabank Savings Account you choose

  • You can change how much and how often you contribute at any time, or cancel the service by advising us in writing

  • By making regular contributions, you build your savings while also earning a real return on the amount already contributed. As a result of compound interest, your portfolio has the potential to grow faster than if you made a single lump-sum contribution.

    Setting up your Automatic Savings Plan is easy. Contact us or visit your nearest Scotiabank branch for more information about Pre-Authorised Contributions and how you can easily transfer your existing funds to Scotiabank.


    Fees and Terms

     

    Eligible for 0.5% bonus annual interest 

     

    Make payments automatically

     

    Save up to $19,000 in 3 years with monthly payments of $500

    Save regularly through our Automatic Savings Plan and you can earn an additional 0.5% bonus interest on the annual average monthly balance of your contributions made during the one-year term1, through our Scotiabank Savings Reward Plan. 

    By the numbers: 

    The interest you earn by saving regularly with an Automatic Savings Plan, plus the bonus interest of our Scotiabank Savings Reward Plan, can bring you closer to your savings target.

    How much closer? See how our Savings Plans help you reach your financial goals: 

     

    Monthly Amount Saved

     

    Total Savings After:
    Year 1 Year 2 Year 3
    $100 $1,226 $2,503 $3,831
    $150 $1,839 $3,754 $5,746
    $200 $2,453 $5,005 $7,662
    $300 $3,679 $7,508 $11,493
    $500 $6,132 $12,513 $19,154
    Based on an annual interest rate of 4%.

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