I'd like to know what members think of this particular product. It appears to be very flexible in that it can be configured to suit the needs of the client. Up to five periods of 90-, 180-, 270-, and 360-day duration can be created in any combination. The base rate is subject to change but the premium rate is locked in for the duration of a period. Multiple deposits into a period is allowed and the funds are not locked in. Considering its relatively low base rate, it is somewhat less competitive than a HISA for very short-term investments but is more competitive for longer terms. (HISAs are currently paying ~0.85%.) I think this savings account is quite innovative. What do you think?

For more information: Scotiabank MomentumPLUS Savings Account

Rates as at Sep 1, 2017

Code: Select all

```
Regular Premium Total
Interest Interest Interest
Rate Rate Rate
MomentumPLUS 0.700% N/A 0.700%
90-Day Premium Period 0.700% 0.750% 1.450%
180-Day Premium Period 0.700% 0.800% 1.500%
270-Day Premium Period 0.700% 0.850% 1.550%
360-Day Premium Period 0.700% 0.900% 1.600%
```

Code: Select all

```
Term Annual Interest Rate (Paid at Maturity)
30-59 days 0.0500%
60-89 days 0.1500%
90-119 days 0.2500%
120-149 days 0.3000%
150-179 days 0.3000%
180-269 days 0.3500%
270-364 days 0.4000%
```