Scotiabank Offers Bank The Rest Savings Program

Scotiabank Offers Bank The Rest Savings Program

Scotiabank recently launched a unique savings program called Bank The Rest Savings Program. Scotiabank customers will be able to automatically save each time a purchase is made. This program automatically rounds up transaction to the next multiple of $1 or $5; customers can choose whether they want $1 or $5 option. The difference is then put into Scotia Money Master account. This is not a bad idea to save money. However, like any other programs, it has some advantages and disadvantages. Let me give you some important highlights to help you make an informed decision.

Disadvantages

• You need to have a day-to-day Scotia banking account.
• You need to have a Scotia Money Master High Interest savings account.
• You can transfer the total rounded up amount only into Money Master account.
• Transactions may cost you depending on what type of account you have; Scotia does not offer no fee banking.
• Money Master High Interest savings account does not provide high interest. Currently, it pays 2.25$ interest. Better rates can be found elsewhere.

Advantages

• Forcing you to save; which I think is a good thing.

• If you are already a Scotia customer, this plan does not cost you anything additional.

• Transactions made in the U.S. also qualify for this program.

• Small purchases can add up to a big amount at the year end.

These are just some highlights. Visit Scotia Online for more information. Always do your homework before making any financial decisions. Also, visit A Dawn Journal regularly and visit often.