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.

    Scotiabank's Automatic Savings Plan (ASP) makes saving automatic at set time intervals, so you don’t have to even think about it.

  • Transfer a set amount to your Savings Account on a regular basis

  • Customise when you’d like to make payments and how much you'd like put aside

  • Earn 1% bonus interest1 if you save regularly with the Scotiabank Savings Reward Plan (SSRP)

  • Fees and Terms


    Eligible for 1% 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 1% bonus1 interest on the annual average monthly balance of your contributions made during the one-year term2, through our Scotiabank Savings Reward Plan. 

    By the numbers: 

    The interest you earn by saving regularly with an Automatic Savings Plan, plus the bonus1 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%.

    You might also need...

    Scotiabank Savings Reward Plan

    Earn an additional 1% bonus interest on the annual average monthly balance of your savings contributions.

    Read more, Scotiabank Savings Reward Plan
    Looking for the right account?

    You can set up your Automatic Savings Plan with a variety of Scotiabank accounts. Browse our Account Comparison Chart to find the perfect account for you.

    Read more, Looking for the right account?

    Need more information?

    In Person

    Contact us for more information

    Find a local branch