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Education Savings Plan (ESP)
Right for you if:
You want to provide your children with the benefits of higher education
You need additional funds to pay for your child’s post-secondary education
We all want the best for our children and that includes the benefits of a higher education. But paying for it takes planning and commitment. With the Scotiabank Education Savings Plan (ESP) you can get a head start and establish a clear path toward your child’s higher education.
Offset your borrowing costs tomorrow by saving today.
Opening an ESP makes you eligible for borrowing rate discounts when you take out a future education loan to help pay for your child’s post-secondary education.
The longer you save, the higher the discount: The amount of the discount is based on the length of time the plan has been active, with the earned loan discount rate1 growing over the course of the first five years the ESP is opened.
| Time in the ESP | Loan Discount Earned1 (off posted rates) |
|---|---|
| 1 year | 5% |
| 2 years | 10% |
| 3 years | 15% |
| 4 years | 20% |
| 5 years | 25% |
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Scotiabank Savings Reward Plan
Earn an additional 1% bonus interest on the annual average monthly balance of your savings contributions.
Looking for the right account?
You can set up your Education Savings Plan with a variety of Scotiabank accounts. Browse our Account Comparison Chart to find the perfect account for you.
Ready to Apply?
Discounts may vary by country. See your branch for current rates.