This account will provide small business owners with a high yield, liquid alternative to term deposits for surplus balances, said the bank.
Scotiabank said it will charge no monthly maintenance fees for customers who sign up for its newly launched savings account.
Customers can access their money at any given time as there are no term restrictions.
The bank will also offer businesses unlimited free self-service transfers to and from their other Scotiabank accounts when they use Scotiabank’s Automated Banking Machines (ABMs) or online, telephone, and wireless banking services.
Scotiabank senior vice president for cash management and payment services Alice Eastman said they saw a need in the marketplace for an account tailored to the unique needs of small business owners.
"Working with Small Business, Global Transaction Banking responded to these needs with the creation of a high interest savings account that will help simplify cash flow planning and generate higher interest income for small business owners," Eastman said.
