Last fall, when we decided to leave Toronto, we sold all of our things, not knowing how long we would be travelling for or where we would end up eventually.
Fast forward almost one year later, after having spent months travelling across Europe, living in a van in the US and then deciding to give British Columbia a shot, we finally put our suitcases down and found a permanent, or at least semi-permanent home, in North Vancouver.
We have really enjoyed exploring British Columbia these past couple of months, getting to know the province that is so far from home, that much better. There are just so many things to do here, so many adventures to be had and so many outdoor activities to pursue. Because I’m all about experiences and exploring, I have quickly realized that in order to keep discovering my new province and new backyard,
getting a vehicle would be necessary. While I lived in Toronto, it was never something I considered getting but because there are so many great activities to do out here, it has become something I can no longer avoid. Therefore, it has become my goal to save up for a car in the next couple of months.
Luckily, Scotiabank just recently launched their Scotiabank Momentum PLUS Savings Account, an innovative new digital savings account and the first-of- its-kind in Canada, that enables Canadians like myself, to save for one or multiple goals in just one account. The longer we save, the higher the interest rate. For deposits between now and December 29, 2017, you can earn a bonus interest rate of up to 2.30% on those funds until February 28, 2018. This is the highest daily interest rate on a retail savings
account amongst Canada’s Big 5 Banks. All with no minimum balance or monthly fee.
So I stopped by my local Scotiabank branch in Lower Lonsdale to set up my account and also discuss my savings goal for a car. In addition to the account’s annual interest rate of 0.70%, you can also obtain Premium Interest between 0.75% to 0.90%, depending on the savings period selected. So we planned out a 180-day savings Premium Period (you can also choose 90, 270 or 360-day Premium Period) for the
car. With this Momentum PLUS Savings Account, a longer Premium Period will allow me to earn a higher Premium Interest Rate, with regular interest paid monthly and the Premium Interest paid at the end of the Premium Period. What’s great about this account is that no matter how I choose to save up for the car, my money will always be accessible, so that if ever I reach my goal before the end of my savings goal period, I can always go out and buy the vehicle immediately (although that would mean we forgo the premium interest rate).
My goal for the next 180-day period is to save up to $5,000 CAD in order to buy a second hand vehicle to keep exploring more of my beautiful new province. Though this is quite a large goal for someone like myself who is now a full-time freelancer, I believe that with the help of this new Scotiabank Momentum PLUS Savings Account, I will be able to attain my short-term goal. I will also be able to monitor my progress online and re-adjust the amount of money I put aside for my savings period as the months go by.
You can follow my #SavingsJourney progress on Instagram and check back in a few months to see whether or not I have been able to attain my goal of finally purchasing a car for BC!
This post was written in collaboration with Scotiabank, but all opinions are my own.