Pay Yourself First and Savings Finder are both effective savings tools that can be used to reach your savings goals. Pay Yourself First might work best if you have a regularly recurring deposit like payroll, while Savings Finder might be better for fluctuating income and expenses.

Pay Yourself First: This tool helps you set up automatic transfers from payroll or other income deposits in your chequing account into your Money Master savings account. You set the amount or percentage to save, and we’ll move funds when it appears that you can afford it.

The amount transferred from chequing to savings will change depending on the transaction activity in your chequing account, including spending patterns, expenses, and incoming funds. After each transfer, you’ll receive a notification in the Scotia app letting you know the amount.

Savings Finder: This tool looks at your source of income and cash flow to identify opportunities to save small amounts of money you can afford, when it appears that you can afford it. You set your monthly savings target, and Savings Finder will do the rest.

You’ll receive a notification in the Scotia app once a month letting you know the total amount that was transferred from your chequing account to your Money Master savings account.

No transfer will be more than $75, and funds won’t be transferred more than three times a week. Savings Finder won’t transfer more than the monthly savings target you set when you enrolled.