TORONTO, March 31 /CNW/ - Scotiabank has launched the new Scotia Power Savings for business™ (SPSfb) account, a high interest account specifically designed for small businesses. This account provides small business owners with a high yield, liquid alternative to term deposits for surplus balances.

"At Scotiabank, we recognize the complexities of operating a small business and with this competitive savings account we are able to meet the specific needs of small business owners by offering them a higher rate of interest, without having to lock in their funds," says Islay McGlynn, Managing Director and Head, Small Business, Scotiabank.

With the Scotia Power Savings for business™ account, there are no monthly maintenance fees and customers can access their money at any given time as there are no term restrictions. Businesses will receive 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 is pleased to expand its suite of accounts with the addition of the Scotia Power Savings for business™ account," says Alice Eastman, Senior Vice President, Cash Management and Payment Services, Scotiabank. "We 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." For more information, visit a local branch, go to www.scotiabank.com/spsfb, or call 1-800-4-SCOTIA (1-800-472-6842).

About Scotiabank
Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With more than 70,000 employees, Scotiabank Group and its affiliates serve some 18.6 million customers in more than 50 countries around the world. Scotiabank offers a broad range of products and services including personal, commercial, corporate and investment banking. With assets above $541 billion (as at January 31, 2011), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.