BMO Premium Rate Savings Account Review
Earn a decent interest rate on your savings when you add this premium savings account to any BMO bank plan.
The BMO Premium Rate Savings Account lets you earn a decent interest rate on your savings. It comes as an add-on to any BMO chequing account, and you won’t have to pay fees to keep it active.
The BMO Premium Rate Savings Account lets you earn a decent interest rate on your savings. It comes as an add-on to any BMO chequing account, and you won’t have to pay fees to keep it active. There are no set withdrawals limits with this account as whatever limits are imposed will be based on those included with your primary chequing account. For this reason, you may not be able to open this savings account unless you already have a chequing account with BMO.
The BMO Premium Rate Savings Account is an account that lets you earn interest on your savings. That said, it functions a bit differently from a regular savings account in that it doesn’t come with set fees or withdrawal limits. Instead, these details are determined by your BMO primary chequing account. This is why you’ll need to have a chequing account set up with BMO before you can sign up for the BMO Premium Rate Savings Account.
How does this account work?
The BMO Premium Rate Savings Account works a little bit differently than a normal BMO account. This is because it will typically be included as part of a BMO bank plan, which means your account terms will match those of your primary chequing account.
For example, let’s say you sign up for a BMO Performance Chequing Account before taking on a BMO Premium Rate Savings Account. This chequing account comes with a fee of $$15.95 per month and includes 1 free withdrawal per month (after which you’ll pay $2 per debit).
The chequing fee listed above will be the only fee you’ll pay, even if you add a BMO Premium Rate Savings Account onto your plan. You’ll also enjoy the same terms with your savings as you do with your chequing account (which equals 1 free withdrawal and $2 per debit after that).
What are the benefits of the BMO Premium Rate Savings Account?
The BMO Premium Rate Savings Account comes with the following benefits:
- No monthly fees. You won’t have to pay monthly fees for this account (though you’ll usually need to pay fees for your primary chequing account on any bank plan).
- Earn interest on your savings. You’ll earn 0.01% interest on any savings you put away.
- No minimum deposits. You won’t need to worry about keeping a minimum balance in your account to keep it active.
- Easy mobile banking. It’s easy to sign up for BMO’s mobile app to send money and manage your transactions on the go.
- Can be included in any BMO bank plan. This plan can be added on to any BMO chequing account for no additional fee.
What should I look out for?
There are also a handful of drawbacks that you should keep an eye out for with this account
- No set withdrawal limits. Your withdrawal limits will be determined by your primary chequing account, which means account terms aren’t standardized.
- Limited debits. You’ll likely only get a handful of free withdrawals per month before you have to start paying fees to take money out (depending on your chequing account).
- Minimal information about fees. There’s no mention of how much you’ll have to pay to make ATM withdrawals, Interac e-Transfers or other transactions.
- Hard to set up as an individual account. You’ll need to visit a branch if you want to register for this account without signing up for a BMO chequing account first.
Compare BMO with other savings accounts
How do I open a BMO Premium Rate Savings Account?
You can follow these steps to sign up for a BMO Premium Rate Savings Account:
- Visit BMO’s main website and hover over the “Bank Accounts” tab at the top of the page.
- Select “Savings Accounts” from the dropdown list and then select BMO Premium Rate Savings Account.
- Fill out an application if you’re an existing customer or decide which BMO chequing account to sign up for first if you’re a new customer.
- Enter your personal information such as your full name, date of birth, Social Insurance Number, employment information and email address.
- Double-check your information and click submit.
To apply for a BMO Premium Rate Savings Account, you need to meet the following criteria:
- Be a Canadian citizen or resident who is at least 18 years old (19 in some provinces)
- Be opening a sole account in your name
Required documents and information
- Your name, residential status and contact information
- Your Social Insurance Number (optional) and date of birth
- Your email address and phone number
How do I deposit or withdraw my money?
You can easily transfer between your BMO accounts to send and receive funds. For example, you can send money from your chequing to your savings account, and vice versa. It’s unclear if you make withdrawals using a debit card on this account.
To deposit funds, you can cash a cheque or deposit cash into your savings account by visiting a BMO branch. You can also carry out a number of transactions and move your money around using the BMO mobile app.
How can I get in touch with customer service?
You’ll be able to contact BMO through a number of channels:
- By phone. Call in to speak to a BMO customer service agent over the phone.
- In person. Visit a BMO branch to get assistance with your account in person.
- By mail. Send mail to BMO headquarters in Montreal or to a local branch if this makes more sense.
- By email. Send a secure message through your online banking or email BMO’s customer support inbox.