BMO Savings Amplifier Account review

Our verdict

Our verdict

The BMO Savings Amplifier Account offers a high interest rate for a no-fee account when compared to the other Big Five banks. You'll get free unlimited self-serve transfers between your BMO accounts, but you'll have to pay fees to withdraw funds in any other way.

Best for: Those who may already be BMO customers and don't plan to make regular withdrawals.

Pros

• Quick approval
• Earn up to 1.8% interest
• Free BMO transfers
• No minimum deposits
• Easy online banking

Cons

• No free debits
• Not eligible for other BMO plans

BMO Savings Amplifier Account is not currently available on Finder

Have you considered EQ Bank Savings Plus Account?

Enjoy zero everyday banking fees, free transactions and no minimum balance.

• Earn 2.50% interest
• Unlimited & free transactions
• $0 account fee
• Zero everyday banking fees
• No minimum balance requirements
• CDIC protection for balances up to $100,000

Learn more

No thanks, compare other savings accounts options.

Learn more

Bonus Interest Rate

5%

Ongoing Interest Rate

1.8%

Monthly Account Fee

$0

What are the benefits of the BMO Savings Amplifier Account?

The BMO Savings Amplifier Account comes with a number of different benefits:

• Quick approval. Find out if your application is approved in minutes.
• No monthly fees. There are no monthly fees to keep your account active.
• Decent interest rates. You can earn up to 1.8% interest on your account balance.
• Free BMO transfers. There’s no cost to transfer money between your BMO accounts (though you’ll pay $5 to make in-branch or telephone transfers).
• No minimum deposits. It’s possible to get your account up and running with as little as $1, which makes it accessible to most customers.
• Easy mobile banking. You can sign up for the BMO Mobile Banking app to monitor your account and manage your transactions on the go.
• Track your goals. It’s easy to create savings goals and track the progress of your savings contributions through the app or online banking portal.

Promoted

Neo Money Account

Alternative: Neo Money

Earn 2.25% interest on your savings, plus earn a high rate of cashback on your spending. No account or transaction fees. Open an account and get a $5 bonus. CDIC insured up to $100,000 balance.

Go to site

What should I look out for?

Watch out for the following drawbacks with the BMO Savings Amplifier Account:

• No free debits. You’ll pay $5 every time you withdraw cash through direct deposit, e-Transfer or ATM withdrawals.
• Non self-serve BMO transfers come with fees. You’ll pay $5 to transfer between your BMO accounts if you complete transfers in a branch or over the phone.
• Not eligible for other BMO plans. You can’t include this account as part of your family bundle or BMO bank plan.

Compare BMO with other savings accounts

Sort by:

Name	Product	Promo Rate	Regular Interest Rate	Monthly Account Fee	Transaction Fee	e-Transfer Fee	CDIC Insured	Offer
Neo Money Account		N/A	2.25%	$0	$0	$0		Open an account and get a $5 bonus.	Go to site View details	Compare	loading Fetching your data...
EQ Bank Savings Plus Account		N/A	2.50%	$0	$0	$0			Go to site View details	Compare	loading Fetching your data...
Simplii High Interest Savings Account		5.25% until April 30	0.40%	$0	$0	$0			Go to site View details	Compare	loading Fetching your data...
KOHO Save		N/A	2.00%	$0	$0	$0		Use promo code FINDERCODE and get a $20 cash bonus when you make your first purchase within 30 days.	Go to site View details	Compare	loading Fetching your data...
Scotiabank MomentumPLUS Savings Account		5.00% for 5 months	1.60%	$0	$5.00	$0			Go to site View details	Compare	loading Fetching your data...
RBC High Interest eSavings Account		4.60% for 3 months	1.50%	$0	$5.00	$1.00			View details	Compare	loading Fetching your data...
CIBC eAdvantage Savings Account		4.25% for 4 months	1.40%	$0	$5.00	$5.00			View details	Compare	loading Fetching your data...
TD High Interest Savings Account		N/A	0.05%	$0	$5	$0			View details	Compare	loading Fetching your data...
Tangerine Savings Account		4.50% for 5 months	1.00%	$0	$0	N/A			View details	Compare	loading Fetching your data...
National Bank High Interest Savings Account		N/A	1.50%	$0	$0	$0			View details	Compare	loading Fetching your data...

loading

CompareClear

How do I open a BMO Savings Amplifier Account?

Follow these steps to open a BMO Savings Amplifier Account online:

1. Visit BMO’s website and find the page for the BMO Savings Amplifier Account.
2. Click on the “Open now” button when you land on the page.
3. Choose whether you’re a new or existing BMO customer to get redirected to the correct application.
4. Enter personal information such as your full name, date of birth, Social Insurance Number, employment information and email address.
5. Submit your application and provide any other documents that BMO requests to process your file.
6. Once approved, sign up for an online account with your new banking information.

BMO Savings Amplifier Account eligibility requirements

To apply for a BMO Savings Amplifier Account, you need to meet the following criteria:

• Be a Canadian citizen or resident who is the age of majority in your province (18 or 19 years old, depending on where you live)
• Have a valid Social Insurance Number and a Canadian address
• Be opening an account in your name

Required documents and information

• Your name, residential status and contact information
• Your Social Insurance Number (SIN) and date of birth
• Your email address and phone number

How do I deposit or withdraw my money?

You’ll be able to withdraw cash from your account by sending it to yourself via an internal BMO transfer. You can also pay a $5 fee to withdraw funds to other accounts or to get cash out of an ATM.

You can put money into your account by cashing cheques, by depositing cash with a teller or by using an ATM. You can also transfer money into your account or deposit a cheque electronically using the BMO Mobile app.

How can I get in touch with customer service?

You can easily connect with BMO by using the following channels:

• By phone. Contact BMO’s customer service department at any time of day or night by calling its toll free number.
• In person. Visit a BMO branch in person to discuss your banking needs or to sign up for an account.
• By mail. Send a letter by mail to BMO’s headquarters in Montreal or reach out to your local branch through the post.
• By email. Send a secure message through your online banking or send an email to BMO’s general email inbox.

What other savings accounts does BMO offer?

If the BMO Savings Amplifier Account, doesn’t meet your needs, BMO offers a handful of other savings accounts:

• BMO Savings Builder. This fee-free account gives you a 2.5% interest rate if you increase your savings by $200 per month or a 0.5% base interest rate if you don’t.
• Premium Rate Savings Account. This account comes with a lower interest rate and is best if you need frequent access to your money.
• US Dollar Premium Rate Savings Account. This account lets you save your US funds and gives you frequent access to them.

BMO Savings Amplifier Account FAQs

• Is my money safe with BMO?

  Yes. BMO is one of Canada's Big Five banks. It's a member of the Canada Deposit Insurance Corporation, which means that any money you put into your account will be protected up to $100,000 in the very unlikely event that BMO goes bankrupt.

• Is the BMO Savings Amplifier Account included with any of BMO's bank plans?

  Unfortunately, no. BMO's bank plans allow you to register for up to 20 BMO accounts at one time. You then get to choose a primary account that determines your fees and withdrawals for all accounts. The BMO Savings Amplifier Account can't be included with this type of plan.

• Can I manage my BMO Savings Amplifier Account through mobile banking?

  No problem! You can easily download the BMO mobile app using the Apple App Store or Google Play. From there, you can input your banking details and create a password to access your account on the go.

• Can I apply for the BMO Savings Amplifier Account online?

  Yes, you can apply by visiting BMO's website to fill out an application or you can visit a branch in person to sign up for an account. It's also possible to call BMO's phone hotline to get started.