BMO Savings Builder Account review
- Promotional Rate
- Regular Interest Rate
- Transaction Fee
- Minimum Balance
The BMO Savings Builder Account is an account that rewards you for committing to growing your savings. You'll get an accelerated interest rate on this account for every month you invest $200 or more. You'll also earn a base rate of 2.5% on your balance, and you won't have to pay monthly fees to maintain your account. Just be aware that you'll only get one free debit per month and you'll have to pay $5 for every additional withdrawal.
No monthly fees
Decent interest rates
One free withdrawal per month
Minimum deposit for bonus rates
Maximum limits for bonus rate
The BMO Savings Builder Account allows you to earn a higher interest rate when you put a minimum amount of savings into your account each month. Your base interest rate will be 2.5% for any balance you hold in your account. You’ll earn an accelerated interest rate for every month you invest $200 or more. You’ll also get one free debit or withdrawal per month, though you’ll have to pay a $5 fee any time you take money out beyond this limit.
What are the benefits of the BMO Savings Builder Account?
The BMO Savings Builder Account offers a decent interest rate when you make consistent payments into your savings each month as well as:
- No monthly fees. You won’t have to pay monthly fees to keep your account active.
- Decent interest rates. You’ll be able to earn up to on your account when you put $200 per month into your savings (or 2.5% as a base rate).
- One free withdrawal per month. You can withdraw or transfer money out of your account once per month for free.
- No minimum deposits. You won’t need to worry about keeping a minimum amount of money in your account to keep it active.
- Easy mobile banking.You’ll be able to sign up for the BMO mobile banking app to manage your savings and account details on the go.
Alternative: Neo MoneyEarn 2.25% interest on your savings, plus earn a high rate of cashback on your spending. No account or transaction fees. Earn 2.25% interest on your balance + get up to 15% cashback on first-time purchases with your Neo Money card. CDIC insured up to $100,000 balance.
What should I look out for?
Aside from the benefits, there’s a handful of drawbacks that you should be aware of with this account:
- Minimum deposit for bonus rates. You’ll have to deposit at least $200 into your savings each month to qualify for the bonus rate.
- Maximum limits for bonus rate. You’ll only earn the bonus rate on balances up to $250,000.
- Limited debits. You’ll only get one free debit per month and after that you’ll be required to pay $5 per transaction.
- Not eligible for BMO’s bank plans. You won’t be able to include this account as part of your BMO bank plan (which lets you hold 20 accounts at one time for one monthly fee).
- Limited to one account. It’s not possible to open multiple BMO Savings Builder Account in the way that you can with some of BMO’s other no-fee savings accounts.
- 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.
Compare BMO with other savings accounts
How do I open a BMO Savings Builder Account?
You can follow these steps to sign up for a BMO Savings Builder Account:
- Visit BMO’s main banking page and find the BMO Savings Builder Account under “Bank Accounts” in the tab along the top of the page.
- Select “Savings Accounts” from the dropdown list and then select BMO Savings Builder Account.
- Indicate whether you’re a new or existing BMO customer to get redirected to the correct application.
- 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 Savings Builder 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’ll be able to take money out of your account by sending it to yourself via an internal BMO transfer. There’s no mention of whether you can make withdrawals using an ATM, or by visiting a branch in person.
To deposit funds, you can cash a cheque or deposit cash into your account at an ATM, or by visiting a BMO branch. You can also transfer money into your account or deposit a cheque electronically using the BMO mobile banking app.
How can I get in touch with customer service?
You can easily connect with BMO using the following channels:
- By phone. Call into BMO’s customer service line at any time of day or night to set up or resolve issues with your account.
- In person. Go into a BMO branch in person to get help with your BMO Savings Builder Account.
- By mail. Send in a written request by mail to BMO headquarters in Montreal or reach out to your local branch through the post for information about your account.
- By email. Send a secure message through your online banking or get in touch with BMO by emailing its general inbox.