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BMO Smart Saver Account Review

Earn interest on your savings and pay no monthly fees when you sign up for this basic savings account.


Minimum Balance


OfferGet one free transfer out of the account
Minimum Balance$0
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Please note: All information about BMO Smart Saver Account has been collected independently by Finder and this product is not available through this site.

The BMO Smart Saver Account lets you earn 0.05% interest on any money you hold in your account. There are no minimum deposit requirements and you won’t have to pay monthly fees to keep your account active. That said, you’ll have to pay a $5 fee for every debit you make beyond the one free debit you’re entitled to each month.

Expert review

The BMO Smart Saver Account may be a good fit for customers who want to earn interest on their savings. It comes with zero monthly fees and one free transfer out of your account each month. Beyond that, you’ll need to pay $5 for every additional withdrawal or transfer you make. It’s also important to keep in mind that this account isn’t eligible for any of BMO’s bank plans, so it will be treated by BMO as a standalone account.

What are the benefits of the BMO Smart Saver Account?

The BMO Smart Saver Account comes with a number of different benefits:

  • No monthly fees. You won’t have to pay a monthly fee to keep your account active.
  • Decent interest rates. You can earn up to 0.05% on any money you have stored in your account.
  • One free withdrawal per month. You can organize one free debit or transfer out of your account each month (though each additional withdrawal will cost you $5).
  • 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’ll be able to sign up for the BMO Mobile Banking app to manage your account and associated transactions on the go.

What should I look out for?

Aside from the benefits, there are a handful of drawbacks that you should be aware of with this account:

  • 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).
  • 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

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Simplii High Interest Savings Account
Simplii High Interest Savings Account
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KOHO Earn Interest
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Neo Financial High Interest Savings Account
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Get a competitive interest rate and unlimited free transactions with no monthly fees or minimum balances.
EQ Bank Savings Plus Account
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Enjoy zero everyday banking fees, free transactions and no minimum balance with a Savings Plus Account from EQ Bank.

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How do I open a BMO Smart Saver Account?

Follow these steps to open a BMO Smart Saver Account online:

  1. Visit BMO’s website and find the page for the BMO Smart Saver Account.
  2. Click on the “Get started” 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 your 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.

Eligibility requirements

To apply for a BMO Smart Saver 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 withdraw cash from your account by sending it to yourself via an internal BMO transfer. There’s no mention of whether you can make withdrawals from your account using an ATM or by visiting a branch in person.

To deposit funds, you’ll be able to put money into your account by cashing cheques or depositing cash with a teller or at 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. You’ll be able to contact BMO’s customer service department at any time of day or night by calling its toll free number.
  • In person. You can visit a BMO branch in person to discuss your banking needs or to sign up for an account.
  • By mail. You can send mail to BMO’s headquarters in Montreal or reach out to your local branch through the post.
  • By email. You’ll be able to send a secure message through your online banking or you can send an email to BMO’s general email inbox.

Frequently asked questions about the BMO Smart Saver Account

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