BMO U.S. Dollar Premium Rate Savings Account review
Get a generous return on interest and build up your US dollar savings with this innovative cross-border account.
The BMO U.S. Dollar Premium Rate Savings Account is a cross-border account that lets you save money in US dollars. It offers a 0.05% interest on any balance you hold in your account and your monthly transaction limits will match the number of transactions you get with your BMO chequing account. Even though there are no fees with this account, you’ll have to pay foreign currency rates to convert your Canadian currency into US dollars, and vice versa.
Some Relevant Information
- Interest rate: 0.05%
- Monthly fee: $0
- Minimum deposit: $0
- Minimum balance to earn interest: $0
- Interest compounding: Daily
- Monthly transaction limit: Depends on your BMO chequing account
- Fee for additional debits: Depends on your BMO chequing account
The BMO U.S. Dollar Premium Rate Savings Account gives you a flat rate of interest on your US dollar savings. You won’t pay any monthly fees for this account if you add it onto a BMO chequing account (and your transaction limits will match those of your chequing account). Just keep in mind that you’ll still have to pay foreign exchange rates to transfer money between your Canadian and US dollar accounts.
What are the benefits of the BMO U.S. Dollar Premium Rate Savings Account?
The BMO U.S. Dollar Premium Rate Savings Account comes with a number of benefits:
- No monthly fees. There are no monthly fees – unless you don’t attach this account to a BMO chequing account.
- Earn interest in US dollars. You’ll earn 0.05% interest on your account in US dollars.
- Easy internal transfers. It’s easy to send money between your BMO accounts for free (though you’ll need to pay exchange rates to switch between USD and CAD).
- No minimum deposits. You’re not obligated to keep a minimum balance in your account to keep it active.
- Share transactions with your chequing. You can sign up to this account alongside a chequing account with high transaction limits to be able to withdraw cash more often for no additional fee.
- Mobile banking. You can manage your transactions and banking details hassle-free using the BMO Mobile Banking app.
What should I look out for?
While the BMO U.S. Dollar Premium Rate Savings Account comes with several benefits, you should keep your eye out for the following drawbacks:
- Fee for standalone account. You’ll have to pay a fee for this account if you choose not to link it to your BMO chequing account.
- No bill payments. You won’t be able to pay bills, authorize cheques or set up pre-authorized payments using this account.
- Debit purchases aren’t allowed. It’s not possible to make point-of-sale transactions or Interac online purchases using your debit card.
- No Interac e-Transfers. You can’t send money to family or friends using Interac e-Transfers with the BMO U.S. Dollar Premium Rate Savings Account.
Compare other savings accounts
How do I open a BMO U.S. Dollar Premium Rate Savings Account?
Follow these steps to open a BMO U.S. Dollar Premium Rate Savings Account online:
- Go to BMO’s website and click “Savings Accounts” under the tab “Bank Accounts”.
- Find the page for the BMO U.S. Dollar Premium Rate Savings Account.
- Indicate whether you’re a new or existing customer to be redirected to the appropriate application.
- Enter your personal information such as your full name, date of birth, Social Insurance Number (SIN)and email address.
- Submit your application and provide any other documents that BMO requests to process your file.
- Once approved, sign up for an online BMO account with your new banking information.
To apply for a BMO U.S. Dollar 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 withdraw your funds from your BMO U.S. Dollar Premium Rate Savings Account by transferring them to your other BMO accounts. It’s also possible to withdraw your money at an ATM in the US or Canada. To deposit funds, you’ll typically need to transfer them in from your Canadian chequing or savings account.
How can I get in touch with customer service?
It’s easy to get in touch with BMO’s customer service team using a variety of methods:
- By phone. You’ll be able to call into BMO’s toll-free customer service hotline to get support with your account.
- In person. You can easily visit a branch in person to speak to a BMO agent about any concerns you may have.
- By mail. It’s possible to send inquiries or documents to BMO’s head office in Montreal.
- By email. You can contact BMO by sending a message to its general email inbox or through your online banking.