BMO savings accounts
BMO Bank of Montreal simplifies its savings accounts to present you with 4 unique options to save your money and earn interest.
One way for people to earn some extra money is by putting their money in a savings account. The four BMO savings accounts can help you save in a way that meets your personal needs.
Below is our guide of the savings accounts BMO offers, including the features and benefits of each. Find out how to apply for the savings account that is right for your banking needs.
Compare BMO savings accounts
BMO Smart Saver Account
For those with long-term savings goals, the Smart Saver Account is a good option. This plan features a $0 fee per month and better yet, there is no monthly savings requirement in this account for you to start earning interest. For every dollar you have in this account, you’ll earn an interest rate of 0.8%. This account also includes one free transfer out of the account per month, while subsequent withdrawals or additional transfers out are $5 each.
BMO Savings Builder Account
Earn a bonus interest rate on top of the base interest rate and earn more money with the BMO Smart Saver Account. With a $0 fee per month and a $0 minimum balance necessary, you’ll earn a base interest rate of 0.2%. That rate can jump up to 1.6% per month, with the addition of the bonus interest rate, if you add a minimum of $200 per month to this savings account.
BMO Premium Rate Savings Account
The BMO Premium Rate Savings Account is free with a $0 Kids Account, Plus Plan Chequing Account or a discounted Performance or Premium Plan Account. When you open it in conjunction with a BMO chequing account, you can share transaction limits with your chequing account. In doing so, you can earn and save money while accessing your money on a frequent basis. With a $0 monthly minimum balance in your account, you can earn a 0.05% interest rate on every dollar you put into this account.
BMO U.S. Dollar Premium Rate Savings Account
If you frequently travel to the United States, the BMO U.S. Dollar Premium Rate Savings Account is a solid choice to keep your American dollars and earn interest. You can share transaction limits with your chequing account, and include this account in your BMO account Plan and pay just one monthly Plan fee. Earn a 0.05% interest rate on every dollar in this $0 minimum balance account.
The benefits of banking with BMO
Like most big banks, you can expect a high level of customer service with BMO as well as the following benefits:
- BMO Internet and mobile banking. Signing up for a BMO chequing account will give you access to bank online using the secure, BMO Online Banking web portal. You can also choose to bank on your mobile device using the BMO Mobile Banking app.
- Pay with mobile wallet. Securely and conveniently pay using the contactless payment feature using Google Pay or Apple Pay on your mobile device.
- Travel insurance. Protect yourself, your family, your trip and even your luggage against the uncertainties and emergencies that can arise from travelling.
- BMO Prepaid Travel Mastercard. Have instant access to cash while you’re travelling without having to physically carry cash.
How to open BMO savings accounts
Before you get started on your application, you should make sure that you meet the eligibility requirements for the specific savings account that you are interested in, if there are any. Furthermore, have the necessary documents on hand so that you can correctly fill out the application form. Some of the information you may have to provide when opening up a savings account includes:
- Age. You may need to be a minimum age (like 13 years old) to open an account.
- Residency. You need to verify that you live in Canada and have a valid Canadian address.
- Social Insurance Number (SIN). You need to provide your SIN so that BMO can check with the credit bureau to verify your identity.
Information you will need for your application
After checking that you are eligible for the savings account you want, you will need to provide your address and contact information as well as an accepted form of identification, such as your driver’s licence number or passport, in order to verify your identity. If you are below the age of 13, you will need to complete your application with a parent or legal guardian at your local BMO branch.
Frequently asked questions about BMO savings accounts
Read more on this topic
How a digital bank account can help you during COVID-19 (Coronavirus) Find out how a digital bank account can help you manage your day-to-day banking needs during the coronavirus crisis in Canada.
HSBC High Rate Savings Account Pay no monthly fees to take advantage of value-added features with this no-frills account.
Your guide to comparing high-yield business savings accounts A business savings account is a good alternative for a business owner who is not interested in aggressively investing excess business funds. This allows access to the money when needed, and it works at gaining interest when not.
Scotiabank Basic Bank Account review Scotiabank’s Basic Business Account isn’t fancy, but it gives you all the essentials to bank comfortably.
Scotiabank Ultimate Package review Earn the best mix of rewards and benefits with this premium bank account package from Scotiabank.
Registered education savings plans (RESP) If you’re looking to invest in your child’s future post-secondary education, a registered education savings plan (RESP) can be one of the best ways to do so.
Wealthsimple Cash review Get a higher return on your savings with the new all-in-one Wealthsimple Cash account.
Tangerine TFSA review Get a high interest rate and maximize your savings with a Tangerine Tax-Free Savings Account.
Tangerine RSP review Save more for your retirement with a high-interest RSP Savings Account from Tangerine.
Automatic savings account options and apps Find out about the benefits of an automated savings plan. See what apps, tools and accounts can help reach your savings goals.