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There are four BMO savings accounts to help you save in a way that meets your personal needs. Below is our BMO savings account guide, including the features and benefits of each.
Compare BMO savings accounts
We’ve highlighted the details and features of BMO savings accounts below. Keep reading to find out more information to help you decide on the best savings account for your needs.
For those with long-term savings goals, the Savings Amplifier Account is a good option. This plan features $0 monthly fee. $0 minimum deposit, a 1.9% BMO savings account interest rate and unlimited no fee self-service transfers to your other BMO accounts.
But BMO savings account fees do apply. Pre-authorized debits, cash withdrawals, and transfers made in branch or through telephone banking cost $5—though since it’s a savings account, you would likely be using a chequing account for this type of transaction. This account also features BMO Savings Goals, a new mobile banking feature that helps you save for a big purchase, vacation or anything else you might need.
Earn a bonus interest rate on top of the base interest rate and earn more money with the BMO Savings Builder Account. With a $0 fee per month and a $0 minimum balance necessary, you’ll earn a base interest rate of 2.5%. That rate can jump up to 2.5% per month, with the addition of the bonus interest rate, if you add a minimum of $200 per month to this BMO 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 0.01% interest rate on every dollar you put into this 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% BMO savings account interest rate on every dollar in this $0 minimum balance account.
Please note: All information about BMO has been collected independently by Finder and products from BMO are not available through this site.
The benefits of BMO savings accounts
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.
BMO Digital Security Guarantee. BMO guarantees to reimburse you for any eligible unauthorized transactions on your account, providing extra peace of mind when banking online.
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.
CDIC protection. BMO is a member of the Canada Deposit Insurance Corporation, so up to $100,000 you deposit will be protected in case BMO fails.
No monthly fees. No BMO savings accounts have monthly fees, helping you grow your bank balance faster.
How to open a BMO savings account
Before you get started on your application, you should make sure that you meet the eligibility requirements for the specific BMO savings account that you are interested in. It’s also important to 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 includes:
Age. You may need to be a minimum age (like 13 years old or the age of majority) 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 verify your identity.
Information you will need to open a BMO savings account
After checking that you are eligible for the BMO 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.
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BMO savings accounts FAQs
You can access your savings account online using BMO's secure web portal, Online Banking.
No, there are no monthly account fees with BMO savings accounts.
There is generally no minimum balance required in your account in order to begin earning interest. You can have as little or as much in your BMO savings account as you want. However, for the BMO Savings Builder Account, you will need to add a minimum of $200 per month in order to earn the bonus interest rate.
Interest is paid monthly on the last business day of the month and is paid in the currency which your savings account is using.
You can make as many transfers as you like per month using your BMO savings account. Just be mindful that some accounts will charge you a transaction fee if you go above a limit. It is important to check the details of the BMO savings account you're signing up for to see how many free transactions you can make before you have to start paying.
James Wan was a writer for Finder. James graduated with a Communications Degree with a Minor in Journalism from Simon Fraser University and also received his Marketing Management Diploma from the British Columbia Institute of Technology shortly after.
Earn an accelerated interest rate when you deposit $200 per month with this innovative savings account.
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