Compare BMO savings account options

These BMO savings accounts can help you save money and earn interest. Here's how they compare.

By

James Wan

Updated

Fact checked

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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.

BMO Savings Amplifier Account

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 0.8% 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.

BMO Savings Builder Account

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 0.95%. That rate can jump up to 2% per month, with the addition of the bonus interest rate, if you add a minimum of $200 per month to this BMO 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 0.01% 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% 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.

Compare other savings accounts

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Product Finder Score Promo Rate Regular Interest Rate Monthly Account Fee 1 Year Return Offer
Finder score
8.3 Great
N/A
3.20%
$0
$220.00
Earn 2.20% on balances up to $100,000 and 3.20% on balances above $100,000.
Go to siteView details
Finder score
9.2 Excellent
N/A
3.00%
$0
$300.00
Earn 3.00% interest with a 30-day withdrawal notice period, or 2.85% interest with a 10-day notice period.
Go to siteView details
Finder score
9 Excellent
N/A
2.50%
$4
$250.00
Opt in and earn 2.5% interest on your savings. Plus, earn 1% cash back on groceries, transportation, food, and drink purchases.
Go to siteView details
EQ Bank Personal Account
EQ Bank logo
Finder score
9.5 Excellent
3.50% for 12 months
1.25%
$0
$350.00
Earn 3.5% for 12 months when you set up $2000/month or more in either direct deposit for your pay or recurring pre-authorized debits.
Go to siteView details
Scotiabank MomentumPLUS Savings Account
Scotiabank logo
Finder score
9 Excellent
5.00% for 3 months
0.55%
$0
$166.25
Earn a savings rate of up to 5% for 3 months when you open a Scotiabank MomentumPLUS Savings Account and a Scotiabank Ultimate Chequing Account.
Go to siteView details
Neo High Interest Savings Account
Neo Financial logo
Finder score
8.5 Great
N/A
2.50%
$0
$250.00
Earn 2.50% every day with no limited-time offers, no minimum deposits, or commitments required.
Go to siteView details
Tangerine Savings Account
Tangerine logo
Finder score
8.2 Great
4.50% for 5 months
0.30%
$0
$206.00
Earn 4.50% interest for 5 months (on up to $1,000,000 in deposits) when you sign up by July 31, 2025.
Go to siteView details
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Finder Score for savings accounts

To make comparing even easier we came up with the Finder Score. Interest rates, account fees and features across 50+ savings accounts and 25+ lenders are all weighted and scaled to produce a score out of 10. The higher the score the better the account - simple.

Read the full methodology

BMO

BMO Performance Chequing Account

  • Earn up to a $750 bonus
  • Exclusive: Get an additional $150 digital Visa Gift Card from Finder
  • Enjoy 4.75% promo interest
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BMO savings accounts FAQs

Written by

Writer

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. See full bio

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