BMO offers three standard savings accounts, each designed for a different type of saver. Below is our BMO savings account guide, including the features and benefits of each to help you choose the right fit.
Earn 4.5% interest when you open both a BMO Savings Amplifier Account and a BMO Performance, Premium, Plus or Practical Chequing Account. Plus, earn up to a $700 opening bonus with the chequing account. Valid until March 2, 2026.
For those with long-term savings goals, BMO's Savings Amplifier Account is a good option. This plan features a $0 monthly fee, $0 minimum deposit, 0.5% interest rate (after the promotional 4.50% rate ends in 120 days) and unlimited no-fee self-service transfers to your other BMO accounts. However, pre-authorized debits, cash withdrawals, bill payments and transfers made in branch cost $5.
BMO Savings Goals for automated, goal-based savings
No monthly fees or minimum balance
Unlimited free self-serve transfers between BMO accounts
The BMO Savings Builder Account is ideal for people who want to steadily grow their savings each month with minimal fees. It comes with a $0 monthly fee, $0 minimum balance requirement and base interest rate of 0.1%. That rate can jump up to 0.6% if you add a minimum of $200 per month to your account. You'll also get one free debit transaction each month with this account, but any other transactions will cost you $5.00 each.
No monthly fee
Bonus interest potential
One free transaction per month
BMO Savings Goals
No minimum balance required
Additional transactions are $5.00
You must add $200 to your account each month for the bonus rate
The BMO Premium Rate Savings Account is designed for customers who want a flexible, no-fee savings account that pairs well with a BMO chequing account. While the account offers unlimited access to your funds, its 0.01% interest rate is low compared with other BMO savings accounts, making it better suited for short-term savings or emergency funds rather than high-growth goals. It comes with a $0 monthly fee, but you'll have to pay $2–$5 per transaction, including transferring to another BMO account.
The BMO Savings Amplifier Account is the best overall BMO savings account for most savers, thanks to its combination of no monthly fees, no minimum balance and promotional rate of 4.50% that lasts 120 days. Afterward, you’ll still earn a competitive base rate of 0.5%. The account also offers unlimited self-service transfers between your BMO accounts, making it easy to manage your savings digitally. While in-branch and external transactions cost extra, the BMO Savings Amplifier Account is a strong option for people who primarily bank online and want a simple, flexible place to grow their savings.
Summary of BMO savings account promotional offers
Advantages of opening a BMO savings account
BMO Savings Goals. Set specific savings targets, track progress visually and automate transfers from a linked BMO chequing account with this feature.
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 a 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.
Interest rates can be low. While competitive for a big bank, BMO’s savings interest rates are lower than what you can get from online-only banks.
Fees on certain transactions. Some accounts offer free transfers between BMO accounts or one free transaction per month, but you’ll have to pay $2–$6.50 for all other transactions.
Promotional and bonus interest requirements. BMO’s base interest rates are quite low, and you’ll have to meet certain requirements, like depositing $200 into your account each month, to earn additional interest.
What other types of savings options does BMO offer?
In addition to its three traditional savings accounts, BMO offers registered accounts like TFSAs and RRSPs, which can be paired with BMO InvestorLine to hold GICs, mutual funds and ETFs. BMO also features currency-specific options, like the BMO U.S. Dollar Premium Rate Savings Account, which lets you earn interest on U.S. funds.
Here are all the other types of saving options BMO offers:
Before you get started on your application, you should make sure that you meet the following eligibility requirements:
Age. Children 13 and older (14 in Quebec) can open their own savings accounts, while parents or guardians must visit a branch to open an account for younger children.
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.
It’s possible to open a BMO savings account online, on the BMO Mobile App, over the phone or in person. You can complete the digital application in seven minutes or less and have your account details right away, making it the most convenient option. When you’re ready, follow these steps to open a BMO savings account online:
Compare your BMO savings account options on the bank’s website.
If you choose the BMO Premium Rate Savings Account, you’ll need to open a BMO chequing account first.
Select Open Account and complete the application.
Input details like your contact information, employment status, SIN and tax details.
Review your information, read the terms and agreements and submit your application.
Register for BMO Online Banking and start using your account right away.
If you want to look beyond big banks like BMO, digital banks can be a strong alternative. These online-only banks often offer higher interest rates than traditional banks, helping your savings grow faster. Many also provide low or no fees and convenient mobile banking features. However, they lack in-person branch access, so they’re best for those comfortable managing their money entirely online.
Tangerine offers a no-fee online savings account with a strong introductory interest rate of 4.5% for the first 5 months, making it ideal for short-term savings goals. After the promo ends, the rate drops to 0.3%, which is still higher than many traditional accounts, including the BMO Premium Rate Savings Account. The account is fully online with no minimum balance, automated savings options and CDIC protection.
The EQ Bank Notice Savings Account offers competitive interest if you provide advance notice of 10 to 30 days before withdrawing, rewarding disciplined savers. Earn 2.75% interest if you choose a 30-day withdrawal notice period or 2.35% interest if you choose a 10-day notice period. While these rates don't beat the promotional rate that BMO's Savings Amplifier Account offers, they're higher than any other BMO base and bonus rates. And, there are no fees or minimums, and funds are fully CDIC insured.
The Simplii High Interest Savings Account is a no-fee online savings account with a strong introductory rate of 4.50% for the first 5 months. Then, you'll earn a tiered rate of 0.3%–1.50%, depending on your balance. This account also offers no monthly fees, no minimum balance and no transaction charges. Simplii's promotional rate and base rate are comparable to BMO's, especially if you have less than $500,000.01 in your account, but transactions are more affordable.
Scotiabank's MomentumPLUS Savings Account combines a base rate of 0.4% with bonus interest between 0.20% and 0.45% for premium periods or 0.05%–0.10% for package holders. It has no fees, is CDIC insured and offers nationwide branch and ATM access. If you want to stick with a Big Five Bank but want higher rates than what BMO offers, this may be the account for you.
No monthly fee or minimum balance
Promotional and premium interest options
Unlimited transfers to other Scotiabank accounts
Additional rate boosts with Ultimate or Preferred Package
BMO offers a range of savings accounts designed for different types of savers, from long-term goal-oriented accounts like the Savings Amplifier to more flexible options like the Premium Rate Savings Account. While BMO’s accounts are convenient and fee-free, their interest rates are generally lower than what digital banks offer.
Frequently asked questions about BMO savings accounts
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's generally no minimum balance required in your account 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'll need to add a minimum of $200 per month 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 uses.
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's 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.
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Earn an accelerated interest rate when you deposit $200 per month with this innovative savings account.
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