BMO savings accounts

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

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 right savings account for your needs.

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 0.5%. 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 2.2%. That rate can jump up to 2.2% 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 0.01% 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% 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.

Compare other savings accounts

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Name	Product	Interest Rate	Monthly Account Fee	Transaction Fee	e-Transfer Fee	Offer
KOHO Save		1.50%	$0	$0	$0	Use promo code FINDERCODE and get a $20 cash bonus when you make your first purchase within 30 days.	Go to site View details	Compare	loading Fetching your data...
Scotiabank MomentumPLUS Savings Account		4.50% for 5 months, 1.5% thereafter	$0	$5.00	$0		Go to site View details	Compare	loading Fetching your data...
Neo Money Account		2.25%	$0	$0	$0		Go to site View details	Compare	loading Fetching your data...
EQ Bank Savings Plus Account		2.50%	$0	$0	$0		Go to site View details	Compare	loading Fetching your data...
Simplii High Interest Savings Account		5.00% for 2 months, 0.4% thereafter	$0	$0	$0		Go to site View details	Compare	loading Fetching your data...

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Frequently asked questions about BMO savings accounts

• How do I access my BMO savings account online?

  You can access your savings account online using BMO’s secure web portal, Online Banking.

• Are there monthly account fees for BMO savings accounts?

  No, there are no monthly account fees with BMO savings accounts.

• How much money do I need to keep in my account in order to earn interest?

  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.

• When do I get paid the money I earn from the interest rate in my savings account?

  Interest is paid monthly on the last business day of the month and is paid in the currency which your savings account is using.

• How many transactions can I make per month with a BMO savings account?

  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.

• What is PlanShare?

  PlanShare enables you to open up to 20 select BMO accounts under a single plan. You must designate one account as the lead account and you will pay the monthly account fees for this account. If you have other accounts under PlanShare that also have monthly account fees, they will be waived.

• How does BMO travel insurance work?

  If you’re about to travel, you can purchase a travel insurance plan from BMO. These plans may include 24/7 travel assistance and being able to inquire and purchase plans either online or by calling this toll-free number: 1-800-661-9060.

  To learn more about BMO cheqing accounts read our comparison guide here.