Compare BMO savings account options

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.

Compare BMO savings accounts

Savings account	Monthly fee	Minimum balance requirement	Standard interest rate	Promotional rate
BMO Savings Amplifier Account	$0	$0	0.45%	Earn 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 $1,100 opening bonus with the chequing account. Valid until November 30, 2026
BMO Savings Builder Account	$0	$0	0.25%–0%	No promotion available
BMO Premium Rate Savings Account	$0	$0	0.01%	No promotion available

What is the best BMO savings 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 5.00% that lasts 4 months. Afterward, you’ll still earn a competitive base rate of 0.45%. 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.

Dive deeper: Best BMO credit cards in Canada

Disadvantages of opening a BMO savings account

• 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:

• Tax-Free Savings Account (TFSA)
• Registered Retirement Savings Plan (RRSP)
• Registered Education Savings Plan (RESP)
• Registered Retirement Income Fund (RRIF)
• Registered Disability Savings Plan (RDSP)
• First Home Savings Account (FHSA)
• Locked-in Retirement Account (LIRA)
• Locked-in Retirement Income Fund (LRIF)

Dive deeper: BMO U.S. Dollar Premium Rate Savings Account review

Requirements to open a BMO savings account

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.

Related: BMO chequing account options

How to open a BMO savings account

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:

1. Compare your BMO savings account options on the bank’s website.
2. If you choose the BMO Premium Rate Savings Account, you’ll need to open a BMO chequing account first.
3. Select Open Account and complete the application.
4. Input details like your contact information, employment status, SIN and tax details.
5. Review your information, read the terms and agreements and submit your application.
6. Register for BMO Online Banking and start using your account right away.

Related: Check out new bank account offers & promotions

Alternative to opening a savings account with BMO

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.

Some top alternatives to BMO savings accounts

Bottom line

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

• 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 to earn interest?

  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.

• 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 uses.

• 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'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.

• What BMO chequing accounts exist?

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

• Can I add a BMO savings account to a BMO Family Bundle?

  Both the Canadian and U.S dollar Premium Rate Savings accounts are eligible to be added to a BMO Family Bundle, allowing you to save on fees.