The BMO Savings Amplifier Account is a no-fee account that lets you earn 1.8% interest on your savings, with no minimum deposit requirements. Just be aware that you'll pay a $5 fee whenever you withdraw funds from your account unless you're transferring funds to your other BMO accounts.
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BMO Savings Amplifier Account review
- Promotional Rate
- 5.50% until October 31
- Interest Rate
- 5.50% until October 31
- Transaction Fee
- $0
- Minimum Balance
- $0
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Our verdict
Earn a high level of interest on your savings when you sign up for the no-fee BMO Savings Amplifier Account.
The BMO Savings Amplifier Account offers a high interest rate for a no-fee account when compared to the other Big Five banks. You'll get free unlimited self-serve transfers between your BMO accounts, but you'll have to pay fees to withdraw funds in any other way.
Best for: Those who may already be BMO customers and don't plan to make regular withdrawals.
Pros
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Quick approval
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Earn up to 1.8% interest
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Free BMO transfers
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No minimum deposits
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Easy online banking
Cons
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No free debits
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Not eligible for other BMO plans
What are the benefits of the BMO Savings Amplifier Account?
The BMO Savings Amplifier Account comes with a number of different benefits:
- Quick approval. Find out if your application is approved in minutes.
- No monthly fees. There are no monthly fees to keep your account active.
- Decent interest rates. You can earn up to 1.8% interest on your account balance.
- Free BMO transfers. There’s no cost to transfer money between your BMO accounts (though you’ll pay $5 to make in-branch or telephone transfers).
- No minimum deposits. It’s possible to get your account up and running with as little as $1, which makes it accessible to most customers.
- Easy mobile banking. You can sign up for the BMO Mobile Banking app to monitor your account and manage your transactions on the go.
- Track your goals. It’s easy to create savings goals and track the progress of your savings contributions through the app or online banking portal.
What should I look out for?
Watch out for the following drawbacks with the BMO Savings Amplifier Account:
- No free debits. You’ll pay $5 every time you withdraw cash through direct deposit, e-Transfer or ATM withdrawals.
- Non self-serve BMO transfers come with fees. You’ll pay $5 to transfer between your BMO accounts if you complete transfers in a branch or over the phone.
- Not eligible for other BMO plans. You can’t include this account as part of your family bundle or BMO bank plan.
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How do I open a BMO Savings Amplifier Account?
Follow these steps to open a BMO Savings Amplifier Account online:
- Visit BMO’s website and find the page for the BMO Savings Amplifier Account.
- Click on the “Open now” button when you land on the page.
- Choose whether you’re a new or existing BMO customer to get redirected to the correct application.
- Enter personal information such as your full name, date of birth, Social Insurance Number, employment information and email address.
- Submit your application and provide any other documents that BMO requests to process your file.
- Once approved, sign up for an online account with your new banking information.
BMO Savings Amplifier Account eligibility requirements
To apply for a BMO Savings Amplifier Account, you need to meet the following criteria:
- Be a Canadian citizen or resident who is the age of majority in your province (18 or 19 years old, depending on where you live)
- Have a valid Social Insurance Number and a Canadian address
- Be opening an account in your name
Required documents and information
- Your name, residential status and contact information
- Your Social Insurance Number (SIN) and date of birth
- Your email address and phone number
How do I deposit or withdraw my money?
You’ll be able to withdraw cash from your account by sending it to yourself via an internal BMO transfer. You can also pay a $5 fee to withdraw funds to other accounts or to get cash out of an ATM.
You can put money into your account by cashing cheques, by depositing cash with a teller or by using an ATM. You can also transfer money into your account or deposit a cheque electronically using the BMO Mobile app.
How can I get in touch with customer service?
You can easily connect with BMO by using the following channels:
- By phone. Contact BMO’s customer service department at any time of day or night by calling its toll free number.
- In person. Visit a BMO branch in person to discuss your banking needs or to sign up for an account.
- By mail. Send a letter by mail to BMO’s headquarters in Montreal or reach out to your local branch through the post.
- By email. Send a secure message through your online banking or send an email to BMO’s general email inbox.
What other savings accounts does BMO offer?
If the BMO Savings Amplifier Account, doesn’t meet your needs, BMO offers a handful of other savings accounts:
- BMO Savings Builder. This fee-free account gives you a 2.4% interest rate if you increase your savings by $200 per month or a 0.5% base interest rate if you don’t.
- Premium Rate Savings Account. This account comes with a lower interest rate and is best if you need frequent access to your money.
- US Dollar Premium Rate Savings Account. This account lets you save your US funds and gives you frequent access to them.
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