The BMO Premium Rate Savings Account lets you earn a decent interest rate on your savings. It comes as an add-on to any BMO chequing account, and you won\u2019t have to pay fees to keep it active. There are no set withdrawals limits with this account as whatever limits are imposed will be based on those included with your primary chequing account. For this reason, you may not be able to open this savings account unless you already have a chequing account with BMO.<\/p>
The BMO Premium Rate Savings Account is an account that lets you earn interest on your savings. That said, it functions a bit differently from a regular savings account in that it doesn\u2019t come with set fees or withdrawal limits. Instead, these details are determined by your BMO primary chequing account. This is why you\u2019ll need to have a chequing account set up with BMO before you can sign up for the BMO Premium Rate Savings Account.<\/p>
The BMO Premium Rate Savings Account works a little bit differently than a normal BMO account. This is because it will typically be included as part of a BMO bank plan, which means your account terms will match those of your primary chequing account.<\/p>
For example, let\u2019s say you sign up for a BMO Performance Chequing Account before taking on a BMO Premium Rate Savings Account. This chequing account comes with a fee of $17.95 per month and includes 1 free withdrawal per month (after which you\u2019ll pay $2 per debit).<\/p>
The chequing fee listed above will be the only fee you\u2019ll pay, even if you add a BMO Premium Rate Savings Account onto your plan. You\u2019ll also enjoy the same terms with your savings as you do with your chequing account (which equals 1 free withdrawal and $2 per debit after that).<\/p>
The BMO Premium Rate Savings Account comes with the following benefits:<\/p>
There are also a handful of drawbacks that you should keep an eye out for with this account<\/p>