The following sets out the terms and conditions of the BMO RRSP Premium Rate Savings Account referred to on the application (the “Investment”). “Application” means the BMO form(s) you signed or verbally or electronically consented to (where applicable), authorizing an account opening, change, or transaction with BMO. The Investment is issued by the issuer indicated on the application (the “Issuer”). “Bank” refers to Bank of Montreal. “Plan” means the registered retirement savings plan, locked-in retirement savings plan or locked-in retirement account under which the Investments are held. “Accountholder” means the accountholder named under the Plan. A BMO RRSP Premium Rate Savings Account is offered by the Bank. The initial minimum amount which may be deposited in a BMO RRSP Premium Rate Savings Account is $50 and thereafter the minimum deposit is $25.
Interest. Interest is calculated on the daily closing balance and paid at the end of each month. Interest will be calculated on the entire balance at the interest rate for the applicable balance tier. The interest rates are subject to change.
If interest on the Investment is compounded, “Proceeds” shall mean the principal amount of the Investment together with interest thereon and, in all other cases, “Proceeds” shall mean only the principal amount of the Investment.
Payments. Payment requests can only be made in accordance with these terms and conditions. A payment request regarding any Investment is subject to processing time for the payment. For example, payments scheduled for a non-business day (i.e., Saturday, Sunday or a holiday) may be processed on the first business day before or after the originally scheduled payment date. All Investments are payable in Canadian dollars.
Redeemability. A BMO RRSP Premium Rate Savings Account is payable in whole or in part upon request.
Statements. An account statement will be provided annually.
Amendments. The Issuer of the Investment may from time to time in its discretion amend these terms and conditions upon notice to the Accountholder.
To learn more about how we collect, use, disclose and safeguard your Personal Information, your choices, and the rights you have, please see our Privacy Code (available at bmo.com/privacy, or from any of our branches).
What is Personal Information?
Your Personal Information is information about you that you provided to us or information we collected from other sources such as credit reporting agencies, and includes your name, address, age, financial data, Social Insurance Number, employment information, and other information that could be used to identify you.
Why do we need your Personal Information?
We collect and use your Personal Information to:
If we use your Personal Information for a different purpose, we will identify that purpose.
BMO Financial Group consists of Bank of Montreal and its affiliates. Your Personal Information, including information about your authorized representatives and beneficiaries, is shared within BMO Financial Group, to the extent permitted by law, to:
Sharing: You may choose not to allow us to share account-specific information within BMO Financial Group, but you understand we will share your Personal Information where two or more BMO Financial Group affiliates provide you with jointly offered products or services.
Direct marketing: You may choose not to allow us to use your contact information for direct marketing, such as mail, telemarketing or email informing you about products and services we think may be of interest and value to you.
Please see “Contact Us” in our Privacy Code for more details on how to opt out.
