Rule #1: Set your savings goals
A great way to get motivated to save money is to set a specific goal for your savings. Whether you write your goal down on paper or use a financial tool like the Savings Goals feature in the BMO Mobile Banking App, having a savings goal can help motivate you to save consistently.
Rule #2: Choose the right account for your needs
There are different types of savings accounts. The right one for you will depend on what kind of saver you are.
High-interest seeker:
Maximize your savings with a competitive interest rate and unlimited, no fee, self-serve transfers with our Savings Amplifier Account.
Active saver:
Enjoy no monthly fee and get rewarded with a bonus interest rate for saving consistently withour Savings Builder Account.
Flexible saver:
Access your money whenever you need it with our Premium Rate Savings Account or save in U.S. dollars with our U.S. Dollar Premium Rate Savings Account.
Rule #3: Consolidate your funds
If you keep your savings all in one place, you can get a holistic view of your progress. Using custom transfers between your accounts or an ®INTERAC e-Transfer are both easy ways to consolidate your funds into one savings account.
Rule #4: Save on autopilot
It’s easy to make saving a habit when you set up automatic transfers. You can do this easily through your digital banking portal or your mobile banking app. By taking a “set it and forget it” approach to saving money, you can save consistently without having to think about it.
Rule #5: Increase your capacity to save
By periodically assessing your spending and expenses, you can get a holistic view of where your money is going. Tools such as BMO Insights can help you do this by giving you a quick personalized picture of your day-to-day spending.
Rule #6: Review your progress regularly
As life and personal circumstances change, so may your savings goals. A good rule of thumb is to re-evaluate your savings goals every three months. Financial tools such as the BMO Savings Calculator can help.