Get a promo interest rate of 4.75%.
benefits
Get a high interest rate, pay no monthly plan fee, and more
Earn a 0.95% savings interest rate or a promotional rate of 4.75%**
Get a promotional interest rate when you also open a Performance, Premium or AIR MILES®† Chequing Account.
Pay no monthly plan fee or minimum deposit
$0 monthly plan fee and $0 minimum deposit required to get started.
Get unlimited self-serve transfers
Make transfers to your other BMO accounts any time, including mobile and online transfers, and ATM.*99
Manage your savings with BMO Savings Goals
Save for a vacation, or a big purchase with our new Mobile Banking feature, BMO Savings Goals.
Fees
Explore the fees and features of the Savings Amplifier Account
| Transaction type | Fee |
|---|---|
Monthly fee | $0 |
Withdrawal | $5 |
| Funds transfer (Digital and ATM) | $0 |
| Funds transfer (Branch and Virtual Connect associate) | $5 |
| Pre-Authorized Debit | $5 |
Full disclosure for the BMO Savings Amplifier account.
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Explore features like BMO CreditView®, BMO Savings Goals, and BMO QuickPay.
Interactive financial tools like BMO SmartProgress™
Learn more about everyday banking, saving, investing, budgeting, home buying, and more on our interactive learning platform.
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“Easy to use and always at my fingertips. I like being able to do my banking on the go and this app provides just that.”
“Makes banking, tracking, budgeting, and quick analysis of personal trends easy. Highly recommend!”
“My favourite part is how you can check your credit score any time you want with a single click!”
“Easy to use and always at my fingertips. I like being able to do my banking on the go and this app provides just that.”
“Makes banking, tracking, budgeting, and quick analysis of personal trends easy. Highly recommend!”
“My favourite part is how you can check your credit score any time you want with a single click!”
“Easy to use and always at my fingertips. I like being able to do my banking on the go and this app provides just that.”
“Makes banking, tracking, budgeting, and quick analysis of personal trends easy. Highly recommend!”
“My favourite part is how you can check your credit score any time you want with a single click!”
Reviews have been edited for spelling and punctuation.
Award-winning mobile banking
Recognized for Excellence in Digital Banking for a third year in a row.
Honoured for digital money management features and account alerts.
Awarded for BMO CashTrack, an artificial intelligence (AI) driven capability.
Compare savings accounts to find the right one for you
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Complete the online application
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Savings Amplifier Account FAQs
A savings account is a deposit account designed to hold money you don’t plan to spend right away. It’s different from a chequing account, as you usually do not withdrawal money from a savings account on an everyday basis.
A savings account is ideal if you’re trying to set money aside for a big purchase or financial move, such as a vacation, a car purchase, buying property, or completing a home renovation. With BMO Savings Goals, we can help you set, track, and manage your savings to reach your financial goals. Customers with a BMO savings account can access the BMO Savings goals feature for no fee.
To get started, open a savings account at a bank and deposit money into the account. The bank will then pay interest on the balance in your savings account. The interest rate you earn varies by bank and account type.
With a savings account like the BMO Savings Amplifier Account, you get access to competitive interest rate to encourage you to save and earn cash back every time you add funds to your savings account. The more you deposit into your savings account and the longer you save, the more your money will grow over time.
The interest rate you earn on your savings account is set by your bank. They also set the Annual Percentage Yield (APY), which is the rate of interest earned on your savings when compounding interest is included.
For example, with the BMO Savings Amplifier Account, you earn a competitive interest rate of 1.65% on your savings. If you deposit $1000 into your BMO Savings Amplifier Account, and deposit $100 a month into your account for one year, your balance would be around $2,200 and you would earn $16.50 in interest at the end of that year.
Check out our savings calculator to determine your potential interest payments with a BMO Savings Amplifier Account.
Open a savings account at BMO in three simple steps.
- Choose the account you’d like to open. We offer several savings accounts, including the Savings Amplifier Account, Savings Builder Account, and Premium Rate Savings Accounts.
- Complete the online application. You’ll need to provide basic information like your name, address, employment information, and Social Insurance Number (SIN).
- Sign up for BMO Online Banking. Register for BMO Online Banking and start using the BMO mobile banking app.
The Savings Amplifier Account includes a $0 monthly plan fee, a $0 minimum opening deposit, and no fees on any self-serve transfers to your other BMO accounts. A $5 fee applies for each pre-authorized debit, cash withdrawals, and transfers made in branch or with a Telephone Banking associate.
Compare savings accounts at BMO online to help you decide which option works for you.
Can I have multiple savings accounts at BMO?
Yes, you can open multiple savings accounts at BMO, or add a new plan to your existing account. You can explore our savings accounts and apply online or visit us at a branch for additional support.
When you open a BMO Savings Amplifier Account and a BMO Performance, Premium, or AIR MILES®Footnote dagger Chequing Account at the same time online, you get access to a promo interest rate on your savings account.
Can I add this savings account to the BMO Family Bundle?
Sorry, but the Savings Amplifier Account is not eligible for the BMO Family Bundle. Only Premium Rate Savings and U.S. Dollar Premium Rate Savings accounts can be added to the Family Bundle.
Explore our resources for savings accounts
What is a savings account? Here’s why you need one
A savings account may sound straightforward – a place to store your money for the future – but there’s more to it than that.
How to make an emergency savings fund
Find out why an emergency fund is a key part of your financial wellness and how to get started.
The six golden rules of saving
Learn more about how to set yourself up for future financial success.
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