Savings Accounts

BMO offers a variety of savings accounts with different features. Here’s a list of the types of savings accounts we offer:

1. In the category of high-interest savings accounts (HISAs), we offer the BMO Savings Amplifier Account. This account earns competitive interest on all balances, making it ideal for those focused on maximizing their savings. It also gives you unlimited self-serve transfers between your BMO accounts for no fee. 
   
2. We also offer a conditional high-interest savings account – the BMO Savings Builder Account. It earns bonus interest when you grow your balance by at least $200 each month, encouraging consistent savings habits.
3. For day-to-day savings accounts, we have the BMO Premium Rate Savings Account, which is a straightforward day-to-day savings account with no monthly fees, offering flexibility to access your money whenever you need it. Another option is the BMO U.S. Dollar Premium Rate Savings Account, which lets you save in U.S. dollars, making it ideal for cross-border or international savings needs.

The main differences between a savings account and a chequing account come down to how many transactions you can make per month, the fees you incur, and the potential each account offers for earning interest. 

A chequing account is best used for day-to-day transactions. It’s known as a deposit account and is designed to hold your money for short-term needs.

A savings account, on the other hand, is designed to hold your money for longer periods so that you can save it, and potentially earn interest on your account balance. 

You can automate your savings by setting up recurring transfers (also called automatic deposits). Over time, your automatic deposits can add up and boost your savings.

Savings accounts are a great way to make your money work for you. Thanks to compounding interest, depositing even small amounts into your savings account can add up over time.

Defined as the interest you earn on interest, compound interest means that when you put money into your savings account, you’ll earn interest on the principal (the initial amount you deposited) plus the interest that accumulates over time. How often that interest is compounded can make a big difference. Whether it's yearly, monthly or daily, the more the interest is compounded, the faster your money will grow.

Let’s look at an example. Say you deposit $1,000 in a savings account that pays 1 per cent annual interest. After a year, you’d earn $10 in interest. With the help of compound interest, in the second year you’ll earn 1 per cent on $1,010 – principal plus the interest.

Keep in mind, each savings account has its own requirements – some may require a minimum deposit to start earning interest. Also, there might be tiered interest rates or limited-time promotional rates, so it's worth confirming the requirements of a savings account before you open it.

In the case of one of our most popular savings accounts, the BMO Savings Amplifier Account, interest is calculated on the daily account closing balance and paid monthly on the first business day of the following month, based on annual interest rates. Think of it as a monthly boost to your savings. 

Yes, we have two options for high-interest savings accounts. Both savings accounts have no monthly fees.

• Savings Amplifier: As a new BMO customer, you can enjoy a promotional interest rate on balances up to $1,000,000 when you open a Chequing account along with a Savings Amplifier Account. After the promotional period ends, your Savings Amplifier Account will continue to offer a competitive base interest rate. Plus, you can easily transfer funds to your other BMO accounts at no cost using self-serve options.

• Savings Builder: Rewards you with bonus interest for growing your savings monthly, so you can reach your financial goals even faster.

Learn more about our interest rates for savings accounts

The good news is that there are no monthly fees for our savings accounts. But there may be transaction fees associated with each account depending on which one you choose. We offer several savings accounts:

• Savings Amplifier: Get unlimited self-serve transfers to your other BMO accounts with no monthly fees. A $5 fee applies for transactions performed at a branch or with a Customer Contact Center associate.^*25
• Savings Builder: Enjoy one debit transaction per month, at no cost.^*23 Each withdrawal or additional transfer out costs $5.^*25

• Premium Rate Savings: Transaction limits are shared with your chequing account under your Bank Plan. Per-item fees will apply when you exceed the number of transactions included in your Plan.

• U.S. Dollar Premium Rate Savings: This is our foreign currency savings account for banking between the U.S. and Canada. Transaction limits are shared with your chequing account under your Bank Plan. Per-item fees will apply when you exceed the number of transactions included in your Plan.

Open a savings account at BMO in three simple steps.

1. Choose the account you’d like to open. We offer several savings accounts, including the Savings Amplifier Account, Savings Builder Account, and Premium Savings Account.
2. Complete the online application. You’ll need to provide basic information like your name, address, employment information, and Social Insurance Number (SIN).
3. Sign up for BMO Online Banking. Register for BMO Online Banking and start using the BMO Mobile Banking app.

It’s easy. Simply sign in to BMO Online Banking and follow these steps.

For BMO Online Banking:

1. Go to Move money.
2. Select Account transfers.
3. Select the account you wish to transfer money from.
4. Select the account you wish to transfer the money to.
5. Enter the amount you would like to transfer.
6. Select the date you want the transfer to occur and whether you want it the transfer to be a recurring or one-time transfer.

For the BMO Mobile Banking App follow this demo or the steps below:

1. Go to Pay & Transfer.
2. Select Transfer.
3. Select the account you wish to transfer money from.
4. Select the account you wish to transfer the money to.
5. Enter the amount you would like to transfer.
6. Select the date you want the transfer to occur and whether you want it the transfer to be a recurring or one-time transfer.

And that’s it! Your funds will be available immediately on the date you selected, but your transfer transaction and current balance can take one business day to update and display.

The Premium Rate Savings Account and U.S. dollar Premium Rate Savings Account can be used with Family Bundle. The BMO Savings Builder Account and Savings Amplifier Account are not eligible to be part of Family Bundle.

Learn how you can save money on fees and better manage your finances with the BMO Family Bundle.

The best savings account depends on how you plan to save and how often you need to access your money.

If you want a high interest rate, unlimited self-serve transfers and easy access to your money, check out our Savings Amplifier Account. Save money when you bank with no monthly fee and no minimum balance required.

If you’re able to add $200 to your savings each month and if you don’t need frequent access to your money, then you’ll earn the highest interest with our Savings Builder Account, which rewards you with bonus interest for growing your savings balance each month.

Check out our Premium Rate Savings Account if you require convenient access to your money whenever you need it while earning daily interest on every dollar you save.

Check out our U.S. Dollar Premium Rate Savings Account if you want to save in U.S. dollars.

We take customer privacy very seriously and we fiercely protect customer data. We’ll reimburse you 100% for any losses to your personal banking accounts resulting from unauthorized transactions through BMO Online Banking. Explore security at BMO to learn more about how we keep your information safe. You can also follow these steps to keep your account safe:

• Change your passwords regularly.
• Don’t store your password with your debit card number.
• Advise us within 24 hours of learning that your debit card was lost or stolen; or that the confidentiality of your password was compromised.
• Monitor your accounts for unauthorized transactions and call us/DM us to report any concerns.