*Terms and conditions

From August 9, 2023 until November 30, 2023 (the "Promotional Period") earn a promotional interest rate of % (the "Promotional Interest Rate") on New Money (defined below) up to $1,000,000 deposited into your BMO Savings Amplifier Account (the "Qualifying Savings Amplifier Account").

1As of August 9, 2023, The Total Interest Rate is % on New Money and is a combination of the posted interest rate of the Savings Amplifier account available online at bmo.com/rates plus the Promotional Interest Rate (% + %).

The posted interest rate is subject to change at anytime without advance notice. Any changes to the posted rate will reflect in the Total Interest Rate calculation on your eligible balance and paid to your Qualifying Savings Amplifier Account during the Promotional Period. All interest rates are calculated per annum.

2How we calculate New Money in your Account:

To determine if a deposit qualifies as New Money and eligible for the Promotional Interest Rate, we will:

  1. combine all balances in your Canadian dollar BMO Smart Saver Account(s), BMO Savings Amplifier Accounts, BMO Savings Builder Account(s), BMO CAD Premium Rate Savings Account(s) as of August 8, 2023 (the “Savings Balance”) that are solely in your own name and/or jointly owned where you are the primary account holder and
  2. combine all balances in your BMO Savings Amplifier Accounts as of August 8, 2023 (the “Account Balance”) that are solely in your own name; and/or jointly owned where you are the primary account holder then
  3. at the end of every business day, we verify if your overall Savings Balance has increased, and your Account Balance has increased. Promotional interest will apply to the amount by which your Savings Balance or Account Balance increased, whichever is lower.

Here are some examples:

If you have $50,000 in your Savings Balance and of that $50,000, you have $10,000 in your Savings Amplifier Account (“your account(s)”) and you withdraw $5,000 from one of your other savings accounts and you deposit $4,000 into your Account, your total deposits have not increased ($50,000 - $5,000 + $4,000 = $49,000) so although the balance increased in your Account, the Promotional Interest Rate would not apply.

If you have $50,000 in your Savings Balance and of that $50,000, you have $10,000 in your Account and you deposit $15,000 into your Account, your total deposits have increased ($50,000 + $15,000 = $65,000) your Savings Balance has increased and your Account Balance has increased by $15,000 and you will earn the Promotional Interest Rate on the New Money ($15,000) on your Account.

If you have $50,000 in your Savings Balance and of that $50,000, you have $10,000 in your Account and you withdraw $3,000 from one of your other savings accounts and you deposit $10,000 into your Account, your Saving balance has increased by $7,000 ($50,000 - $3,000 + $10,000 = $57,000) and you will earn the Promotional Interest Rate on the New Money ($7,000) in your Account, although your account balance increased by $10,000.

To qualify for the Promotional Interest Rate, during the Promotional Period you must:

  • retain your Canadian Resident status
  • have an active BMO Savings Amplifier Account

Promotional Interest calculation and payment:

New Money deposited during the promotional period into a Qualifying Savings Amplifier Account will earn the Promotional Interest Rate of % during the Promotional Period. Deposits made into the Qualifying Savings Amplifier Account and/or existing balance(s) in the Qualifying Savings Amplifier Account that do not qualify as New Money will earn interest at the posted interest rate available on bmo.com/rates.

Promotional Interest is calculated on the daily closing balance of the Qualifying Savings Amplifier Account and paid monthly up to the 15th calendar day of the subsequent month. For example, interest that is earned in March, will be paid to the account up to April 15. Promotional Interest will be shown separately from the posted rate interest on the Qualifying Savings Amplifier Account statement. Posted rate interest will continue to be credited to the Qualifying Savings Amplifier Account on the last business day of the month.

Any calculated but unpaid Promotional Interest will be forfeited if the Qualifying Savings Amplifier Account is closed before the Promotional Interest is paid.

General:

This offer is non-transferable, and it can not be combined with other offers. A limit of one offer per customer is available however, if you have more than one Savings Amplifier Account in your own name or jointly owned where you are the primary account holder, all Savings Amplifier Accounts are eligible to earn the Promotional Interest Rate when New Money is deposited into your Savings Amplifier Account. This is a personalized offer, and the Promotional Interest Rate may not be the same for each customer who receives an offer. The clients of BMO Private Banking are not eligible. BMO reserves the right, at our sole discretion, to suspend, disqualify, limit, or revoke the offer to any account holder found to have manipulated or abused the Promotional Interest Rate offer, its fairness, integrity, or operation. BMO may change, extend, or withdraw this offer at any time without notice. Customers who have accepted the offer will be provided advance notice if the offer is withdrawn prior to the Promotional Period end date. To the extent that these Terms and Conditions are inconsistent with any other communication, advertisement or statement from the Bank, these Terms and Conditions will supersede all other materials.