BMO Savings Amplifier Account

BMO Savings Amplifier Account Overview

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The BMO Savings Amplifier Account is offered by the Bank of Montreal (BMO) and has some impressive features. If you’re considering this savings account option, you’ll want to know its benefits, drawbacks, and associated fees.

The BMO Savings Amplifier Account offers competitive interest rates to help grow your savings. Enjoy no monthly fees, no minimum deposit, and free self-serve transfers. However, fees apply for non-self-serve transfers and cash withdrawals. This account provides a cost-effective and convenient option for savers.

This article will cover this savings account’s features, pros, cons, fees, and special offers. We’ll also detail a step-by-step guide on how to open the account.

BMO Savings Amplifier Account Features

The BMO Savings Amplifier Account is a high-yield savings solution designed to help you maximize your savings potential. This account boasts several key features that set it apart from traditional savings accounts, making it an excellent choice for those looking to grow their money effortlessly. These include:

1.8% interest rate
No monthly fee or minimum deposit
Unlimited no-fee self-serve transfers to your other BMO accounts
BMO Savings Goals feature on the BMO Mobile Banking app

Pros of BMO Savings Amplifier Account

High Interest Rate

This savings account offers a high interest rate of 1.800% for a big bank savings account. This is impressive, especially considering no minimum balance or deposit requirement exists.

No Monthly Fees

With no monthly fees, you can keep your money in the account without worrying about additional costs.

Free Self-Serve Transfers

You can make unlimited free transfers to your other BMO accounts through mobile, online, or ATM. This is especially useful for those with multiple accounts with BMO who want to move their money around easily.

BMO Savings Goals Feature

The BMO Savings Goals feature on the BMO Mobile Banking app allows you to set up, track, and reach your savings goals, making staying motivated and achieving your financial objectives easier.

Cons of BMO Savings Amplifier Account

No Free Debits

BMO charges a $5 fee every time you withdraw cash through direct deposit, e-Transfer, or ATM withdrawals.

Non-Self-Serve BMO Transfers Come with Fees

In-branch or telephone transfers between your BMO accounts will cost you $5 per transfer.

Not Eligible for Other BMO Plans

The BMO Savings Amplifier Account is not eligible for inclusion in family bundles or other BMO bank plans.

Bmo Savings Amplifier Account - Comparewise

BMO Savings Amplifier Account Fees

When it comes to fees associated with the BMO Savings Amplifier Account, customers can enjoy a user-friendly experience that prioritizes savings. The account features:

No monthly fee: Unlike other savings accounts, the BMO Savings Amplifier Account doesn’t charge a monthly maintenance fee, allowing you to focus on growing your savings without worrying about extra costs.
No minimum deposit requirement: You can open and maintain the account without meeting a specific minimum deposit, providing flexibility and making it accessible to a wide range of customers.
Unlimited free self-serve transfers to your other BMO accounts: You can make as many self-serve transfers as you need between your BMO accounts without incurring additional fees. This includes mobile, online, and ATM transfers, simplifying your banking experience.
$5 fee for non-self-serve transfers between BMO accounts (in-branch or telephone): Although self-serve transfers are free, you will be charged a $5 fee for non-self-serve transfers, such as those made in a branch or over the phone. To avoid this fee, consider using self-serve methods for your transfers.
$5 fee for cash withdrawals through direct deposit, e-Transfer, or ATM: When you need to make cash withdrawals, remember that there is a $5 fee for each withdrawal made through direct deposit, e-Transfer, or ATM. To minimize these fees, consider planning your withdrawals strategically to reduce the number of transactions.

BMO Savings Amplifier Account Special Offers

BMO offers a promotional reward of up to $1,200 in value. This includes a 4% promo interest rate when you open this savings account in conjunction with a new chequing account.

Other BMO Savings Account Options

Perhaps the BMO Savings Amplifier Account isn’t the right fit for your needs. If so, BMO offers these other outstanding options for you to consider:

BMO Savings Builder Account: Rewards you with bonus interest for growing your savings by at least $200 per month. 0.500% base interest rate, 2.000% bonus interest rate, 1 no-fee transfer to another BMO account per month, and no monthly fee.
BMO U.S. Dollar Premium Rate Savings Account: For those who want to save in U.S. Dollars. 0.050% interest rate, no monthly fee, and can be included in any Bank Plan.
BMO Premium Rate Savings: Best if you need frequent access to your money. 0.010% interest rate, no monthly fee, and can be included in any Bank Plan.

How to Open the BMO Savings Amplifier Account

Opening this savings account is easier than you may think. Simply follow this step-by-step guide to open your account and start saving:

Visit the BMO Savings Amplifier Account page on the BMO website and click on “Open now.”
Choose whether you’re a new or existing BMO customer to get redirected to the correct application.
Enter your personal information, such as your full name, date of birth, Social Insurance Number, employment information, and email address.
Submit your application and provide any additional documents BMO requests to process your application.
Once your application is approved, you’ll receive a confirmation email with your new account details. Register for BMO online banking and get your new BMO Debit Card in the mail within a few business days.
After receiving your BMO Debit Card, activate it by following the instructions provided. You can now start using your BMO Savings Amplifier Account for transactions and savings.

BMO Savings Amplifier Account conclusion

The BMO Savings Amplifier Account is an excellent option for those looking to save money without worrying about monthly fees or minimum deposits. The account also offers unlimited free self-serve transfers between your other BMO accounts. However, it’s important to note that there are fees for non-self-serve transfers between BMO accounts and cash withdrawals through direct deposit, e-Transfer, or ATM.

Additionally, the account comes with the benefit of earning a competitive interest rate, which makes it a good choice for those who want to earn more on their savings. The BMO Savings Amplifier Account is worth considering for those looking for a straightforward savings account with competitive interest rates.

FAQs about the BMO Savings Amplifier Account

Are there any fees for self-serve transfers between BMO accounts?

No, there are no fees for unlimited self-serve transfers between BMO accounts.

How often will I receive interest payments on my BMO Savings Amplifier Account?

Interest is calculated daily and paid out monthly. You can see your interest earnings on your monthly statement or through online banking.

Are there any penalties for withdrawing money from my BMO Savings Amplifier Account?

No, there are no penalties for withdrawing money from your account. However, there may be fees associated with certain types of withdrawals, such as non-self-serve transfers or cash withdrawals through direct deposit, e-Transfer, or ATM, as outlined in the Fees section of this article.