Best BMO Savings Account - Comparewise

Best BMO Savings Account

**Limited time offer: Get up to a $600* cash bonus with BMO. Plus, a 5.5% promo interest rate** when you open a performance chequing and a Savings Amplifier Account.** You can get a lot done for yourself financially by opening a savings account at BMO. As a working-class Canadian, you’ll want to ensure you keep money aside and avoid unnecessary spending. That's why you might want to consider opening a savings account at the Bank of Montreal.

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Last Updated: Apr 10, 2024

Compare 3 Best BMO Savings Accounts

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#1 Choice
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BMO Savings Amplifier Account

$0
Monthly Fee
5.5%
Interest Rate
  • 5.5% interest rate
  • No monthly fee
  • No minimum balance
Pros & Cons
Extra Details
Popular
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BMO Savings Builder Account

$0
Monthly Fee
0.5%
Interest Rate
  • 0.5% base interest rate
  • No monthly fee
  • 2.0% bonus interest rate
Pros & Cons
Extra Details
Best Value
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BMO Premium Rate Savings Account

$0
Monthly Fee
0.01%
Interest Rate
  • No monthly fee
  • Earn daily interest on every dollar
  • Full access to your funds
Pros & Cons
Extra Details

Best BMO Savings Account

A BMO savings account is an account that allows you to save your money with BMO. Some of the features that come with a BMO savings account include banking with your telephone. BMO offers competitive interest rates on savings accounts.

When you open a BMO savings account, you get to access their customer service, which is always online 24 hours a day, 7 days a week. Another benefit is access to BMO online banking services. You also can access your account due to their large network of ATMs and branches across Canada.

What is a BMO savings account?

With a BMO savings account, you can meet up with the savings requirements that you have set for yourself. There is also the opportunity to get high-interest rates as a bonus. Although, the only account that offers a high-interest savings account (HISA) is only available in the savings builder account.

A BMO savings account is offered by the Bank of Montreal to help you save your money. Among the best BMO savings accounts is the Amplifier Account which has no monthly fees attached to it. BMO offers a total of four savings accounts with varying features. As long as you fulfil the requirements, you can choose your preferred account.

BMO savings accounts come with several features, including the BMO banking app that lets you conduct transactions via the mobile app. Through the app, you can transfer money from your savings account to your chequing.

Furthermore, the BMO savings accounts are backed up with safe and secure systems. They even alert you when suspicious activity occurs on your credit or debit card. Thus, you are free to bank from any location and any device.

Types of BMO savings accounts

There following are some of the best BMO savings accounts that you can access;

  • BMO Savings Amplifier Account
  • BMO Savings Builder Account
  • BMO Premium Rate Savings Account
  • BMO US Dollar Premium Rate Savings Account

BMO Savings Amplifier Account

The BMO Savings Amplifier Account is the perfect option for you if you want to save for the long term. The great thing about this account is that it does not carry any monthly fees. The minimum deposit you can make into the account is also $0.

The fee for cash withdrawals, debits, and transfers that have been pre-authorized is $5. This fee is payable whether you make the transaction within any of the bank branches or over the telephone. However, you might need a chequing account instead of a savings account for such transactions.

The BMO Savings Amplifier Account also gives you access to the new mobile banking feature called BMO Savings Goals. It’s a feature that allows you to save up money if you are looking to purchase expensive merchandise. It could also be useful if you want to save up for a vacation.

BMO Savings Builder Account

The BMO Savings Builder Account is another one of the savings accounts that BMO offers. Like the Amplifier Account, it does not need maintenance fees. It also offers you a bonus interest different from the account’s base interest rate. The BMO savings account minimum balance on the Savings Builder account is $0.

The base interest you will earn on the account is 2.5%. However, the additional bonus which comes every month can increase that percentage. The condition is that you have to deposit at least $200 per month into the account.

BMO Premium Rate Savings Account

The BMO Premium Rate Savings Account is another one of BMO’s savings account offerings. It does not require maintenance fees, and the BMO Savings Account minimum balance is $0. Opening a Premium Rate Savings Account alongside a chequing account raises your transaction limits to match the chequing account.

Thus, you are not only able to earn and save money but also have frequent access to it. Every dollar you put into your Premium Rate Savings Account attracts an interest rate of $0.01. This account also provides a Kids’ Account as an added feature. The Kids Account also has a minimum balance of $0.

BMO US Dollar Premium Rate Savings Account

If you love to go on family or business trips to the US frequently, you should consider the BMO US Dollar Premium Rate Savings. When using this account, you get interests for every dollar you keep. It also raises your transaction limits to match your chequing account. The minimum balance on the account is $0.

You are allowed to include your chequing account in your BMO Account Plan. Thus, you only pay a monthly fee for your Plan. And every dollar you pay into the account earns an interest rate of $0.05.

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How can I pick the account that best suits me?

The way to determine the best BMO savings accounts for you is dependent on how much you intend to save. Another way to determine the perfect account for you is how frequently you require access to the account. If you want high-interest rates and easy access to your money, go for an Amplifier Account.

Get a Savings Builder Account if you don’t need to access your account frequently. It’s perfect if you can increase your balance by $200 each month for higher interest besides the base interest.

If you want to withdraw freely from your savings account, then a Premium Rate Savings Account is perfect for you. If you want to save in US dollars, opt for a US Dollar Premium Rate Savings Account.

How can I open a BMO savings account?

There are several requirements every customer must meet before they can open a BMO savings account. BMO provides four different savings account options.

As such, the eligibility requirements vary for each account. You will also have to fill out an application form, and there are certain documents that you may need to submit.

The following is information that you may be required to provide before you can open an account:

  • Age: To open a BMO savings account, you need to be at least 13 years of age.
  • Residency: There is also the requirement of being a resident of Canada and having a valid address
  • SIN: You must provide your Social Insurance Number (SIN) to allow BMO to verify your identity with the credit bureau.

When deemed eligible to have a savings account with BMO, you must provide your valid address. You must also submit verifiable proof of identification. This can include a passport and your contact information. BMO also accepts a driver’s licence, if you have one.

For persons that are below 13 years, application for an account will require the presence of a legal guardian. Without that requirement, an account can’t be opened.

Alternatives to BMO savings accounts

The following are some of the alternatives to a BMO savings account;

Coast Capital Savings Account

If you need an account with high interest on your savings, then Coast Capital Savings Accounts are worth exploring. These accounts don’t charge monthly maintenance fees; the base interest rate is 1.6%.

You also get two free monthly transactions, which is handy if you don’t spend much. However, you have to pay a $5 fee for any extra transaction you want to make.

CIBC Savings Account

This is a savings account offered by the Canadian Imperial Bank of Commerce. CIBC offers a variety of savings options like BMO, and you are entitled to interest on your savings. It is also a high-interest savings account with competitive rates.

Best BMO savings accounts conclusion

From this review, you should know the various savings accounts that BMO offers and which account will meet your needs.

All BMO savings accounts offer good interest rates and don’t come with monthly maintenance fees. With a BMO savings account, you are sure of a safe and secure place for your money.

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FAQs about the best BMO savings account

What Savings Accounts Does BMO Have?

BMO has a total of five savings accounts which include the Savings Amplifier Account and the Savings Builder Account. The other two are the Premium Rate Savings Account and the U.S. Dollar Premium Rate Savings Account.

What is the BMO Savings Account Minimum Balance?

The BMO savings account minimum balance is $0 for each of their savings accounts. Despite having a $0 minimum balance, it doesn’t affect the interest rates that accrue to the account.

What is the BMO Savings Account Interest Rate?

The base interest rate for the Savings Amplifier Account is 1.8%. The base rate of interest on the BMO Savings Builder account is 0.5%. However, for every $200 you pay per month, you are eligible to earn an extra 2%. The base interest rate for a Premium Rate Savings Account is 0.01%.

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