As one of Canada’s Big Six banks, the Bank of Montreal offers trusted savings accounts that you can monitor both online and in-branch. Two of the four accounts they offer can be included in an Everyday Bank Plan—which allows you to share transaction limits with your desired chequing account. The other two accounts offer opportunities to earn bonus interest, which will boost your earnings.
Moreover, all BMO savings accounts have no monthly fees or balance requirements. Each BMO savings account also has its own perks, so it’s well-worth exploring the features of each personal savings product below before choosing to open an account. This ranked review can help get you started.
We’ve compared 120 savings accounts at 35 nationally available banks and credit unions to find some of the best options. Below, learn about the pros and cons and why we picked each account.
To open a BMO Savings Account, take one of the following steps:
1. Call BMO if you have any unanswered questions before you begin. A BMO representative can walk you through your options. If you’d like to open an account over the phone, they can carry out the process on the spot.
2. Once you know which account you’d like to open, you can choose whether to do so online or in person. If you plan to open the account online, skip ahead to the next section.
3. If you’d prefer to open the account in person, start by locating the BMO branch nearest to you. Once you locate your branch, you can walk in or book an appointment to speak to a representative.
It only takes roughly seven minutes or less to open a BMO Savings Account online. Follow these three steps:
1. Click the Open Now button on the account page and have your SIN number ready to complete the application.
2. Submit your application and wait for the instant approval notice, if approved.
3. Once you’re approved, register for online banking, and you’ll receive your new debit card in the mail within approximately three business days.
Users on Reddit say there are savings accounts with higher interest rates to benefit from, while some of the BMO savings accounts are good options to have for smaller cash flows in addition to accounts at other financial institutions.
BMO Reviews on TrustPilot are overall poor, with an average rating of 1.2 stars. Many who have left reviews have had concerns about account access, funds access, and a lack of communication with customers. However, a couple of four- and five-star reviews praise individual customer service representatives for their patience and help both on the phone and in-branch.
The Better Business Bureau rates BMO at an average of 1.12 stars based on 142 customer complaints. Hidden fees, inaccurate representation of anticipated fees, and frozen accounts causing more fees are common complaints.
To create this list, Forbes Advisor analyzed 120 savings accounts at 39 financial institutions, including a mix of traditional brick-and-mortar banks, online banks and credit unions. We ranked each account on 17 data points within the categories of fees, access, customer experience, digital experience, annual percentage yield, plus the minimums and balance needed to avoid monthly fee.
The following is the weighting assigned to each category:
Specific characteristics taken into consideration within each category included monthly fee, ability to waive the monthly fee, overdraft fee, NSF fee, other fees, ATM network, branch access, Better Business Bureau rating, Trustpilot rating, live chat availability, mobile app ratings, online bill pay availability, online banking access, minimum deposit requirements and minimum balance requirements.
Chequing accounts offering no or very low fees scored the highest, as did those offering low minimum requirements and high customer service and digital experience scores. To appear on this list, the chequing account must be nationally available.
Our research is based on information from the following financial institutions: RBC, TD, BMO, National Bank, CIBC, Scotiabank, UNI Financial, Canadian Western Bank, Coast Capital Savings, Digital Commerce Bank, EQ Bank, First Nations Bank of Canada, Laurentian Bank, Manulife Bank, Motus Bank, Peoples Bank of Canada, Simplii Financial, Tangerine Bank, VanCity, VersaBank, HSBC, Home Bank, ICICI Bank Canada, SBI Canada Bank, CTBC Bank, Bank of China (Canada), KEB Hana Bank Canada, Shinhan Bank Canada, Meridian Credit Union, Servus Credit Union, Envision Financial, Steinbach Credit Union, Affinity Credit Union, Prospera Credit Union, Conexus Credit Union, ConnectFirst Credit Union, Access Credit Union, Assiniboine Credit Union.
Savings accounts are meant to help you meet your short-term and long-term savings goals. Different savings accounts will suit you more than others, depending on your age and financial goals. Some things to look out for when choosing the right account for you are the interest rate you’ll earn on your balance, the number of monthly transactions you’re entitled to, deposit or savings requirements, and added fees.
If you’re the age of majority in your province and have long-term savings goals, a Tax-free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP) will be the next savings account to consider.
The Bank of Montreal is one of Canada’s Big Six banks and the 8th largest bank in North America. BMO serves 13 million customers with personal and commercial banking products, wealth management, global markets and investment banking services.
BMO has been around for more than 200 years and is known as the first formal bank in Canada, so it’s seen as a widely trusted banking institution. As a customer, you’ll have access to more than 900 branches and 3,300 ATMs in Canada and have the opportunity to bundle your family’s banking products under one fee. There are also discounts available for designated groups of people, like students, seniors, Indigenous Canadians, and more.
Depending on your savings account and Bank Plan, you may see fees for the following transactions, including:
BMO’s savings accounts don’t have monthly maintenance fees, but its chequing accounts do. To waive the monthly fee, you have to maintain a daily balance in the following accounts:
You can deposit up to $25,000 with auto-deposit via Interac e-Transfer. Deposits greater than $25,000 can be made at a branch.
To see your daily ATM withdrawal limit, sign in to your BMO online banking portal, click the profile button, and then select Daily Transaction Limits.
There is a $5 fee for each withdrawal from a Savings Amplifier and Savings Builder account. However, if you include an eligible savings account in a Bank Plan with a chequing account, non-BMO ATM withdrawal limits are as follows:
You can e-transfer money in the following ways:
Bill payments can be made through:
Featured Partner Offer
1
BMO Performance Chequing Account
Limited offer
Through October 31, 2024, earn up to $600 after opening a Performance Chequing Account with an Eligible Bank Plan and a Savings Amplifier Account and add a family member as part of the Family Bundle.
Transactions
Unlimited everyday banking transactions for a competitive monthly price of $17.95 ($4,000 minimum balance to waive fee)
Interest rate
5.50% promotional interest rate when you add a Savings Amplifier Account.
BMO offers a variety of good, no-monthly-fee savings accounts that suit unique savings goals. While interest rates may be lower than some high-interest savings accounts (HISAs) on the market, BMO’s standout feature is its Chequing Plan structure, which allows some accounts to share transaction limits with your chequing account.
The BMO Smart Saver Account is no longer available to new customers. It’s a personal savings account that still exists for those who opened an account while it was offered.
BMO’s Everyday Savings Account interest rates range from 0.010% to 1.800% or 1.900% bonus interest. Other savings accounts on the market can reach up to the 5% range, but there may be a monthly account fee to pay. Promotional, limited-time interest rates can reach up to 6% but will return to a base interest rate after the welcome period.
All of BMO’s savings accounts are no-fee accounts with no minimum balance. But fees may apply if your chequing account balance goes below $0. You may be charged overdraft fees plus interest on the negative amount. A transaction could also be returned as Non Sufficient Funds (NSF) which would also accompany a fee.
The Premium Rate Savings Account and U.S. Dollar Premium Rate Savings Account can be added to the Family Bundle.
The Savings Amplifier Account is best if you want regular access to your money, a high interest rate and unlimited self-serve transfers.
The Savings Builder Account is best for those who are saving at least $200 a month, as you’ll earn a bonus interest rate for doing so.
The Premium Rate Savings Account is best for those who need the option to withdraw money often, as you can combine it with a chequing account that has unlimited transactions.
The U.S. Dollar Premium Rate Savings Account is best for those who want to save U.S. dollars with the flexibility to convert them to Canadian dollars when needed.
