Compare the best BMO savings accounts
Want to open a BMO savings account? Why not compare your options? Find the highest-earning savings accounts in Canada from multiple banks in seconds.
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The best savings accounts in Canada
Mikael Castaldo, Senior Business Manager Everyday Banking
About BMO Bank of Montreal
As one of the five largest banks in Canada, the BMO Bank of Montreal provides personal financial services such as banking and wealth management. When banking with BMO Bank of Montreal, you can enjoy 24/7 customer service from BMO’s online banking system or its telephone banking and mobile banking services. Moreover, BMO has a large network of branch locations and ATMs, which you can use to access your BMO savings accounts.
Compare Bank of Montreal's savings accounts
BMO Bank of Montreal Savings Builder Account
This is one of BMO’s newer savings accounts. The Savings Builder Account features a relatively competitive interest rate. You can also earn a potential bonus interest that can be earned when you add $200 to your balance on a monthly basis. You’ll receive the interest rate above for balances up to $250,000. This account also features no minimum balance requirement and one free transfer each month.
BMO Bank of Montreal TFSA Savings Account
BMO’s tax-free savings account (TFSA) can be opened by Canadian residents who are at least 18 years of age. Moreover, a low minimum balance of $50 is needed at all times. However, the interest rate paid on this account may be less competitive than those paid on TFSAs from other providers.
BMO Bank of Montreal Smart Saver Account
If you’re looking to save for longer periods, then the Smart Saver Account will help you earn a relatively competitive interest rate. There’s no minimum balance required and you can make up to one transfer out of the Smart Saver Account without being charged. However, transactions after the first each month are subject to high transaction fees. Interest on this account is taxable.
BMO Bank of Montreal Premium Rate Savings Account
The Premium Rate Savings Account is an everyday savings account that offers flexibility. This account may be suitable for you if you have short-term savings goals. The number of free transactions you receive will depend on your bank plan. Unlike with the other BMO savings accounts, you can deposit either Canadian or U.S. dollars.
Compare other BMO Bank of Montreal products
BMO also offers cashable and non-cashable GICs, mortgages, lines of credit, as well as debit cards and credit cards that reward you with Air Miles when you make purchases.
Get the best savings account
Depending on the savings account you need, BMO Bank of Montreal might have what you’re looking for. Nonetheless, it never hurts to take a look at all your other options before making a decision. You can start your search by using the Ratehub.ca savings account comparison tool which makes comparisons between different savings accounts easier.
Mikael is a Senior Business Manager at Ratehub.ca and the driving force behind our Everyday Banking Team. He knows everything there is to know about the best credit cards and bank accounts, and works closely with Canada’s top financial institutions - from banks to credit unions - to help ensure our over 1,200,000 monthly users get matched with the right plastic. A numbers guy at heart, having worked as a strategy consultant at the Boston Consulting Group, he’s found himself right at home as a personal finance expert at Ratehub.ca.
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