What types of savings accounts does BMO offer?

BMO offers a variety of savings accounts with different features. Here’s a list of the types of savings accounts we offer: In the category of high-interest savings accounts (HISAs), we offer the BMO Savings Amplifier Account. This account earns competitive interest on all balances, making it ideal for those focused on maximizing their savings. It also gives you unlimited self-serve transfers between your BMO accounts for no fee. We also offer a conditional high-interest savings account – the BMO Savings Builder Account. It earns bonus interest when you grow your balance by at least $200 each month, encouraging consistent savings habits. For day-to-day savings accounts, we have the BMO Premium Rate Savings Account, which is a straightforward day-to-day savings account with no monthly fees, offering flexibility to access your money whenever you need it. Another option is the BMO U.S. Dollar Premium Rate Savings Account, which lets you save in U.S. dollars, making it ideal for cross-border or international savings needs.

What is the difference between a savings account versus a chequing account?

The main differences between a savings account and a chequing account come down to how many transactions you can make per month, the fees you incur, and the potential each account offers for earning interest. A chequing account is best used for day-to-day transactions. It’s known as a deposit account and is designed to hold your money for short-term needs. A savings account, on the other hand, is designed to hold your money for longer periods so that you can save it, and potentially earn interest on your account balance.

How can I automate my savings?

You can automate your savings by setting up recurring transfers (also called automatic deposits). Over time, your automatic deposits can add up and boost your savings.

How is interest calculated in a BMO savings account?

Savings accounts are a great way to make your money work for you. Thanks to compounding interest, depositing even small amounts into your savings account can add up over time. Defined as the interest you earn on interest, compound interest means that when you put money into your savings account, you’ll earn interest on the principal (the initial amount you deposited) plus the interest that accumulates over time. How often that interest is compounded can make a big difference. Whether it's yearly, monthly or daily, the more the interest is compounded, the faster your money will grow. Let’s look at an example. Say you deposit $1,000 in a savings account that pays 1 per cent annual interest. After a year, you’d earn $10 in interest. With the help of compound interest, in the second year you’ll earn 1 per cent on $1,010 – principal plus the interest. Keep in mind, each savings account has its own requirements – some may require a minimum deposit to start earning interest. Also, there might be tiered interest rates or limited-time promotional rates, so it's worth confirming the requirements of a savings account before you open it. In the case of one of our most popular savings accounts, the BMO Savings Amplifier Account, interest is calculated on the daily account closing balance and paid monthly on the first business day of the following month, based on annual interest rates. Think of it as a monthly boost to your savings.

Savings Accounts (Basic, HISA, & U.S. Dollar)

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What is a savings account?

A savings account is a type of bank account designed to help you set money aside, earn interest and grow your funds over time. It serves as a financial tool to build a safety net or save for significant expenses, such as a vacation or a major purchase like a house.

Explore our savings accounts

Compare features to find the right account for you. Open in minutes!

High Interest Savings Account

Savings Amplifier Account

interest rate^*12

Open account

Get a promo interest rate for 4 months when paired with a new Chequing Account.

Unlimited no fee self-serve transfers to your other BMO accounts^*99
No monthly fee
No minimum balance

Bonus interest

Savings Builder Account

base interest rate^*12

bonus interest rate^*14

Open account

Increase your monthly balance by $200 per month^*17to get a bonus interest rate of
Enjoy one debit transaction per month, at no cost^*23
No monthly fee

Flexible, budget friendly

Premium Rate Savings Account

New customer? You’ll need a Chequing Account first ^*1000.010% interest rate^*12

Open account

Can be included in any bank plan
Share transactions with one monthly plan fee^*2
Access your money whenever you need it

Save in U.S. Dollars

U.S. Dollar Premium Rate Savings Account

New customer? You’ll need a Chequing Account first^*1000.05% interest rate^*12

Open account

Can be included in any bank plan
Share transactions with one monthly plan fee^*2
Earn daily interest on your U.S. dollars^*12

Find out how much you could save with our savings calculator

Learn how to reach your savings goals and how much interest you could earn on your savings with our simple calculator.

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Savings Accounts

What is a savings account?