Savings accounts interest rates
Our savings accounts are built to help you reach your financial goals, whether you’re planning for a big milestone or just want to earn more on what you already have. Enjoy competitive rates, flexible options and peace of mind knowing that your money is working for you.
Savings Amplifier Account*12
Premium Rate Savings Account*12
U.S. Dollar Premium Rate Savings account*12
Chequing accounts
From paying bills to everyday purchases, our interest chequing accounts are designed for your lifestyle. Get easy access to your money, low or no monthly fees, and features that keep your day-to-day banking smooth and stress-free.
Primary Chequing Account
No interest is payable on the Primary Chequing Account.
Overdraft Protection Interest rate*94 – 21.000%
Personal accounts no longer offered
We’ve retired some of our older personal banking products to make way for newer, more flexible options. If you currently hold one of these accounts, don’t worry, your services remain unchanged.
Bank Account Interest Rates FAQs
A bank account interest rate is the percentage your money earns over time when you keep it in a savings or chequing account. Most banks calculate interest daily based on your closing balance, but they typically pay it out monthly.
Bank account interest rates in Canada can change frequently, often in response to Bank of Canada rate announcements, which are scheduled eight times a year. That said, individual banks may adjust rates more often based on market conditions, account types, and promotional offers.
There are several factors that can influence a bank account’s interest rate. These include the type of account you have, how much money you keep in it, whether there are any promotional offers, and changes to the Bank of Canada’s prime rate.
Typically, discontinued accounts stop earning interest or earn very little. Refer to the “Personal accounts no longer offered” section above for specifics around BMO’s discontinued accounts.