High Interest Savings Account

There is no limit—you can open as many Savings Amplifier accounts as you want!

High interest savings accounts are safest with insured and credible banks or credit unions, carrying minimal risk. In Canada, eligible deposits are protected by the Canadian Deposit Insurance Corporation (CDIC) up to $100,000 for each account holder.

You generally cannot lose money in a high interest savings account if it is held at a CDIC insured institution. Inflation can reduce the potential purchasing power of your savings over time, but your nominal balance remains safe.

High interest savings accounts usually pay interest 12 times per year. Most banks calculate interest daily and credit it monthly; this monthly compounding boosts returns slightly compared to annual compounding, making it the standard for most high-yield savings accounts.

If you’re new to BMO, you’ll need to have a chequing account with us in order to add a HISA:

1. Choose an account: Find the right chequing account for you.
2. Complete the online application: You’ll be asked a few questions - don’t worry, it’s fast and easy. 
3. Add a HISA to your account: Select the BMO Savings Amplifier Account option to add onto your digital banking account.
4. Sign up for BMO Online Banking: Register for BMO Online Banking and start using the BMO mobile banking app.

If you already have a chequing account, then you can follow these steps to add a HISA:

1. Sign in: Log in to your BMO Online Banking account from your desktop or the mobile app.
2. Open a HISA: Select 'open an account', which can be found in the account overview menu, and then select the BMO Savings Amplifier Account.
3. Complete the online application: Answer a few questions to finish adding the account.

A high interest savings account (HISA) works by offering high interest rates on deposited cash while maintaining easy access to funds. Financial institutions then pay interest daily or monthly based on the account balance. These accounts are often used for short-term savings and are typically insured, making them low-risk financial tools.