Savings Amplifier Account

A savings account is a deposit account designed to hold money you don’t plan to spend right away. It’s different from a chequing account, as you usually do not withdrawal money from a savings account on an everyday basis.

A savings account is ideal if you’re trying to set money aside for a big purchase or financial move, such as a vacation, a car purchase, buying property, or completing a home renovation. With BMO Savings Goals, we can help you set, track, and manage your savings to reach your financial goals. Customers with a BMO savings account can access the BMO Savings goals feature for no fee.

A high-interest savings account (HISA), also known as a high-yield savings account, is a type of bank account that offers interest rates that are above and beyond what you'd typically find with traditional savings accounts. Commonly available at major banks, credit unions and digital banks in Canada, these accounts aim to motivate individuals to grow their savings by offering competitive interest rates.

A Premium Rate Savings Account functions like a regular savings account where you can store your money and earn interest, but with added perks. BMO’s Premium Rate Savings Account is a savings option that offers you the flexibility and convenience, including access to your money whenever you need it. It can be paired with any BMO chequing account, so you only pay one monthly account fee.

Yes, you can apply online for the account in minutes. You’ll need your Social Insurance Number (SIN) and a Canadian address to get started.

The good news is that there are no monthly fees for the Savings Builder Account, however there are transaction fees. You get one free transfer out per month with the Savings Builder Account and then a $5 fee for each withdrawal or additional transfer out that month^*25.

The Savings Amplifier Account includes a $0 monthly plan fee, a $0 minimum opening deposit, and no fees on any self-serve transfers to your other BMO accounts. A $5 fee applies for each pre-authorized debit, cash withdrawals, and transfers made in branch or with a Telephone Banking associate.

BMO offers several savings accounts, including:

• Savings Amplifier: Earn a competitive interest rate and get unlimited self-serve transfers with no monthly fees. You can earn a bonus interest rate when you open a Savings Amplifier Account and a BMO chequing account.
• Premium Rate Savings: Open this account together with a BMO chequing account under the same plan. Earn daily interest on every dollar. Transaction fees vary depending on the plan you choose.
• U.S. Dollar Premium Rate Savings: Open this account together with a BMO chequing account under the same plan. Save in U.S. dollars and earn interest. Transaction fees vary depending on the plan you choose.

Can I add this savings account to Family Bundle? 

What are the interest rates on your savings accounts? 

Take a look at our current savings interest rates on our main bank account interest rates page.