Navigation skipped

Savings Builder Account

Reach your financial goals faster with no monthly maintenance fee. Plus, we’ll reward you with an extra $5 every month you save $200 or more, for the first year. footnote 1

 

Open in minutes
  • $0

    Monthly maintenance fee

  • $5 reward

    For each month you save $200 or more for the first year! footnote 1

  • $25

    Minimum opening deposit

All the perks you need to make real financial progress

Security however you bank footnote 2

Whether you bank via mobile footnote 3, online or telephone, all your banking methods are convenient and secure. 

Enjoy the flexibility to bank from anywhere

Our easy-to-use BMO Digital Banking tools footnote 3 help you manage your finances from anywhere life takes you.

Trust that your money is safe with us

Enjoy peace of mind knowing your money is safe and secure with FDIC deposit insurance. footnote 4

Check out our Savings Builder rates footnote 5

These rates are effective as of .
Your ZIP code:6 0 6 0 3
  • Minimum Balance

    $0.01 and above

  • Interest Rate

    X.X%
  • Annual Percentage Yield (APY) footnote 5

    X.X%

Interested in exploring other savings accounts?

We’ve got one that meets your unique needs.

View all accounts

Let’s take a closer look at fees and how to avoid them

You’ll pay no monthly maintenance fee and there’s no minimum monthly balance. But there are some less-common fees we want you to know about.

A fee table showing account features in one column and the associated account fees in the other column
FeatureFee
Monthly maintenance fee$0
BMO and Allpoint® ATM transactions in the U.S.6FREE
Non-BMO ATM Transaction fee footnote 7$3
Paper statements$3 (you can go paperless for free statements footnote 8)
Minimum opening deposit$25

 

Get a full breakdown of our account terms and agreements

  • Product Disclosure (PDF, 262 KB)
  • Deposit Account Agreement (PDF, 368 KB)

Savings BuilderFrequently Asked Questions

  • Opening a new account online is quick and easy. All you need is:

    • Your phone number, email address and U.S. residential address
    • Your date of birth and Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)
    • U.S. citizenship or status as U.S. Resident Alien
      • If neither applies to you, don't worry - you can still apply for an account by visiting a branch or calling us at 1-888-340-2265
    • Information to help you deposit money from your other bank, including one of the following:
      • The other bank's login credentials
      • Their routing and account numbers
  • If you’re opening an account online, it takes less than 5 minutes to complete the application and open your account.

    If you prefer to open an account in a branch, it shouldn’t take longer than 15 minutes.

  • Don’t worry, you can save at your own pace – there’s no minimum monthly deposit required for this account.

    We’ll give you an extra $5 every month that you’re able to save $200 or more for the first year, footnote 1 but that’s completely optional.

We make banking easy

Manage all your banking needs, whenever and wherever you like. Bank from anywhere with our simple online and mobile tools or find a no-fee footnote 7 ATM close to you.

  • Set and track a financial goal with our Saving Goal tool

    With Savings Goals, you can set a personalized financial goal and monitor your savings progress every time you access your account in BMO Digital Banking.

  • Bank from anywhere with Mobile Deposit footnote 9

    Skip the trip to the bank and deposit checks directly from your smartphone with mobile deposits.

  • Set up automatic transfers footnote 10 to grow your savings faster

    With auto transfers from your checking account to your savings, you can grow your money without even having to think about it.

  • over 40,000fee-free footnote 6 ATMs across the U.S.

    Enjoy unlimited fee-free transactions at over 40,000 BMO and Allpoint® ATMs nationwide.

screenshot of a checking account page on the mobile application

Resources to help you reach your savings goals

    Ready to get started?

    Open an account online in minutes or get in touch if you have any questions.

    • Call us

      Give us a call if you have any questions or you’re ready to open an account.

      1-888-340-2265
    • Apply online

      Open an account online in 5 minutes or less!

      Open in minutes
    • Visit us

      Come in to one of our branches to open your account in person.

    • Footnote 1 detailsFor every month your Savings Builder account balance grows by at least $200, we will credit the account with a $5 savings reward within 5 calendar days after the end of the month. To calculate if your balance has grown by $200, we will compare the Ledger Balance on the last Business Day of the previous month to the Ledger Balance on the last Business Day of the current month. Interest and savings reward payments will not count towards your balance growth.

    • Your account is eligible for 12 savings rewards beginning with the month your account is opened. The first savings reward is based on your savings growth from the Business Day the account is opened through the last Business Day of that month. If your initial deposit is not received until the month after account opening, the account will only be eligible for 11 savings rewards.

    • Your account must be open when the savings rewards are paid. Savings rewards will be reported to the IRS for tax purposes and you are responsible for any applicable taxes.

    • Exclusions: