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
- $0
Monthly maintenance fee
- $5 reward
For each month you save $200 or more for the first year! footnote 1
- $25
Minimum opening deposit
Check out our Savings Builder rates footnote 5
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.
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.
Feature | Fee |
---|---|
Monthly maintenance fee | $0 |
BMO and Allpoint® ATM transactions in the U.S. | FREE |
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
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.
Resources to help you reach your savings goals
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: