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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

  • Annual Percentage Yield (APY) footnote 5


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
Monthly maintenance fee$0
BMO and Allpoint® ATM transactions in the U.S footnote 6FREE
Non-BMO ATM transaction 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 7 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

How to create a 50/30/20 budget and build your savings

If you’re new to budgeting, the whole process can seem overwhelming. Discover how thefifty thirty twentybudgeting method can help you take control of your finances, quickly and easily.

How to stop spending and start saving

Are you worried about saving money? You're not alone: more than 40% of Americans are worried about their savings. Here's how to stop spending and start saving.

How to start an emergency fund

An emergency fund can help you get through tough financial times. Get tips on starting an emergency fund and how much you should save.

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.

  • Apply online

    Open an account online in 5 minutes or less!

  • 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:
  • Savings rewards are available for new accounts only. An account switched into Savings Builder from a different product is not eligible for savings rewards.

  • Savings rewards are limited to one Savings Builder account per customer as Primary Account Owner. Only your first account opened is eligible for savings rewards.

  • You are not eligible to receive savings rewards if you have previously opened a Statement Savings account between February 3, 2020 and October 18, 2021 and participated in the Statement Savings account – Savings Rewards offer.

  • Footnote 2 detailsVisit the BMO Security Center for details.

  • Footnote 3 detailsMessage and data rates may apply. Contact your wireless carrier for details.

  • Footnote 4 detailsPlease visit for current deposit insurance limits.

  • Footnote 5 detailsAll Interest Rates and Annual Percentage Yields (APY) are accurate as of the effective date shown above. For variable rate accounts, interest rates and APYs may change after the account is opened. At our discretion we may change the interest rate on these accounts daily. For accounts that have more than one tier, the interest rate corresponding to the highest tier into which the collected balance falls will be paid on the entire collected balance. Fees or withdrawals will reduce earnings. These rates apply to our Illinois and Northwest Indiana locations, excluding locations in South Beloit, Roscoe and St. Clair County in Illinois.

  • Footnote 6 detailsForeign Transaction Fees will apply at Allpoint® ATMs located outside of the United States.

  • Footnote 7 detailsThe ATM Operator or network may also charge you a fee for a transaction or balance inquiry.

  • Footnote 8 detailsThe monthly fee for paper statements is automatically waived if you opt to go paperless through your BMO Digital Banking preferences or if any individual associated with your account is 65 years or older.

  • Footnote 9 detailsMobile Deposit is available using the BMO Digital Banking App. This service may not function on older devices. Users must be a BMO Digital Banking customer with a BMO account opened for more than 5 calendar days. Deposits are not immediately available for withdrawal. For details, please see the BMO Digital Banking Agreement found at

  • Footnote 10 detailsIf you make an Internal Transfer on a weekend or holiday, we’ll credit the payment the same day, but we’ll post the payment on the next Business Day.