Savings Builder Account
This Savings Account is the only account in Canada that rewards you with bonus interest for growing your savings monthly1
|Up to1.200%||Interest rate 1,2,3|
|$200||Minimum monthly savings requirement for bonus interest 36|
Is this account right for me?
|Designed for active savers, this new account rewards you with a Bonus interest rate when you increase your balance by $200 or more each month1,2|
|No monthly fee|
|Includes one transfer from the account and $5 for each withdrawal or additional transfer out|
Base interest rate
|You'll receive 0.20% on all balances in months when you don't deposit $2003|
Bonus interest rate
|You'll receive an additional 1.00% (for a total of 1.20%) in months where you deposit $200|
|Bonus interest is eligible on balances up to $250,000. Base interest is paid on all balances.|
|This account is limited to one per customer|
Savings Builder FAQ
How do I know if the Savings Builder Account is right for me?
|This account is designed to encourage you to save regularly. Customers who save $200 or more each month are rewarded with a higher interest rate. If you don’t think you can consistently put aside this amount, the Smart Saver Account may be a better option.|
How does the bonus interest work exactly?
|We calculate the difference between the closing balance on the last business day of the previous month and the closing balance on the last business day of the current month, excluding base interest from the current month, bonus interest, any promotional interest credited from the previous month, and any withdrawal or transfer fees. If the difference is at least $200.00, congratulations, you’ll earn bonus interest!|
What if I can’t deposit the full $200 into my account every month?
|If you’re unable to set aside $200 in a given month, don’t worry. You’ll still earn the base interest rate of 0.20%3 and, you’ll have another chance to earn the extra bonus interest next month.|
Can I withdraw money from my account?
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Savings Builder Account calculator
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Time for a bonus
If you are looking for high interest rate savings, perhaps it’s time you tried Savings Builder Account.
And, if you really want to make sure you get that bonus interest every month, why not set up an automatic savings plan?
Saving can be as simple and rewarding as that. That feeling you get when you get the help you need, when you need it? That's the BMO effect.
This high interest savings account1 helps you set aside money for short-term goals like vacations, or to establish an emergency fund in case you need it.
The BMO difference
Learn more about switching to BMO