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Savings Builder Account

This Savings Account is the only account in Canada that rewards you with bonus interest for growing your savings monthly1

Terms and Conditions

  1. You can have up to twenty (20) Canadian or U.S. Dollar Primary Chequing, Premium Rate Savings or Interest Chequing Accounts (for existing customers only) excluding Smart Saver Accounts and Savings Builder Account under one (1) Plan. One (1) account must be designated as the lead account. The lead account is the one you designate to pay any fees required by your Bank Plan, for example, your monthly Plan fees and transaction fees. If you select a U.S. Dollar Account as the lead account, all Plan and transaction fees will be charged in U.S. dollars. All accounts covered by the Plan are subject to the monthly transaction limit(s) for the selected Plan.

    The Practical Plan allows you to have one (1) Canadian or U.S. Dollar Primary Chequing Account or Interest Chequing Account (existing customers) and one (1) Premium Rate Savings Account under the Plan. All other Bank Plans allow you to have up to a total of twenty (20) accounts in Canadian or U.S. Dollars, any combination of Primary Chequing Accounts, Premium Rate Savings Accounts, and Interest Chequing Accounts (existing customers only) under the Plan.

  2. Bill payments, Pre-Authorized Payments, point-of-sale transactions, Interac e-Transfer, Interac Online purchases and cheques are not permitted on this account.
  3. Interest is calculated on the daily account closing balance and paid monthly on the last business day of the month. Interest is paid in the same currency as the account. Interest rates are calculated on a per annum basis. Interest rates and balance tiers are subject to change without advance notice. Interest rates are available online at bmo.com/rates, on display at all BMO branches where deposit accounts are kept and by calling 1-877-225-5266.
  4. The monthly Bank Plan fee (excluding the AIR MILES Plan) can be eliminated by maintaining the minimum monthly balance indicated at all times in a Primary Chequing account, which has been designated as the lead account for your Bank Plan. The lead account is the one you designate to pay any fees required by your Bank Plan for example, monthly Plan fees and transaction fees. You are responsible for all transaction, service and product fees not included in Bank Plan. For the AIR MILES Plan, AIR MILES Reward Miles can be earned by maintaining the minimum monthly balance at all times in a Primary Chequing Account that has been designated as the lead account for the AIR MILES Plan.
  5. There is no charge to access BMO Mobile Banking. Transactions completed through BMO Mobile Banking may be subject to transaction fees depending on your bank account or Bank Plan. Your mobile carrier or service provider may charge fees when you access Mobile Banking. Check with your mobile carrier or hardware provider if you have questions about your specific device.
  6. MasterCard PayPass is available on most personal BMO credit cards. MasterCard PayPass is not available on BMO Prepaid Travel MasterCard cards and select affinity credit cards. For more information, call the Customer Contact Centre at 1-800-263-2263.
  7. If your Card is used without your authorization, you will not be liable if: you did not knowingly contribute to the unauthorized use; you used reasonable care to keep your card safe from loss, theft or misuse; you kept your personal identification number (“PIN”) confidential and separate from your card; you notify us by telephone within twenty-four (24) hours if you learn of the loss, theft or misuse of your card, or if you know or suspect that someone else knows your PIN; there has been no more than one unauthorized use of your card in the last twelve (12) months, and your account is in good standing. If you don't meet these criteria, you will be liable for all charges incurred in connection with the unauthorized use. Refer to your BMO MasterCard Cardholder Agreement for complete details.
  8. Mutual Funds are offered by BMO Investments Inc., a financial services firm and separate entity from Bank of Montreal. Sales commissions, services fees, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
  9. Subject to interruptions in telecommunications or online systems or in power supply or any other factor or event beyond the control of BMO.
  10. Transaction limits apply to orders placed by BMO Telephone and BMO Online Banking.
  11. Interest will be calculated on the daily overdraft balance at prevailing overdraft interest rates and charged to the account on the last business day of the month.
  12. The Overdraft Protection Standard monthly fee is waived if you have selected the Premium Plan.
  13. You are required to provide initial set-up instructions for this service.
  14. The Overdraft Protection Occasional per-item fee is waived if you have selected the Premium Plan and for customers with the Student and Recent Graduate or Seniors Discounted Banking Program.
  15. Recipients will receive an email notification when an Interac®‡ e-Transfer is available. There may be a delay between sending and receiving the money. Funds are credited to the recipient’s bank account immediately after they complete the transaction if they deposit the money online into a bank account at one of the participating financial institutions in Canada. Visit interac.ca for a list of participating institutions.
  16. BMO Alerts may be delayed or prevented because of a variety of factors. We do our best to provide alerts in a timely manner and with accurate information. We do not guarantee the delivery or the accuracy of the contents of any alert. By using BMO Alerts, you also agree that we will not be liable for any of the following: (i) any delays, failure to deliver, or misdirected delivery of any alert; (ii) for any errors in the content of an alert; or (iii) for any actions taken or not taken by you or any third party in reliance on an alert. BMO Alerts received as text messages on your mobile access device may incur a charge from your mobile access service provider.
  17. Terms, conditions and restrictions apply. Identification and proof of purchase required.
  18. Cheque images are not available with eStatements. You are still able to view, save and print cheque images from the previous three (3) months through online banking. If in the future you require any copies of cheques that are no longer available through online banking you may request a copy at a BMO branch or by calling 1-877-225-5266. A per-item fee may apply. Cheques made payable to yourself or to cash, and cashed at any BMO branch, may not be returned but are described on your statement.
  19. Each additional transfer is $5.00. Bill payments, Pre-Authorized Payments, debit card purchases, Interac e-Transfer, Interac Online purchases and cheques are not permitted on this account.
  20. Includes everyday banking transactions at a BMO branch, BMO ATM, BMO Telephone, BMO Online and BMO Mobile and Tablet Banking, debit card purchases, cheques drawn on your account and Pre-Authorized Payments.
  21. Award of AIR MILES reward miles is made for debit card purchases minus refunds from your Primary Chequing Account when your Primary Chequing Account is the lead account for the AIR MILES Plan. The lead account is the one you designate to pay any fees required by your Bank Plan, for example, your monthly Plan fees and transaction fees. The number of Reward Miles will be rounded down to the nearest whole number. Fractions of Reward Miles will not be awarded. A maximum of forty (40) Reward Miles on the Premium Plan or fifty (50) Reward Miles on the AIR MILES Plan can be earned per month for debit card purchases.
  22. Does not include fees that may be charged by non-BMO ATMs.
  23. Available to qualified customers; interest will be calculated on the daily overdraft balance at prevailing overdraft interest rates and charged to the account at the end of the month.
  24. We and/or other financial institutions may charge additional fees for refunds or replacements of lost or stolen money orders or drafts. The receiving financial institution may charge associated fees. U.S. Dollar money orders and drafts are available at no cost when purchased through a U.S. Dollar personal account. U.S. dollar drafts are drawn on BMO Harris Bank N.A. and are subject to United States Anti-Money Laundering regulations, including screening the payee against the Specially Designated Nationals and Sanctioned Countries lists maintained by the Office of Foreign Assets Control, an agency of the Government of the United States. Depending on the result of that screening, a payee might not be able to cash a U.S. dollar draft.
  25. Applies to purchases made outside of Canada on the Maestro network. Other transaction or network fees may apply.
  26. Bonus AIR MILES reward miles can be earned by setting up a qualified direct deposit to a Primary Chequing Account or Interest Chequing Account (for existing customers) that has been designated as the lead account for the AIR MILES Plan. A maximum of one (1) direct deposit set-up per month. Bonus offer is limited to the first ninety (90) days after the Plan is added to the lead account.
  27. Bonus AIR MILES reward miles can be earned by setting up a qualified Pre-Authorized Payment from a Primary Chequing Account or Interest Chequing Account (for existing customers) that has been designated as the lead account for the AIR MILES Plan. A maximum of five (5) Pre-Authorized Payment set-ups per month. Bonus offer is limited to the first ninety (90) days after the Plan is added to the lead account.
  28. Applies to the Kids, Teens, Students and Recent Graduates discounted banking programs in the Plus Plan when a Primary Chequing or Premium Rate Savings account is opened. For the Students discounted banking program, annual proof of full-time registration in a post-secondary university or college or registered vocational school due by December 24, of each year you're enrolled. Recent Post-Secondary School Graduates are eligible for one year of free banking under the Student discounted banking program. Proof of graduation from post-secondary education is due by December 24, of the year you graduate; otherwise the full monthly Plan fee will be applied automatically. Additional fees paid before eligibility is confirmed may not be refunded. You are responsible for all transaction, service and product fees not included in the Plus Plan.
  29. To qualify for the Senior discounted banking program, you must register in a BMO branch by providing proof of age. When you turn 60, we will automatically apply the monthly discount if your date of birth is on file and you are in the Premium, Performance, AIR MILES, Plus or Practical Plan. The Senior discount is not available on our discontinued Plans (i.connect, Enhanced, Standard). Customers in a discontinued Plan will need to switch to an eligible Plan to receive the monthly discount. Additional fees paid before eligibility is confirmed may not be refunded. You are responsible for all transaction, service and product fees not included in your Bank Plan.
  30. If you are the beneficiary of an RDSP or, if you open the Plan to hold account(s) in trust for the beneficiary, you are eligible to receive a discount to the Premium, Performance, AIR MILES, Plus or Practical monthly Plan fee. To qualify, you are required to provide proof of eligibility before the discount will be applied to the monthly Plan fee. Additional fees paid before eligibility is confirmed may not be refunded.
  31. To qualify for any special offer pertaining to the BMO NewStart program as set out above, a customer must be a landed immigrant or foreign worker who arrived in Canada within the last five (5) years. Proof that status was obtained within the last five (5) years is required as evidenced by their Canadian Permanent Resident Card, Record of Landing documentation or work permit (IMM 1442). The Bank Plan offer included in the BMO NewStart program applies to the Performance Plan only. (Other Bank Plans are available but are not included in the free banking offer). You are eligible to receive the full monthly Plan fee rebated for a twelve (12) month period and are responsible for all transaction, service and product fees not included in your Bank Plan. After the twelve (12) months of being enrolled in the BMO NewStart program, eligibility for the monthly Bank Plan fee waiver ends and the full monthly Bank Plan fee ($14.95/month) will be applied to your account automatically.
  32. You can view, print and save from the previous three (3) months through BMO Online and BMO Mobile Banking. In the future, if you require any copies of cheques that are no longer available online, you may request a copy at a BMO branch or by calling 1-877-225-5266. A per-item fee may apply. Cheques made payable to yourself or to cash, and cashed at any BMO branch, may not be displayed but are described on your statement.
  33. Subject to the Monthly Plan Limit.
  34. You will receive an annual credit card fee rebate up to $150 (the “Rebate”) if you are the primary cardholder of a BMO World Elite, BMO AIR MILES World Elite, or BMO CashBack World Elite MasterCard card (each a “BMO Credit Card”) and an accountholder of the lead account. If the lead account is joint, and both accountholders have a BMO Credit Card, the Rebate will be applied to the BMO Credit Card with the higher annual fee. BMO Nesbitt Burns and BMO Private Banking clients are not eligible for the Rebate. Full details are available in the Agreements, Bank Plans and Fees for Everyday Banking, available at BMO branches and online at bmo.com/agreements.
  35. The base interest rate applies to the entire balance in a Savings Builder Account (“Account”). You will earn bonus interest on your Account balance up to $250,000.00, each month in which you increase your monthly Account balance by $200.00 or more. To determine if you are eligible for bonus interest in a month, we will 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 credited from the previous month and any withdrawal or transfer fees); that difference must be at least $200.00. The base interest is calculated on the daily closing balance and paid monthly on the last business day of the month. The bonus interest is calculated on the daily closing balance and paid monthly on the second business day of the following month. The bonus interest is calculated from the first business day of the month, regardless of which day you qualified for bonus interest. The base interest rate and bonus interest rate each may be changed at any time without notice. Current interest rates are available at BMO branches where accounts are serviced, at bmo.com/rates and by calling 1-877-225-5266.
  36. For any of the discounted banking plans, proof of CDCB eligibility is required. Customer is responsible for all the fees of any transactions, services and products not included in the Everyday Banking Plan.
  37. Five (5) monthly debit transactions using non-BMO ATMs on the Cirrus®* Network and unlimited monthly direct payment purchases at merchants using Maestro®* service.
  38. AIR MILES reward miles can be earned by maintaining a $3,000 minimum monthly balance at all times in a Primary Chequing account that has been designated as the lead account for the AIR MILES Plan. The lead account is the one you designate to pay any fees required by your banking (i.e. monthly Plan fees, transaction fees).
  39. Per-transaction and cumulative limits may apply. Upon request, this feature can be deactivated.
  40. For purchases made through the MasterCard network, a hold may be put on your bank account in the amount of your purchase in Canadian dollars. The hold will be removed when the transaction is debited from your bank account. The exchange rate for converting foreign currency transactions to Canadian dollars is the rate charged to us by MasterCard International on the date the transaction is posted to your account, plus 2.5% for purchases and minus 2.5% for refunds. For foreign currency transactions other than U.S. dollars, the amount is first converted to U.S. dollars and then to Canadian dollars.
  41. Subject to the terms and conditions of your agreement for banking services. For complete details of your reporting obligations and responsibilities: personal banking customers should refer to the Electronic Banking Services Agreement part of the Agreements, Bank Plans and Fees for Everyday Banking; and business banking customers should refer to the BMO Debit Card for Business and Telephone Banking/Online Banking section of the Agreement for Business Banking. Both agreements are available online at bmo.com and at your local BMO branch.
Up to1.200%Interest rate 1,2,3
$200Minimum monthly savings requirement for bonus interest 36

Account benefits

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

Monthly fee

No monthly fee

Transaction Fees

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

Maximum balance

Bonus interest is eligible on balances up to $250,000. Base interest is paid on all balances.

Banking Services

Additional accounts

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?

  • Of course. You get one transfer to another BMO account (for example, your BMO chequing account) every month.
  • Each additional transfer or withdrawals from a branch or ATM will cost $5.00.
  • Bill payments, pre-authorized payments, debit card purchases, Interac e-Transfers and cheques are not permitted on this account.
Not the right one for you? Take a look at our other Savings Accounts.

Accomplishments

Recognized for Excellence in Digital Banking for third year in a row
- Celent
Live Agent & Automated Telephone Banking (Big Five Banks) award winner
- Ipsos Best Banking Awards
BMO Named to the Global 100 Most Sustainable Corporations in the World for Third Straight Year
- World Economic Forum

Savings Builder Account calculator

$0 $20,000

Interest Rate: {{intRate}}
End-of-year balance

Please enter a value between $0 and $20,000

Savings Builder Account pays bonus interest on balances up to $250,000 when you increase your balance by $200 or more per month.

For monthly balances increases lower than $250,000 the Smart Saver Account may be a better option.

Savings Builder Account pays bonus interest on balances up to $250,000 when you increase your balance by $200 or more per month.

For balances above $250,000 the Smart Saver Account may be a better option.

This calculator is intended for illustrative purposes only. The balance at the end of 12 months is approximate and assumes: an initial deposit is made on the first day of the month of a non-leap year; the monthly balance increases on the first of each month including the same month as the initial deposit and continuing for another 11 consecutive months; no additional deposits, withdrawals or transfers are made; there are no changes to interest rates; no service charges apply and both base and bonus interest is paid on the last day of each month. Please refer to the Disclosures for the Savings Builder Account for full details on how account interest is calculated.

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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

  • You can open a new BMO chequing account on your smartphone from wherever you are. As long as we’re able to verify your ID with the info you provide, there’s no need to visit a branch!

  • Enjoy tailored banking advice that fits your unique life needs

  • Open multiple bank accounts for you and your spouse/partner for one monthly fee1 with PlanShare

Learn more about switching to BMO

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