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Continuous Savings Plans (CSPs)



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What is a CSP?

A Continuous Savings Plan (CSP) is a pre-authorized plan that withdraws funds from an account you select, and deposits them into a Savings or Investment account on a regular schedule. It’s free to set up, and you can start with as little as $50 per month.

It’s great for: anyone looking to get closer to reaching a savings goal

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Special offer: CSP Bonus Offer!

Bonus of $100!*

Invest automatically with a Continuous Savings Plan (CSP) equal to $300 per month and get a $100 bonus!*

Tip: A CSP is the easy way to save by making regular contributions to your BMO Mutual Funds.

Offers available only for more days.

Benefits

Compound growth

Investing early and often, even starting with a small amount, helps your savings grow through compound growth.

Monthly vs annual

Making monthly contributions to your savings can make a big difference over time compared to annual lump sum installments.

Stay focused on your goals

Contributing regularly through a CSP can help keep you focused on your long-term goals, and reduce the temptation to use your money for impulse purchases.

How a CSP works

Simply decide on a contribution amount and schedule ($50 per month or $25 semi-monthly is the minimum), which account to withdraw from, and which savings or investment solution you want to contribute to. A BMO investment professional can set it up for you. If you’re a BMO customer, you can set it up yourself through Online Banking. Once it’s set up, your CSP will then make debits and deposits according to your schedule, automatically.

Comparison: Annual vs. monthly contributions

portfolio value
annual monthly contributions
Tip: Use your CSP for an emergency fund
It’s not always easy to predict what’s around the corner — but you can plan to be prepared when you need some backup funds . A good plan is to have three to six months’ salary in an emergency fund. And a CSP is a great way to help you get there!
Learn more about emergency funds

Top questions about CSPs

Want to learn more about CSPs?

What accounts can a CSP contribute to?

Your CSP can contribute to just about any type of account, including RRSPs, RESPs, TFSAs, or Mutual Fund accounts. You can set it up to make bi-weekly, semi-monthly, monthly, quarterly and annual contributions.

What are the schedule options for a CSP?

You can set up a CSP to make bi-weekly, semi-monthly, monthly, quarterly and annual contributions

Can a CSP withdraw from a non-BMO account?

Yes! A CSP can debit from any account at any Canadian bank. The only exception is U.S. dollar contributions to a U.S. dollar mutual fund, which must come from a BMO U.S. dollar account.

Helpful tools and resources

A young woman is outside, looking up and smiling, as the sun shines over her shoulder.A young woman is outside, looking up and smiling, as the sun shines over her shoulder.

The golden rules of investing

Thinking about investing? These common-sense rules are a great place to start.
Take a look

CSP calculator

3 things you should start a CSP to save for

Ready to get started?

Already bank with BMO?
Sign in to open a CSP or contribute to one you already have.
Don't have an account?
Let’s change that! Here are three ways to sign up:
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