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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
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
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
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
The golden rules of investing
Thinking about investing? These common-sense rules are a great place to start.
Take a lookReady to get started?
Already bank with BMO?
Sign in to open a CSP or contribute to one you already have.
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:
Make an appointmentLet’s change that! Here are three ways to sign up: