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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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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

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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

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