Continuous Savings Plan (CSP)
(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.
Take advantage of compound savings growth- Choose how you want to contribute
- Set goals and easily stick with them
Limited-time offer:
Set-up a Continuous savings plan of at least $50 per month and we’ll kick in another $100† to help boost your savings.
Why start a CSP?
Compound growth
Investing early and often, even starting with a small amount, helps your savings grow through compound growth.
Flexible contributions
Making regular contributions to your savings can make a big difference over time compared to annual lump sum instalments.
Goal setting
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 much can you save?
Try our simple Savings Calculator to find out how much you could save with a CSP (Continuous Savings Plan)
CSP by the numbers
$0:
The cost to open a Continuous Savings Plan.
$50:
The minimum monthly contribution (or $25 semi-monthly).
$424,125:
Total portfolio size after 30 years, assuming bi-weekly payments of $200 and annual interest of 6%.
How a CSP works
Simply decide on a contribution amount, 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.
How to set up your CSP account
- 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.
- If you’re an online investing customer, you can set up a CSP through your InvestorLine or SmartFolio account.
Once it’s set up, your CSP will then make debits and deposits according to your schedule, automatically. Open an account, or sign into online banking to get started.
How to make the most of your CSP
Here are a few ways to make sure you’re taking advantage of what a CSP has to offer.
Choose your products
Make sure the investments you contribute to align with your risk tolerance and investment horizon. Saving for retirement? Stocks, ETFs and mutual funds are great choices. Saving shorter-term? GICs and bonds are great. Learn more
Contribute as much as you can
While $50 a month is the minimum contribution you can make, your CSP will go much further if you contribute as much as possible, up to your account’s annual maximums. Get a promotion at work? Make sure to increase your CSP contributions to take advantage of long-term savings.
Contribute more frequently
More frequent contributions can also go a long way. For example, contributing over the course of the year allows you to better take advantage of compounding interest than investing the same amount as a lump sum at the end of the year.
Tools and resources
Find out how much you could save with a TFSA account.
Plan your RRSP savings.
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CSP FAQs
General questions
A Continuous Savings Plan (CSP), also known as a pre-authorized contribution or deposit, does your saving for you automatically, so you don’t have to think about it. It withdraws funds from the account you select, and deposits them into your savings or investment account on a regular schedule.
Setting up a CSP is easy! If you’re already a BMO customer, you can do it yourself through Online Banking. You’ll find it under the My Accounts tab. Or if you like, one of our investment specialists would be happy to set one up for you. You can ask at your local branch, or call the BMO Investment Centre at 1-800-665-7700. You can also fill in our online form and someone will get in touch with you.
If you’re already an InvestorLine of SmartFolio client, you can set it up through the Move Money tab in your account.
Nothing! There’s no fee to set up a CSP.
Contributing to your CSP FAQs
Pretty much any schedule you like: weekly, bi-weekly, semi-monthly, monthly, or quarterly.
The minimum contribution amount for a CSP is $50 a month. That’s just $25 per payment if you’re on a semi-monthly contribution schedule.
Sure! You can change the amount of your CSP four (4) business days before the next scheduled purchase date. You can do it yourself, or if you prefer, one of our investment professionals can help, in your local branch or over the phone.
Good question. Dollar cost averaging is what happens when you use a CSP to buy an investment product (like Mutual Funds) whose values change over time. Your contribution amount is always the same, so if the cost of the fund unit goes down, then you end up buying more units. It can work to your advantage in volatile markets, by lowering the average cost of the units you purchase over time.
CSP accounts
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.
It sure can. A CSP can debit from any account at any Canadian bank. The only exception is if you want to make U.S. dollar contributions to a U.S. dollar mutual fund — those have to come from a BMO U.S. dollar account.
Absolutely. You can both contribute to any non-registered plan or an RESP.
Ready to get started?
Important notice about our relationship with you: The new Our Relationship brochure has key information you should know when investing with us. Learn more about BMOII’s relationship with you, the products and services we offer, how we get paid, and how we always put your interests first. LEARN MORE
- Footnote dagger detailsTerms and conditions apply
- Footnote star detailsThis calculator is for illustrative purposes only, and doesn’t constitute investment advice or a promise of future performance. It is not, and should not be construed as, investment or legal advice to any party. It does not take into effect the deduction of any fees or take any tax into consideration. There is no guarantee that the rate of return selected can actually be achieved. Investments offering the potential for higher rates of return also involve a higher degree of risk.
- BMO Global Asset Management is a brand name that comprises BMO Asset Management Inc., BMO Investments Inc., BMO Asset Management Corp., BMO Asset Management Limited and BMO’s specialized investment management firms.
- BMO Mutual Funds are managed by BMO Investments Inc., which is an investment fund manager and a separate legal entity from Bank of Montreal.
- Commissions, trailing commissions (if applicable), management fees and expenses all may be associated with mutual fund investments. Please read the ETF facts, fund facts or prospectus of the relevant mutual fund before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
- For a summary of the risks of an investment in the BMO Mutual Funds, please see the specific risks set out in the prospectus. ETF Series of the BMO Mutual Funds trade like stocks, fluctuate in market value and may trade at a discount to their net asset value, which may increase the risk of loss. Distributions are not guaranteed and are subject to change and/or elimination.
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