*Terms and Conditions

**Offer Overview

From November 15, 2021 and March 15, 2022 (the “Promotional Period”) earn bonus interest rate of 1.70% (the “Bonus Interest Rate”) on New Money (defined below) up to $1,000,000 deposited into your BMO Smart Saver Account (the “Account”). The Bonus Interest Rate is per annum.

The Total Interest Rate 1.75% on New Money is a combination of the posted interest rate of the Smart Saver account available online at bmo.com/rates plus bonus interest rate 1.70%. The posted interest rate is subject to change at anytime without advance notice. Any changes to the posted rate will reflect in the Total Interest Rate calculation on your eligible balance and paid to your Account during the Promotional Period.

How we calculate New Money in your Account:

To determine if a deposit qualifies as New Money and eligible for the Bonus Interest Rate, we will:

  1. combine all balances in your Canadian dollar BMO Smart Saver Account(s), BMO Savings Builder Account(s), BMO CAD Premium Rate Savings Account(s) as of November 12, 2021 (the “Savings Balance”)that are solely in your own name;
    2. and
  2. combine all balances in your BMO Smart Saver Accounts as of November 12, 2021 (the “Account Balance”) that are solely in your own name;
    3. then
  3. at the end of every business day, we verify if your overall Savings Balance has increased and your Account Balance has increased. Bonus interest will apply to the amount by which your Savings Balance or Account Balance increased, whichever is lower.

Here are some examples:

If you have $50,000 in your Savings Balance and of that $50,000, you have $10,000 in your Smart Saver Account (“your account(s)”) and you withdraw $5,000 from one of your other savings accounts and you deposit $4,000 into your Account, your total deposits have not increased ($50,000 - $5,000 + $4,000 = $49,000) so although the balance increased in your Account, the Bonus Interest Rate would not apply.

If you have $50,000 in your Savings Balance and of that $50,000, you have $10,000 in your Account and you deposit $15,000 into your Account, your total deposits have increased ($50,000 + $15,000 = $65,000) your Savings Balance has increased and your Account Balance has increased by $15,000 and you will earn the Bonus Interest Rate on the New Money ($15,000) on your Account.

If you have $50,000 in your Savings Balance and of that $50,000, you have $10,000 in your Account and you withdrawal $3,000 from one of your other savings accounts and you deposit $10,000 into your Account, your Saving balance have increased by $7,000 ($50,000 - $3,000 + $10,000 = $57,000) and you will earn the Bonus Interest Rate on the New Money ($7,000) on your Account, although your account balance increased by $10,000.

To qualify for the Bonus Interest Rate, during the Promotional Period you must:

Bonus Interest calculation and payment:

New Money deposited during the bonus period into a Qualifying Smart Saver Account will earn the bonus interest rate of 1.70% during the Offer Period. Deposits made into the Account and/or existing balance(s) in the Account that do not qualify as New Money will earn interest at the posted interest rate available on bmo.com/rates.

Bonus Interest is calculated on the daily closing balance of the Account and paid monthly on the seventh calendar day of the subsequent month. For example, interest that is earned in March, will be paid to the account on April 7. Bonus Interest will be shown separately from the Regular Interest on the account statement. Regular interest will continue to be posted to the account on the last business day of the month.

Any calculated but unpaid Bonus Interest will be forfeited if the Account is closed before the Bonus Interest is paid.

General:

This offer is non-transferable, and it can not be combined with other offers. A limit of one offer per customer is available however, if you have more than one Smart Saver Account in your own name, all Smart Saver Accounts are eligible to earn the Bonus Interest Rate when New Money is deposited into your Account. Employees of Bank of Montreal and clients of BMO Private Banking are not eligible. BMO reserves the right, at our sole discretion, to suspend, disqualify, limit or revoke the offer to any account holder found to have manipulated or abused the bonus interest offer, its fairness, integrity or operation. BMO may change, extend, or withdraw this Offer at any time without notice. To the extent that these Terms and Conditions are inconsistent with any other communication, advertisement or statement from the Bank, these Terms and Conditions will supersede all other materials.