Best BMO savings accounts

Justin da Rosa Freelance Writer

Updated Jan 14, 2025

From the BMO Savings Amplifier Account to the BMO Savings Builder Account, BMO Savings accounts offer something for nearly every saver.

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We've compared the best BMO savings account options so you can find your best account.

The Bank of Montreal (BMO) is one of Canada’s Big 6 Banks, with more than 900 branches in Canada and more than 1,000 branches in the United States.

Like all big banks, you can expect a slew of top notch products and services geared toward helping you save, spend and invest. With BMO, you’ll find chequing accounts, investment accounts, lending products, mortgages and – as this article will focus on – savings accounts. 

We’ve done the research so you can understand the ins and outs of BMO savings accounts and find the right one for you.

My top pick: BMO Savings Builder

The BMO Savings Builder high interest savings account is a unique offering among big bank savings accounts. 

The thing that makes the BMO Savings Builder account interesting is its bonus interest rate structure. While its base interest rate is only 0.4%, customers who deposit at least $200 per month will earn 2% interest on their balance. Not bad. 

We’ll break down the details of this account, and other BMO high interest savings accounts, below. 

Best BMO saving accounts

If you’re in the market for a BMO savings account, here’s everything you need to know. 

BMO Savings Amplifier Account: Best for no frills and no monthly fee

BMO logo
Fast facts
  • Monthly fee: $0
  • Interest rate: 1.55%
  • Minimum balance: $0
  • Number of transactions: Unlimited no fee self-serve transfers to other BMO accounts

The Savings Amplifier Account is a no frills, cheap savings account meant to be a place to stash short- and potentially long-term savings. The liquid nature of the account (meaning it’s super easy to access funds) makes it a great place to store vacation savings or an emergency fund – while also earning a bit of interest.

The account has no monthly maintenance fee, no minimum opening deposit, and no fees for electronic transfers to other BMO accounts. However, there is a $5 fee for pre-authorized debits, cash withdrawals and transfers made in-branch or through telephone banking.

Pros

Pros

  • No minimum balance

  • No monthly fees

  • Unlimited transactions to other BMO accounts

Cons

Cons

  • Low interest rate compared to others in the market

BMO Savings Builder Account: Best for bonus interest rate

Bank of montreal logo
Fast facts
  • Monthly fee: $0
  • Interest rate: 0.4% base interest rate, 2% bonus interest rate
  • Minimum balance: $0
  • Number of transactions: One free transfer out of the account

The bonus interest rate is the main feature of this account, offering customers 2% interest on their balance if they make a deposit of at least $200 per month.

The major drawback to this account is its limited transactions, offering just one free transaction per month. For each additional withdrawal or transfer, a fee of $5 is charged.

Pros

Pros

  • No minimum balance

  • No monthly fees

  • Nice bonus interest rate of 2%

Cons

Cons

  • Limited transactions – only one free withdrawal or transfer out per month

BMO Premium Rate Savings Account: Best for pairing with a BMO chequing account

bank of montreal BMO logo
Fast facts
  • Monthly fee: $0
  • Interest rate: 0.01%
  • Minimum balance: $0
  • Number of transactions: Shared with chequing account

The BMO Premium Rate account is meant to be paired with a BMO chequing account – in fact, you can only open one if you have a chequing account unless you physically visit a branch. The neat thing is that you share transaction limits with both accounts. So, if you have an unlimited chequing account, you can withdraw an unlimited amount of times from your savings account.

There’s a tradeoff, however. And that’s the low interest you’ll earn with this account. If earning interest is important to you, this is likely not the best account for you.

Pros

Pros

  • No minimum balance

  • No monthly fee

  • High number of transactions, depending on the chequing account you pair it with

Cons

Cons

  • Low savings interest rate

  • Requires a BMO chequing account as well

BMO U.S. Dollar Premium Rate Savings Account: Best for USD

bmo bank of montreal logo
Fast facts
  • Monthly fee: $0
  • Interest rate: 0.05%
  • Minimum balance: $0
  • Number of transactions: Shared with chequing account

Are you a frequent traveller to the United States? If so,the U.S. Dollar Premium Rate Savings Account might be just what you need. With no minimum balance and no fees, you can pair it with your BMO chequing account, stash your American cash, and share transactions between accounts.

Think of this as the U.S. funds equivalent of the Premium Rate Savings Account, so the same pros and cons apply.

Pros

Pros

  • No minimum balance

  • No monthly fee

  • High number of transactions, depending on the chequing account you pair it with

  • A place to save your U.S. funds

Cons

Cons

  • Low savings interest rate

  • Requires a BMO chequing account as well

The BMO Family Bundle

BMO offers an interesting account option for families: its Family Bundle. With it, families can save money on fees while also enjoying their own private accounts. 

With the Family Bundle, one person, typically a parent, can open an account and pay the necessary fees. Then, they can add up to three family members. The great part is that fees for those accounts are waived. 

Summary of best BMO saving accounts

Product name Monthly fee Interest rate
BMO Savings Amplifier Account $0 1.55%
BMO Savings Builder Account $0 0.4% or 2%
BMO Premium Rate Savings Account $0 0.01%
BMO U.S. Dollar Premium Rate Savings Account $0 0.05%

BMO savings accounts reviews

Reviews, as with most online opinions, are varied. To get a sense of how people feel about BMO’s savings accounts, we looked at user feedback in online forums, such as Reddit. While opinions differ, there are a few common themes.

One Reddit user posted asking for advice on which BMO account to choose, and one response suggested having a reasonable expectation of what you’ll get out of any savings account. “It's a savings account. Your money isn't invested in anything, there's no risk,” one user wrote. “If the bank goes bust tomorrow, your money is insured (up to 100k). So just pick the one that gives you the best rate. If you're able to put in $200/month, then the [BMO Savings Builder Account] one will give you the best rate.”

While the advice might not be a silver bullet for everyone, it’s a great general rule of thumb when considering savings accounts.

The key takeaway from online threads is that BMO, like all big banks, is a safe place to keep your money. However, there are options out there with higher interest rates and more perks, if you’re willing to go with a smaller, fintech company like KOHO or Wealthsimple. More on other options below.

How to open a BMO savings account

  • Complete the application online – make sure to have your social insurance number handy
  • Get approved in a matter of minutes
  • Start banking online instantly. Your debit card will be mailed and you should receive it in a matter of weeks

BMO savings account compared

BMO Savings Amplifier Accounts Vs. KOHO Essential Plan

The BMO Savings Amplifier is a standard big bank savings account. It’s solid but fairly no frills, with no monthly fee and will earn you 1.55%.

The KOHO Essential plan offers a variety of perks, all at a low price of $4/month ($0 annual fee when you set up a recurring direct deposit or make a monthly contribution of $1,000 or more to the card). You earn 1% cash back on groceries, dining (includes restaurants, food delivery, bars, coffee shops and more), and transportation — everything from your transit card top-up, train or bus ticket, gas purchases, Ubers and more (not flights or cruises — think daily commutes), along with 2.5% interest on your account balance. 

That’s a lot of perks packed into an account you can essentially get for free.

$20 sign-up bonus

Welcome Bonus

$0

First Year Value

$0

Annual Value

Welcome Bonus: Get a 30-day free trial for any KOHO plan. Get a $20 sign-up bonus on your first $20 transaction.

Learn More Apply Now On Koho's Secure Site

BMO Savings Amplifier Account Vs. EQ Bank

BMO’s no fee option and low 1.55% interest makes the Savings Amplifier Account, as we’ve said, low fee but low reward. EQ Bank, however, will give you 3.50%* interest (if you set up direct deposit; otherwise, they’ll give you 1.75%*) and also has no fees. Similar to KOHO’s account, EQ’s acts like a hybrid chequing/savings account as well —  so you can tap to your heart’s content while also building some serious interest.

While BMO's Savings Amplifier Account keeps fees at bay, its low interest rate won't help your savings grow much over time. 

If you're serious about growing your money and want an account that blends convenience with high returns, EQ Bank's hybrid chequing/savings structure could be the ideal fit.

Go with EQ Bank

*Interest is calculated daily on the total closing balance and paid monthly. For the EQ Bank Card, interest is paid into the linked Personal Account. Rates are per annum and subject to change without notice. For the Personal Account, Joint Account and EQ Bank Card, the current base interest rate is 1.75% (the “Base Rate”). Customers who add and maintain qualifying recurring direct deposits of at least $2000/month to a Personal Account or Joint Account are eligible to earn a bonus interest rate of 3.50% (the Base Rate plus an additional 1.75%) for the eligible accounts (the Personal Account, Joint Account, and the EQ Bank Card balance). Conditions apply. Please review the EQ Bank Bonus Interest Offer Terms and Conditions for details.

BMO Savings Amplifier Account Vs. TD Every Day Savings Account

We’ll cut to the chase: TD Bank and the Every Day account does everything BMO’s account does but not quite as well – at least when it comes to the interest you’ll earn. With BMO’s account, you’ll earn 1.55%. With TD’s, you’ll earn 0.01%. So, obviously, BMO wins here. Both are well-established, safe places to stash your money and big bank savings accounts play well with big bank chequing accounts: Meaning, if you have an existing BMO chequing account, it might make sense to also have a BMO savings account. The same can be said for TD.  

Frequently asked questions

  • Can I open a BMO savings account online?

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    Yes, you can open a BMO savings account online. All you’ll need is your personal information, your social insurance number and a few moments of your time.

  • Does BMO have a high interest savings account?

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    BMO has a few high interest savings account options. One of its more popular options is the Savings Amplifier Account. It has no monthly fees and offers an interest rate of 1.55%.

  • How to close a BMO savings account

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    Visit a BMO branch to close your savings account. You can make an appointment online.

  • What is the best BMO savings account?

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    BMO advertises its Savings Amplifier account as offering the most benefits of all its savings accounts. With the account, you’ll get no monthly fees, unlimited no-fee transfers to other BMO accounts and you won’t have to maintain a minimum balance.

  • What is the rate of BMO’s high interest savings account?

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    It depends on the account you choose. The BMO Savings Amplifier Account offers a rate of 1.55%, the BMO Savings Builder Account offers a rate of 0.4% or 2%, if you deposit at least $200 every month, the BMO Premium Rate Savings Account offers 0.01% and the BMO U.S. Dollar Premium Rate Savings Account offers 0.05%.

Justin da Rosa Freelance Writer

Justin is a writer and editor who has been covering personal finance for over 10 years. He's written for companies such as KOHO, Ratehub, BMO, Zoocasa, and Questrade, among others. Justin also created a course in Content Creation, which he taught at York University for four years. When not writing, Justin can be found at a live concert, on the golf course, riding a motorcycle, or sailing.

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