BMO Savings Builder Account review

The BMO Savings Builder Account allows you to earn a higher interest rate when you put a minimum amount of savings into your account each month. Your base interest rate will be 0.01% for any balance you hold in your account. You’ll earn an accelerated interest rate for every month you invest $200 or more. You’ll also get one free debit or withdrawal per month, though you’ll have to pay a $5 fee any time you take money out beyond this limit.

What are the benefits of the BMO Savings Builder Account?

The BMO Savings Builder Account offers a decent interest rate when you make consistent payments into your savings each month as well as:

• No monthly fees. You won’t have to pay monthly fees to keep your account active.
• Decent interest rates. You’ll be able to earn up to on your account when you put $200 per month into your savings (or 0.01% as a base rate).
• One free withdrawal per month. You can withdraw or transfer money out of your account once per month for free.
• No minimum deposits. You won’t need to worry about keeping a minimum amount of money in your account to keep it active.
• Easy mobile banking.You’ll be able to sign up for the BMO mobile banking app to manage your savings and account details on the go.

What should I look out for?

Aside from the benefits, there’s a handful of drawbacks that you should be aware of with this account:

• Minimum deposit for bonus rates. You’ll have to deposit at least $200 into your savings each month to qualify for the bonus rate.
• Maximum limits for bonus rate. You’ll only earn the bonus rate on balances up to $250,000.
• Limited debits. You’ll only get one free debit per month and after that you’ll be required to pay $5 per transaction.
• Not eligible for BMO’s bank plans. You won’t be able to include this account as part of your BMO bank plan (which lets you hold 20 accounts at one time for one monthly fee).
• Limited to one account. It’s not possible to open multiple BMO Savings Builder Account in the way that you can with some of BMO’s other no-fee savings accounts.
• Minimal information about fees. There’s no mention of how much you’ll have to pay to make ATM withdrawals, Interac e-Transfers or other transactions.

Compare other savings accounts

How do I open a BMO Savings Builder Account?

You can follow these steps to sign up for a BMO Savings Builder Account:

1. Visit BMO’s main banking page and find the BMO Savings Builder Account under “Bank Accounts” in the tab along the top of the page.
2. Select “Savings Accounts” from the dropdown list and then select BMO Savings Builder Account.
3. Indicate whether you’re a new or existing BMO customer to get redirected to the correct application.
4. Enter your personal information such as your full name, date of birth, Social Insurance Number, employment information and email address.
5. Double check your information and click submit.

Eligibility requirements

To apply for a BMO Savings Builder Account, you need to meet the following criteria:

• Be a Canadian citizen or resident who is at least 18 years old (19 in some provinces)
• Be opening a sole account in your name

Required documents and information

• Your name, residential status and contact information
• Your Social Insurance Number (optional) and date of birth
• Your email address and phone number

How do I deposit or withdraw my money?

You’ll be able to take money out of your account by sending it to yourself via an internal BMO transfer. There’s no mention of whether you can make withdrawals using an ATM, or by visiting a branch in person.

To deposit funds, you can cash a cheque or deposit cash into your account at an ATM, or by visiting a BMO branch. You can also transfer money into your account or deposit a cheque electronically using the BMO mobile banking app.

How can I get in touch with customer service?

You can easily connect with BMO using the following channels:

• By phone. Call into BMO’s customer service line at any time of day or night to set up or resolve issues with your account.
• In person. Go into a BMO branch in person to get help with your BMO Savings Builder Account.
• By mail. Send in a written request by mail to BMO headquarters in Montreal or reach out to your local branch through the post for information about your account.
• By email. Send a secure message through your online banking or get in touch with BMO by emailing its general inbox.

Frequently asked questions about the BMO Savings Builder Account

• Do I need to pay fees with this account?

  This account comes with no monthly fees and you’ll get one free debit per month. That said, you’ll have to pay a steep fee of $5 each time you exceed your allowable number of debits in any given month.

• Will I still earn interest if I don't make a $200 deposit each month?

  Yes. You’ll always earn a base interest rate of 0.01% on your balance. You’ll only earn the bonus rate of in the months that you deposit $200 or more into your savings account.

• Is my money safe with BMO?

  It sure is. BMO safeguards your money and personal information at every step along the way. It’s also one of Canada’s most reputable and established banks, and it’s a member of the Canada Deposit Insurance Corporation. This means any money you put into your account will be protected up to $100,000 by the CDIC if BMO goes bankrupt.

• Is the BMO Savings Builder Account included with any of BMO's bank plans?

  Unfortunately, no. BMO’s bank plans allow you to register for up to 20 BMO accounts at one time. You then get to choose a primary account which determines your fees and withdrawals for all accounts. Sadly, the BMO Savings Builder account can’t be included with this type of plan.

• Can I apply online?

  Definitely. You can apply by filling out an application on BMO’s website. You can also call in or visit a branch in person to get help with setting up your account.