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Savings account

BMO

BMO Premium Rate Savings Account

1.6/5 our rating

Open account

Opens BMO's website

Interest rate
0.01%
Interest in a year
$1
on $10,000, estimated
Monthly fee
$0

Overview

A basic BMO savings account for existing customers who want somewhere to set money aside in the same app. The interest rate is close to zero, and how many transactions you get depends on your BMO plan. Fine as a parking spot, but it won't grow your savings.

Interest rates

  • All balances

    0.01%

What you could earn in a year

$1,000
$5,000
$10,000
$25,000
$50,000

$1

in interest on $10,000 over 12 months

An estimate: it assumes today's rates hold for the year, interest compounds monthly, and any fee that can be waived is waived.

Fees

Account fees

Monthly fee

$0

eStatement

Included

ATM fees

Own network

$2

Canadian ATMs

$2

Highlights

  • Earn 0.010% interest on all balances*12
  • Monthly fee depends on your plan
  • Transactions depend on your plan limit*7,*105 
  • Access your money at any time
  • Add the account to your BMO Chequing Account to pay a single fee*1,*3 
  • Must have a BMO Chequing Account in order to open the account*100

*1. The Practical Plan allows you to have one Canadian or U.S. Dollar Primary Chequing Account or Interest Chequing Account (existing customers) and one Premium Rate Savings Account under the Plan. All other Bank Plans allow you to have up to a total of 20 eligible accounts in Canadian or U.S. dollars, any combination of Primary Chequing Accounts, Premium Rate Savings Accounts, and Interest Chequing Accounts (existing customers only) under the Plan. 


*3. You can have up to twenty (20) Canadian or U.S. Dollar Primary Chequing, Premium Rate Savings or Interest Chequing Accounts (for existing customers only) excluding Savings Amplifier Accounts, Smart Saver Accounts (for existing customers only) and Savings Builder Account under one (1) Plan. One (1) account must be designated as the lead account. The lead account is the one you designate to pay any fees required by your Bank Plan, for example, your monthly Plan fees and transaction fees. If you select a U.S. dollar account as the lead account, all Plan and transaction fees will be charged in U.S. dollars. All accounts covered by the Plan are subject to the monthly transaction limit(s) for the selected Plan 


*7. This account is no longer available with pay-per-use pricing and must now be included in an Everyday Bank Plan. This information is for existing customers without an Everyday Bank Plan. 


*12. Interest is calculated on the daily account closing balance and paid monthly on the last business day of the month. Interest is paid in the same currency as the account. Interest rates are calculated on a per annum basis. Interest rates and balance tiers are subject to change without advance notice. Interest rates are available online at bmo.com/rates, at all BMO branches where deposit accounts are kept and by calling 1-877-225-5266. 


*100.  To open a new Premium Rate Savings account online, you are required to have a Primary Chequing Account with a Bank Plan. New customers can open a Premium Rate Savings Account at a local BMO branch without the requirement to have a Primary Chequing Account. 


*105. Cheques drawn are not permitted on this account.