BMO Savings Builder Account

• Earn up to 0.550% with an additional bonus interest rate when your account balance increases by $200 or more each month^*17 
• No monthly fee
• One no cost transaction per month^*23 
• One free pre-authorized debit, transfer to BMO account or Interac eTransfer per month with a $5 charge per additional transaction

^*16. The base interest rate applies to the entire balance in a Savings Builder Account (“Account”). You will earn bonus interest on your Account balance up to $250,000.00, each month in which you increase your monthly Account balance by $200 or more. To determine if you are eligible for bonus interest in a month, we will calculate the difference between the closing balance on the last business day of the previous month and the closing balance on the last business day of the current month (excluding base interest from the current month, bonus interest credited from the previous month and any withdrawal or transfer fees); that difference must be at least $200. The base interest is calculated on the daily closing balance and paid monthly on the last business day of the month. The bonus interest is calculated on the daily closing balance and paid monthly on the first business day of the following month. The bonus interest is calculated from the first business day of the month, regardless of which day you qualified for bonus interest. The base interest rate and bonus interest rate each may be changed at any time without notice. Current interest rates are available at BMO branches where accounts are serviced, at bmo.com/rates and by calling 1-877-225-5266.

^*17. We may change the monthly Account balance increase amount required to earn Bonus Interest at any time.

^*23. Fee will apply for each additional debit transaction. Refer to Agreements, Bank Plans and Fees for Everyday Banking. 

Bonus interest is available on balances up to a maximum $250,000. To determine if you are eligible for Bonus Interest in a month, we will calculate the difference between the closing balance on the last business day of the previous month and the closing balance on the last business day of the current month. The closing balance at the end of the current month excludes Base Interest credited from the current month, Bonus Interest from the previous month and any withdrawal or transfer fees.

Bonus Interest is calculated on the daily account closing balance and paid monthly on the second business day of the following month. Bonus Interest is calculated from the first business day of the month, regardless of which day you may have qualified for Bonus Interest. 

You will not qualify for Bonus Interest and will only earn Base Interest on your Account balance:

(i) for each month that you do not increase your Account balance by $200.00 or more; and

(ii) on the portion of your Account balance that exceeds $250,000.

Base Interest is calculated on the daily closing balance and paid monthly on the last business day of the month.

If you switch from a Savings Builder Account to another account type (where permissible) or close a Savings Building Account, you are not eligible to earn Bonus Interest for that month if the Account is switch or closed before the Bonus Interest is credited, even if your Account balance increased by $200.00 or more. You will earn Base Interest on the entire Account balance up to the previous business day of the switch or closure.

We may change the monthly Account balance increase amount required to earn Bonus Interest at any time.

We may change interest rates or balance tiers or both from time to time. Up-to-date information on rates and terms are available at BMO branches in Canada where deposit accounts are kept, online at bmo.com/rates and by calling 1-877-225-5266. Interest rates are per annum.

You are only allowed one Savings Builder Account in your name, regardless of whether the Account is single, ‘in trust’ or held jointly.