The Bank of Montreal has a number of savings accounts, but the BMO Savings Builder Account is designed to encourage you to become a saver, even if you’ve never been one before. It does this by having an average base interest rate of 0.1%%, but a bonus interest rate of up to 0.75% if you deposit at least $200 a month.
Not only does this encourage you to actually put money away for a rainy day, you’ll be earning 10x the base interest rate. It’s a clever trick that rewards you for good behaviour, and who doesn’t love saving money?
BMO Savings Builder Account features
Let’s take a closer look at this savings account’s main features.
Why You Want It
Earn up to 0.75% interest + Extra encouragement to actively save.
Special Features
- Earn max interest rate when you deposit at least $200 per month
- Bonus interest rate available for depositing at least $200 per month
Eligibility
- Age of majority
- Canadian citizen
Provinces
ALL
Interest Rates
$0 - $250,000
0.1%
$0 - $250,000 when depositing $200+ per month
0.75%
$250,000+
0.1%
Features
# Of Free Transactions
1
# Of Free Interac E-Transfers
1
Max Promotion Rate
N/A
Welcome Bonus Value
N/A
Promo End Date
N/A
BMO Savings Builder Account product rating: 3.9 stars
We’ve given the BMO Savings Builder Account a rating of 3.9 stars. It earned this rating primarily because it has a relatively high bonus interest rate for a standard “big bank” savings account. It did get a few extra points for setting the bonus interest up so that it actively encourages people to build their savings, which can be difficult for a lot of people.
Other than that, however, it’s a pretty average offering. There’s no introductory bonus at all, the bonus interest rate isn’t the highest savings account interest rate available, and it’s not really convenient to get your money out of the account if you need it.
Rating methodology
Our method for devising product ratings is pretty simple. We break each product type down into its component features (in this case: savings accounts), and then compare and contrast those features against other, similar products.
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of the BMO Savings Builder Account
Let’s dig into the benefits of this savings account.
Pros
No monthly fees
The BMO Savings Builder Account has no monthly fees, making it even easier for you to save your money.
Relatively high bonus interest rate
Most big bank savings accounts have a base interest rate of 0.05%, and rarely deviate from that. This account’s possible 0.75% interest rate is a huge step up from that, even though you do have to work for it a little bit.
Actively encourages you to become a saver
If you’re not the sort of person who is a natural saver, this account will help you build that habit. If you don’t deposit the minimum $200 each month, your interest rate drops back down to 0.1%, which is no better than anywhere else. If you faithfully make your deposits, however, your savings are going to grow faster than you realize.
No bank machines = no impulse spending
You cannot get money out of the BMO Savings Builder Account at a bank machine, helping you hang on to that hard-earned cash. If you’re a bit of an impulse shopper, this is going to be a big benefit.
The cons of the BMO Savings Builder Account
Cons
No introductory promo at all
Unlike some savings accounts that offer welcome bonus interest rates to encourage you to sign up, the BMO Savings Builder Account has no introductory offers at all. This is a bit confusing since BMO does have welcome bonuses for some of its other savings accounts.
Average base interest rate
If you don’t make the required $200 deposit every month, your interest rate drops to 0.1%. Yes, this does encourage you to really try to make those deposits, but if you happen to fall short 1 month, it’s a heck of a slap on the wrist.
Only 1 free transfer per month, and they’re expensive after that
And if you need to make more than 1 transfer out of the account in a month, BMO is going to charge you $5 for each. Again, this is a great encouragement to leave that money alone, but is awfully steep for a simple transaction.
Only 1 Savings Builder Account allowed per customer
If you want more than 1 active Savings Builder Account for whatever reason, you’re out of luck. There’s only 1 allowed per client, and you can’t include it in a family bank plan.
BMO Savings Builder Account alternatives
While the BMO Savings Builder Account is great for a big bank, there are online banks that offer savings accounts that may be better suited to your lifestyle. Let’s take a look at a couple of alternatives.
 |  | |  | |
|---|---|---|---|---|
| Account | BMO Savings Builder Account | Scotiabank Money Master Savings Account | Scotiabank MomentumPLUS Savings Account | Alterna High Interest eSavings Account |
| Genius Rating | ||||
| Why You Want It | Earn up to 0.75% interest + Extra encouragement to actively save. |  $50 GeniusCash + Automatically save with every debit purchase through Bank The Rest. | Get up to 4.75%* interest on your money + No monthly fees. | Unlimited $0 transactions, bill payments, & debits + Max 1.15% interest. |
| Interest Rates |
|
|
|
|
| # Of Free Transactions | 1 | 0 | 0 | Unlimited |
| # Of Free Interac E-Transfers | 1 | 0 | 0 | Unlimited |
| Max Promotion Rate | N/A | N/A | 4.75% | N/A |
| Welcome Bonus Value | N/A | N/A | N/A | N/A |
| Promo End Date | N/A | N/A | See Issuer for Details | N/A |
| Open an account See more BMO products Compare | I Want This Deal See more Scotiabank products Compare | Open an account See more Scotiabank products Compare | Learn More See more Alterna products Compare |
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FAQ
Here are some frequently asked questions about the BMO Savings Builder Account.
Does the BMO Savings Builder Account charge a fee for transferring money out of your account?
You get 1 free transfer out of the BMO Savings Builder Account per month, and you’ll pay $5 for every one after that.
What’s the savings interest rate on the BMO Savings Builder Account?
If you meet the requirement of depositing at least $200 a month into your BMO Savings Builder account, you’ll get the relatively high bonus interest rate of 0.75%. If you do not deposit $200 into the account per month, that rate drops back down to the base 0.1% rate.
Is there an introductory promotion for the BMO Savings Builder Account?
Unfortunately, there is no welcome bonus for opening a BMO Savings Builder Account.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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