The BMO Savings Amplifier Account is one of several savings accounts offered by the Bank of Montreal, providing a base interest rate of 0.7%. It's a very basic savings account that doesn’t offer much, but the security and peace of mind provided by a bank of this stature may just offset its flaws.
External transfers incur fees, and while the interest rate is decent for a big bank, it pales in comparison to rates offered by other accounts, especially those from online banks. But if basic is what you want, this BMO account fits the bill.
BMO Savings Amplifier Account features
Let’s take a closer look at the main features associated with this savings account:
Why You Want It
Earn 0.7% regular interest + A bonus 4.6% promo interest rate.
Special Features
- Free transfers between BMO accounts
- BMO Savings Goals feature
Eligibility
- Age of majority
- Canadian citizen
Provinces
ALL
Interest Rates
Any balance
0.7%
Features
# Of Free Transactions
0
# Of Free Interac E-Transfers
0
Max Promotion Rate
4.6%
Welcome Bonus Value
N/A
Promo End Date
November 02, 2025
BMO Savings Amplifier Account product rating: 3.9 stars
The BMO Savings Amplifier Account is a rather bare-bones savings account with an excellent promo rate and decent regular rate, compared to similar products from other big banks. It also deserves credit for having no monthly fees, no minimum balance requirements, and free transfers between BMO accounts.
But those are pretty basic features for a savings account, and there’s not a whole lot else to get excited about here. The account loses points for its middling interest rate and the hefty fee for transactions and/or transfers.
Rating methodology
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 Amplifier Account
Although many are fairly basic, these benefits are still worth mentioning:
Pros
High base interest rate (for a big bank account)
A lot of big bank savings accounts can barely crack 0.1%, let alone 1%. For this account to have a 0.7% is pretty impressive – especially with no minimum balance or deposit requirements either.
High promotional rate
If you open a new BMO Savings Amplifier Account and combine it with a new BMO Performance Chequing Account or BMO Premium Chequing Account, you'll earn a sweet promotional interest rate of 4.6% for your first 4 months (120 days). That's a significant period of time when you can earn more than three times the base rate.
No monthly fees
While this is fairly standard with savings accounts, it's worth noting that the BMO Savings Amplifier Account won't cost you anything in monthly fees. So if you just need a place to stash some cash, this is a convenient option.
Free to transfer money to yourself
You can transfer to your other BMO accounts for free as many times as needed, whether it's via the mobile app, online banking, or at an ATM. Again, this may seem like a basic feature, but there are indeed other banks and accounts that charge fees for these transactions, so it shouldn't be taken for granted.
No minimum balance requirement
Unlike some savings accounts, there's no minimum balance requirement to worry about with a BMO Savings Amplifier Account. Once you open the account, you don’t have to worry about losing the interest rate because you don't have enough saved up.
The cons of the BMO Savings Amplifier Account
Here are the downsides to consider when deciding whether you want a BMO Savings Amplifier Account:
Cons
Fees for external transfers
On the off chance that you need to get money out of your BMO Savings Amplifier Account and send it to someone/somewhere else, expect to be charged at least $10 per transfer. Bank fees aren’t uncommon, but this is pretty hefty for a simple transfer.
No other interesting or useful features
The BMO Savings Amplifier Account is truly as basic as savings accounts get. While other accounts (even at BMO) have features to incentivize you to save more, the only aid this one offers is the BMO Savings Goals feature, which helps you set goals.
BMO Savings Amplifier Account alternatives
This table illustrates how the BMO Savings Amplifier Account measures up against the competition, both from big banks and online banks:
 |  |  |  | |
|---|---|---|---|---|
| Account | BMO Savings Amplifier Account | Scotiabank Basic Bank Account | TD Every Day Savings Account | Tangerine Savings Account |
| Genius Rating | ||||
| Why You Want It | Earn 0.7% regular interest + A bonus 4.6% promo interest rate. | Free for seniors + Low $3.95 monthly fee. | Unlimited transfers to another TD account + Automated savings feature. | Start out strong with 4.5% interest + No minimum balance. |
| Interest Rates |
| See Issuer for Details |
|
|
| # Of Free Transactions | 0 | |||
Compare |
* Interest calculated daily on the total closing balance and paid monthly. Rates per annum are subject to change without notice.
FAQ
What is the interest rate for a BMO Savings Amplifier Account?
The BMO Savings Amplifier Account has a base interest rate of 0.7%, which is surprisingly high for a big bank. Other than the promo 4.6% rate, there's no way for you to increase the interest earned with this account.
Are there any fees associated with the BMO Savings Amplifier Account?
The BMO Savings Amplifier Account has no regular monthly fees, but account holders are charged at least $10 per transfer when sending money to other accounts at other banks. Luckily, transfers between your own BMO accounts are free.
How does the BMO Savings Amplifier Account work?
This is BMO's most basic savings account, so all you have to do is deposit funds and you'll earn interest. You can move funds to other BMO accounts for free, but withdrawing any other way will incur charges.
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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