The BMO US Dollar Premium Rate Savings Account is available for existing BMO customers who want a place to hold any USD they have coming in, without having to convert it to Canadian dollars first. This sort of account exists so you can save money in USD when conversion rates are less beneficial, then convert it all over when exchange rates are working more in your favour. Or if you spend money in USD, you won’t have to worry about getting it converted.
They’re little things, but they can make a pretty big difference if you have enough money stashed away. If your USD savings account also happens to have a half decent interest rate, you can further build your savings over time.
BMO US Dollar Premium Rate Savings Account features
Let’s take a closer look at this savings account’s main features.
Why You Want It
Earn interest on your U.S. dollars + No added monthly fees.
Special Features
- Hold USD without converting it to CAD first
- * Only available as an addition to your BMO chequing account
Eligibility
- Age of majority
- Canadian citizen
Provinces
ALL
Interest Rates
Any balance
0.05%
Features
# Of Free Transactions
See Issuer for Details
# Of Free Interac E-Transfers
N/A
Max Promotion Rate
N/A
Welcome Bonus Value
N/A
Promo End Date
N/A
BMO US Dollar Premium Rate Savings Account product rating: 4.0 stars
The BMO US Dollar Premium Rate Savings Account is a very basic savings account that allows you to stash any USD you have coming in without converting it to Canadian dollars first. We gave it 4.0 stars for a couple of reasons.
First, while basic, this account does what it is designed to do, and it does it without charging any fees on top of your already existing BMO chequing account. It also gets a few points for making it relatively easy for you to get at your money, and for having a low-but-average interest rate.
Second, it lost points for having no other real perks or features worth getting excited about. You have to have another BMO account in order to open one. There’s no welcome bonus or other sign-up incentive. And the interest rate is really nothing to write home about.
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 US Dollar Premium Rate Savings Account
It’s a simple account, but what it does, it does well.
Pros
No added monthly fees
This savings account does not cost any additional fees, so this is technically a free account.
Average interest rate
The 0.05% interest rate is no lower than the average offered by most big banks for savings accounts in Canada, so your savings do have the potential to build slowly over time.
Easy to get at your money when you want it
There are no restrictions on taking money out of this account, so transaction limits and restrictions depend entirely on what banking plan you have with BMO. Assuming your package supports it, you can access the money in this account via debit card and electronic transfer.
The cons of the BMO US Dollar Premium Rate Savings Account
So, what are the drawbacks?
Cons
“Free” isn’t really free
This account is basically designed to be an add-on to your larger BMO banking experience, requiring that you have at least an existing chequing account before you can open one. While this is a free savings account, there are no free BMO chequing accounts, so this is really part of a larger non-free banking package.
“Average” doesn’t mean good
While the 0.05% interest rate is on par with what most big banks offer, it is still very low compared to other savings accounts available through some of the online banks. We show you a few alternatives below.
No welcome bonus or other sign-up incentives
Like other BMO accounts, there are no welcome bonuses or other incentives for you to sign up and try things out, even on a trial basis. Some other banks have significant welcome bonuses that can help you build your savings and give you more reason to take a new bank for a test drive.
BMO US Dollar Premium Rate Savings Account alternatives
How does the BMO US Dollar Premium Rate Savings Account compare to other similar accounts? Here we see how it stacks up against US Dollar savings accounts offered by CIBC, RBC, and Tangerine.
 |  | |  | |
|---|---|---|---|---|
| Account | BMO US Dollar Premium Rate Savings Account | Scotiabank MomentumPLUS Savings Account | Scotiabank Money Master Savings Account | Meridian High Interest Savings Account |
| Genius Rating | ||||
| Why You Want It | Earn interest on your U.S. dollars + No added monthly fees. | Get up to 4.75%* interest on your money + No monthly fees. |  $50 GeniusCash + Automatically save with every debit purchase through Bank The Rest. | Earn 0.85% interest + Unlimited free transactions. |
| Interest Rates |
|
|
|
|
| # Of Free Transactions | See Issuer for Details | 0 | 0 | Unlimited |
| # Of Free Interac E-Transfers | N/A | 0 | 0 | 0 |
| Max Promotion Rate | N/A | 4.75% | N/A | N/A |
| Welcome Bonus Value | N/A | N/A | N/A | N/A |
| Promo End Date | N/A | See Issuer for Details | N/A | N/A |
| Open an account See more BMO products Compare | Open an account See more Scotiabank products Compare | I Want This Deal See more Scotiabank products Compare | Learn More See more Meridian Credit Union products Compare |
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FAQ
Here are some of the questions that have come in about this account.
What is a US Dollar savings account for, anyhow?
A US dollar savings account gives Canadians somewhere to stash any USD they have coming in without having to convert it to Canadian dollars first. This allows you to take advantage of exchange rates when they are beneficial, and avoid doing any currency conversions when things aren’t working in your favour. You can also use USD from that account without having to exchange it first, saving you on exchange rates and fees again.
What’s the interest rate for the BMO US Dollar Prime Rate Savings Account?
The interest rate for this account is 0.05%. This is on par with the interest rates offered by other large banks, but there are some online banks that offer significantly better rates. It’s worth doing some research before making a final decision on which bank you want to work with.
Does this account have a welcome bonus or other introductory offer?
It does not. Other banks give you some incentive to try out new accounts, but there’s no such offer for this account with BMO.
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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