BMO savings accounts

Do you want to learn about all the savings accounts you can open with BMO? At Economía Responsable, we have conducted a comprehensive analysis of all the savings accounts you can apply for with BMO, including their features. You will also find a comparison with the best savings accounts. Let’s get started!

Savings accounts offered by BMO

Currently, BMO offers two savings accounts: Save Builder Account and Money Market account. Now let’s take a look at the features of each account.

Save Builder Account

The Save Builder account is the most basic savings account offered by BMO. We provide below all its features:

Rates

Undoubtedly, the interest rate is one of the most important factors in savings accounts. The Save Builder account offers an interest rate of 0.01% APY. This interest rate is extremely low, making it difficult to save money. Many banks are currently offering interest rates close to 5% APY, which makes Save Builder’s rate seem insignificant.

Fees

The Save Builder account offers no fees and does not require you to meet any specific requirements. It is a completely free savings account.

Minimum deposit

The initial deposit to open the savings account is $25.

Rewards

Every month that you increase your savings account balance by $200 through transfers into the account, you will receive a $5 reward.

Money Market account

Now we are going to conduct an analysis of the Money Market account.

Rates

The maximum interest rate you can obtain with the Money Market account is 1% APY. Once again, this savings account from BMO offers very low interest rates.

Fees

There is a monthly fee of $10 for the Money Market account unless you maintain a daily balance in the account of $5000 or higher.

Minimum deposit

The initial deposit to open the savings account is $25.

Summary table

Here you have a summary table with all features:

Savings accountRatesFeesMinimum deposit
Save Builder Account0.01% APY$0$25
Money Market AccountUp to 1% APY$0-$10$25
BMO savings accounts features

Best savings accounts 2023

We have compiled a comparison of the best savings accounts available to open in the United States:

CIT Bank Logo
  • 4.05% APY
  • Minimum deposit: $100
  • No welcome bonus
  • Member FDIC
Marcus by Goldman Sachs
  • 4.30% APY
  • Minimum deposit: $0
  • Welcome bonus: $100
  • Member FDIC
synchrony-bank-logo
  • 4.35% APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC
Logo Sofi
  • 4.50% APY
  • Minimum deposit: $0
  • Welcome bonus: $250
  • Member FDIC
Barclays Logo
  • 4.35% APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC
Logo capital One CDs
  • 4.30% APY
  • Minimum deposit: $0
  • Member FDIC
  • No welcome bonus
Discover logo
  • 4.30 APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC

Learn more about BMO

We have created a table with general information about BMO

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Facebookwww.facebook.com/BMOcommunity
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Página webwww.bmo.com
Interest information about BMO

Related content

Finally, we show you related content about savings accounts:

Updated the day 1 September, 2023 by Alfredo Barandiarán

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