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 account | Rates | Fees | Minimum deposit |
|---|---|---|---|
| Save Builder Account | 0.01% APY | $0 | $25 |
| Money Market Account | Up to 1% APY | $0-$10 | $25 |
Best savings accounts 2023
We have compiled a comparison of the best savings accounts available to open in the United States:
- 4.05% APY
- Minimum deposit: $100
- No welcome bonus
- Member FDIC
- 4.30% APY
- Minimum deposit: $0
- Welcome bonus: $100
- Member FDIC
- 4.35% APY
- Minimum deposit: $0
- No welcome bonus
- Member FDIC
- 4.50% APY
- Minimum deposit: $0
- Welcome bonus: $250
- Member FDIC
- 4.35% APY
- Minimum deposit: $0
- No welcome bonus
- Member FDIC
- 4.30% APY
- Minimum deposit: $0
- Member FDIC
- No welcome bonus
- 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
| Redes Sociales | Página Web |
|---|---|
| www.facebook.com/BMOcommunity | |
| www.twitter.com/BMO | |
| www.instagram.com/bmofinancialgroup | |
| Página web | www.bmo.com |
Related content
Finally, we show you related content about savings accounts:
High Yield Money Market Investment Account
Do you want to see a comprehensive analysis of Comerica’s High Yield Money Market Investment…
Comerica Money Market Investment Account
Do you want to see a comprehensive analysis of Comerica’s Money Market Investment Account? At…
Comerica Statement Savings Account
Do you want to see a comprehensive analysis of Comerica’s Statement Savings Account? At Responsible…
Do you want to learn about all the savings accounts offered by Comerica? At Responsible…
Do you want to learn about all the savings accounts offered by PNC Bank and…
BMO Premier Money Market account
Would you like to learn about all the features of the BMO Premier Money Market…
Would you like to learn about all the features of the BMO Savings Builder Account?…
Do you want to learn about all the savings accounts you can open with BMO?…
Would you like to learn about all the features of the M1savings account? Responsible Economy…
Updated the day 1 September, 2023 by Alfredo Barandiarán
- Best secured business credit cards - 15 September, 2023
- How to Apply for a Secured Credit Card - 15 September, 2023
- Secured Business credit cards - 13 September, 2023
