Would you like to learn about all the features of the BMO Savings Builder Account? Responsible Economy has analyzed the fees, requirements, yields, and conditions offered by BMO in their savings account. We have also included a comparison with the top savings accounts available in the United States, along with an explanatory video.
Explanatory video
We’ve created a video that provides a simple summary of all the features of the BMO Builder account. If you enjoy our content, please consider supporting us by subscribing to receive daily videos.
Features
In this section, you will find a comprehensive overview of the features of the BMO Savings Builder Account:
Interest rate
The BMO Savings Builder Account provides a minimal interest rate of 0.01% APY, positioning it as one of the least favorable options for saving.
Fees
The positive side of this savings account is that it has no opening fees or annual maintenance fees.
Minimum deposit
The minimum initial deposit is $25.
ATMs
You can withdraw money without any fees at all BMO ATMs.
Deposit funds
You can deposit funds by making bank transfers from any bank.
Bonus
For every month your Savings Builder account balance grows by at least $200, we will credit the account with a $5 savings reward within 5 calendar days after the end of the month. To calculate if your balance has grown by $200, we will compare the Ledger Balance on the last Business Day of the previous month to the Ledger Balance on the last Business Day of the current month. Interest and savings reward payments will not count towards your balance growth
Summary table
Here you have a summary table with all features:
| Information | Description |
|---|---|
| Interest Rate | 0.01% APY |
| Fees | $0 |
| Minimum deposit | $25 |
| Bonus | Up to $5 monthly |
Best savings accounts 2023
We have compared the BMO Savings Builder Account with the best savings accounts available in the United States. We highlight the key characteristics of each savings account.
- 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
Video with the best savings accounts
We also have made a video with the best savings accounts:
Pros and cons
Now that we’ve covered all the features of the Savings Builder Account and analyzed the main characteristics of the top savings accounts, let’s take a look at a table summarizing the advantages and disadvantages:
| Pros | Cons |
|---|---|
| No fees | Minimum deposit $25 |
| $5 Bonus | Interest rate 0.01% APY |
Requirements
Opening a savings account is simple, as long as you meet the following requirements:
- Must be over 18 years old
- Live in the United States
- Have an American phone
- Have a Social Security number
Documentation
You may also be asked to provide the following documentation:
- Certified copy of identity document (for each applicant): in most cases this will be your current, valid passport although some other types of ID are acceptable.
- Certified copy or original proof of address (for each applicant): your proof of address will normally be a bank or building society statement or a utility bill.
- Your signed Client Agreement.
Frequent questions
Here we answer all the questions you may have:
Conclusions and opinions
After completing the evaluation, our assessment is that the Savings Builder Account does not offer a competitive package due to its meager 0.01% APY. This interest rate positions it as one of the least favorable savings accounts available in the United States.
Learn more about BMO
We have created a table with general information about BMO.
| Information | Description |
|---|---|
| Web | https://www.bmo.com/en-us |
| https://www.facebook.com/bmoUSA | |
| https://www.linkedin.com/company/bmo-us/ | |
| https://twitter.com/BMO_US | |
| YouTube | https://www.youtube.com/@bmoUS |
Anothers products of BMO
Here is a list with more information on other BMO financial products:
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Updated the day 1 September, 2023 by Alfredo Barandiarán
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