Finance, Personal

BMO High Interest Savings Accounts Review For 2022

Are you looking for a high-interest savings account with the big banks in Canada? BMO has you covered with their high interest savings account. 

BMO’s high interest savings account is a great choice for many savers. With competitive interest rates and flexible features, this is one of the best high interest savings accounts you can get from any of the big five banks in Canada.

In this article, we will discuss everything you need to know about the BMO high interest savings account. 

We will also provide you with some of the best alternatives so that you can choose one that best suits your financial needs.

So keep reading to learn more about the accounts and how they can help you reach your financial goals.

BMO High Interest Savings Accounts
Photo Credit: Maitree Rimthong

About BMO

BMO is one of the oldest banks in Canada. It is also one of the big five banks in Canada. The bank was founded in 1817 as the Montreal Bank. 

Today, the bank is a leading provider of wealth management, retail banking, and business banking services for small, medium, and large businesses. 

The bank offers a wide range of banking products and services, including savings and chequing accounts, credit cards, loans, mortgages and investment products. 

In addition to its traditional banking products, BMO also provides online and mobile banking services. 

BMO is committed to providing world-class customer service and to helping its customers reach their financial goals. 

If you are looking for a bank that can provide all your banking needs, BMO is a great choice. 

BMO High Interest Savings Accounts

BMO has a variety of savings interest savings accounts that offer unique benefits. However, the bank offers two high interest savings accounts.

If you’re looking for a way to earn a little bit of extra money each month, then the two high interest savings accounts offered by BMO might be for you.

The two high interest savings accounts offered by BMO are:

  • Savings Builder Account
  • Savings Amplifier Account

Let’s have a look at the two high interest savings accounts below.

Savings Builder Account

The BMO Savings Builder Account is a great account that offers bonuses and regular interest rates to help you achieve your financial objectives quickly.

With the account, you can get a bonus interest rate of up to 1.90%. To get this interest rate, you have to add your savings by at least $200 every month.

Also, if you can’t add your monthly balance by at least $200, you will get a lower interest rate of 0.50% which is the regular interest rate on the account.

You should note, however, that you can only earn the bonus interest rate on qualified balances up to the maximum of $250,000.

This means that if you save more than $250,000 in your BMO Savings Builder Account, you will only earn the regular interest rate of 0.50% on your savings.

Another good thing about the BMO Savings Builder Account is that it has no monthly fees. Nevertheless, the account has transaction fees.

Savings Amplifier Account

The BMO Savings Amplifier Account is a high interest saving that has no minimum balance requirement and no monthly fees.

You can earn a high-interest rate on the account, which will enable you to significantly advance your financial objectives.

The account offers you an interest rate of up to 1.40%. The best part is that the interest is not a bonus interest rate. 

This means that no matter the amount you save in the account, you will earn the interest rate.

You can make unlimited transactions with your BMO Savings Amplifier Account without paying any fees.

Also, you can easily save for a trip or a significant purchase with the help of the BMO Savings Goals tool.

How to Open a BMO High Interest Savings Account

The process of opening a BMO high interest savings account is very straightforward. 

You can easily open one through the BMO online banking portal. However, to open a BMO high interest savings account, you must present your Social Insurance Number (SIN).

Once you have your SIN handy, you can go ahead and complete your application by providing the required information.

After you complete and submit your application, it will be reviewed and you will get an instant response to let you know whether it is approved or not.

If your application is approved, you can now go ahead and register for online banking. You can also apply and get your BMO Debit Card within a few days.

Alternatively, you can walk into any BMO branch in Canada and open a new high interest savings account.

BMO High Interest Savings Account Alternatives

While BMO has high-interest savings rates compared to other big banks in Canada, the interest rates are considerably low compared to the rates of online-only banks. 

Not only that, online-only banks offer high-interest savings rates with no monthly fees and minimum balance requirements.

So if you’re looking for long-term interest earning, choose from the following online-only high-interest savings accounts: 

Tangerine High Interest Savings Account

Tangerine Bank is an online-only bank that offers various financial services to make life easier for Canadians.

The Tangerine high interest savings account is a no-fee account that offers you high interest on your savings no matter the amount you save.

With the account, you can earn a steady interest rate of 1.00% with no minimum balance requirement.

However, if you open the account with the promo code “EARNMORE”, you will earn a promotional interest rate of up to 4.25% on your savings for 5 months.

Also, you can get 20% cash back on all qualified purchases you make using your Tangerine Visa card up to a maximum of $400.

Additionally, you can use the Automatic Savings Program to create a customized saving goal.

READ ALSO: Tangerine Credit Card Promotions Review

Simplii Financial High Interest Savings Account

The Simplii Financial high interest savings account is another great alternative to BMO high interest savings account that is worth looking at.

The account offers several benefits to help you meet your savings objectives. It has no monthly fees or minimum balance requirement.

When you open a new Simplii Financial high interest savings account, you will enjoy a welcome bonus of up to $350.

To get this welcome bonus, you have to open the account by October 31, 2022, and set a direct deposit of at least $100 for 3 months in a row.

Also, with the Simplii Financial high interest savings account you can get an interest rate of up to 4.75%.

However, the 4.75% interest rate is a promotional interest rate and will expire on October 31, 2022.

After the promotional period expires, you will start earning a lower interest rate of just 0.40%.

In addition, the account offers you an opportunity to earn a referral bonus. For each of your friends that open their first High Interest Savings Account or another qualified Simplii Financial bank account using your referral code, you will get a referral bonus of up to $50.

The good news is that there is no limit on how much referral bonus you can earn. This means you can refer as many friends as you want.

How to Choose a High Interest Savings Account in Canada

When it comes to choosing a high interest savings account in Canada, there are several things you need to take into account. 

First, what are the fees associated with the account? Many banks will charge you a monthly fee just for having the account, so you should ensure to find one that doesn’t charge this fee. 

After all, there is no point in having a high-interest rate if you are being charged a lot of fees.

Second, what is the minimum balance required to open the account and avoid fees? 

Some banks will require you to keep a minimum amount of money in your account, so be sure to find one that has a low or no minimum balance requirement. 

The third is the interest rate. You want to find an account that has a high interest rate so that your money can grow quickly. 

Some banks offer promotional rates for a limited time, once the period is over, you start earning a lower interest rate.

As a result, it is better to find an account that has a competitive regular interest rate if you intend to keep your money for a long time.

By taking all of these things into consideration, you can be sure to find the best high interest savings account for your needs.

Final Thoughts on BMO High Interest Savings Accounts

BMO high interest savings accounts are one of the best options you have if you are looking for a high interest savings account from any of the big banks in Canada. 

The accounts offer a great rate and have very few fees. However, if you are looking for an account that offers a higher interest rate, there are some other good options out there.

Fortunately for you, this article has discussed some of the alternative high interest savings accounts offered by digital banks in Canada.

If you are looking for an account that offers a higher interest rate with no monthly fees or minimum balance requirement, you can consider some of the alternatives above. 

Thanks for reading and I hope this article was useful. If you found it useful, please share it with others who may also be interested.

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About John Adebisi

John Adebisi is a CPA, FCCA and MBA holder with a Bachelor's degree in Accounting & Finance. He has over a decade of experience in writing personal and business finance content for audiences across North America, Europe, the UK and Africa. In addition to his writing experience, he also has a strong background in financial research and analysis, giving him a unique perspective of the financial markets. John derives pleasure in helping people make smart financial decisions, and he believes that knowledge and experience can be valuable resources for anyone who wants to learn how to manage their money.

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