BMO Bank Savings Accounts, CDs and Money Market Options

Savings accounts BMO Bank cover the standard range most customers expect: a basic savings account for emergency funds, a money market account for larger balances that earn tiered interest, and certificates of deposit for money that can sit untouched for a fixed term. None of the products are exotic, but the structure is clean enough that customers who want to keep everything under one login find it convenient. The interest rates tend to sit in the middle of the pack, competitive with other large regional banks but rarely leading the market.

BMO Savings Account Types

The BMO Savings Builder account is the entry-level option. It pays a modest annual percentage yield and carries a monthly maintenance fee that can be waived by keeping a $100 minimum daily balance or linking the account to a BMO checking account. The real draw is the automatic savings feature: customers can set up recurring transfers from checking, round up debit card purchases to the nearest dollar, or both. Those small transfers add up faster than most people expect, and the account is designed to reward consistency rather than large lump deposits.

Money Market Accounts

The Relationship Plus Money Market account is where BMO starts paying meaningful interest. The rate is tiered, meaning it climbs as the balance grows. Customers who also hold a BMO checking account get a slightly better rate than those who don't, which is the bank's way of encouraging customers to keep multiple products under one roof. The account comes with limited check-writing privileges and ATM access, so it functions as a hybrid between checking and savings. The monthly fee is higher than the basic savings account, but it can be waived with a $5,000 minimum daily balance.

Certificates of Deposit

BMO CDs require a $1,000 minimum deposit and offer terms from three months to five years. The rates are fixed for the full term, which is useful when interest rates are stable but less appealing if rates are climbing rapidly. BMO does offer a "step-up" CD on some terms that allows a one-time rate increase if market rates rise during the term, though the starting rate on those products is usually slightly lower than the standard CD. Early withdrawal penalties apply and vary by term length, typically ranging from three months' interest on short CDs to a full year's interest on the five-year product.

How to Open a BMO Savings Account

The process mirrors checking account setup: online, by phone, or in-branch. Online applications ask for the same identification and funding details. Customers who already have a BMO checking account can open a savings account in under five minutes through online banking, since the bank already has their information on file. New customers go through the full application process, which still usually wraps up in ten minutes or less.

Maximizing Interest

The simplest way to earn more is to keep enough in the money market account to hit the next interest tier rather than spreading money across multiple low-yield accounts. Customers who are comfortable locking cash away for a year or more should compare the CD rate against the money market tier; in most rate environments, the CD wins, but the gap narrows when the bank is running promotional money market rates. Setting up automatic transfers from checking on payday is another easy win, since it removes the temptation to spend money that was earmarked for savings.