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BMO

Savings Builder Account Earn 2.5% interest until June 30

  • Last Updated:
  • May 27th, 2015 1:09 am
Tags:
Banned
May 30, 2013
255 posts
643 upvotes

[BMO] Savings Builder Account Earn 2.5% interest until June 30

Savings Builder Account

Save $200 or more each month. Earn a great bonus rate. Repeat monthly.

The BMO Savings Builder Account gets you:

0.30%
Base interest rate
+
1.00%
Bonus interest rate (with a monthly balance increase of $ 200 or more each month)
+
1.20%
Limited time
Bonus interest rate offer until June 30th, 2015 (with a monthly balance increase of $200 or more each month)

= 2.50% interest


TERMS AND CONDITIONS:

1. The base interest rate applies to the entire balance in a Savings Builder Account (“Account”). You will earn bonus interest on your Account balance up to $250,000.00, each month in which you increase your monthly Account balance by $200.00 or more. To determine if you are eligible for bonus interest in a month, we will calculate the difference between the closing balance on the last business day of the previous month and the closing balance on the last business day of the current month (excluding base interest from the current month, bonus interest credited from the previous month and any withdrawal or transfer fees); that difference must be at least $200.00. The base interest is calculated on the daily closing balance and paid monthly on the last business day of the month. The bonus interest is calculated on the daily closing balance and paid monthly on the second business day of the following month.

The bonus interest is calculated from the first business day of the month, regardless of which day you qualified for bonus interest. The base interest rate and bonus interest rate each may be changed at any time without notice. Current interest rates are available at BMO branches where accounts are serviced, at bmo.com/rates and by calling 1-877-225-5266.

2. We may change the monthly Account balance increase amount required to earn Bonus Interest at any time.

3. Interest is calculated on the daily account closing balance and paid monthly on the last business day of the month. Interest is paid in the same currency as the account. Interest rates are calculated on a per annum basis. Interest rates and balance tiers are subject to change without advance notice. Interest rates are available online at bmo.com/rates, on display at all BMO branches where personal accounts are serviced and by calling 1-877-225-5266.

4. You are only allowed one Savings Builder Account in your name, regardless of whether the Account is single, ‘in trust’ or held jointly.

5. When comparing the BMO Savings Builder Account with other savings accounts available on the public websites of CIBC, TD Canada Trust, RBC Royal Bank, Scotiabank,Tangerine, PC Financial as of March 1, 2015.
31 replies
Jr. Member
User avatar
Mar 11, 2006
164 posts
70 upvotes
Edmonton
Perfect timing, Tangerine interest bonus is ending soon. Time to set up automatic deposits into one of these builder accounts.

I just signed up (added to my existing BMO account). No mention of a fee for this builder account.
Newbie
Jul 6, 2014
56 posts
18 upvotes
Saint-Maurice, QC
Could this be a TFSA account or only regular saving account?
Jr. Member
Jan 27, 2013
191 posts
71 upvotes
Anyone know what the difference is between the Savings Builder account and the Smart Saver account? Other than this 2.5% promo for the next three months.
Member
Jul 10, 2006
441 posts
113 upvotes
Toronto
This looks good. However, how does one take out the money after June? Don't want to open a chequing account just do to this.
Deal Fanatic
Oct 7, 2007
9404 posts
5374 upvotes
This deal looked good to me but when I called to inquire further it sounds like they will charge you $5 per withdrawal with no freebies. I guess this might work if you find a companion account with low or no service charges but just thought this information may help those deciding whether or not to go this route.
Member
Jul 10, 2006
441 posts
113 upvotes
Toronto
choclover wrote: This deal looked good to me but when I called to inquire further it sounds like they will charge you $5 per withdrawal with no freebies. I guess this might work if you find a companion account with low or no service charges but just thought this information may help those deciding whether or not to go this route.
I assume that the withdrawal will be in the form of bank draft in this case? Don't want to carry around cash withdrawal just because the fees are any lower.
Deal Addict
User avatar
Feb 25, 2014
2170 posts
341 upvotes
Mississauga
pocket1 wrote: I assume that the withdrawal will be in the form of bank draft in this case? Don't want to carry around cash withdrawal just because the fees are any lower.
Withdrawal in any form will attract $5 fee unlees it is to one of bmo's accounts/credit cards.
Deal Addict
Jan 6, 2015
2860 posts
784 upvotes
Toronto, ON
Well that sucks. BMO trying to compete however sucking at it.
Deal Addict
User avatar
Jul 4, 2006
4625 posts
1342 upvotes
I'm already with BMO and have a smart saver account. As long as I can keep upping the balance by $200/month, it's a no brainer to switch to a savings builder account right? http://www.bmo.com/main/personal/bank-a ... ison-chart

I'd be willing to move it to Tangerine to avoid having to deal with meeting the bonus rate criteria but I haven't seen anything yet from Tangerine for Q2 2015.
Member
Apr 9, 2012
256 posts
170 upvotes
Being a BMO client finally pays off. It works exactly like the Smart Saver Account - Unlimited transfers into the account and 1 free transfer out to another BMO account every month.

The +$200 is annoying though.
Member
Mar 9, 2008
496 posts
43 upvotes
poorwingman wrote: I'm already with BMO and have a smart saver account. As long as I can keep upping the balance by $200/month, it's a no brainer to switch to a savings builder account right? http://www.bmo.com/main/personal/bank-a ... ison-chart

I'd be willing to move it to Tangerine to avoid having to deal with meeting the bonus rate criteria but I haven't seen anything yet from Tangerine for Q2 2015.
In the same boat. The +$200 is such a PITA. Do we even get the 2.5% for the month of April if we open an account then? I mean we're a day away. I suppose you can sock away 10K or so liquid cash in there next month and add $200 each month thereafter. Still so annoying for what will be chump change over another high interest savings account like Peoples.
Member
Jan 3, 2007
458 posts
261 upvotes
Just a reminder for those people who has Practical Plan with BMO. If you already have 2 accounts with them, don't just go on and add another account, because they are changing it to only 2 accounts limit from 20 accounts. If you have more than 2 accounts, they will automatically change your Practical Plan to Plus Plan in May, 2015.

https://www.bmo.com/olb/MessageCentre/M ... _mc_en.pdf
Deal Addict
Dec 7, 2009
1322 posts
906 upvotes
East of Toronto
Agree the $200 is a PITA but if you have another account at BMO you can set up a recurring monthly transfer so you won't forget.
Deal Addict
User avatar
Jul 4, 2006
4625 posts
1342 upvotes
so if we make an initial deposit in april.. do you we have to increase it by another $200 in april as well?
Sr. Member
Jan 21, 2012
662 posts
363 upvotes
poorwingman wrote: so if we make an initial deposit in april.. do you we have to increase it by another $200 in april as well?
No, $200 increase is based on the balance on the last day of previous month, that's what I was told by the agent.
Newbie
Dec 9, 2011
47 posts
25 upvotes
Richmond
Tonerbox wrote: Just a reminder for those people who has Practical Plan with BMO. If you already have 2 accounts with them, don't just go on and add another account, because they are changing it to only 2 accounts limit from 20 accounts. If you have more than 2 accounts, they will automatically change your Practical Plan to Plus Plan in May, 2015.

https://www.bmo.com/olb/MessageCentre/M ... _mc_en.pdf

The Smart Saver and the new Savings Builder are independent of the bank plans :)
Member
Jan 3, 2007
458 posts
261 upvotes
vivvibby wrote: The Smart Saver and the new Savings Builder are independent of the bank plans :)
Oh so it's kinda like where you have an investment section or something eh? sorry my bad guys, didn't know it's like that.

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