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BMO - Savings Amplifier Account 5% (New Members)

Last Updated:
Feb 2nd, 2023 4:26 pm

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Feb 1st, 2023 3:54 pm

xYLWbc [OP]: Newbie; Sep 13, 2021; 53 posts; 241 upvotes

Feb 1st, 2023 3:54 pm

[BMO] BMO - Savings Amplifier Account 5% (New Members)

Deal Link:: https://www.bmo.com/main/personal/bank- ... s/premium/
Expiry:: April 30, 2023
Retailer:: BMO

More offers from BMO

Hello all,

For everyone who didn't win the Tangerine/HSBC lottery, looks like BMO is the strongest of the big banks with their current interest rate offering from this month's interest rate increases. We're looking at 5% for 120-days, standard $4,000/$6,000 in the account to offset the monthly fee in each account, respectively.

Might not be hot for everyone, but if you're looking to park money which will earn a fairly good return for just being present in an account... looks good to me.

Edit: I forgot they're also throwing in the standard $400 for doing the standard new bank account quests (to unlock the treasure) within the offer period:

Happy saving!

URL - https://www.bmo.com/main/personal/bank- ... s/premium/
T's & C's - https://www.bmo.com/assets/pdfs/edb-che ... ons-en.pdf

11 replies

Feb 1st, 2023 4:03 pm

someaveragejdoe: Member; Sep 8, 2022; 379 posts; 838 upvotes

Feb 1st, 2023 4:03 pm

5% for 120 days.

Can I take out, say, 500k from a credit line (from another bank). Place it in the new BMO account for 120 days. Then pay the interest on the credit line...and come out ahead?

Feb 1st, 2023 4:14 pm

Iistardustii: Jr. Member; Jul 28, 2021; 123 posts; 396 upvotes

Feb 1st, 2023 4:14 pm

Assuming your LOC has a lower interest rate, yes.

+2

Feb 1st, 2023 5:20 pm

Jhammer: Member; Oct 24, 2020; 204 posts; 398 upvotes; Ontario

Feb 1st, 2023 5:20 pm

someaveragejdoe wrote: ↑5% for 120 days.

Can I take out, say, 500k from a credit line (from another bank). Place it in the new BMO account for 120 days. Then pay the interest on the credit line...and come out ahead?

Your line if credit, even if it's a heloc , would cost you more than 5%. It's likely prime (currently 6.7% + xxx). So no that's not a viable option.

However borrowing the money to invest in some other instrument, something that will pay you more than the cost of the line of credit IS a viable idea. (provided you can make the payments and have a longer time horizon) because the interest payments on that loan are tax deductible, similar to your RRSP. It's called leverage. Be the bank!

+1

Feb 1st, 2023 5:22 pm

someaveragejdoe: Member; Sep 8, 2022; 379 posts; 838 upvotes

Feb 1st, 2023 5:22 pm

Jhammer wrote: ↑ Your line if credit, even if it's a heloc , would cost you more than 5%. It's likely prime (currently 6.7% + xxx). So no that's not a viable option.

However borrowing the money to invest in some other instrument, something that will pay you more than the cost of the line of credit IS a viable idea. (provided you can make the payments and have a longer time horizon) because the interest payments on that loan are tax deductible, similar to your RRSP. It's called leverage. Be the bank!

Oooh...didn't know that. Thank you!

Feb 1st, 2023 5:35 pm

smacd: Deal Guru; Oct 6, 2007; 10250 posts; 8456 upvotes; Kootenays

Feb 1st, 2023 5:35 pm

Links go to the premium chequing account, not the 5% interest savings account. Looks like you have to open both to get the 5% rate:
"Get rewarded with up to $1200* in value
including a $400 welcome bonus and a 5% promo interest rate when you open a new chequing and Savings Amplifier Account.*"

https://www.bmo.com/main/personal/bank- ... amplifier/

Feb 1st, 2023 7:19 pm

HyperTech: Deal Addict; Dec 4, 2007; 4352 posts; 1993 upvotes; Quebec

Feb 1st, 2023 7:19 pm

there is a 5.25% promo right now until end of may

https://forums.redflagdeals.com/bmo-sav ... a-2596517/

make sure you use the link in the thread

+2

Feb 1st, 2023 11:23 pm

seekbuty: Jr. Member; Apr 23, 2013; 126 posts; 38 upvotes; Montreal

Feb 1st, 2023 11:23 pm

Features
Earn up to a $400 welcome bonus* when you open a new chequing account
Earn a 5% promo interest rate guaranteed for up to 120 days when you add a Savings Amplifier Account and receive up to $230* value in total interest†
Save up to $200* in annual account fees when you maintain a minimum balance
Save up to $200* on annual account fees for each new family member
Save up to $155* each year with OnGuard®† Identity Protection*74
Receive an annual rebate of up to $40* on all eligible BMO credit cards*15

So the maximum interests value to be paid is 230, correct me if I was wrong here.

Feb 2nd, 2023 12:16 am

asbraich: Penalty Box; Nov 26, 2014; 1366 posts; 2485 upvotes; Calgary, AB

Feb 2nd, 2023 12:16 am

HyperTech wrote: ↑ there is a 5.25% promo right now until end of may

https://forums.redflagdeals.com/bmo-sav ... a-2596517/

make sure you use the link in the thread

That's a targeted offer brotato. No guarantee you get the rate.

I'm gonna open this account combo the OP linked here as my tangerine offer is expiring.

I wonder if this can be combined with the $75 from frugalflyer? Also there appears to be 0.10-0.15% bonus interest if you open a GIC, perhaps for the minimum?

Feb 2nd, 2023 1:17 am

HyperTech: Deal Addict; Dec 4, 2007; 4352 posts; 1993 upvotes; Quebec

Feb 2nd, 2023 1:17 am

i was not targeted....still, i opened with the link and confirmed on the first of feb that i have 5.25% with the amount i received in interest. just saying

Feb 2nd, 2023 3:57 pm

crazysword: Member; Sep 5, 2007; 239 posts; 132 upvotes; BC

Feb 2nd, 2023 3:57 pm

HyperTech wrote: ↑ i was not targeted....still, i opened with the link and confirmed on the first of feb that i have 5.25% with the amount i received in interest. just saying

Do you know if you will be getting this promotional rate until the end of May or June?

The June one is the standard one for new customers @5%.

Feb 2nd, 2023 4:26 pm

LRDUB99: Newbie; Sep 29, 2020; 71 posts; 133 upvotes; Edmonton

Feb 2nd, 2023 4:26 pm

crazysword wrote: ↑ Do you know if you will be getting this promotional rate until the end of May or June?

The June one is the standard one for new customers @5%.

I was offered 5% until June 30, 2023 on an existing high interest savings account I set up last year. Went into my BMO branch inquiring as to what they could offer me now that the previous 4.25% rate I had was expired. Told them I'd rather not have to take out the money and bring it to my other bank who was offering me the same 4.25% until April 30. They hooked me up no issues at all.

+1

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