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BMO

BMO - Savings Amplifier Account 5% (New Members)

  • Last Updated:
  • Apr 1st, 2023 2:46 pm
Newbie
Sep 13, 2021
70 posts
341 upvotes

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

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
12 replies
Sr. Member
Sep 8, 2022
536 posts
1418 upvotes
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?
Member
Oct 24, 2020
314 posts
490 upvotes
Ontario
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!
Sr. Member
Sep 8, 2022
536 posts
1418 upvotes
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!
Deal Guru
Oct 6, 2007
11213 posts
10058 upvotes
Kootenays
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/
Jr. Member
Apr 23, 2013
127 posts
38 upvotes
Montreal
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.
Deal Addict
Nov 26, 2014
1579 posts
3141 upvotes
Calgary, AB
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?
Deal Addict
User avatar
Dec 4, 2007
4869 posts
2743 upvotes
Quebec
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
Member
Sep 5, 2007
390 posts
265 upvotes
BC
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%.
Newbie
Sep 29, 2020
83 posts
140 upvotes
Edmonton
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.
Newbie
Dec 7, 2011
47 posts
12 upvotes
Vancouver, British C…
Someone said that you have to have the checking account open for a year or they can just take the interest bonus back? Anyone knows about this? It suppose to be in fine print, but I didnt find it. Also "receive up to $230 value in total interest" what doest this mean? That you can only earn 230$ all together? That doesnt makes sence haha.

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