Personal Finance

BMO Savings Amplifier Account 5.25% targeted HISA

  • Last Updated:
  • Feb 4th, 2023 12:03 am
[OP]
Deal Fanatic
Jan 21, 2018
7836 posts
8528 upvotes
Vancouver

BMO Savings Amplifier Account 5.25% targeted HISA

I got a targeted email offer a couple of days ago from BMO that I haven't seen mentioned here:

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

"Earn up to 5.25% interest on a BMO Savings Amplifier Account
Save money when you bank with no monthly fee and no minimum balance required. Plus, earn a competitive interest rate to help make real financial progress on your savings goals.
Open a BMO Savings Amplifier Account and earn up to 5.25% interest rate on deposits made until May 31, 2023.

No fee self-serve transfers to your other BMO accounts

No monthly fee or minimum deposit

The Bonus Interest Rate Offer (“Offer”) begins on January 19, 2023 and ends on May 31, 2023 (“Offer Period”). The Offer is only available to eligible customers who are invited to open a new Savings Amplifier Account opened during the Offer Period (“Qualifying Savings Amplifier Account”) by using the exclusive link to a BMO website that is provided to you through BMO Online or BMO Mobile Banking, or by email. For clarity purposes Savings Amplifier Accounts opened through the branch or any other method do not qualify for the Offer. The Offer is available on deposits made during the Offer Period.

Interest Calculation:
The Qualifying Savings Amplifier Account will earn the Bonus Rate of 5.25% until May 31, 2023. The Bonus Rate calculation is comprised of the Bank’s posted interest rate (1.80%) plus a Bonus Rate (3.45%).

This is a personalized Offer and the Bonus Rate may not be the same for each customer who receives an Offer."

This is the first decent offer I've seen from BMO in ages. I have leftover ancient chequing and savings accounts there that haven't had any significant use in years.
30 replies
Jr. Member
Aug 19, 2011
168 posts
101 upvotes
VANCOUVER
Was your old savings account a Smart Saver Account or was it something even older (i.e. Premium Rate Savings Account)?
[OP]
Deal Fanatic
Jan 21, 2018
7836 posts
8528 upvotes
Vancouver
mfmfmf wrote: Was your old savings account a Smart Saver Account or was it something even older (i.e. Premium Rate Savings Account)?
Yes, the statement says my old Savings account is Premium Rate Savings (of course "Premium Rate" = virtually zero interest in New Banking English)
Newbie
Feb 26, 2018
4 posts
5 upvotes
I didn't receive the targeted offer email but was able to open the account through OP's link. Called BMO and verified that I am getting 5.25%. Thanks!
Jr. Member
Aug 19, 2011
168 posts
101 upvotes
VANCOUVER
celee86 wrote: I didn't receive the targeted offer email but was able to open the account through OP's link. Called BMO and verified that I am getting 5.25%. Thanks!
Just to verify: are you a brand new BMO client or are you an existing client who added a Savings Amplifier Account?

If you're an existing client, did you already have a savings account such as the Smart Saver Account (or something older such as the Premium Rate Savings Account) ?

Thanks.
Newbie
Feb 26, 2018
4 posts
5 upvotes
I am an existing client with BMO. I had 2 pre-existing savings accounts and one was the same type (Savings Amplifier). Hope that helps.
Jr. Member
Aug 19, 2011
168 posts
101 upvotes
VANCOUVER
celee86 wrote: I am an existing client with BMO. I had 2 pre-existing savings accounts and one was the same type (Savings Amplifier). Hope that helps.
Thanks. That's very interesting! Smiling Face With Open Mouth
Deal Addict
User avatar
Oct 7, 2007
2814 posts
1703 upvotes
Edmonton
celee86 wrote: I didn't receive the targeted offer email but was able to open the account through OP's link. Called BMO and verified that I am getting 5.25%. Thanks!
So after you applied did it only show the current base 1.8%? I'm a little leery to go thru the motions and end up with a new account with the lousy base rate only after calling in they don't extend bonus......
Newbie
Feb 26, 2018
4 posts
5 upvotes
frankmp wrote: So after you applied did it only show the current base 1.8%? I'm a little leery to go thru the motions and end up with a new account with the lousy base rate only after calling in they don't extend bonus......
Once the account was set up, the bank plan on mobile banking app was showing “promotional interest”. I wasn’t sure what that meant so I called BMO and they confirmed that I am getting 5.25%.
Member
Jun 16, 2016
273 posts
302 upvotes
ottawa
Thanks OP.

I have a pre-existing BMO Savings Amplifier Account. The new savings account that I open using OP's link is now called "Other 1 OTH1Savings Amplifier Account". "Promotional Interest" is being showed as Bank Plan/Plan Name on mobile banking/online banking. Hope it helps!

Edit: called telphone banking but CSR was useless only knew the base rate 1.8%. I didnt bother wasting more time. Transfered a few hunderds will see how much I get till the end of the month.
Churning: CIBC Aventura VI *2, CIBC Aeroplan VI
Sr. Member
Jan 21, 2012
586 posts
324 upvotes
I tried to open the account in the last 2 days but I got this error:

Something's up on our end.
We’re working hard to fix it, so please try again soon. Thanks for your patience and sorry for the hassle.

Anyone got the same issue?
Deal Addict
User avatar
Dec 4, 2007
4310 posts
1961 upvotes
Quebec
How do you transfert a 6 digits large amount to that saving account minimising the delay (lost interest)?

Is it possible to deposit a cheque directly to this account? Or i have to deposit into my chequing account, wait for the fund to be available after 7 business days and transfert it to the saving?
Jr. Member
Jul 3, 2013
175 posts
265 upvotes
Toronto
franklin777 wrote: Thanks OP.

I have a pre-existing BMO Savings Amplifier Account. The new savings account that I open using OP's link is now called "Other 1 OTH1Savings Amplifier Account". "Promotional Interest" is being showed as Bank Plan/Plan Name on mobile banking/online banking. Hope it helps!

Edit: called telphone banking but CSR was useless only knew the base rate 1.8%. I didnt bother wasting more time. Transfered a few hunderds will see how much I get till the end of the month.
Same deal here. I now have an Other account. Aren't you risking a few hundred thousand dollars worth of interest if they didn't even confirm that you're eligible?
[OP]
Deal Fanatic
Jan 21, 2018
7836 posts
8528 upvotes
Vancouver
blackhat8287 wrote: Aren't you risking a few hundred thousand dollars worth of interest if they didn't even confirm that you're eligible?
Considering that the promo deal is limited to a max $1 million deposit, I don't think you could be risking that much interest! :)
Jr. Member
Jul 3, 2013
175 posts
265 upvotes
Toronto
Scote64 wrote: Considering that the promo deal is limited to a max $1 million deposit, I don't think you could be risking that much interest! :)
Interest* on a few hundred thousand dollars. That's still like $2k/month of interest you'd be throwing down the drain if they don't honour the deal.
Newbie
Aug 3, 2010
25 posts
32 upvotes
ottawa
this deal popped up last year, there is a thread on RFD and I moved my money out if tangerine and opened an account at BMO.
The app said promotional interest and when I called to confirm that I was getting 4.25% it took a few times to conform it was correct.

funny thing is my local manager at the bank couldn't see the rate to confirm it with me.

I got my interest for Dec 2022, just waiting to confirm if get it for Jan 2023.
I didn't open up any savings account as the fine print reads.

I'm a BMO client with about 600,000 invested with them, Investorline / Nesbitt Burns

I think it is a loophole in their system that allows people to click on the link and created an account.
Deal Addict
Oct 20, 2004
3665 posts
694 upvotes
Toronto
I called into my branch, and they offered the promotion.

YMMV, as I got a hold of the branch manager, and he made it happen. I have been a client for some time.
Member
Jun 16, 2016
273 posts
302 upvotes
ottawa
blackhat8287 wrote: Same deal here. I now have an Other account. Aren't you risking a few hundred thousand dollars worth of interest if they didn't even confirm that you're eligible?
Oh I only put $500 lol

Deposited Jan 25th, interest received $0.50, duration 7 days
Interest base on calcualtion: $500*5.25%*7/365 = $0.5034

Can confirm that I also received 5.25%.
Churning: CIBC Aventura VI *2, CIBC Aeroplan VI
Deal Addict
User avatar
Dec 4, 2007
4310 posts
1961 upvotes
Quebec
I have done exactly the samething than you.

Just deposited a cheque via the app, but for some reason, it doesn't show in the balance nor in the transaction.
Newbie
Sep 28, 2019
56 posts
71 upvotes
franklin777 wrote: Oh I only put $500 lol

Deposited Jan 25th, interest received $0.50, duration 7 days
Interest base on calcualtion: $500*5.25%*7/365 = $0.5034

Can confirm that I also received 5.25%.
Will you still get the promotional interest of 5.25% after opening the Savings Amplifier Account but not deposit any new money into it but rather just transfer money from an old BMO Performance Plan Savings account? Thanks.

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