BMO Savings Builder Account
As of October 22, 2026, the BMO Savings Builder Account pays 4.55% for new clients for 4 months, then 0.50% base interest.
CDIC insuredRates verified October 22, 2026
Calculate your BMO interest
Conditions: Open new chequing + Savings Amplifier within 30 days; 120 days up to $1,000,000
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Key account terms
Incentivizes monthly saving by offering a bonus interest rate when you grow your balance.
- Monthly fee
- $0
- Minimum deposit
- $0
- Transactions
- 1 Free/Mo
- Transfer speed
- Instant (Internal)
Prefer a locked guaranteed return? See BMO GIC rates →
Pros and considerations
What we like
- Encourages saving habit
- No fee
- Access to BMO ecosystem
Watch out for
- Lose bonus if you don't save $200/mo
- Base rate is low
- Fees for non-BMO transfers
Frequently Asked Questions
Everything you need to know about BMO's savings rates, terms, and account features.
How do I get the bonus rate?
You must increase your monthly balance by at least $200.
Is BMO deposit-insured and safe?
Yes. With BMO, eligible deposits are insured up to $100,000 per category by the Canada Deposit Insurance Corporation (CDIC). This protection guarantees that your principal deposit and accumulated interest remain safe against institutional failure.
How is interest calculated and paid on the BMO Savings Builder Account?
Interest is calculated daily based on your account's closing balance and deposited directly into your balance on the final business day of each month, compounding your yield monthly.
Can I withdraw my money from BMO at any time?
Yes. Unlike a GIC (Guaranteed Investment Certificate) which locks in funds for a predetermined duration, this high-interest savings account offers complete liquidity. You can transfer money out at any time without penalty or loss of earned base interest.
How is interest earned at BMO taxed in Canada?
In non-registered accounts, interest earned is treated as regular taxable income by the Canada Revenue Agency (CRA). BMO will issue a T5 tax slip if your annual interest exceeds $50 (or upon request for lower amounts). If held inside a TFSA, interest is 100% tax-free.
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