BMO Bank of Montreal offers a range of interest rates on savings accounts and loans, which are key figures for Canadians managing personal finances. The bank's current prime rate is 4.45%, which influences variable-rate loans and lines of credit. For savers, promotional rates like the 5.00% offer on the Savings Amplifier Account can provide a temporary boost, while standard savings account rates vary by product and balance. Understanding these rates, their terms, and how they compare to other financial products helps individuals make informed decisions about where to place their money or how to structure borrowing.
Key Interest Rates at BMO
BMO publishes several foundational interest rates that affect both savings and borrowing products. The Canada Prime Rate, set at 4.45% as of October 30, 2025, is a benchmark used to price variable-rate mortgages, lines of credit, and some loans. The CAD Deposit Reference Rate is 4.30%, and the USD Deposit Reference Rate is 4.00%, figures that can influence certain deposit and investment products. These rates are subject to change based on broader economic conditions and Bank of Canada policy decisions. For consumers, the prime rate is particularly important as it directly impacts the cost of variable-rate debt.
The bank's prime rate is used as a base for calculating interest on products like variable-rate mortgages and personal lines of credit. When the prime rate changes, the interest charged on these variable products typically adjusts accordingly. The deposit reference rates are less directly tied to consumer products but reflect the bank's cost of funds. It is common for banks to adjust their posted rates for savings and GICs in relation to these reference points. Customers with variable-rate loans should monitor announcements of prime rate changes to understand their future payment obligations.
Promotional and Standard Savings Account Rates
BMO uses promotional interest rates to attract new deposits to specific savings accounts. The Savings Amplifier Account currently features a promotional rate of 5.00% for a period of four months, applicable on balances up to $1,000,000. This offer requires opening an eligible chequing account and has no monthly plan fee. After the promotional period ends, the account's interest rate reverts to its standard rate, which for many BMO savings accounts can be significantly lower. For example, the base interest rate on the Savings Builder Account is listed at 0.050%.
Standard interest rates on BMO savings accounts vary by the specific account type and sometimes by the account balance. The Savings Builder Account offers a potential bonus interest rate of up to 0.450% every month, which can be earned by meeting certain conditions like adding $200 to the balance monthly. The Premium Rate Savings Account for businesses offers tiered rates, such as 1.50% for balances between $10,000 and $59,999.99, 1.75% for balances between $60,000 and $249,999.99, and 1.90% for balances between $250,000 and $499,999.99. The Smart Saver Account is described as offering a relatively competitive interest rate for longer-term savings, and interest earned on this non-registered account is taxable income in Canada.
Features of BMO Savings Accounts
BMO offers several distinct savings accounts, each with different features, fee structures, and intended uses. The Savings Builder Account is designed for active savers and has no minimum balance requirement. It provides one free eligible debit transaction per month and pays interest on balances up to $250,000. The Premium Rate Savings Account is an everyday savings account that offers flexibility for short-term goals and accepts deposits in both Canadian and U.S. dollars. The number of free transactions on this account depends on the customer's bank plan. The Smart Saver Account allows up to one free transfer out per month, with subsequent transactions subject to fees, and it has no minimum balance requirement.
BMO's Tax-Free Savings Account (TFSA) is available to Canadian residents aged 18 or older and requires a low minimum balance of $50 to be maintained at all times. All these accounts are accessible through BMO's online banking, mobile banking, telephone banking, and its network of branches and ATMs. BMO also provides other savings and investment products like cashable and non-cashable GICs, which offer fixed interest rates for set terms. The bank's large network and 24/7 customer service are features that some customers may value alongside the specific interest rates offered.
Considerations for High-Interest Savings Accounts
When evaluating any high-interest savings account (HISA), including those from BMO, several common features and limitations should be considered. Many accounts limit the number of monthly withdrawals or transfers, and exceeding these limits can result in fees. Some accounts require a minimum deposit to open or a minimum balance to maintain to qualify for the advertised interest rate or to avoid monthly fees. Promotional interest rates are a key feature but are temporary, often lasting only a few months before reverting to a lower standard rate. Accounts should be assessed based on how they align with personal financial goals, such as saving for a near-term purchase versus a longer-term goal.
The ease of access to funds is also important, as transfers from a HISA to a chequing account can sometimes take a few hours or days. In Canada, deposits in eligible accounts are protected by deposit insurance, providing security for savers. It is useful to compare the ongoing standard rate after any promotional period ends, as this will determine long-term earnings. Financial institutions across Canada offer HISAs, with some accounts limited to residents of a single province, such as ATB Financial's HISA for Alberta residents or FirstOntario Credit Union's account for Ontarians.
- Limited monthly transactions may incur fees.
- Some accounts have high minimum balance requirements.
- Promotional rates are temporary and will drop.
- Transfer times for withdrawals can vary.
- Deposit insurance protects eligible accounts.
- The standard rate after a promo is crucial for long-term value.
Nationally available accounts from banks like BMO, Simplii Financial, and National Bank of Canada provide broader accessibility. The competitive landscape means rates and features change frequently, necessitating regular comparison for those seeking the best return. After the Bank of Canada's seventh consecutive rate hold announced on September 2, 2026, GIC interest rates and savings account base rates may show minimal day-to-day movement. This environment makes promotional offers, such as BMO's 5.00% rate for four months, a significant factor for short-term gains. Savers are advised to shop around to ensure they get the best return on their investment.
Comparing Savings Account Rates and Promotions
As of late 2026, promotional savings rates in the broader Canadian market can be over 4.60%, with minimal day-to-day movement in base rates noted after a period of Bank of Canada rate holds. For example, Simplii Financial offered a 4.60% rate on its High Interest Savings Account for the first five months on eligible deposits up to $200,000, with that offer ending October 31, 2026. BMO's 5.00% promotional rate for four months is a comparable short-term offer. When comparing, it is important to look at the duration of the promotion, the maximum eligible balance, and any conditions like linking a chequing account.
The table below illustrates how promotional rates and conditions can differ between financial institutions, using examples from available data. For instance, BMO offers a 5.00% promotional rate on its Savings Amplifier Account for four months. In contrast, Simplii Financial offers a 4.60% promotional rate on its High Interest Savings Account for the first five months. These promotional rates are often offered on eligible deposits up to a specified limit, such as $1,000,000 for BMO or $200,000 for Simplii. It is important to note that these are promotional rates and conditions apply.
| Financial Institution | Account | Promotional Rate | Promo Period / Conditions |
|---|---|---|---|
| BMO | Savings Amplifier Account | 5.00% | 4 months. With eligible chequing account |
| Simplii Financial | High Interest Savings Account | 4.60% | 5 months. On first $200,000. Ends Oct 31, 2026 |
| Bridgewater Bank | Smart eSavings Account | 2.70% | Standard rate, not promotional |
After promotional periods end, accounts typically revert to their standard interest rates, which for many basic savings accounts can be below 1%. Some accounts, like BMO's Savings Builder, use a bonus structure to provide a higher effective rate if monthly conditions are met. The Business Premium Rate Savings Account uses a tiered structure where the interest rate increases with higher balances, such as moving from 1.50% to 1.75% for balances between $60,000 and $249,999.99. This makes understanding the long-term rate structure as important as the initial promotional offer. The bank's large network of branches and ATMs, along with 24/7 digital services, are additional factors some customers may consider when choosing where to save.
Eligibility and Account Opening
Eligibility for BMO savings accounts generally requires the applicant to be a Canadian resident. Specific accounts may have age requirements, such as the TFSA which is available to individuals aged 18 or older. Opening an account typically involves providing personal identification and may require a minimum initial deposit, though many accounts like the Savings Builder and Smart Saver list no minimum balance requirement. For promotional offers like the Savings Amplifier Account, opening an eligible chequing account is a stated condition to qualify for the promotional interest rate. The process to open an account can be completed online, via mobile app, by phone, or in person at a branch.
Applicants will need to provide details such as their name, address, date of birth, and Social Insurance Number (SIN). For registered accounts like a TFSA, the SIN is required for Canada Revenue Agency reporting. Once an account is open, customers can manage it through BMO's digital banking platforms, which offer 24/7 access. It is important to review all account terms and conditions, including fee schedules and interest rate details, before finalizing an application to ensure the product meets your savings needs and financial situation. BMO, as one of the five largest banks in Canada, provides personal financial services including banking and wealth management through its extensive branch and ATM network.
Frequently asked questions
What is BMO's current prime rate?
BMO's Canada Prime Rate is 4.45% as of October 30, 2025. This rate is a benchmark used to determine interest charges on variable-rate loans, mortgages, and lines of credit. It is subject to change without notice based on economic conditions and Bank of Canada policy. The U.S. dollar Prime Rate at BMO is 7.00%.
Does BMO have a high-interest savings account with a promotional rate?
Yes, BMO offers the Savings Amplifier Account with a promotional interest rate of 5.00% for four months on balances up to $1,000,000. This offer requires opening an eligible chequing account. After the promotional period ends, the interest rate will revert to the account's standard rate. BMO also lists the Savings Builder Account, which has a base interest rate of 0.050%.
Are there fees for withdrawing from a BMO savings account?
Fees depend on the specific account. For instance, the Smart Saver Account allows one free transfer out per month, with subsequent transactions subject to fees. The Premium Rate Savings Account's free transactions depend on the linked bank plan. Always check the account's terms for transaction limits and associated fees.
Can I open a BMO U.S. dollar savings account?
Yes, BMO's Premium Rate Savings Account accepts deposits in both Canadian and U.S. dollars. This account is described as an everyday savings account suitable for short-term savings goals. The interest rates for U.S. dollar balances would differ from Canadian dollar rates. For example, the Business Premium Rate Savings Account has tiered rates for U.S. dollar balances starting at 1.50%.
What happens after the promotional rate on my BMO savings account ends?
After the promotional period expires, the account's interest rate will revert to its standard, non-promotional rate. For example, the Savings Builder Account has a base rate of 0.050% but can earn a bonus rate up to 0.450% monthly under certain conditions. It is important to note the end date of any promotion and understand the ongoing rate that will apply to your balance. Interest rates can drop significantly after a promotional period ends.
What is the interest rate on a BMO Tax-Free Savings Account (TFSA)?
The notes state that the interest rate paid on this account may be less competitive than those offered by other providers. To open a BMO TFSA, Canadian residents must be at least 18 years of age and maintain a low minimum balance of $50 at all times. BMO offers a variety of savings products, but for registered accounts like TFSAs, rates can vary and are subject to change. For the most current and accurate rate information, it is best to consult BMO directly or review their official rate sheets.
Sources and further reading
- Compare the best BMO savings accounts ratehub.ca
- Best High-Interest Savings Accounts in Canada for 2026 nerdwallet.com
This article explains how things work and is not financial, tax or legal advice. Rules, limits and rates change, so check the current figures with the Canada Revenue Agency, your province or your financial institution before you act.