How to Open a Savings Account at BMO: A Complete Guide

Opening a savings account is a great way to manage your finances and plan for the future. If you’re considering opening a savings account at BMO (Bank of Montreal), you’ve made a smart decision. BMO offers various savings account options that are designed to meet your financial goals. In this article, we will walk you through the process of opening a savings account at BMO, explain the requirements, and help you understand the benefits and features of the different types of savings accounts they offer.

A savings account is a type of bank account that allows you to deposit money and earn interest over time. BMO offers several types of savings accounts to help you grow your money safely. Whether you’re saving for an emergency, a future purchase, or long-term goals like retirement, BMO provides options that can suit your needs. This article will guide you through the entire process of opening a savings account at BMO, from understanding the different account types to completing your application.

2. Why Choose BMO for Your Savings Account?

BMO is one of Canada’s largest and most trusted banks, with a long history of providing reliable banking services. When you choose BMO for your savings account, you benefit from:

A wide variety of savings accounts to suit different needs and goals.
Online and mobile banking options for easy access to your funds anytime, anywhere.
Competitive interest rates to help your savings grow faster.
Low or no monthly fees on many of their savings accounts.
Convenient branch locations and excellent customer service.

3. Types of Savings Accounts Offered by BMO

BMO offers several types of savings accounts, each with unique features. Here are some of the most popular options:

BMO High Interest Savings Account

Best for: Individuals looking to earn a higher interest rate on their savings.
Features:
- Competitive interest rates.
- No monthly fees.
- Access to your funds anytime.
- Free transfers to other BMO accounts.

BMO Savings Builder Account

Best for: People who want to save regularly and receive higher interest for doing so.
Features:
- Higher interest rates if you make monthly deposits.
- No monthly fees.
- Easy access to your funds, with conditions for earning higher interest.

BMO Smart Saver Account

Best for: People who want to save but still access their funds easily.
Features:
- Competitive interest rates.
- No monthly fees if you maintain a minimum balance.
- Easy online and mobile access.

4. Eligibility Requirements for Opening a Savings Account at BMO

To open a savings account at BMO, you need to meet certain eligibility requirements:

Age: You must be at least 18 years old (or the age of majority in your province or territory).
Canadian Resident: You should be a Canadian citizen or permanent resident. Some accounts may also be available to non-residents, but this depends on the specific account type.
Identification: You will need valid government-issued ID (such as a passport or driver’s license).
Social Insurance Number (SIN): A valid SIN is required for tax reporting purposes.

5. How to Open a Savings Account at BMO

There are several ways to open a savings account at BMO: online, in-person at a branch, or by phone. Here’s how you can do each.

Online Application

Opening a savings account online is the most convenient option, allowing you to complete the process from the comfort of your home. Here’s how to do it:

Visit the BMO website and select the type of savings account you want to open.
Click on “Open an Account” or “Apply Now”.
Complete the online application form by providing your personal details, including your name, address, SIN, and contact information.
Upload the required identification documents.
Review and submit your application.
Once your application is approved, you’ll receive your account details, and your savings account will be open.

In-Person at a BMO Branch

If you prefer face-to-face service, you can open a savings account at any BMO branch. Here’s how:

Visit a BMO branch and ask a representative to help you open a savings account.
Provide the necessary identification documents and personal details.
A representative will guide you through the account options and help you choose the best one for your needs.
Once your account is set up, you will receive your account information and can start using your new account immediately.

By Phone

If you’re not able to go online or visit a branch, you can open an account by calling BMO’s customer service. Here’s what to do:

Call BMO’s customer service line.
Provide your personal information and any required documents.
A representative will assist you in completing the process over the phone.

6. Documents You Will Need

Regardless of the method you choose to open your account, you will need the following documents:

Valid government-issued photo ID (such as a driver’s license or passport).
Social Insurance Number (SIN).
Proof of address (if required).

Make sure you have these documents ready when applying.

7. Step-by-Step Process to Open Your Account

Online Application

Visit BMO’s official website.
Choose the savings account that best fits your needs.
Fill out the application form.
Upload your identification documents.
Submit your application.
Receive your account details via email.

Branch Application

Go to your nearest BMO branch.
Inform the staff that you want to open a savings account.
Provide your personal details and identification.
Choose the type of savings account you want.
Complete the application process with the help of the bank representative.

8. How to Fund Your New Savings Account

Once your account is open, you can fund it in several ways:

Direct deposit from your employer.
Transfer from another bank account.
Deposit cash or cheques at a BMO branch or ATM.

9. Managing Your BMO Savings Account

Managing your savings account is easy with BMO’s online and mobile banking services. You can:

Check your balance and transaction history.
Transfer funds between accounts.
Set up automatic transfers to save regularly.

10. Benefits of Having a BMO Savings Account

Earn interest on your savings.
Easy access to your money.
Low or no fees on many savings accounts.
Secure banking with encryption and fraud protection.

11. Common Fees to Watch Out For

While many BMO savings accounts come with no monthly fees, there may be some fees for specific actions, such as:

ATM withdrawal fees (if using a non-BMO ATM).
Paper statement fees.
Inactive account fees if your account remains inactive for an extended period.

Make sure to check the fee structure for your chosen savings account.

FAQs

How much money do I need to open a savings account at BMO?

Many BMO savings accounts have no minimum balance requirement, but some may require an initial deposit of $1 or more to open the account.

Can I open a savings account if I am not a Canadian citizen?

Yes, some BMO savings accounts are available to non-residents, but you will need to check the specific account eligibility.

How can I access my money in a BMO savings account?

You can access your funds anytime through online banking, mobile banking, or by visiting a branch.

Conclusion

Opening a savings account at BMO is a straightforward process that can help you grow your money and manage your finances efficiently. Whether you choose to apply online, by phone, or in-person at a branch, BMO provides a variety of savings accounts with competitive interest rates, no monthly fees on many accounts, and easy access to your funds. Be sure to consider your financial goals when selecting the best savings account for you, and remember to check the fees and benefits of each option.

By following this guide, you can successfully open a savings account at BMO and start your journey toward better financial management today!