How to Open a BMO Savings Account: Step-by-Step Guide

Opening a new bank account can feel like a chore, but choosing the right home for your savings is one of the most impactful financial decisions you can make. As one of Canada’s "Big Five" banks, the Bank of Montreal (BMO) offers robust security, an extensive branch and ATM network, and specialized savings products designed to help your money grow.

Whether you want to set up an emergency fund, save for a down payment, or establish a automated savings habit, this guide will walk you through exactly how to open savings account bmo options, select the right tier, gather your documentation, and maximize your interest earnings.

Demystifying BMO’s Savings Account Lineup

Before you click "Apply Now" or walk into a local branch, you must decide which BMO savings account fits your financial habits. BMO does not offer a one-size-fits-all savings product; instead, they have structured their accounts to reward different types of savers.

1. BMO Savings Builder Account

This is BMO's flagship savings product. It is specifically engineered for disciplined savers who plan to add to their balance monthly.

How it works: You earn a low base interest rate, but you unlock a much higher bonus rate during any month where your net balance increases by at least $200 (excluding interest paid by the bank).
Best for: Individuals setting up recurring monthly transfers to build an emergency fund or save for a specific mid-term goal.

2. BMO Smart Saver Account

If you prefer a straightforward savings account without monthly deposit rules, the Smart Saver is the traditional alternative.

How it works: It offers a competitive ongoing interest rate on every dollar, with no minimum balance requirements to earn that rate. However, it comes with limited free transactions.
Best for: Savers who want to deposit money and leave it untouched for long periods, or those who cannot commit to a guaranteed $200 monthly increase.

3. BMO Preferred Rate Savings Account

This account is highly accessible but offers a lower interest rate unless paired with specific BMO checking packages.

How it works: It acts as a basic parking spot for cash. It is often bundled automatically when you open a BMO Performance or Premium Checking Plan.
Best for: People who want a simple secondary account to separate their spending money from their bill-paying funds within the same banking dashboard.

Account Comparison at a Glance

Account Type	Minimum Deposit	Monthly Fee	Best Feature	Transaction Limit
BMO Savings Builder	$0	$0	Bonus rate for saving $200/month	1 free transfer/month
BMO Smart Saver	$0	$0	Consistent rate on all balances	$5 per non-BMO transfer
BMO Preferred Rate	$0	$0	Free with checking packages	Unlimited transfers to linked BMO accounts

Eligibility & Requirements: What You Need to Open Your Account

To make the application process as smooth as possible, gather your documentation beforehand. BMO must comply with federal anti-money laundering (AML) and Know Your Customer (KYC) regulations, which means they require specific verifications.

Basic Eligibility Criteria

To open a savings account with BMO online, you must:

Be a Canadian resident (or have a valid Canadian address).
Have reached the age of majority in your province or territory (18 in AB, MB, ON, PE, QC, SK; 19 in BC, NB, NL, NT, NU, NS, YT). If you are under the age of majority, you must open your account in a physical branch with a parent or legal guardian.
Possess a valid Social Insurance Number (SIN) for tax reporting purposes (since interest earned is taxable income).

Required Documents

If you apply online, you will need to input details from two pieces of acceptable identification. If you choose to open your account in-branch, you must bring the physical documents with you. Acceptable ID includes:

Primary ID (Must have a photo):
- Canadian Passport
- Canadian Driver’s License
- Permanent Resident Card
- Provincial Photo ID Card
Secondary ID:
- Major Credit Card (with your name and signature)
- Canadian Utility Bill (matching your current address, issued within the last 3 months)
- Student ID card from a recognized Canadian university or college

Step-by-Step: How to Open a Savings Account with BMO Online

For most applicants, the online method is the fastest and most convenient route. It typically takes less than 10 minutes to complete. Follow these exact steps:

Step 1: Navigate to the Savings Page

Go to the official BMO website. Hover over the "Banking" tab in the main navigation menu and select "Savings Accounts" from the dropdown. Compare the available rates and click the blue "Apply Now" button next to your chosen account.

Step 2: Select Your Profile Status

BMO will ask if you are an existing customer or new to the bank.

Existing Customers: Log in with your BMO Online Banking credentials or debit card number. The system will pre-populate your personal details, speeding up the process significantly.
New Customers: Select the option to start a fresh application.

Step 3: Complete the Application Form

You will be prompted to enter your personal information, including:

Full legal name and date of birth
Current residential address (P.O. boxes are generally not accepted as primary addresses)
Email address and phone number
Employment status and industry
Social Insurance Number (SIN) — while technically optional for some basic accounts, providing your SIN is highly recommended to avoid tax withholding issues on your earned interest.

Step 4: Verify Your Identity

BMO uses digital verification partners to confirm your identity instantly online. They may ask you to input details from your credit report (this is a soft inquiry and will not affect your credit score) or ask you to take a photo of your ID and a selfie using your smartphone.

Note: If the system cannot verify your identity digitally, you will receive a reference code. You must take this code and your physical IDs to a local BMO branch within 14 days to finalize the account opening.

Step 5: Review and Accept Terms

Carefully read through the Disclosure of Fees, Terms and Conditions, and interest rate structures. Once you agree, submit your application. Your new account number and transit number will be displayed on the confirmation screen.

How to Open a BMO Savings Account In-Branch or via Phone

While online application is seamless, certain scenarios require a face-to-face meeting with a BMO representative. You should book an in-branch appointment if:

You are a newcomer to Canada on a work or study permit.
You want to open a joint savings account with a partner or family member.
You are under the age of majority in your province.
You do not have standard Canadian government-issued photo ID.

How to Book an Appointment

Use the "Find a Branch" tool on the BMO website to locate your nearest branch.
Click "Book an Appointment."
Select "Open an Account" as your meeting reason.
Choose a date and time that fits your schedule.

When you arrive, a financial services representative will guide you through the paperwork, scan your physical IDs, and set up your online banking portal on the spot.

Crucial Tips to Maximize Your BMO Savings and Avoid Fees

Simply opening an account isn't enough; you must manage it strategically to ensure fees don't eat away at your interest earnings.

Master the "$200 Rule" on the Savings Builder

If you open a BMO Savings Builder account, set up an automatic recurring transfer of $200 or more from your checking account to hit the account on the 1st of every month. BMO calculates your balance increase from the last business day of the previous month to the last business day of the current month. If you fail to increase the balance by $200 in a given month, you only earn the baseline rate, which is significantly lower than the bonus rate.

Avoid Direct Transactions from Your Savings Account

Savings accounts are designed to hold money, not facilitate day-to-day spending. BMO charges steep transaction fees (often up to $5.00 per transaction) if you use your savings account to:

Pay bills directly online
Make debit purchases at checkout terminals
Withdraw cash directly from an ATM

The Solution: Always transfer money from your BMO savings account to your BMO checking account first. Internal transfers between your own BMO accounts are typically free and instant. Do your spending and bill-paying out of the checking account.

Consider Tax-Sheltered Savings Options

If you are saving for long-term goals, opening a standard high-interest savings account might subject your interest earnings to income tax. When opening your account, ask BMO about placing your savings inside a registered tax shelter:

Tax-Free Savings Account (TFSA): Keep 100% of your interest earnings tax-free.
First Home Savings Account (FHSA): Ideal if you are saving for your first home purchase, combining tax-deductible contributions with tax-free withdrawals.