You can open a BMO savings account online in about 10 minutes using a computer or the BMO mobile app, without visiting a branch.
BMO offers several savings account types online: the BMO Savings Account (the basic option), the BMO Premium Savings Account (higher interest rate if you maintain a minimum balance), and the BMO TFSA Savings Account (if you're a Canadian resident). The online process is the same for all three. You'll need a valid government ID, a Social Insurance Number or business number, proof of address, and an initial deposit method—a debit card, bank account, or transfer from another bank.
The account opens immediately after you complete the application and verify your identity. You can start using it the same day, though transfers from external banks may take one to three business days to arrive.
Key Takeaways
- BMO savings accounts open online in about 10 minutes and are active the same day, with no branch visit required.
- You need a valid government ID, Social Insurance Number, proof of address, and a way to fund the account (debit card, bank account, or external transfer).
- The BMO mobile app and the website both work for opening an account; the process is identical on either platform.
- Your first deposit can come from a debit card (instant), a linked bank account (one to three business days), or a transfer from another bank (one to three business days).
What you need before you start
Gather these documents and information before you begin the online application. You'll move faster if everything is ready.
Government-issued ID: A driver's license, passport, or provincial ID card. The ID must be valid (not expired) and match the name you use on the application.
Social Insurance Number (SIN): BMO asks for this during the identity verification step. If you don't have one, you cannot open an account online; you'll need to visit a branch in person.
Proof of address: A recent utility bill, lease, mortgage statement, or government document showing your current address. It must be dated within the last 90 days. A bank statement works if it shows your address.
Funding method: Have a debit card, chequing account number and routing number, or the details of another bank account ready. If you're transferring from another bank, you'll need the account number and transit number from that institution.
Step-by-step: opening the account online
The process is the same whether you use the BMO website or the mobile app. Start at bmo.com or open the BMO mobile app.
Step 1: Navigate to the savings account section. On the website, click "Open an Account" in the top menu. In the app, tap the menu icon and select "Open an Account." You'll see a list of account types. Choose the savings account that matches your needs (standard, premium, or TFSA).
Step 2: Enter your personal information. Provide your full legal name, date of birth, email address, and phone number. Make sure the name matches your government ID exactly—middle names, initials, and spelling all matter. If your ID says "Robert James Smith" and you enter "Rob Smith," the verification step will fail.
Step 3: Verify your identity. BMO will ask for your Social Insurance Number and the province or territory where you live. It then runs a real-time check against government records. This usually takes less than a minute. If the check fails, you'll see a message telling you to visit a branch in person.
Step 4: Confirm your address. Enter your current mailing address. BMO will ask whether you want mail sent there or to a different address. You can also choose to receive statements and notices by email only, which speeds up the process.
Step 5: Choose your funding method and make your first deposit. Select how you want to fund the account: debit card, linked bank account, or transfer from another bank. If you use a debit card, the deposit is instant and the account opens immediately. If you link a bank account or transfer from another bank, the deposit takes one to three business days, but the account still opens right away—you just can't use the funds until they arrive.
Step 6: Review and confirm. Read through the account terms and conditions. Check the box confirming you agree. Click "Open Account" or "Confirm" (the button label varies slightly between the app and website).
Step 7: Save your confirmation. BMO will show you a confirmation number and send one to your email. Write down or screenshot the confirmation number. You'll need it if you contact BMO support or if something goes wrong during funding.
What happens after you submit the application
Your account number appears on screen immediately after you confirm. You can log into online banking right away and see your account in the app. However, the account's status depends on how you funded it.
If you used a debit card, the deposit posts instantly and your account is fully active. You can transfer money out, set up automatic payments, or link it to other services the same day.
If you linked a bank account or set up a transfer from another bank, the account opens but the funds are in transit. The account itself is ready to use, but the money won't be available for one to three business days. During that time, you can set up transfers, automatic bill payments, and other features—they just won't process until the initial deposit arrives.
BMO sends a welcome email with your account details, online banking login information, and a link to set up a PIN for phone banking if you want it. If you don't receive this email within an hour, check your spam folder or log into online banking directly.
Funding your account: timing and limits
The speed of your first deposit depends on which method you choose.
| Funding Method | Time to Deposit | Limits |
|---|---|---|
| Debit card | Instant | Varies by card issuer; typically $500 to $2,500 per transaction |
| Linked bank account (same bank) | 1 to 3 business days | No set limit; depends on your account |
| Transfer from another bank | 1 to 3 business days | No set limit; depends on your sending bank |
If you need the account active with funds immediately, use a debit card. If you're moving money from another bank and can wait a few days, a direct transfer is usually free and has no limit.
After your account is open, you can deposit money through BMO ATMs, at a BMO branch, by setting up automatic transfers from another account, or by using mobile deposit (if you have a cheque). The limits and timing for these methods vary—check your account settings or call BMO at 1-800-363-9992 for specifics.
Troubleshooting common problems
Identity verification failed: This usually means your name, date of birth, or Social Insurance Number doesn't match government records exactly. Check for typos and try again. If it fails a second time, you'll need to visit a BMO branch in person with your ID and SIN. Bring a piece of mail showing your current address.
Your debit card was declined: Your card issuer may have blocked the transaction because it's a new merchant or a large amount. Contact your card issuer (the bank that issued your card, not BMO) and ask them to approve the transaction. Then try the deposit again in the BMO app or website.
The account opened but the deposit hasn't arrived: If you used a debit card, it should be there within minutes. If it's been more than an hour, log into your BMO account and check the transaction history. If the deposit shows as pending, wait a few more hours. If it shows as failed, try again with a different card or method. If you used a bank transfer, wait the full three business days before contacting BMO. Business days don't include weekends or statutory holidays.
You can't log into online banking: Make sure you're using the email address or online banking username you created during signup. If you forgot your password, click "Forgot Password" on the login page and follow the reset link sent to your email. If you never set up online banking credentials, log into the BMO app instead—it uses the same account.
Frequently Asked Questions
Can I open a BMO savings account if I don't have a Social Insurance Number?
No, not online. BMO requires a valid SIN to verify your identity through its automated system. If you don't have one, visit a BMO branch in person with your government ID and proof of address. A branch representative can open the account manually, though it may take longer.
Do I need to be a Canadian citizen to open an account?
No. You need a valid Social Insurance Number or business number, which non-citizens can obtain. If you're a permanent resident or temporary resident with a work or study permit, you can get an SIN and open an account online. Bring your passport and permit to a branch if you need help getting an SIN first.
What's the difference between the standard and premium savings accounts?
The premium account offers a higher interest rate, but you must keep a minimum balance (the amount varies and changes with interest rates). The standard account has no minimum balance but pays a lower rate. Check the current rates on the BMO website before you choose—the difference may not be worth maintaining the minimum for your situation.
Can I open a TFSA online if I've never had one before?
Yes. BMO will ask you to confirm that you're a Canadian resident and that you haven't opened a TFSA with another institution. If you're opening your first TFSA, the online process is the same as a regular savings account. If you already have a TFSA elsewhere, you can still open one with BMO, but you need to track your total contributions across all institutions to stay within the annual limit set by the Canada Revenue Agency.
How long does it take to receive my debit card?
BMO mails debit cards within five to seven business days of account opening. You can use your account online and through the app immediately, but you won't be able to use the card at ATMs or stores until it arrives. If you need cash urgently, visit a BMO branch and withdraw from the teller.