What you need to open a BMO savings account
You can open a BMO savings account online, by phone, or in person at a branch. The fastest route is online through BMO's website or mobile app, which takes about 10 minutes if you have your documents ready. You'll need a valid government-issued ID (driver's license, passport, or state ID), your Social Security number, and proof of your current address—a recent utility bill, lease, or bank statement works.
BMO offers several savings account types: the BMO Savings Account (the standard option with no monthly fee if you maintain a minimum balance), the BMO Youth Savings Account (for people under 18), and the BMO Premium Savings Account (which requires a higher opening deposit but pays higher interest). Choose based on whether you plan to keep a minimum balance and how much interest matters to you.
You'll also need an initial deposit to open the account. The minimum opening deposit varies by account type—typically $25 to $100 for standard savings accounts, though BMO sometimes waives this during promotions. You can fund the account immediately with a debit card, transfer from another bank, or cash if you open in person at a branch.
Key Takeaways
- Online opening through BMO's website or app is fastest and takes about 10 minutes with your ID, Social Security number, and proof of address ready.
- You need a government-issued ID, Social Security number, and a recent utility bill or bank statement to verify your address.
- Different BMO savings accounts have different minimum balances and interest rates, so compare the standard, youth, and premium options before opening.
- Your initial deposit can come from a debit card, transfer from another bank, or cash at a branch, and minimums typically range from $25 to $100.
Opening online through BMO's website or app
Go to bmo.com or open the BMO mobile app and look for the "Open an Account" button on the homepage. Select "Savings Account" and choose which type fits your needs. You'll be asked to enter your personal information: full name, date of birth, Social Security number, email address, and phone number.
Next, you'll verify your identity by uploading a photo of your government-issued ID (both front and back). BMO's system scans and verifies the ID automatically. Then you'll confirm your current address by uploading a recent utility bill, lease agreement, or bank statement—the document must show your name and address and be dated within the last 60 days.
Once your identity and address are verified, you'll set up login credentials (username and password) and choose your account settings: whether you want paperless statements, how you want to receive alerts, and which savings goal (if any) you want to track. Then you'll make your initial deposit using a debit card or by linking an external bank account for a transfer. The account opens immediately, and you can start using it right away.
Opening in person at a BMO branch
Bring your government-issued ID, Social Security number, and proof of your current address to any BMO branch. A banker will walk you through the account setup, answer questions about which account type suits you, and help you make your initial deposit. In-person opening takes 15 to 30 minutes depending on how busy the branch is.
The advantage of opening in person is that you can ask questions about BMO's services, discuss your savings goals, and sometimes learn about promotions or waived fees that may not be advertised online. If you're uncomfortable with online banking or prefer to handle everything face-to-face, this is the right route.
To find a branch near you, use BMO's branch locator on bmo.com or call 1-800-BMO-1234. Check the branch's hours before you go, because some locations have limited weekend hours or may be closed on certain holidays.
Opening by phone
Call BMO at 1-800-BMO-1234 and tell the representative you want to open a savings account. They'll ask for your personal information, Social Security number, and details about your current address. Have your government-issued ID and a recent utility bill or bank statement in front of you so you can answer verification questions quickly.
The phone representative will explain the different savings account options and help you choose one based on your needs. Once you've decided, they'll set up your account and walk you through making your initial deposit. Phone opening typically takes 20 to 30 minutes. After the call, you'll receive confirmation by email and can log into your account online or through the app within a few hours.
What happens after you open your account
Your account is active immediately after opening, whether you opened online, in person, or by phone. You can start depositing money right away through transfers from another bank, direct deposit from your employer, or cash deposits at a BMO branch or ATM (if your account type allows ATM deposits).
BMO will send you a debit card in the mail within 7 to 10 business days if you requested one during setup. You can also access your account through online banking or the mobile app to check your balance, set up automatic transfers, and monitor your interest earnings. Interest on BMO savings accounts is compounded daily and paid monthly, so your balance will grow slightly each month.
Review your account statements monthly to track your savings progress and watch for any unexpected fees. If you fall below the minimum balance required for your account type, BMO may charge a monthly maintenance fee—typically $3 to $5—so set up a reminder if you're close to the threshold.
Minimum balance requirements and fees
BMO's standard Savings Account requires a minimum daily balance to avoid a monthly fee. The exact amount varies, but it's typically $500 to $1,000. If your balance drops below that threshold on any day of the month, you'll be charged a maintenance fee (usually $3 to $5) at the end of the month.
The BMO Premium Savings Account requires a higher opening deposit and minimum balance—often $2,500 or more—but pays a higher interest rate and may waive certain fees. The BMO Youth Savings Account has no monthly fee and no minimum balance requirement, making it a good option if you're under 18 or opening your first account with a small amount of money.
Other potential fees include overdraft fees (if you spend more than your balance), out-of-network ATM fees, and wire transfer fees. Review BMO's fee schedule on their website or ask a banker about which fees apply to your specific account type. Many of these fees can be avoided by maintaining your minimum balance and using BMO ATMs.
Choosing between BMO savings account types
The BMO Savings Account is the standard choice for most people. It has a moderate minimum balance requirement, no monthly fee if you meet it, and a competitive interest rate. This account works well if you plan to keep at least $500 to $1,000 in savings at all times.
The BMO Youth Savings Account is designed for people under 18 and has no monthly fee and no minimum balance. If you're a young person just starting to save, or if you're opening an account for a child, this is the simplest option. The interest rate is typically lower than the standard account, but the lack of fees makes up for it if you're saving small amounts.
The BMO Premium Savings Account requires a higher opening deposit and minimum balance but pays significantly more interest. If you have $2,500 or more to deposit and plan to keep that amount in savings, the higher interest earnings will outweigh the higher minimum balance requirement. Compare the interest rates on BMO's website to see whether the premium account makes sense for your situation.
Frequently Asked Questions
Can I open a BMO savings account if I don't have a Social Security number?
No, BMO requires a Social Security number to open any account. If you're a non-citizen without an SSN, you may be able to use an Individual Taxpayer Identification Number (ITIN) instead, but you'll need to call BMO at 1-800-BMO-1234 to discuss your specific situation. Some banks have different rules for non-citizens, so it's worth asking.
How long does it take to access my account after opening it online?
Your account is active immediately after you complete the online application and your identity is verified. You can log in and see your balance right away. However, if you're transferring money from another bank, that transfer may take 1 to 3 business days to arrive, depending on the other bank's processing time.
What's the difference between a savings account and a checking account at BMO?
A savings account is designed for storing money and earning interest; you typically can't write checks or use a debit card for purchases. A checking account is designed for everyday spending and bill payments; it comes with a debit card and check-writing ability but earns little or no interest. Choose a savings account if your goal is to build savings; choose checking if you need to pay bills and make frequent purchases.
Can I open multiple BMO savings accounts?
Yes, you can open more than one savings account at BMO. Many people open separate accounts for different savings goals—one for an emergency fund, one for a vacation, one for a down payment. Each account has its own minimum balance requirement and fee structure, so track them separately to avoid overdraft fees.
What if I don't meet the minimum balance one month?
If your balance drops below the minimum for your account type on any day of the month, BMO will charge you a monthly maintenance fee (typically $3 to $5) at the end of that month. The fee is deducted from your account automatically. If you regularly fall below the minimum, consider switching to the BMO Youth Savings Account (which has no minimum) or the BMO Premium Savings Account (if you can meet its higher minimum).