Savings account · BMO Bank of Montreal
BMO Bank of Montreal Premium Rate Savings: fees and true cost
BMO Bank of Montreal’s Premium Rate Savings lists 0.01% interest and no monthly fee. On $10,000 that’s about $1 a year before tax, at the posted rate.
CDICOffered in all ten provinces
Fees retrieved November 1, 2026
Mitey reads BMO Bank of Montreal’s Premium Rate Savings rate sheet: $1 a year on $10,000.
What interest does Premium Rate Savings from BMO Bank of Montreal pay?
Premium Rate Savings lists 0.01% interest with FCAC. On $10,000 that is about $1 a year before tax, with no monthly fee, #21 of 25 savings accounts offered nationwide by interest after fees. Eligible deposits are insured by CDIC up to $100,000 per category. Rates as listed on November 1, 2026; promotional rates may differ.
Is BMO Bank of Montreal Premium Rate Savings the best place for savings?
- Versus the top posted rate: on $10,000, 30 Day Notice Savings Account (EQ Bank, 3%) would pay about $299 more a year after fees.
- Or lock it in: a 1-year GIC at 3.75% (Oaken Financial, posted November 2, 2026) would earn $375 on $10,000, against $1 here — but the money is locked in for the year.
Interest at different balances
| Balance | Rate | Interest a year |
|---|---|---|
| $1,000 | 0.01% | $0 |
| $10,000 | 0.01% | $1 |
| $50,000 | 0.01% | $5 |
| Balance | Rate (annual) |
|---|---|
| $0 and up | 0.01% |
Every fee FCAC lists for this account
| Item | Fee |
|---|---|
| Monthly fee | No monthly fee |
| Included transactions | None included (each one is charged) |
| Debit purchase in Canada (beyond included) | $2.00 |
| Online or mobile bill payment | $2.00 |
| Interac e-Transfer | $3.00 |
| Online transfer between your accounts | $2.00 |
| Own-bank ATM withdrawal | $2.00 |
| Withdrawal at another institution’s ATM | $2.00 |
| ATM withdrawal in the United States | $2.00 |
| ATM withdrawal in other countries | $2.00 |
| Debit purchase in the United States | Not available |
| In-branch withdrawal | $2.00 |
| Bill payment in branch | $3.50 |
| Cheque (as a payment) | Not available |
| Mailed monthly statement | $2.75 |
| Non-sufficient funds (NSF) | Not stated |
| Overdraft protection, monthly | Not stated |
| Overdraft protection, per use | Not stated |
| Overdraft interest | Not stated |
Notes from the institution
https://www.bmo.com/main/personal/bank-accounts/savings/
Is the money protected?
CDIC member. Eligible deposits are covered up to $100,000 per category at each CDIC member — see the deposit safety tool.
Other savings accounts at BMO Bank of Montreal
- Savings Amplifier Account — 0.45% interest
- Savings Builder Account — 0.05% interest
Source: FCAC Account Comparison Tool (data submitted by the institution), retrieved November 1, 2026 · BMO Bank of Montreal’s product page
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