Reviewed by Jen, founder of MoneyMint · Updated October 1, 2026

BMOHigh-Interest Savings

BMO Savings Amplifier Account

Our take: The highest advertised savings rate in our catalogue right now, but the 5.00% is a 120-day blended rate that also requires opening a BMO chequing account, and BMO hasn’t published an end date for the current offer.

At a glance5.000% total for 120 days on balances up to $1,000,000 (no end date published)

View offer at BMO

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Our review

BMO’s Savings Amplifier Account is a no-fee high-interest savings account that is currently attached to one of the most aggressive promotional rates in Canadian retail banking. The headline figure is 5.000%, and it is real — but it is built out of two parts, it lasts 120 days, and it comes with a condition most comparison sites bury: you have to open a BMO chequing account as well. Here is exactly how the offer works, what the account costs once the promotion ends, and who it actually suits.

2.0out of 5

MoneyMint rating

#8 of 13 savings accounts · How we rate

Regular rate

2/10

Promotional rate

10/10

Fees and minimums

10/10

Access and liquidity

5/10

Cash bonus

0/10

$45

interest on $10,000 over a year at this account’s effective rate. Compare savings rates →

At a Glance

Monthly Fee

$0no monthly plan fee, no minimum deposit

Account Type

High-Interest SavingsCDIC-insured through BMO

Posted Rate

0.45%BMO’s standard rate, can change at any time

Promotional Rate

5.000% total0.450% posted + 4.550% promotional, 120 days

Balance Cap

$1,000,000promotional rate applies up to this balance

Withdrawal Fee

$5transfers to your own BMO accounts are free

Offer Deadline

Not publishedconfirm the current window with BMO; open online

The 5.000% is a combination of BMO’s posted 0.450% rate and a 4.550% promotional rate, and BMO can change either one without advance notice. To qualify you must open the Savings Amplifier online through BMO Digital Banking, open a new primary chequing account on the Performance, Premium, Blue Rewards, Plus or Practical plan, and open the savings account within 30 days of that chequing account. One offer per customer. Verified against BMO’s offer terms (document 90114, August 2026) on September 16, 2026. On October 1, 2026, BMO’s product page still advertised the 5.00% promotional rate (described there as lasting the first 4 months), but the terms document it links to still lists a September 1–30, 2026 application window and no new end date has been published, so confirm the current terms with BMO before you open the accounts.

Pros & Cons

Pros

5.000% total for the first 120 days is among the highest advertised savings rates in Canada right now
The promotional rate applies on balances up to $1,000,000, far above most competing caps
No monthly plan fee, no minimum deposit and no monthly savings requirement
Unlimited free self-serve transfers between your BMO accounts, digital and at ATMs
Promotional interest is paid monthly and shown separately from posted interest on your statement
Straightforward if you already bank with BMO, since moving money between your own accounts costs nothing

Cons

The 5.000% headline is a blend of a 0.450% posted rate and a 4.550% promotional rate, and either can change without advance notice
After 120 days the rate reverts to BMO’s posted rate, which is 0.45% as of September 2026
You must also open a new primary chequing account on an eligible plan, and those plans carry their own monthly fees
Each withdrawal costs $5, as does each pre-authorized debit and each transfer made through a branch or BMO Virtual Connect
The account has to be opened online through BMO Digital Banking; branch and Virtual Connect openings may get different terms
BMO hasn’t published an end date for the current offer, and it is limited to one per customer

Who It’s For

Best For

Savers who were going to open a BMO chequing account anyway and want a strong savings rate to come with it
Anyone parking a large sum for a few months, since the promotional rate runs all the way to $1,000,000
Existing BMO customers who shuffle money between their own accounts and would pay nothing to do it

Not For

Anyone who wants a competitive rate without taking on a chequing plan and its monthly fee
Savers who withdraw straight out of savings rather than transferring first, given the $5 per withdrawal
People who want a rate that holds beyond four months, since this one reverts to 0.45%

Not Sure? Three Accounts People Compare It With

All savings accounts →

Simplii Financial High Interest Savings Account

Simplii High Interest Savings

Pick this instead if you want a promotional rate without opening a chequing account to unlock it.

Fee $0Promo 4.60%Term 5 months

Read review

RBC High Interest eSavings

Pick this instead if you bank with RBC and want a promo rate with no chequing account requirement.

Fee $0Promo 4.60%Term 3 months

Read review

EQ Bank Personal Account

Pick this instead if you want a strong everyday rate rather than a short promotional one.

Fee $0Rate up to 2.75%

Read review

BMO Savings Amplifier Account

Promotional rate with a new BMO chequing account · no end date published

View offer at BMO Compare all accounts

Jen, founder of MoneyMint

Reviewed by Jen. We verify every rate, fee and offer term against the financial institution’s own published material before we publish it, and we re-check on a set schedule.

Rates, fees and offer terms in this review were confirmed on bmo.com and in BMO’s Savings Amplifier Account Promotional Interest Rate Offer terms and conditions (document 90114, August 2026) on September 16, 2026. Promotional rates and posted rates can change without advance notice, and BMO may modify, extend or withdraw the offer at any time. This is general information, not financial advice — confirm the current terms on BMO’s own page before you open an account.

Frequently Asked Questions

What interest rate does the BMO Savings Amplifier Account pay?

BMO’s posted rate on the account is 0.45%. Under the current promotion the total rate is 5.000% for the first 120 days, made up of the 0.450% posted rate plus a 4.550% promotional rate, on balances up to $1,000,000. Balances above that earn the posted rate only.

What do I have to do to get the 5.00% rate?

You need to open the Savings Amplifier online through BMO Digital Banking, open a new primary chequing account on the Performance, Premium, Blue Rewards, Plus or Practical plan, and open the savings account within 30 days of that chequing account. You must be a Canadian resident and of the age of majority in your province. It is one offer per customer, and BMO Private Banking clients are not eligible.

What happens after the 120 days?

The promotional portion stops and the account earns BMO’s posted rate, which is 0.45% as of September 2026. If you opened the account for the promotional rate, that is the point to decide whether to move the money.

Does the account charge any fees?

There is no monthly plan fee, no minimum deposit and no monthly savings requirement. But each withdrawal costs $5, each pre-authorized debit costs $5, and each transfer made through a branch or a BMO Virtual Connect associate costs $5. Self-serve transfers between your own BMO accounts, digital or at an ATM, are unlimited and free — which is how the account is designed to be used.

Is my money protected?

Yes. BMO is a member of the Canada Deposit Insurance Corporation, so eligible deposits are insured within CDIC limits.