Explore BMO savings products, compare important account features, and understand how rates, fees and eligibility can affect your savings.
Explore account options →BMO offers savings products for different needs. Availability, names, account terms and promotional offers can change. Confirm the products currently offered in your ZIP code directly with BMO.
A savings option historically associated with regular saving and qualifying activity. Review current product availability and any requirements for earning bonuses or interest.
Money market deposit accounts may have different interest tiers, balance requirements and transaction features compared with traditional savings accounts.
CDs are different from savings accounts: they may offer a fixed rate for a stated term, but early withdrawal penalties can apply.
Rather than relying on a headline interest rate, compare the features that matter to your savings goals.
| Feature | Savings account | Money market deposit account | Certificate of deposit |
|---|---|---|---|
| Interest rate | Typically variable | Typically variable; tiers may apply | Often fixed for a selected term |
| Access to money | Generally flexible, subject to terms | Generally flexible, subject to terms | Funds committed for a term; penalties may apply |
| Minimums and fees | Check current disclosure | Check balance requirements and fees | Check minimum deposit and term |
| Best suited to | Emergency funds and regular savings | Cash savings with desired account features | Funds not needed before maturity |
| Current BMO APY | Verify with BMO | Verify with BMO | Verify by term with BMO |
The most useful savings account is not always the one advertising the highest yield.
Check whether the rate is promotional, whether it changes by balance, and whether additional conditions apply.
Review maintenance fees, waiver conditions, transfer options and any limitations in the deposit agreement.
Confirm that your deposit is held at an FDIC-insured bank and understand applicable insurance limits and ownership categories.
BMO's available savings products and rates may vary. Check its current US savings-account page and the applicable rate sheet for your location.
No. A money market deposit account is a bank deposit product. A money market mutual fund is an investment product and is not FDIC-insured.
Yes. Interest rates on savings and money market deposit accounts are generally variable. Promotional terms and balance tiers can also affect the yield.
Eligible deposits at BMO Bank N.A., an FDIC-insured institution, are insured subject to FDIC limits and ownership rules. In general, the standard limit is $250,000 per depositor, per insured bank, per ownership category. Verify details with the FDIC.
No. This is an independent educational review, not a BMO account portal. It does not collect banking credentials or activate products. Use the official BMO website for account services.