Additional information of Savings Builder Account
Initially, you will need to live in AZ, FL, IL, IN, KS, MN, MO or WI and deposit $25 to open the BMO Harris Bank Savings Builder account. This product features a 0.01% APY as long as you have a balance greater than $0.01 and interest is calculated daily and deposited quarterly.
It is a great complement to the checking accounts offered by the bank, such as Smart Money or Smart Advantage.
An interesting advantage of this savings instrument is that it rewards you with $5 each month (within the last 5 days of the cycle) if your balance grows by at least $200. This offer is only available for the first 12 months from the time you open it. Any interest or bonuses you receive do not count towards this reward.
The fine print on this $5 monthly bonus also states the following:
- You must pay something the first month of account activation to be eligible for the duration of the offer.
- Even if your balance does not grow by $200 in any given month, you can still get the reward in the months that follow.
- If you decide to add more money to your initial deposit, on the same day or on another date in the current month, that counts toward the balance increase.
This savings tool does not include a maintenance fee. However, there are other fees associated with its use:
- Closing the account before 90 days: $50.
- Withdrawing money at other banks' ATMs: $3
The BMO Harris Savings Builder Savings Account is easy to use and rewards you the more you save. If you think you need something else, Busconomic has a comprehensive database for you to compare the best options.
Español: Cuenta Savings Builder de BMO Harris Bank