You can open a BMO savings account online in about 10 minutes using a computer or the BMO mobile app, and you'll need a valid ID, Social Security number, and initial deposit information.
BMO offers several savings account types online: the BMO Savings Account (the basic option), the BMO Premium Savings Account (higher interest rate if you maintain a minimum balance), and the BMO Alto Online Savings Account (no monthly fees, higher rates, online-only). The online process is the same for all three—you choose which one during signup. You don't need to visit a branch or call anyone; the entire account opens in your browser or app.
The process moves fast because BMO verifies your identity electronically rather than asking you to mail documents. You'll answer security questions based on your credit history, confirm your Social Security number, and link a bank account for your first deposit. Most people see their account number and routing number when ready after approval, though it can take up to one business day for the account to be fully active for transfers.
Key Takeaways
- You need a valid government-issued ID, your Social Security number, and a U.S. address to open an account online.
- BMO verifies your identity through security questions tied to your credit file, so the process takes minutes rather than days.
- You can fund your new account from another bank account, or deposit cash at a BMO branch or ATM after the account opens.
- The account is active for transfers within one business day, though you receive your account and routing numbers when ready.
- If you're under 18, you'll need a parent or guardian to open a joint account instead of a solo account.
What you need before you start
Gather these items before you begin: a valid government-issued ID (driver's license, passport, or state ID card), your Social Security number, your current address, and your date of birth. BMO will ask for all four during the identity verification step.
You'll also need a way to fund the account. This can be a checking or savings account at another bank (you'll provide the routing and account number), or you can skip the initial electronic deposit and add money later at a BMO branch, ATM, or through a transfer from another account. There is no minimum opening deposit for most BMO savings accounts, though the BMO Premium Savings Account requires $25,000 to earn the advertised interest rate.
Have your phone nearby. BMO may send a one-time code to your phone number during signup to confirm your identity, though this step is not always required.
The step-by-step process
Step 1: Go to the BMO website or open the BMO mobile app. On the website, look for "Open an Account" or "New Customers" at the top of the page. In the app, tap the menu icon and select "Open an Account." You'll be asked to choose which type of savings account you want.
Step 2: Enter your personal information. Provide your full name, date of birth, Social Security number, current address, phone number, and email address. BMO uses this information to search your credit file for the security questions in the next step.
Step 3: Answer security questions. BMO will ask 3 to 5 questions based on your credit history, such as "Which of these addresses have you lived at?" or "Which of these lenders have you borrowed from?" These questions verify that you are who you say you are. Answer based on your actual history—if you don't recognize any of the options, select "None of the above."
Step 4: Verify your identity with a code (if required). BMO may text or email a one-time code to confirm your phone number or email. Enter the code when prompted. This step doesn't always appear, depending on your verification results in step 3.
Step 5: Link a funding source or skip it. If you want to deposit money when ready, provide the routing number and account number from another bank account. If you don't have this information or prefer to fund the account later, you can skip this step. You'll receive your new BMO account number right away.
Step 6: Review and confirm. Read through the account terms and disclosures. Check the box to agree, then submit. Your account opens when ready, and you'll see your account number and routing number on the confirmation screen.
What happens after you submit
Your account number and routing number appear on screen as soon as you finish the signup process. You can use these to set up transfers from other accounts or to receive direct deposits. However, the account itself may take up to one business day to become fully active for outgoing transfers and withdrawals.
If you linked another bank account for an initial deposit, that transfer typically posts within 1 to 3 business days. If you skipped the funding step, you can deposit money later by transferring from another account, depositing cash at a BMO branch or ATM, or setting up a direct deposit from your employer.
BMO will send a debit card to your address within 7 to 10 business days. You can use your account online or through the app before the card arrives.
Choosing between BMO's savings account options
| Account Type | Monthly Fee | Minimum Balance for Interest Rate | Best For |
|---|---|---|---|
| BMO Savings Account | $5 (waived if you maintain $500 minimum) | None | People who want a basic savings account with low fees |
| BMO Premium Savings Account | None | $25,000 | People with larger balances who want higher interest rates |
| BMO Alto Online Savings Account | None | None | People who want no fees and no minimum balance |
The BMO Savings Account charges $5 per month unless you keep at least $500 in the account. The BMO Premium Savings Account has no monthly fee but requires $25,000 to earn the higher advertised rate; below that, the rate is much lower. The BMO Alto Online Savings Account has no fees and no minimum balance, but it's online-only—you can't visit a branch or use ATMs to withdraw cash, though you can transfer money to another account.
Interest rates change frequently and vary by account type. Check the current rates on BMO's website before you open the account so you know what to expect.
If your process is denied or delayed
Most online applications are approved or denied within minutes. If yours is denied, BMO will explain the reason on screen. Common reasons include a mismatch between the information you provided and your credit file, a history of unpaid accounts, or a ChexSystems report (a banking history report similar to a credit report).
If you're denied, you can call BMO at 1-800-BMO-1234 to ask whether you can reapply or whether visiting a branch in person might help. Some people who are denied online are able to open an account at a physical branch with additional documentation.
If your process is pending rather than approved or denied, it usually means BMO needs more time to verify your identity. You'll receive an email or call within one business day with next steps. Do not reapply while your first process is pending, as this can slow the process.
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 or ITIN (Individual Taxpayer Identification Number) to open any account. If you have an ITIN, you may be able to open an account by visiting a branch in person with your ITIN documentation, though online signup requires a Social Security number.
What if I don't have another bank account to link for my first deposit?
You don't need one. Skip the funding step during signup and deposit money later by transferring from another account, depositing cash at a BMO branch or ATM, or setting up a direct deposit. Your account opens when ready without an initial deposit.
How long does it take to receive my debit card?
BMO mails debit cards within 7 to 10 business days. You can use your account online and through the app before the card arrives. If you need cash before the card comes, you can withdraw from a BMO branch or ATM using your account number.
Can I open a savings account if I'm under 18?
No, not online. You'll need a parent or guardian to open a joint account at a BMO branch. The adult's name will be on the account alongside yours, and they'll have full access to the funds.
What if I answer the security questions wrong?
If you don't recognize any of the options or answer incorrectly, select "None of the above" or the closest honest answer. BMO may ask additional questions or require a phone call to verify your identity. This slows the process but doesn't disqualify you.