What you need to open a BMO savings account
BMO lets you open a savings account online, by phone, or in person at a branch. You will need a valid government-issued photo ID (a driver's license or passport), your Social Security number, and an initial deposit. The deposit amount depends on which savings account you choose — some accounts have no minimum, while others require $25 or more to start.
If you are opening an account online or by phone, you will also need a way to verify your identity beyond just providing your information. BMO typically asks you to answer security questions based on your credit history, or they may send a verification code to your phone or email. If you open an account in person at a branch, the teller can verify your identity directly with your ID.
You will also need to decide how you want to fund your new account. You can transfer money from another bank account, deposit cash at a BMO branch or ATM, or arrange a direct deposit from your employer.
Key Takeaways
- You need a valid photo ID, your Social Security number, and an initial deposit to open a BMO savings account.
- BMO offers three ways to open: online through their website, by calling their customer service line, or in person at a branch location.
- Different BMO savings accounts have different minimum deposit requirements, so check which account type fits your situation before you start.
- Online and phone applications require identity verification through security questions or a code sent to your phone, while in-person applications use your ID.
Opening an account online
The online process starts at BMO's website. Look for the "Open an Account" button, usually on the homepage. You will select "Savings Account" and then choose which type of savings account you want — BMO offers several options with different features and minimum balances.
After you choose your account type, you will enter your personal information: full name, date of birth, address, phone number, email, and Social Security number. BMO will then ask you security questions to verify your identity. These questions are based on your credit history and public records, so you will be asked things like "Which of these addresses have you lived at?" or "Which of these is a former employer of yours?" Answer as accurately as you can.
Once you pass identity verification, you will set up your login credentials and choose a PIN for phone banking if you want it. Then you will fund your account by linking a bank account from another institution and transferring your initial deposit. The transfer usually takes one to two business days to show up in your new BMO account.
Opening an account by phone
Call BMO's customer service line to open an account over the phone. A representative will walk you through the same information you would enter online: your personal details, Social Security number, and which account type you want. They will also verify your identity by asking security questions.
Over the phone, you can ask the representative questions about the different account options and which one might work best for your situation. This can be helpful if you are not sure whether you want a basic savings account or one with higher interest rates that requires a larger balance.
After the call, you will still need to fund your account. The representative will explain your options: you can link another bank account and transfer money, or you can visit a BMO branch to deposit cash. If you choose to transfer from another bank, that usually takes one to two business days.
Opening an account in person at a branch
Find your nearest BMO branch using their branch locator on their website or by calling customer service. Bring your photo ID, Social Security number, and your initial deposit (in cash or a check). You can also bring a debit card or account information from another bank if you want to transfer money instead of depositing cash.
A teller will help you choose which savings account type fits your needs and will fill out the paperwork with you. They will verify your identity using your photo ID and will answer any questions you have about the account features, fees, or how to use online banking.
If you deposit cash or a check in person, the money is usually available in your account right away or within one business day. If you transfer from another bank account, it typically takes one to two business days.
Understanding BMO savings account types
BMO offers more than one type of savings account, and each one has different features. Some accounts have no monthly fee and no minimum balance requirement. Others require you to keep a certain amount in the account (like $25 or $500) to avoid a monthly fee, but they may pay you higher interest on your money.
Interest is money the bank pays you for letting them hold your money. The more interest an account pays, the faster your savings grow — but accounts with higher interest rates usually require a larger minimum balance. When you open your account, ask the representative or check the account details online to see which account type matches what you need.
Some BMO savings accounts are linked to a checking account, which means you can move money between them easily. Others are standalone accounts. Think about whether you want your savings and checking in one place or separate.
What happens after you open your account
Once your account is open and funded, you can start using it right away. BMO will send you a debit card in the mail if you opened a checking account, but savings accounts typically do not come with a debit card. You can withdraw money from your savings account by visiting a branch, using an ATM, or transferring money to your checking account online.
You will receive a welcome packet in the mail with your account number, routing number, and information about online banking. Set up your online account login so you can check your balance, see your transactions, and manage your account from your computer or phone.
If you set up direct deposit from your employer, your paycheck will go straight into your account on payday. You can also set up automatic transfers from your checking account to your savings account if you want to save a certain amount each month without having to remember to do it manually.
Frequently Asked Questions
Do I need to have a BMO checking account to open a savings account?
No. You can open a BMO savings account on its own without having a checking account with them. However, some BMO savings accounts are designed to work alongside a checking account, so you may want to ask about those options when you open your account.
How long does it take to open a BMO savings account?
Online and phone applications usually take 10 to 15 minutes to complete. Your account is typically active the same day or the next business day. In-person applications at a branch are usually finished within 30 minutes, and your account is active when ready.
What if I do not have a Social Security number?
BMO requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open an account. If you do not have either, contact your local BMO branch to ask about other options or documents they may accept.
Can I open a savings account if I have had banking problems in the past?
BMO checks your banking history through a system called ChexSystems. If you have unpaid overdrafts or closed accounts with negative balances at other banks, BMO may decline your process. Contact BMO directly to ask about your situation — some branches may work with you depending on the details.
What is the minimum deposit to open a BMO savings account?
The minimum deposit varies by account type. Some BMO savings accounts have no minimum deposit requirement, while others require $25 or more. Check the specific account details when you are choosing which type to open, or ask a representative what the minimum is for the account you are interested in.