Yes, you can open a BMO savings account entirely online
BMO lets you open a savings account through their website or mobile app without visiting a branch. The process takes about 10 to 15 minutes and requires a valid government ID, your Social Security number, and proof of address. You'll need an initial deposit to fund the account—the minimum varies by account type, so check the specific account details before you start.
Once your account is open, you can deposit money right away using a linked external bank account, a debit card, or by mobile check deposit if you have a checking account with BMO already. Your savings account will be active and ready to use within one business day in most cases, though some verification steps may take longer depending on what BMO's system flags during review.
Key Takeaways
- You can complete the entire BMO savings account opening process online using a computer or the BMO mobile app, with no branch visit required.
- Have your government ID, Social Security number, and a recent utility bill or lease ready before you start, since you'll need to verify your identity and address.
- The minimum opening deposit depends on which savings account you choose, so review the account options on BMO's website to see what fits your situation.
- Your account becomes active within one business day, but you may need to wait for verification if BMO's system requires additional review of your information.
What you need before you start
Gather these documents before opening your account: a valid government-issued photo ID (driver's license, passport, or state ID), your Social Security number, and proof of your current address. A recent utility bill, lease agreement, or bank statement dated within the last 60 days works for the address proof. If you don't have a recent document, some people use a mortgage statement or property tax bill instead.
You'll also need to decide how you'll make your initial deposit. If you have another bank account, you can link it and transfer money. If you're opening your first account with BMO, you may need to deposit by debit card or ask about other options during the process. Check your current bank's transfer limits—some banks cap how much you can move in a single day.
Step-by-step process for opening online
Start by going to BMO's website or opening the BMO mobile app. Look for the option to open a new account—it's usually on the homepage or in a menu labeled "Open an Account" or "New Customers." Select "Savings Account" from the account types offered, then choose which savings product you want. BMO typically offers several options with different interest rates and minimum balances, so pick the one that matches your needs.
Enter your personal information: full name, date of birth, Social Security number, email address, and phone number. Upload or photograph your ID and proof of address using your phone or computer camera. BMO's system will verify these documents automatically in most cases, though occasionally a person reviews them if something doesn't match.
Create your login credentials—a username and password—and set up security questions. Review the account terms and conditions, then authorize the initial deposit. If you're linking an external bank account, you'll enter the routing number and account number. If you're using a debit card, enter the card details. Submit your application and wait for confirmation.
How long it takes and when you can use your account
Most online applications are approved within minutes to a few hours. Your account number and routing number will appear on screen or in your email once approval is complete. You can start using your account immediately for transfers and deposits, though the money itself may take one to three business days to arrive depending on how you funded it.
If you linked an external bank account, the transfer usually clears within one business day. Debit card deposits may take slightly longer. Mobile check deposits (if you have a BMO checking account) typically post within one business day. Once the money arrives, you can move it around, set up automatic transfers, or leave it to earn interest based on your account's rate.
What happens if your application is delayed or denied
BMO may flag your application for additional review if your ID doesn't scan clearly, your address can't be verified, or if there's a mismatch between the name on your ID and the name you entered. When this happens, BMO usually contacts you by email or phone within one business day. They'll ask you to resubmit documents, clarify information, or provide additional proof of address.
Rarely, BMO may deny an application if you have a history with ChexSystems (a banking verification system) that shows unpaid overdrafts, fraud, or other serious issues at another bank. If this happens, ask BMO directly why you were denied—they're required to tell you. Some people in this situation open accounts at banks that don't use ChexSystems, or they resolve the issue with their previous bank first and reapply later.
Funding your account after it opens
Once your account is active, you have several ways to add money. Link your checking account at another bank and transfer funds—this is the fastest and most common method. Use a debit card to deposit money directly, though some banks limit debit card deposits to a certain amount per day. If you have a BMO checking account, use mobile check deposit to add funds by photographing a check.
You can also visit a BMO branch and deposit cash or a check in person, though this defeats the purpose of opening online. Some employers let you split your paycheck between accounts, so you could have part of your salary deposited directly into your new BMO savings account. Set this up through your employer's payroll system once your account is open and you have your routing and account numbers.
Interest rates and account features to compare
BMO offers different savings accounts with different interest rates and minimum balance requirements. A basic savings account may have a lower interest rate but no minimum balance, while a premium savings account might require $10,000 or more but pay a higher rate. Check BMO's current rates on their website—these change frequently and vary based on market conditions.
Some BMO savings accounts come with features like automatic savings transfers (where money moves from checking to savings on a schedule you set), no monthly fees, and unlimited deposits and withdrawals. Others may charge a monthly maintenance fee if you don't maintain a minimum balance. Read the account details carefully before you choose, because switching accounts later is possible but takes extra steps.
Frequently Asked Questions
Do I need a BMO checking account to open a savings account online?
No. You can open a BMO savings account without having any other BMO account. However, if you already have a BMO checking account, the process may be slightly faster because BMO already has your information on file.
What's the minimum deposit to open a BMO savings account?
The minimum opening deposit varies by account type. Some BMO savings accounts require $0 to open, while others require $25, $100, or more. Check the specific account details on BMO's website to see the requirement for the account you're interested in.
Can I open a BMO savings account if I'm under 18?
BMO offers youth savings accounts for minors, but you'll typically need a parent or guardian to open the account with you. The online process may differ for accounts held by minors, so contact BMO directly or visit their website to see the options available for your age.
What if my online application is still pending after 24 hours?
Contact BMO customer service by phone or through your online banking portal. They can tell you whether your application is still under review, if additional information is needed, or if there's an issue holding up approval. Most delays are resolved within one to two business days.
Can I close my BMO savings account online if I change my mind?
Yes. You can close your account through online banking or by calling BMO customer service. Make sure your account balance is zero before closing—transfer or withdraw any remaining money first. BMO will send you a confirmation once the account is closed.