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Bank of Montreal Deposits of february 2023

Open a deposit at Bank of Montreal verified by our specialists. On 08.02.2023 15 deposits are available to you.

Offers: 15

Updated
05.01.2023
17:05
AIR MILES®† Chequing Account
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i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

$16.95 monthly fee
Practical Chequing Account
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

$4.00 monthly fee
Plus Chequing Account
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

up to $11.95 monthly fee
Premium Chequing Account
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

up to $30.00 monthly fee
Performance Chequing Account
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

up to $16.95 monthly fee
Continuous Savings Plan (CSP)
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Registered Disability Savings Plan (RDSP)
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Registered Retirement Income Fund (RRIF)
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Registered Education Savings Plan (RESP)
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Registered Retirement Savings Plan (RRSP)
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Other types of deposits

GoDay
1.6
JUDGEV
JUDGEV
26.05.2022 at 15:46
the application is easy and takes less then 5 mins to fill out. but the funding time is quite long. if looking for instant funding then its not here...
Review
Bank of Montreal Deposits of february 2023

Types of BMO deposits

If you want to deposit a certain sum to a BMO account, you can choose from an array of available options.

  1. Certificates of Deposit (CDs) are available at BMO Harris Bank. CDs feature locked-in interest rates and flexible term options. Standard CD from BMO allows you to deposit just $1,000 and select a term from 3 months to 5 years. Depending on the chosen term, the rate will range from 0.05% to 0.25%. With a minimum deposit amount of $5,000, BMO offers special rates from 2% to 3%, depending on a chosen term. The terms for these special-rate options range from 13 to 59 months.
  2. Guaranteed Investment Certificates (GICs). With BMO guaranteed investment certificates, you can deposit your money for a fixed term at a fixed interest rate, so your return is predictable. The longer the term (from 1 to 10 years), the higher the interest rate you can count on: 3.650%-4.750%. BMO GICs are pretty similar to U.S. certificates of deposits at BMO.
  3. Chequing accounts from BMO are a kind of deposit account to make deposits and withdrawals and perform everyday transactions. Unlike CDs or savings accounts, they are not interest-bearing. There are monthly fees on these accounts, with an opportunity to waive them when maintaining the minimum balance required.
  4. Savings accounts. To grow the funds deposited into your bank account, consider savings accounts from BMO. These accounts allow you to earn interest for holding money with rates ranging from 0.01% to 1.30%. BMO savings accounts come with no monthly fees when maintaining the minimum balance. Some of the options have no minimum balance requirements either.
  5. Tax-free Savings Accounts (TFSA) allow you to grow your earnings tax-free. You can mix the sums you deposit to your TFSA with Guaranteed Investment Certificates, stocks, bonds, mutual funds, and other investments.
  6. Registered Retirement Savings Plans (RRSP) allow you to save for retirement and earn interest tax-free. The contributions to an RRSP lower your taxable income.
  7. Registered Education Savings Plan (RESP) allows you to deposit funds and save for your child’s education. These accounts feature tax-sheltered earnings and no annual contribution limit, with a lifetime limit of $50,000.
  8. Registered Disability Savings Plans (RDSP) are savings solutions for Canadians with disabilities to grow the funds on a tax-deferred basis. The lifetime contribution limit is $200,000. As an account holder, you can contribute to it yourself and also get funding from government programs.
  9. Continuous Savings Plans (CSP) represent pre-authorized plans to withdraw money from one account and deposit them into a savings or investment account. The minimum monthly contribution is $50.

Requirements

To apply for deposit products from BMO, you must be either a Canadian or a U.S. citizen or resident.

Be ready to provide your personal information, your contact details, and your Social Insurance Number. In addition, have a valid government-issued photo ID (a driver’s license or a passport) at hand.

Pros and cons

Here are the advantages of BMO deposit accounts:

  • A range of account types where you can deposit your money to
  • An affordable minimum deposit requirement to open a chequing or savings account
  • Easy and convenient ways to make a deposit
  • No envelope needed to deposit a cheque at a BMO ATM

Still, there are potential drawbacks:

  • Minimum balance requirements on most chequing and savings accounts to waive monthly fees
  • Earning higher interest amounts with CDs will require you to maintain four-figure account balances
  • Early withdrawal fees for CDs

How to make a deposit?

BMO offers several ways to make a deposit:

  • Through Online Banking by downloading the BMO Direct Deposit form, attaching a void cheque, or filling in the form with your account, financial institution, and branch transit numbers.
  • In the BMO Mobile Banking app by specifying the amount on the cheque and taking a photo of its front and back sides.
  • At a BMO ATM, by inserting your debit card, selecting the account to fund, and inserting your cheque(s) and/or cash together

FAQ

Can I change the term of my certificate of deposit?

The term of your certificate of deposit is not subject to change before the maturity date. In case you decide to close your CD before the maturity date, you will have to pay the early withdrawal fee.

Can I use a non-BMO ATM to deposit funds into my account?

You can make deposits to your BMO accounts and BMO ATMs only.

Should I keep the cheque after depositing it?

BMO recommends you to write “Deposited” and the date of depositing on the front of the check and keep the cheque for 14 days to ensure it clears. After that, you can destroy the cheque.