BMO Harris Bank announced the launch of Savings Builder, a new product that rewards customers for reaching specific savings milestones each month.
Rewards apply to both Personal and Business Savings Builder accounts. Customers who open a Personal Savings Builder are eligible to receive a $5 reward each month if the account balance grows by $200 or more each month for the first 12 months. Business Savings Builder accounts are eligible to receive a $10 reward each month if the account balance grows by $500 or more each month for the first 12 months.
The personal Savings Builder account has no monthly maintenance fee and only requires a minimum opening deposit of $25. Business Savings Builder has a minimum opening deposit of $100 and a $10 monthly maintenance fee, which is waived when maintaining a monthly minimum balance of $500.
“Savings is the foundation for building a solid financial plan and BMO wants to help customers make it easier to save and reward them when they do,” said Paul Dilda, Head, Consumer Strategy, BMO Harris Bank. “At BMO, we continuously look for innovative ways to help our customers build healthy savings habits and make real financial progress. Our Savings Builder rewards product is designed to help customers reach their savings goals.”
Piloted as BMO Savings Rewards last fall, more than 90,000 Savings Rewards accounts for consumers and nearly 3,000 for small businesses have been opened. Roughly 40% of bank consumers and more than 50% of small businesses meet their monthly minimums for balance growth.
As an extra incentive, consumers who open a new BMO Harris Smart AdvantageTM Account will receive $200 bonus to kickstart their financial progress, when certain conditions are met. That money can be put into a Savings Builder account, driving savings and contributing to the balance growth required to earn a monthly reward. Plus, with no Monthly Maintenance Fee, you can be sure that every penny earned is helping you make Real Financial Progress.