Help clients adopt healthy savings habits and make real financial progress
CHICAGO, October 26, 2021 / PRNewswire / – BMO Harris Bank announced the launch of Savings Builder, a new product that rewards customers each month for reaching specific savings milestones. Rewards apply to Personal and Work Savings Generator accounts. Customers who open a Personal Savings Builder are eligible to receive a $ 5 reward each month if the account balance increases by $ 200 or more each month for the first 12 months. Business Savings Generator accounts are eligible to receive a $ 10 reward each month if the account balance increases by $ 500 or more each month for the first 12 months.
The personal Savings Builder account has no monthly maintenance fees and only requires a minimum opening deposit of 25 $. Business Savings Builder has a minimum opening deposit of $ 100 and one $ 10 monthly maintenance fees, which are waived when maintaining a minimum monthly balance of $ 500.
“Saving is the foundation for building a strong financial plan and BMO wants to help customers save more easily and reward them when they do,” said Paul Dilda, Head, Consumer Strategy, BMO Harris Bank. “At BMO, we are continually looking for innovative ways to help our clients adopt healthy savings habits and achieve real financial progress. Our Savings rewards product is designed to help clients reach their savings goals.
Tested 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. About 40% of banking consumers and over 50% of small businesses meet their monthly minimums for balance growth.
As an added incentive, consumers who open a new BMO Harris Smart AdvantageMT The account will receive $ 200 bonus to start their financial progress, when certain conditions are met. This money can be placed in a Savings Builder account, generating savings and helping to grow the balance needed to earn a monthly reward. Plus, with no monthly maintenance fees, you can be confident that every penny you earn is helping you make real financial progress.
Consumers and small businesses can visit their BMO Harris Bank location or visit https://www.bmoharris.com/savingsbuilder and https://www.bmoharris.com/businessavings for more information.
About BMO Harris Bank
BMO Harris Bank offers a wide range of personal banking products and solutions in over 500 branches and toll-free access to over 40,000 ATMs across United States. BMO Harris Bank’s Commercial Banking team offers a combination of industry expertise, local knowledge and middle market guidance throughout United States. To learn more about BMO Harris Bank, visit company information sheet. Accounts are subject to approval. BMO Harris Bank NA FDIC Member. BMO Harris Bank is part of BMO Financial Group, a highly diversified financial services provider with total assets of 971 billion Canadian dollars from July 31, 2021.
SOURCE BMO Harris Bank