BMO Harris Bank has announced the launch of Savings Builder, a product that rewards clients for reaching certain savings targets every month.
As mentioned in a release, rewards apply to Personal and Business Savings Builder accounts. Clients who create a Personal Savings Builder are eligible to get a $5 reward every 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 announcement explained.
The personal Savings Builder account has “no monthly maintenance fee and only requires a minimum opening deposit of $25,” the update clarified while adding that 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.”
Paul Dilda, Head, Consumer Strategy, BMO Harris Bank, stated:
“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. 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, over 90,000 Savings Rewards accounts for consumers and almost 3,000 for small businesses have reportedly been opened. Approximately 40% of bank consumers and over 50% of small businesses “meet their monthly minimums for balance growth,” the update revealed.
As an additional 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.”
The announcement also mentioned that this money may 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,” the update noted.
As mentioned in the release, BMO Harris Bank offers a wide range of personal banking products and solutions via more than 500 branches and fee-free access to over 40,000 ATMs across the US.
BMO Harris Bank’s commercial banking team offers “a combination of sector expertise, local knowledge and mid-market focus throughout the United States.”