You cannot convert a checking account into a savings account at BMO—you have to close one and open the other
BMO treats checking and savings accounts as separate products with different features, fees, and terms. The bank will not flip a checking account into a savings account by changing a setting or signing a form. Instead, you open a new savings account, move your money over, and then close the checking account if you no longer need it.
The process takes a few days to a week, depending on how you move the money and whether you have automatic deposits or payments tied to the checking account. You will need to update those before you close the old account, or they will fail.
Key Takeaways
- BMO requires you to open a separate savings account rather than converting an existing checking account.
- You can move money between your own BMO accounts when ready online or through the mobile app.
- Before closing your checking account, redirect any automatic deposits, bill payments, or transfers that use that account number.
- Closing a checking account takes one phone call or a visit to a branch, but the account may stay on your record for up to seven years.
- If you want to keep both accounts open, you can do that—many people maintain a checking account for bills and a savings account for goals.
How to move money from checking to savings at BMO
Log into BMO Online Banking or the BMO Mobile App and go to the Transfers section. Select your checking account as the source and your savings account as the destination. Enter the amount and confirm. The money moves when ready if both accounts are at BMO and in your name.
If you do not yet have a savings account, you can open one online through BMO's website or by calling 1-800-BMO-1234. The process takes about 10 minutes. Once the account is open and active (usually the same day), you can transfer money into it.
If you prefer to move all your money at once, transfer the full balance. If you want to keep some money in checking for when ready expenses, transfer only what you plan to save and leave the rest.
What to do before closing your checking account
Before you close the checking account, make a list of everything that uses that account number. This includes direct deposits from your employer, automatic bill payments, subscription charges, and transfers to other people or accounts. Contact each one and update the account information to your new savings account, or remove the checking account entirely if you will not need it.
This step matters because payments and deposits will bounce if they try to hit a closed account. Your employer's payroll system, your utility company, and any automatic transfers will all fail. You have time to make these changes—do not close the account until you have confirmed that nothing is still pointing to it.
Check your recent statements for the past two or three months to catch subscriptions or payments you might have forgotten about. Look for recurring charges, even small ones, because they will cause problems if the account closes.
Closing your BMO checking account
Once you have moved your money and updated all automatic payments, you can close the account. Call BMO at 1-800-BMO-1234 and tell them you want to close your checking account. They will confirm the account balance is zero (or ask what you want to do with any remaining cents), verify your identity, and process the closure.
You can also close the account in person at any BMO branch. Bring your ID and the account number. The branch staff will confirm the balance and close it on the spot.
Closing takes effect when ready, but the account may remain visible on your credit report or banking history for up to seven years. This does not affect your credit score—closed accounts are normal and expected.
BMO checking and savings accounts compared
| Feature | BMO Checking | BMO Savings |
|---|---|---|
| Monthly fee | Varies by account type (some have no fee) | Varies by account type (some have no fee) |
| Debit card included | Yes | No |
| Check writing | Yes | No |
| Interest earned | Little to none | Yes, rate varies |
| Withdrawal limits | Unlimited | May have limits depending on account type |
| ATM access | Yes | Yes |
The main difference is that savings accounts earn interest on your balance, while checking accounts do not. Checking accounts come with a debit card and check-writing ability, which savings accounts do not. If you need to pay bills or make everyday purchases, you typically use checking. If you want to set money aside and earn interest, you use savings.
Some people keep both accounts open—they use checking for bills and regular spending, and savings for goals or emergency funds. There is no rule that says you have to choose one or the other.
Which BMO savings account to choose
BMO offers several savings account types, each with different features and interest rates. The most common are the BMO Savings Account (basic savings with interest) and the BMO Premium Savings Account (higher interest if you maintain a minimum balance). Rates change, so check BMO's website or call 1-800-BMO-1234 to see current rates and requirements.
If you are saving for a specific goal with a timeline—like a down payment or a vacation—ask about BMO's Goal Savings Account, which lets you set up separate savings buckets within one account. If you want the highest interest rate available, compare the Premium Savings Account against other banks' offers, because rates vary.
You do not have to decide perfectly. You can open a basic savings account now, move your money, and switch to a different savings product later if you find one that fits better.
Frequently Asked Questions
Can I keep both my checking and savings account open?
Yes. Many people keep both accounts open—they use checking for everyday bills and spending, and savings for money they want to set aside and earn interest on. There is no requirement to close either one. You can have as many accounts as you want at BMO.
Will closing my checking account hurt my credit?
No. Closing a bank account does not affect your credit score. Credit scores are based on borrowing and repayment history, not on how many accounts you have open or closed. The account may show on your banking history, but that is normal.
What happens to checks I ordered for my checking account?
Stop using them when ready once you close the account. Any checks written against a closed account will bounce. If you have a large supply of unused checks, contact BMO to cancel the order before you close the account, or destroy the checks yourself.
How long does it take to open a BMO savings account?
You can open a savings account online in about 10 minutes, and it is usually active the same day. You can then transfer money into it right away. If you open in person at a branch, it takes about 15 to 20 minutes and is active when ready.
Can I transfer money from my BMO checking to a savings account at a different bank?
Yes, but it takes longer. You can set up an external transfer through BMO Online Banking using the other bank's routing number and your account number there. The transfer typically takes three to five business days. Alternatively, you can withdraw cash from your BMO checking account and deposit it at the other bank.