Yes, you can open a BMO savings account online from start to finish
BMO lets you open a savings account entirely through their website or mobile app without visiting a branch. The process takes about 10 to 15 minutes, and you can start using the account the same day in most cases. You will need a valid government ID, a Social Insurance Number (SIN), and a way to verify your identity — usually a phone number or email address BMO can confirm.
The account opens with whatever starting deposit you choose to make. There is no minimum deposit required to open most BMO savings accounts online, though some accounts may have different rules depending on the product. Once your account is active, you can transfer money in from another bank, deposit cheques through the mobile app, or set up direct deposits from your employer.
Key Takeaways
- BMO savings accounts can be opened entirely online using their website or mobile app, with no branch visit required.
- You will need a valid government-issued ID, your Social Insurance Number, and a way for BMO to verify your identity before opening an account.
- Most online-opened accounts are active the same day, though some verification steps may take a few hours depending on the time you explore.
- You can fund your new account by transferring money from another bank, depositing cheques through the app, or setting up direct deposit from your employer.
What documents and information you need before you start
Gather these items before you begin the online process. You will need a valid government-issued photo ID — a driver's license, passport, or provincial ID card all work. You will also need your Social Insurance Number (SIN), which is a nine-digit number the Canadian government issues for tax and benefits purposes.
BMO will ask for your current address, phone number, and email address. Have a recent piece of mail or utility bill handy if your ID does not show your current address, because BMO may ask you to confirm where you live. If you are opening the account to receive direct deposits from an employer, you do not need that information right now — you can set it up after the account is open.
The steps to open your account online
Go to BMO's website or read the BMO Mobile Banking app and look for the option to open a new account. You will be asked to choose which type of savings account you want — BMO offers several versions with different features and interest rates. Read the descriptions of each to understand what you are choosing, or start with their basic savings account if you are unsure.
Enter your personal information: full name, date of birth, address, phone number, and email. BMO will ask for your Social Insurance Number at this stage. Next, you will upload or photograph your government ID using your phone or computer camera. Make sure the photo is clear and shows the entire ID card.
BMO will then ask you to verify your identity, usually by sending a code to your phone or email that you type back into the app. This step confirms that the phone number or email you provided is actually yours. Once you complete this verification, your account is typically open and ready to use within minutes.
How to fund your new account
You have several ways to put money into your new savings account. The simplest is to transfer money from another bank account you already have — you can do this through BMO's online banking or app by linking your other bank account and moving money over. This usually takes one to three business days to complete.
If you have cheques to deposit, use the mobile app's cheque deposit feature: take a photo of the front and back of the cheque, and BMO will process it. The funds typically appear in your account within one to two business days. You can also set up direct deposit from your employer so your paycheque goes straight into the account — ask your employer's payroll department for the banking details BMO provides.
When your account will be ready to use
In most cases, your BMO savings account is ready to use the same day you open it. You can see your account number, routing number, and other details when ready after verification is complete. However, some features may have a short delay: for example, if you are setting up direct deposit, you may need to wait one pay period for your employer to process the change.
Transfers from other banks usually take one to three business days to show up in your account, even though your BMO account itself is active right away. If you are moving money urgently, ask your other bank whether they offer faster transfer options — some banks can move money the same day.
What happens if verification takes longer
Most online verifications complete in minutes, but occasionally BMO may need additional information or time to confirm your identity. If this happens, you will see a message in the app or receive an email explaining what BMO needs from you. Common reasons for delays include a photo of your ID that is unclear, an address that does not match your ID, or a phone number that cannot be verified.
If BMO asks for more information, respond as quickly as you can — the sooner you provide what they need, the sooner your account opens. You can usually upload documents or answer questions directly through the app. If you have trouble with the online process, BMO has phone support available, and you can also visit a branch in person to complete the account opening with a staff member.
Choosing the right BMO savings account for your needs
BMO offers more than one type of savings account, and they have different features and interest rates. Some accounts are designed for people who want to save money and earn interest, while others are meant for everyday spending. When you open your account online, you will see descriptions of each type — read them carefully to understand what you are getting.
If you are new to banking or unsure which account fits your situation, the basic savings account is a safe starting point. You can always switch to a different account type later if you find you need different features. BMO's website also has comparison tools that show the differences between accounts side by side.
Frequently Asked Questions
Do I need to be a Canadian citizen to open a BMO savings account online?
No. You need a valid government-issued ID and a Social Insurance Number, but you do not need to be a Canadian citizen. Permanent residents and people with valid work permits can open accounts. If you do not have a SIN yet, you may need to visit a branch or contact BMO directly to discuss your options.
What if my government ID does not have my current address on it?
BMO will ask you to confirm your address during the process. Have a recent utility bill, lease, or piece of official mail showing your current address ready to upload or photograph. This confirms that you live where you say you do.
Can I open more than one savings account with BMO online?
Yes. Once your first account is open, you can open additional accounts through the app or website. Some people open multiple accounts to separate savings for different goals — one for emergencies, one for a vacation, and so on. Each account has its own number and can earn interest independently.
What if I make a mistake during the process?
If you notice an error before you submit your process, you can go back and fix it. If you have already submitted and the account is open, you can contact BMO to correct information like your address or phone number. Most changes can be made through online banking or by calling customer service.
Is there a monthly fee for a BMO savings account opened online?
BMO's basic savings account has no monthly fee. Some of their other savings products may have fees or minimum balance requirements — you will see these details before you finish opening the account. Read the account terms carefully so you know what to expect.