New offer gives consumers and small businesses a bonus each month they save
CHICAGO, Nov. 16, 2020 /CNW/ - BMO Harris Bank today launched a new Savings Rewards program for consumers and small businesses across BMO's U.S. footprint.
BMO Savings Rewards helps customers build strong savings habits by rewarding them with a bonus each month they meet minimum monthly savings requirements. BMO Harris Bank will deposit a $5 bonus for each month personal banking customers grow their balance by $200 or more, for up to 12 months. For small business customers, BMO will deposit a $10 bonus into their new Business Savings account for each month they grow their balance by at least $500.
"Putting money away in a savings account or growing an emergency fund can seem like a daunting task, especially in times of financial stress and uncertainty. BMO wants to help customers make real financial progress by rewarding them with a savings boost when they do save," said Ernie Johannson, group head of North American Personal and Business Banking at BMO.
Today's launch comes after successful pilots in Indiana and Wisconsin earlier this year.
"After a very successful pilot program that saw approximately four times as many of our personal banking customers save at least $200 a month, compared to savings accounts opened in fiscal year 2019, we're excited to bring BMO Savings Rewards to new potential customers across our footprint," Johannson added.
Savings Rewards is available to customers when they open a new BMO Statement Savings account. Customers can continue to earn Savings Rewards bonuses for up to 12 months after opening their account, even if they don't meet the minimum savings requirements during one of those months.
Participating customers will receive monthly reminder email messages to save, and congratulations messages when they do.
About BMO Harris Bank
BMO Harris Bank provides a broad range of personal banking products and solutions through more than 500 branches and fee-free access to over 40,000 ATMs across the United States. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the United States. For more information about BMO Harris Bank, visit the company fact sheet. Accounts are subject to approval. BMO Harris Bank N.A. Member FDIC. BMO Harris Bank is part of BMO Financial Group, a highly diversified financial services provider with total assets of CDN$974 billion as of July 31, 2020.
SOURCE BMO Harris Bank