BMO Harris Bank Savings Creation Product to Engage Clients in Achieving Savings Goals
BMO Harris Bank announced the launch of Savings generator, a product that rewards customers each month for reaching certain savings goals.
As noted in one version, the rewards apply to Personal and corporate savings builder accounts. Customers who create a Personal Savings Builder are eligible to earn a $ 5 reward each 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 reward of $ 10 each month if the account balance increases by $ 500 or more each month for the first 12 months,” the announcement explained.
The Savings Builder personal account has “no monthly maintenance fees and only requires a minimum opening deposit of $ 25,” the update clarified while adding that Business Savings Builder has “a deposit of minimum opening of $ 100 and monthly maintenance fee of $ 10, which is waived when maintaining a minimum monthly balance of $ 500. “
Paul Dilda, Head of Consumer Strategy, BMO Harris Bank, said:
“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. At BMO, we’re continually looking for innovative ways to help our clients build healthy savings habits and make real financial progress. Our Savings Builder rewards product is designed to help clients reach their savings goals.
Tested as BMO Savings Rewards last fall, over 90,000 Savings Rewards accounts for consumers and nearly 3,000 for small enterprises would have been opened. About 40% of consumer banking and more than 50% of small businesses “meet their monthly minimums for balance growth,” the update revealed.
As an added incentive, consumers who open a new BMO Harris Smart Advantage ™ account “will receive a bonus of $ 200 to start their financial progress, when certain conditions are met.”
The ad also mentioned that this money could 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 helps you make real financial progress,” the update notes.
As mentioned in the press release, BMO Harris Bank offers a wide range of personal banking products and solutions in more than 500 branches and free access to more than 40,000 ATMs in the United States.
BMO Harris Bank’s commercial banking team offers “a combination of industry expertise, local knowledge and a focus on the mid-market across the United States.”