BMO Harris Bank launched a new Savings Rewards program for consumers and small businesses across BMO’s U.S. footprint. The launch of the new loyalty program comes after successful pilots in Indiana and Wisconsin earlier this year.
New Bank Rewards Program
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.
Bank Savings Rewards Programs Work
“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 the fiscal year 2019, we’re excited to bring BMO Savings Rewards to new potential customers across our footprint.Ernie Johannson, group head of North American Personal and Business Banking at BMO.
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.