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Email this11:42 am
December 18, 2008
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Hello,
I posted this over on RFD but I think this site may be more likely to answer my questions as you all seems to know the inner workings of an account. (and no one seems to have a BMO account over there)
Do you know if the BMO Premium Rate Savings Account allows you to transfer funds from another bank account into it (Credit), or allow you to withdraw funds to your other bank (Debit). I can only see on the BMO site at https://www.bmo.com/main/personal/bank-accounts/edb-fees-agreements#pay-per-use-fees that it appears it is allowed. Can anyone confirm?
Also if the Premium rate savings is part of a banking plan... I assume there are no charges for transactions?
Thanks if anyone is able to answer 🙂 I am going to call and ask them later today but I know sometimes what the reps tell you vs reality can be two different things
12:09 pm
December 18, 2008
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I called them and asked.... they are telling me I can set up direct deposit, but I cannot do Pre-Authorized Debit which contradicts their website. I think I might just have to try and see. But again if anyone has any experience that would be helpful 🙂
2:06 pm
April 6, 2013
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Agent may have thought you were asking about their Savings Builder Account instead of their Premium Rate Savings Account.
No experience with the Premium Rate Savings Account myself. But, on the BMO savings accounts page, only the Savings Builder Account is marked with footnote #2, which reads as follows:
2. Bill payments, Pre-Authorized Payments, point-of-sale transactions, Interac e-Transfer, Interac Online purchases and cheques are not permitted on this account.
Are you sure you want to have a Premium Rate Savings Account? Its current rate is only 0.05% per annum. 
2:34 pm
October 27, 2013
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Thought it might be Savings Builder as well.. which is where I keep my BMO IL Cash holding. Builder Savings pays 1.2% if one increases their balance by $200 each month. If not, then the rate is 0.2%.
2:48 pm
December 18, 2008
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Norman1 said
Agent may have thought you were asking about their Savings Builder Account instead of their Premium Rate Savings Account.No experience with the Premium Rate Savings Account myself. But, on the BMO savings accounts page, only the Savings Builder Account is marked with footnote #2, which reads as follows:
2. Bill payments, Pre-Authorized Payments, point-of-sale transactions, Interac e-Transfer, Interac Online purchases and cheques are not permitted on this account.
Are you sure you want to have a Premium Rate Savings Account? Its current rate is only 0.05% per annum.
I have to have the premium rate savings account to take advantage of the free chequing account and free premium credit card promo they have right now. ( https://www.bmo.com/main/personal/bank-accounts/bankup/ )
Personally I don't really have a use for the account, but in order to keep it active I will do a transaction on it once a month 🙂 so I am going to link it to my other banks so I can send and pull money from it which is why I was checking if it had PAD/DD.
I keep my savings at other banks
2:49 pm
December 18, 2008
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AltaRed said
Thought it might be Savings Builder as well.. which is where I keep my BMO IL Cash holding. Builder Savings pays 1.2% if one increases their balance by $200 each month. If not, then the rate is 0.2%. Â
Yeah that account looks interesting but many other banks have no minimums and give higher rates. I definitely have the premium savings account - the 0.05% one...because it is a requirement for the promo I have with them (see above post)
7:49 pm
December 18, 2008
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UPDATE:
I linked the account to Tangerine and did the test deposits and then I successfully SENT funds to BMO (Deposit) and PULLED funds from BMO (Withdrawal). So yes the account can allow external debits.
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