BMO's Growth Money Market pays more ongoing interest than BMO's Savings Builder for most balances. Savings Builder combines 0.01% APY with a $5 monthly savings reward, while Growth Money Market pays 0.05% to 2.50% APY on a balance tier. Savings Builder is BMO's basic savings account for steady monthly deposits. Growth Money Market is BMO's tiered account that pays higher rates only at higher balances.
Table of Contents
- How the savings reward works
- What the money market pays
- Which wins at your balance?
- Should bonus hunters look elsewhere?
How the savings reward works
Money Crashers reports that Savings Builder pays 0.01% APY, requires $25 to open, and has no monthly fee in its Money Crashers review. The same review notes a $5 monthly reward for saving $200 or more each month during the first year. That reward matters more than the rate.
A $5,000 balance earns about 50 cents in annual interest at 0.01% APY. Twelve months of $5 rewards adds $60 for the same saver who meets the monthly deposit rule. The reward fits small, consistent savers. It stops helping after the first year, and the base rate stays very low.
What the money market pays
The standard Growth Money Market scale runs from 0.05% to 2.50% APY, according to the same Money Crashers review. Higher relationship rates require Relationship Checking plus qualifying activities. Small balances stay near the bottom of that scale.
Money Crashers reports that the top standard rate starts at the $250,000 balance tier, so most everyday balances earn far less than the headline rate. That tier structure decides the comparison. A saver with $2,500 or $10,000 does not get the 2.50% figure. Check your tier before choosing.
Which wins at your balance?
The money market usually wins on interest alone, even at low balances. The savings account wins only when the $60 first-year reward outweighs the money-market interest edge.
Use this quick check: The FDIC puts the context in stark terms, with national averages of 0.38% for savings and 0.63% for money markets in its FDIC national rates table. BMO's 0.01% savings rate sits well below that savings average.
- Under $5,000 with $200 monthly deposits: Savings Builder often wins in year one because $60 beats a small rate gap.
- $10,000 to $25,000: Growth Money Market usually pulls ahead unless you value the monthly reward habit.
- $250,000 or more: Growth Money Market wins clearly on rate, because only here does the top standard tier apply.
Should bonus hunters look elsewhere?
For ongoing yield, outside banks pay much more than either BMO option. Jolt Journal data for mid-October 2026 put top money-market accounts at about 4.05% to 4.17% APY and top savings at 4.10% to 4.21% in its October rate comparison. That gap swamps both BMO choices for larger balances.
A $20,000 balance earns far more annual interest at 4.10% than at 0.01% or a mid-tier BMO money-market rate. Bonus hunters should separate one-time bonuses from ongoing returns. BMO's checking promotion pays up to $600 as $100 per month for qualifying direct deposits, while the savings reward pays at most $60 over year one. Open checking for the bonus if you can meet the deposit rule, then move longer-term cash to a higher-yield account.
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