05:00:59 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Bank of Montreal
Symbol BMO
Shares Issued 644,265,581
Close 2015-07-02 C$ 74.01
Market Cap C$ 47,682,095,650
Recent Sedar Documents

Globe says BMO, Scotiabank want you to save -- really

2015-07-03 08:17 ET - In the News

Also In the News (C-BNS) Bank of Nova Scotia

The Globe and Mail reports in its Friday edition it is going to look bad on the banks if the public's borrowing binge goes sideways. The Globe's Rob Carrick says that is why a couple of them are trying to encourage people to save money as well as borrow it. Bank of Montreal's Savings Builder Account starts with a base rate of 0.3 per cent and adds bonus interest of 1 per cent if you increase your balance by $200 or more a month. Bank of Nova Scotia's Momentum Savings Account rewards people with more than $5,000 to save. They start at 0.75-per-cent interest and can move up to 1.5 per cent if they stay above $5,000 and make no withdrawals for 90 days. Consultant David McVay sees the Scotiabank account as the more appealing of the two because it gives you a base rate of 0.75 per cent on balances above $5,000. That is considerably more than BMO's 0.3 per cent for clients who do not save $200 or more a month. Mr. Carrick figures the country needs help controlling debt levels more than it needs enticements to save. Banks are in the business of lending, of course, but the messsage he is getting from consumers suggests there is a certain heedless aggressiveness in the way lines of credit are being pushed on customers.

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