BMO Bank of Montreal

BMO Bank of Montreal

July 06, 2010 10:19 ET

BMO Increases Interest Rate on Smart Saver Account

BMO's 1.10 Per Cent Interest Rate Represents the Best Available Rate Among Major Canadian Financial Institutions

TORONTO, ONTARIO--(Marketwire - July 6, 2010) - BMO Bank of Montreal (TSX:BMO)(NYSE:BMO) today announced it has increased the interest rate offered on the BMO Smart Saver Account from 1.0 per cent to 1.10 per cent, effective immediately. This increase means BMO now offers the best rate on a savings account of any major financial institution in Canada, as well as free deposits and transfers into the Smart Saver account.

"With the many challenges facing Canadians and their personal finances, including the continued rise in household debt, people are putting increased emphasis on the importance of prudent saving strategies," said David Heatherly, Vice-President, Payment Products, BMO Financial Group. "When we initially introduced the Smart Saver Account, our goal was to provide Canadians with the best interest rate possible. This latest increase underscores that commitment."

The BMO Smart Saver Account is designed to optimize the performance, flexibility and convenience of a personal savings account. Customers with a minimum balance of $5,000 will have access to the highest savings account interest rate of any major Canadian bank, free deposits and transfers into the BMO Smart Saver Account, one combined monthly statement and the option of a paperless statement.

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