Bank of Montreal Offering A Special 1.8% Interest Rate

It appears that the Bank of Montreal is having a promotion where until March 31, 2014 they will be giving people an additional 0.8% interest rate on new funds deposited into the account.

Bank Wide Interest Rate Drops To One Percent

I was checking a lot of the banks TFSA intrest rates today and it looks like interest rates have dropped throughout many of the banks to 1%. PC Financial, RBC, BMO, CIBC, Scotiabank and HSBC all seem to share the same rate now as you can see below:

Although, for HSBC’s Direct TFSA it is 1.05%. Insanely low rates though regardless. Guess there is no such thing as the one king of low interest rates now as it is a party.

The Same Triple Bank Drop

Once again it looks like the big trio of BMO, CIBC and RBC have all dropped its rate to a similar figure at 1.25%.

It was only about two weeks ago that I posted about the last drop too. That was pretty quick for a drop of 0.25%.

BMO, RBC And CIBC Triple Interest Rate Drop

Similar to last time how a bunch of banks appeared to have copied each other’s interest rate levels it seems like history repeats itself. The Bank of Montreal, Royal Bank and CIBC have all set its new tax free savings account rate at 1.5% :

Again, it seems so artificially with these changes sometimes huh?

Bank of Montreal TFSA Interest Rate Drop

I guess this is one of the last round of large banks who has officially decreased its tax free savings account interest rate. BMO originally had a 3.0% interest rate and as you can see here today that has apparently dropped to 2.25%

So by the looks of it people were only able to enjoy a one month rate of the initial 3%. Although, one good thing is this bank apparently had no transfer fee. So if you were thinking of switching then you can do it without too much worry.

Bank of Montreal TFSA Interest Rate Update

Looks like BMO has updated its website. The rate seems to be better than the previously noted 2.75% as from what I see it is 3% as you can see here:

http://www4.bmo.com/personal/rates/0,2278,35649_63297975,00.html

That’s pretty good I think personally. It also indicates that “There are no fees for contributions, withdrawals or transfers” which is great for anyone that is afraid of getting trapped by any fine prints.

Bank of Montreal TFSA Interest Rate

Alright, so I just got some information about BMO’s tax free savings account interest rate. Apparently the interest rate it is going to be 2.75%. As of now the information is still unpublished on the site, but that should give everyone who is considering BMO a good head start in their decision making process.

Of course, like everyone else’s fine print the rate can change.