Since the launch of BMO SmartSteps, over 100,000 BMO customers have benefited from this savings initiative.
Canadians across the country have saved more than $67 million, reported in figures BMO released on September 22nd.
The program is designed to identify immediate ways for Canadians to save and manage their finances.
BMO Economists forecast that more Canadians will be focusing on savings in the coming year, but that is to be expected by most considering the past year we have all had.
Sal Guatieri, Senior Economist at BMO Capital Markets noted,
“We expect to see Canada’s savings rate increase 50 basis points to 5% of Canadians’ disposable income in 2010, as households are expected to curb their high rates of borrowing.”
BMO SmartSteps are given in five essential banking tips:
• Generate an automatic monthly savings by transferring $50 each week to a higher-interest savings account. This can add up to $2,600 plus interest in just one year.
• Minimize your banking fees by choosing an account that suits your needs
• Become mortgage free sooner by changing your payment frequency
• Opening a tax-free savings account is a good way for you to save for short and long term investment goals
• Set up automated money transfers in order to avoid extra fees.
BMO recorded that the most popular BMO SmartStep was changing banking plans, then followed by opening a tax-free savings account and setting up overdraft protection.