Smart Saver Account really?

Maple, Canada

#1 Jan 24, 2012
OK. I'm not that well versed in the financial division but this does not sound good at all. BMO's Smart Saver Account advertizes a whopping 1.25% interest rate on your savings. WOW. Amazing! That would take your money to double 57 years. Oh and they don't apply that interest rate until you have 5000 dollars or up inside the account. And they charge a $5 dollar fee for every transfer you make which to me seems like there goes your interest rate already. Please explain how this is a Smart Saver? I think it more of a Money Maker for the bank because now they'll take your deposit and invest it into somewhere where they'll earn 10 to 15 percent interest. Who's winning here? You or the bank?

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