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FAQs
How do I set up a Continuous Savings Plan
(CSP)?
Contact the BMO Investment
Centre at 1 800 665-7700, fill in our online form to request a follow-up by an investment
professional or visit your local BMO Bank of Montreal branch
If this is the first Continuous Savings Plan for your account, you will need
to complete and sign a form. For your convenience, you can receive and submit
this form by fax or mail.
When and what are the deposit frequency options for
making my contributions?
You have several options to choose from for making your periodic contributions.
It all depends on how frequently you want to contribute money into
your CSP. Remember that your contribution will be automatically withdrawn from
the bank account you have designated, on the day you have chosen.
- Weekly Contributions
- Bi-weekly Contributions
A contribution will be made from your
account once every two weeks on the day of your choice, between Monday-Friday,
for a total of 26 contributions per year.
- Semi-monthly Contributions
A contribution will be made from your
account on the 15th and last day of each month for a total of 24 contributions
per year.
- Monthly Contributions
A contribution will be made from your
account on either the 15th or last day (your choice) of each month for a total
of 12 contributions per year.
- Quarterly Contributions
A contribution will be made from your
account on either the 15th or last day (your choice) of every third month for
a total of 4 times per year.
- Annual Contribution
A contribution will be made from your
account once a year on the day of your choice.
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What is the minimum contribution amount I can make on a
per payment basis?
You can make regular contributions to your CSP for as little as $25 on a
semi-monthly basis or $50 on a monthly basis. However, your fund contributions
must reach a minimum of $500 within 10 months and your quarterly minimum must
reach $150 for both of these payment options.
If your CSP is in a BMO MatchMaker® or Intuition® portfolio, your minimum monthly
contribution is $100 and you must reach a minimum sum of $1,000 within 10
months.
If your CSP is in our BMO Premium Money Market Fund, your minimum monthly
contribution is $1,500.
If your CSP is in a BMO FundSelect™ portfolio, your minimum monthly contribution is $100 for 10 months.
If your CSP is in our BMO CustomSelect portfolio your minimum contribution is
$250.
Can I change the amount of my CSP contribution? And
how?
Yes, you can change the amount of your CSP contribution.
Simply call the BMO Investment
Centre at 1 800 665-7700, fill in our online form for a follow-up by a BMO investment
professional or visit your local BMO
Bank of Montreal branch.
Please note that changes can be made up to and including 4 business days
prior to the next scheduled purchase date. The same conditions apply to changing
the frequency and date(s) of your contributions.
You should consider reviewing your CSP contribution amount annually to ensure
that you are still meeting your investment objectives. A good guideline to
maximize the benefits of regular investing is to increase your contributions by
matching the inflation rate at a minimum.
Is there a cost to set it up?
No, there
is no cost to set up a Continuous Savings Plan.
Do I need a BMO Bank of Montreal account to set up
a CSP?
CSPs can debit from any account at a Canadian bank except when the CSP is set
up to debit from a US Dollar account into a US Dollar mutual fund. In this
case, the account must be a BMO US Dollar account.
What kind of investments are eligible for my
CSP?
Continuous Savings Plans can be set up to invest in any
BMO Mutual Fund, any
BMO Mutual Fund Portfolio (e.g. BMO
MatchMaker, BMO
Intuition, BMO
FundSelect ), and any plan type (i.e. RRSP, RESP, or Non-registered plan). Alternatively, you may also
contribute to the BMO RSP Premium Rate Savings Account or outside your
RRSP in the Premium Rate Savings Account.
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Can I set up my CSP online?
Unfortunately, you cannot set up your CSP online at this time.
To set up your CSP, you must contact the BMO Investment
Centre at 1 800 665-7700, fill in our online form or visit your local BMO
Bank of Montreal branch.
What is dollar-cost averaging?
Dollar-cost averaging helps you take advantage of changes in the market. A
constant monthly contribution allows you to buy more mutual funds when the unit
price is low, and less when the unit price is higher. This can be particularly
beneficial when the markets are volatile by helping to lower the average cost of
the units you purchase. When contributing a lump sum, all units are purchased at
the same price.
What is the difference between registered and
non-registered funds?
Registered funds shelter your investments and their earnings from tax, while
non-registered funds do not. A registered fund is typically used for long-term
investments, like your retirement or child's education. Investing in a
non-registered fund may be a good strategy for meeting short-term goals such as
saving for a house or vacation.
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