TORONTO, ONTARIO--(Marketwired - July 12, 2013) - As part of BMO Financial Group's ongoing commitment to financial literacy and 'Making Money Make Sense', BMO is releasing a financial tip every day in the summer to help Canadians make the 'BMOst of summer' in 2013.
'BMOst of Summer' Financial Tip of the Day: Pay yourself first and put 10 per cent of your summer income into savings.
Whether saving for a short or long term goal, or building up an emergency fund, allocate 10 per cent of your summer earnings to a high-interest savings account to grow your savings faster.
"Make saving a priority this summer and take advantage of high-interest savings vehicles to help boost your savings," said Christine Canning, Head of Everyday Banking Products, BMO Bank of Montreal. "Even small, regular amounts can greatly contribute to your savings in the long run. An easy and convenient way to save is to set up a recurring transfer to your savings account."
For instance, based on an annual household income of $70,000, transferring 10 per cent of each pay cheque into a higher interest savings account could add up to total savings of $7,000 plus interest each year.
Ms. Canning added that BMO offers the BMO Smart Saver Account, a high-interest savings account that allows for unlimited deposits and transfers into the account, unlimited transfers to other BMO accounts, and free access to BMO MoneyLogic - an online personal financial management tool to help track everyday expenses.
BMO offers a number of products and services that can help Canadians get more out of every dollar they spend this summer. For more details on how to make the 'BMOst of Summer,' drop by a BMO branch or visit bmo.com.
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly-diversified North American financial services organization. With total assets of $555 billion as at April 30, 2013, and more than 46,000 employees, BMO Financial Group provides a broad range of personal and commercial banking, wealth management and investment banking products and solutions.