At a glance

3.6

Bankrate Score

CDs

Checking

Savings

MMA

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Overview

BMO is best for customers who want an institution with a full suite of personal banking products, including deposit accounts, credit cards and loans. It's also a good fit for those who need retirement planning, business or commercial services, wealth management and investment services and advice.

Highlights

Free Checking

Overall

BMO’s products and services are geared toward a broad range of customers both in the U.S. and globally, from modest income earners to the wealthy. The bank maintains more than 1,000 branches, and many of its deposit accounts can also be opened online. While the bank offers a full suite of banking and loan products, yields on some of its deposit products are below average.

Pros

BMO has a full suite of personal banking products and services.
Customers have access to more than 40,000 fee-free ATMs nationwide.
The bank has a global presence.

Cons

Some of BMO’s savings products have comparatively low yields.
APYs on some accounts are lower for customers who live in states that have branches.

We want to know what you think about BMO

Do you have experience with BMO? Let us know your thoughts.

BMO banking products

3.0

Bankrate Score

Compare top savings rates

FEATURES

BMO savings overview

BMO’s Savings Builder account has no monthly maintenance fee, and the minimum opening deposit is just $25. The account can be opened online or in a branch. The bank gives a $5 reward for every month in the first year of opening the account that you save $200 or more. Fee-free access is provided to more than 40,000 BMO and Allpoint ATMs. But the APY is very low and it's easy to find much higher yields at other banks.

Pros

The Savings Builder account has no monthly maintenance fee.
The minimum opening deposit is a modest $25.
The account can be opened online or in a branch.
Savers get a $5 reward in any month they add at least $200 to the account during the first year it's opened.

Cons

The APY on the Savings Builder account is very low.
There’s a $50 fee if the account is closed within 90 days of opening.

Rate history for BMO's Savings account

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

BMO

APY

APY last updated between 5/7 and 5/13.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

BMO

APY

APY last updated between 5/7 and 5/13.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

Compare Offer

BMO CD overview

BMO offers 15 CD terms ranging from three months to five years. Five of the CD terms offered as of the time of this review are promotional CDs, which come with higher rates. The minimum deposit requirement for both the standard and promotional CD terms is $1,000. Some CDs can be opened in a branch or by phone, while others must be opened online. APYs may vary by disclosed zip code.

In states where the bank maintains branches, APYs for the standard CDs aren’t competitive. However, you can find competitive rates on most of the standard CDs if you live in a state where there are no branches. Rates on promotional CDs are competitive.

Pros

The bank offers a broad range of CD terms.
Yields on the bank’s promotional CDs are competitive.
CDs can be opened online, at a branch or by phone.

Cons

APYs on standard CD terms are not competitive in states where the bank maintains branches.

Rate history for BMO's CD accounts

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

BMO

APY

APY last updated between 5/7 and 5/13.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

BMO

APY

APY last updated between 5/7 and 5/13.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

Compare Offer

BMO money market overview

You need only $25 to open the Relationship Plus Money Market account at BMO. There is a $10 monthly maintenance fee unless you maintain a monthly minimum balance of $5,000.

The account’s APY is not very competitive unless you bundle the account with BMO’s Relationship Checking account and have a combined balance in all eligible accounts that’s greater than $25,000. The bundled account package has a tiered rate structure, with at least $250,000 required to earn the top available APY.

Pros

The Relationship Plus Money Market account’s opening deposit requirement is a modest $25.

Cons

The APY is not competitive unless you bundle the account with the Relationship Checking account and meet higher balance requirements.
There is a $10 monthly service charge unless you maintain a monthly minimum balance of $5,000.

4.5

Bankrate Score

Compare top checking rates

BMO checking overview

BMO offers several checking accounts, but for this review Bankrate looked at the Smart Advantage checking. The account is not interest bearing, but there is no monthly maintenance fee. You will need at least $25 to open the account, but after that, there is no minimum balance requirement. However, accounts with a $0 balance may be closed.

The account can be opened online, by phone or at a branch. Smart Advantage comes with a Mastercard debit card, including a choice of branded cards for fans of Chicago sports teams. You can use the debit card to access your money through the BMO or connected Allpoint ATM network or go card-free using Mobile Cash, a QR-code based smartphone technology in the bank’s mobile app that works at ATMs.

Paper statements will cost you $3 a month, out-of-network ATM usage carries a $3 fee and overdrafts are $15 per transaction.

Pros

Smart Advantage has no monthly maintenance fee with paperless statements.
The minimum opening deposit is a modest $25.
There is no minimum monthly balance requirement.
The account comes with a debit card.

Cons

The $3 out-of-network ATM fee is higher than average.

Compare Offer

Bank fees

Fee	Charged?
Overdraft fee	$15
Non-sufficient funds fee	$0
Monthly maintenance fee	$0
Out-of-network ATM fee	$3
Excessive transaction fee	$15
Account closing fee (if within 90 days of opening)	$50
Paper statement fee	$3 (waived for account holders older than 65)

Find out: Tips to avoid common bank fees

Customer experience

Customer support

Branch availability. BMO has a limited brick-and-mortar presence, with approximately 1,000 branches across 24 states.

Service hours. The customer service line is open for general inquiries from 7 a.m. to 11 p.m. CT on weekdays and 8 a.m. to 10 p.m. CT on weekends. However, lost cards can be reported at any time of day. There is also an online customer support form. “BMOs support team was helpful,” said a Bankrate staff member with a BMO account. “It was easy to get in touch with a real person, and they were knowledgeable about both the features of their application and the laws and regulations regarding the transferring of money.”

Cash bonus. As of this writing, BMO is offering a $250 cash bonus to those who open either a Smart Advantage or a Smart Money checking account and meet qualifying direct deposit requirements within the first 90 days. A $400 cash bonus is being offered to those who open a Relationship Checking account and meet qualifying direct deposit requirements within the first 90 days.

Digital experience

Highly rated app. BMO Bank’s mobile app has a high rating on the Apple App and Google Play stores. Collectively, more than 100,000 users have rated the app. It offers digital tools needed to monitor and manage accounts. The bank's Total Look tool lets you manage all your accounts, even non-BMO accounts, in one place, create a budget and track your spending. BMO also allows peer-to-peer payments with Zelle.

However, a Bankrate staff member with a BMO account noted that the app can be buggy at times. “The app had some odd quirks when transferring money to external accounts,” the staff member said. “Depending where you clicked that option, you would potentially get an error stating ‘this feature is not available for your account.’” Moreover, this staff member’s tax forms weren’t uploaded to the website or app, even though they should’ve been available.

Bankrate staff insights

“While banking with BMO, I went through the process of buying a new home,” said a Bankrate staff member with a BMO account. “In regards to transferring money, their team was very responsive, knowledgeable, and willing to help throughout the process. But after banking with BMO for multiple years, my MMA rate was substantially lowered; BMO had created a new MMA with a higher rate. This seems to be a pattern.”

Features

Screen view

Desktop Mobile

The above images were last updated on March 13, 2024.

About BMO

BMO is one of the largest banks in North America by assets. It is headquartered in Chicago. The Bank of Montreal is BMO’s parent company and BMO Financial Corp. is its U.S. holding company. BMO’s roots date to the mid-1800s. In all, BMO provides personal and commercial banking to more than 12 million customers globally.

Insured by the Federal Deposit Insurance Corp., it has more than 1,000 branches in Arizona, California, Colorado, Florida, Idaho, Illinois, Iowa, Indiana, Kansas, Minnesota, Missouri, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Utah, Washington, Wisconsin and Wyoming.

In September 2022, the bank began a phased approach of updating its name and logo from “BMO Harris” to simply “BMO,” citing the fact that 4 out of 10 personal banking customers already leave off “Harris Bank” when describing their relationship with the bank.

In April 2023, BMO launched an online bank called BMO Alto. It offers a high-yield savings account and six terms of CDs that earn competitive yields. None of the accounts require a minimum balance.

How BMO compares to other banks

Compare different account types offered by BMO. Annual percentage yields (APYs) shown were updated between May 7, 2024 and May 13, 2024.

Selected bank BMO Bank savings account Member FDIC Bankrate score Rating: 3 stars out of 5 3.0 Bankrate Savings rating = 3.0/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score.	Most comparable Chase Bank savings account Member FDIC Bankrate score Rating: 2.9 stars out of 5 2.9 Bankrate Savings rating = 2.9/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review	Bankrate score Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between May 7, 2024 and May 13, 2024.
4.50%	0.01%
Minimum balance for APY
$0.00	$0.00
Estimated earnings Interest earned calculation based on a $25,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
$1,125	$3

The BMO Savings Builder account only requires $25 to open. You can earn $5 per month during your first year every month your balance grows by $200 or more. But aside from that, the account pays a very low APY. The BMO Harris Premier Money Market account pays a much higher APY than the Savings Builder account. But you’ll need at least $10,000 in the money market account to avoid a $10 monthly service fee.	The Chase Savings account is the bank’s standard savings account. It offers a yield well below the national average for savings accounts. The Chase Savings account has a $5 monthly maintenance fee. Starting every day with at least $300 or automatically transferring at least $25 per month from your Chase checking account to this savings account are two ways to waive the fee.

You can earn $5 per month during your first year with the account by increasing your balance by $200 or more per month. Only $25 is needed to open both the Savings Builder account and the Premier Money Market account.	Those who already bank with Chase might find it convenient to have a savings account at this bank. Chase’s many branches and ATMs might also make this a good fit for people who live in a Chase market.	N/A
The Savings Builder account offers a very low APY. You’ll need at least $10,000 in the BMO Harris Premier Money Market account to waive the $10 monthly maintenance fee.	The Chase Savings account has a waivable $5 monthly maintenance fee. Many online banks don’t have monthly service fees. The Chase Savings account doesn’t earn a competitive yield.	N/A

APY offering: 4.50% 5/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance to earn interest: $0.00 5/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $0.00 5/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $0.00 5/5 The lowest balance an account must maintain in order to avoid a fee. Access to funds: Great 5/5 A procedure that allows an individual or organization to access and manage the funds of another account holder.	APY offering: 0.01% 1/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance to earn interest: $0.00 5/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $5.00 2/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $300.00 4/5 The lowest balance an account must maintain in order to avoid a fee. Access to funds: Great 5/5 A procedure that allows an individual or organization to access and manage the funds of another account holder.	APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. The lowest deposit amount an account must have before it can earn interest. A monthly charge a financial institution deducts from an account if certain requirements are not met. The lowest balance an account must maintain in order to avoid a fee. A procedure that allows an individual or organization to access and manage the funds of another account holder. Bankrate does not currently track additional product details for this bank.

Selected bank BMO Bank CD Member FDIC Bankrate score Rating: 3 stars out of 5 3.0 Bankrate CD rating = 3.0/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score.	Most comparable CIT Bank CD Member FDIC Bankrate score Rating: 4.3 stars out of 5 4.3 Bankrate CD rating = 4.3/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review	Bankrate score Bankrate CD rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between May 7, 2024 and May 13, 2024.
4.90%	0.30%
Minimum deposit
$1,000.00	$1,000.00
Term
13 mos	1 yr

BMO Harris offers competitive APYs on its CDs, but this varies based on the term of the CD and where you live. You’ll need at least $1,000 to open a BMO Harris CD. BMO Harris has three balance tiers for CDs: $1,000, $5,000 and $100,000. But all tiers paid the same APY during Bankrate’s review.	CIT Bank’s 11-month no-penalty CD offers a yield similar to some high-yield savings accounts and some one-year CDs. But unlike the latter, you can withdraw your money from this no-penalty CD, at least seven days after you open it, without incurring a penalty.

BMO Harris pays a competitive yield on some CD terms, depending on where you live. BMO Harris offers the CD terms that most people would need.	This no-penalty CD pays a yield that’s near what top regular one-year CDs – with a penalty – are offering. You won’t pay a penalty with this CD if you need to make an early withdrawal – after having the CD for at least seven days.	N/A
Not all BMO Harris CD terms offer a competitive APY. BMO Harris doesn’t have CD terms longer than five years. You’ll need at least $1,000 to open a BMO Harris CD.	The minimum opening deposit requirement of $1,000 is higher than some online banks. You can get higher yields on savings accounts. And those savings accounts don’t have early withdrawal penalties either.	N/A

APY offering: 4.90% - 13 mos 4/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. Minimum deposit: $1,000.00 4/5 The minimum deposit amount a financial institution requires in order to open a CD. Range of term lengths: 1 mo - 5 yrs 5/5 A designated amount of time that funds must be held within a CD. Early withdrawal penalty: Good 4/5 A penalty incurred when funds have been withdrawn from a CD before its maturity date. Offer no-penalty or bump-up CDs: Yes 5/5 A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. Offer IRA CDs: Yes 5/5 An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.	APY offering: 0.30% - 1 yr 1/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. Minimum deposit: $1,000.00 4/5 The minimum deposit amount a financial institution requires in order to open a CD. Range of term lengths: 6 mos - 5 yrs 4/5 A designated amount of time that funds must be held within a CD. Early withdrawal penalty: Great 5/5 A penalty incurred when funds have been withdrawn from a CD before its maturity date. Offer no-penalty or bump-up CDs: Yes 5/5 A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. Offer IRA CDs: No 0/5 An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.	APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. The minimum deposit amount a financial institution requires in order to open a CD. A designated amount of time that funds must be held within a CD. A penalty incurred when funds have been withdrawn from a CD before its maturity date. A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. An IRA account which consists of CDs that typically earns fixed interest over a specified period of time. Bankrate does not currently track additional product details for this bank.

Selected bank BMO Bank money market account Member FDIC Bankrate score Rating: 1.9 stars out of 5 1.9 Bankrate Money Market rating = 1.9/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score.	Most comparable Wells Fargo money market account Member FDIC Bankrate score Rating: 2.6 stars out of 5 2.6 Bankrate Money Market rating = 2.6/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review	Bankrate score Bankrate Money Market rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between May 7, 2024 and May 13, 2024.
0.35%	0.25%
Minimum balance for APY
$5,000.00	$25.00
Estimated earnings Interest earned calculation based on a $25,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
$88	$63

The BMO Savings Builder account only requires $25 to open. You can earn $5 per month during your first year every month your balance grows by $200 or more. But aside from that, the account pays a very low APY. The BMO Harris Premier Money Market account pays a much higher APY than the Savings Builder account. But you’ll need at least $10,000 in the money market account to avoid a $10 monthly service fee.	The Wells Fargo Platinum Savings account has check-writing privileges. That might give you more payment flexibility than with other savings accounts. The bank doesn’t offer a debit card for this account.

You can earn $5 per month during your first year with the account by increasing your balance by $200 or more per month. Only $25 is needed to open both the Savings Builder account and the Premier Money Market account.	You can access your money through an ATM card with this account. The Platinum Savings account offers yields higher than the national average at all tiers.	N/A
The Savings Builder account offers a very low APY. You’ll need at least $10,000 in the BMO Harris Premier Money Market account to waive the $10 monthly maintenance fee.	You’ll need at least $1 million to earn Well Fargo’s top Platinum Savings account yield. But you can get that at other online banks with no minimum balance. There’s a $12 monthly service fee if you don’t keep at least $3,500 in the Platinum Savings account.	N/A

APY offering: 0.35% 2/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance to earn interest: $5,000.00 3/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $0.00 5/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $0.00 5/5 The lowest balance an account must maintain in order to avoid a fee. Check writing: No 3/5 The ability to write a certain amount of checks within a statement cycle. Debit/ATM access: Good 4/5 The ability to withdraw funds from an account through the use of debit or ATM card	APY offering: 0.25% 2/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance to earn interest: $25.00 5/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $12.00 2/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $3,500.00 2/5 The lowest balance an account must maintain in order to avoid a fee. Check writing: Yes 5/5 The ability to write a certain amount of checks within a statement cycle. Debit/ATM access: Good 4/5 The ability to withdraw funds from an account through the use of debit or ATM card	APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. The lowest deposit amount an account must have before it can earn interest. A monthly charge a financial institution deducts from an account if certain requirements are not met. The lowest balance an account must maintain in order to avoid a fee. The ability to write a certain amount of checks within a statement cycle. The ability to withdraw funds from an account through the use of debit or ATM card Bankrate does not currently track additional product details for this bank.

Selected bank BMO Bank checking account Member FDIC Bankrate score Rating: 4.5 stars out of 5 4.5 Bankrate Checking rating = 4.5/5 Bankrate scores are objectively determined by our editorial team. Minimum balances to avoid monthly service fees, whether the bank has a monthly service fee, minimum opening deposit requirements, fees to use out-of-network ATMs and overdraft fees are some of the things that make up Bankrate’s score.	Most comparable First Citizens Bank checking account Bankrate score Rating: 0 stars out of 5 N/A Bankrate Checking rating = 0.0/5 Bankrate scores are objectively determined by our editorial team. Minimum balances to avoid monthly service fees, whether the bank has a monthly service fee, minimum opening deposit requirements, fees to use out-of-network ATMs and overdraft fees are some of the things that make up Bankrate’s score. Read review	Bankrate score Bankrate Checking rating Bankrate scores are objectively determined by our editorial team. Minimum balances to avoid monthly service fees, whether the bank has a monthly service fee, minimum opening deposit requirements, fees to use out-of-network ATMs and overdraft fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between May 7, 2024 and May 13, 2024.
0.01%	N/A
Minimum balance to open
$25.00	N/A

The BMO Harris Premier account rewards customers for having a large balance with this bank. This account offers generous ATM fee refunds of up to $25 per monthly statement cycle. A free 3x5 safe deposit box is also a perk for the BMO Harris relationship packages. BMO Harris credit card customers also may earn a spend bonus through their eligible premier account.	The First Citizens Bank Free Checking account charges no monthly fee as long as you’re enrolled in paperless statements. It requires $50 to open, and checks and a debit card are included. The first five ATM transactions are free when an out-of-network ATM is used, and the per-transaction fee after that is $2.50. The fee for overdrafts is $10, which is lower than what many other banks charge. There’s also a $10 fee for overdraft protection transfers from a linked savings account or line of credit. First Citizens also offers Premier and Prestige checking accounts, both of which pay interest. Having one of these accounts also enables you to earn more favorable rates on the bank’s CDs and lines of credit. Both charge a monthly fee ($18 and $25, respectively), which can be avoided by maintaining a set minimum balance across select First Citizens accounts.

You can get up to $25 in out-of-network ATM fees reimbursed through the BMO Harris Premier account per monthly statement period. With this account, you’ll have fee-free access to both Allpoint ATMs and BMO Harris ATMs. Your combined qualifying balance will determine how much of a monthly wire transfer reimbursement you’ll get. The reimbursement is for both domestic and international wires.	Free Checking account holders pay no maintenance fee when enrolled in paperless statements The fee for overdrafts is well below the national average	N/A
BMO Harris’ Premier Account has a $25 monthly service fee. The BMO Harris Premier Account earns a very low yield.	Free Checking requires $50 to open, which is higher than what some banks charge	N/A

BMO vs. Chase

Both BMO and Chase maintain bank branches — although Chase operates a much larger branch footprint that spans all 48 contiguous states, whereas BMO branches exist in only 22 states. BMO provides access to more ATMs, however, since it’s part of the Allpoint network of over 40,000 ATMs. By comparison, Chase operates 16,000 ATMs. Both banks allow customers to open some accounts online.

As far as monthly maintenance fees, both BMO and Chase offer deposit accounts with either no such fees or ones that are easy to waive by meeting manageable minimum balance requirements. If you’re looking for competitive savings account rates, however, you’ll want to look elsewhere, since both banks’ savings accounts earn rock-bottom yields.

BMO offers competitive standard CD rates to customers who live in states where the bank doesn’t maintain branches; otherwise, its standard CD rates are low. At Chase, standard CD rates are very low across the board. BMO also offers five promotional CDs earning competitive rates. Chase offers featured CDs that earn higher rates than its standard CDs when customers earn the relationship rates, but higher CD rates can still be found elsewhere.

Learn more: The best banks of 2024

BMO FAQs

BMO can be a good choice for customers who prefer branch banking and live in one of the 22 states where the bank maintains branches. It also offers some accounts that can be opened online, and customers have access to more than 40,000 ATMs in the Allpoint ATM network.
BMO is a member of the Federal Deposit Insurance Corp. (FDIC), which insures up to $250,000 per account type, per depositor.
BMO is federally chartered with the FDIC and is a well-established bank with roots dating back to the 1800s.
BMO is a subsidiary of the Bank of Montreal — “Banque Montreal” in French — which goes by the letters “BMO.” The “O” in the three-letter name comes from the second letter in “Montreal.” The name “Harris” was added to the bank when it acquired Chicago-based Harris Bancorp in 1984, but was removed in 2023.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

BMO Bank Review 2024

The Bankrate promise

At a glance

Overview

Highlights

Overall

Pros

Cons

We want to know what you think about BMO

BMO banking products

BMO savings overview

Pros

Cons

Rate history for BMO's Savings account

BMO CD overview

Pros

Cons

Rate history for BMO's CD accounts

BMO money market overview

Pros

Cons

BMO checking overview

Pros

Cons

Bank fees

Customer experience

Customer support

Digital experience

Bankrate staff insights

About BMO

How BMO compares to other banks

BMO vs. Chase

BMO FAQs

Who is BMO best for?

Is BMO safe?

Is BMO a legitimate bank?

What does BMO stand for?

Review methodology

Up next