BMO Bank Review 2024 | Bankrate (2024)

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At a glance

3.6

Rating: 3.6 stars out of 5

Bankrate Score

CDs

Rating: 3 stars out of 5

Checking

Rating: 4.5 stars out of 5

Savings

Rating: 3 stars out of 5

MMA

Rating: 2.8 stars out of 5

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

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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.

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BMO banking products

3.0

Rating: 3 stars out of 5

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.

BMO

APY

APY last updated between 8/24 and 8/30.

APY

APY last updated between 8/24 and 8/30.

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.

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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.

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 8/24 and 8/30.

APY

APY last updated between 8/24 and 8/30.

National average APY

Term length

How do we get this data?

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	BMO APY APY last updated between 8/24 and 8/30. APY APY last updated between 8/24 and 8/30	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
03/20/2024	4.50%	1.43%

2.8

Rating: 2.8 stars out of 5

Bankrate Score

Compare top money market rates

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

Rating: 4.5 stars out of 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.

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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

DesktopMobile

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 Aug. 24, 2024 and Aug. 30, 2024.

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 BrioDirect CD Member FDIC Bankrate score Rating: 4.4 stars out of 5 4.4 Bankrate CD rating = 4.4/5 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	Search for or select a bank: 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 Aug. 24, 2024 and Aug. 30, 2024.
4.65%	4.50%
Minimum deposit
$1,000.00	$500.00
Term
13 mos	1 yr

BMO offers many CDs, ranging from three to sixty months. Save a couple of terms, BMO CDs come with competitive yields in states where the bank doesn’t have branches. Customers need at least $1,000 to open an account. BMO offers a variety of CD specials, all with competitive APYs, too.	BrioDirect offers a wide host of CDs, ranging from 30 days to five years, but most terms come with lackluster yields. Customers can open a CD with just $500.

There are many CD options available. Almost all CDs come with highly competitive yields. The $1,000 minimum deposit requirement is reasonable.	BrioDirect CDs can be opened with just $500. BrioDirect’s one-year CD offers a competitive yield. The early withdrawal penalties are reasonable.	N/A
CDs have lower yield in states where BMO has branches.	Most BrioDirect CDs come with very low yields.	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

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 | Bankrate (2024)

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Overall

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BMO banking products

BMO savings overview

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BMO savings rates

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BMO CD overview

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BMO CD rates

BMO money market overview

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BMO checking overview

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Bank fees

Customer experience

Customer support

Digital experience

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About BMO

How BMO compares to other banks

BMO vs. Chase

BMO FAQs

Review methodology