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BMO, formerly BMO Harris, offers several options for those interested in opening a certificate of deposit (CD). However, there is a vast difference between those options. Here, we'll let you know what BMO has to offer in the way of CDs, and help you decide whether it's the right choice for you.
If what you're looking for is a CD with rates competitive to some of the best CD rates on the market, compare a few CDs from other banks below. Each of these financial institutions are FDIC insured. This means that accounts are protected for up to $250,000, per depositor.
Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
---|---|---|---|---|
Member FDIC.
| APY: 4.70% | Term: 1 Year | Min. Deposit: $2,500 | |
APY: 5.05% | Term: 1 Year | Min. Deposit: $1 | ||
APY: 5.15% | Term: 9 Months | Min. Deposit: $1 | ||
Member FDIC.
| APY: 4.75% | Term: 1 Year | Min. Deposit: $500 |
If you're saving for something special or planning for retirement, the guaranteed interest associated with a CD is attractive. Not all CDs are created equal, though. Here's a peek at the pros and cons of the two BMO CDs we've touched on.
APY = Annual Percentage Yield
6 Mo. APY | 1 Yr. APY | 1.5 Yr. APY | 2 Yr. APY | 3 Yr. APY | 4 Yr. APY | 5 Yr. APY |
---|---|---|---|---|---|---|
0.05% | 0.05% | 0.05% | 0.05% | 0.10% | 0.15% | 0.25% |
BMO CDs, particularly the CD Specials, are right for those who want to earn high interest without risking their principal.
APY = Annual Percentage Yield
13 Mo. APY | 25 Mo. APY | 35 Mo. APY | 45 Mo. APY | 59 Mo. APY |
---|---|---|---|---|
5.25% | 5.00% | 4.75% | 4.75% | 4.75% |
For each type of CD, the early withdrawal penalty can eat away or eliminate earnings. It's important to consider whether you can afford to leave your money for the entire term. Like any other investment, it pays to be disciplined in your approach.
At The Motley Fool Ascent, certificates of deposit (CDs) are rated on a scale of one to five stars, primarily focusing on annual percentage yield (APY) and early withdrawal penalty fees. Our highest-rated CDs generally include competitive APYs without complex qualification tiers, low withdrawal fees, reliable brand trust and reputation, and ease of use.
Learn more about how The Motley Fool Ascent rates bank accounts.
If you're looking for a high APY, there's no question that CD Specials are your best option compared to BMO's Standard CD rates.
BMO is FDIC insured. That means that your funds are protected for up to $250,000.
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