Review
Updated
Fact Checked
Nathan Alderman
Great money market accounts give you competitive rates and easy access to your money. The BMO Relationship Plus Money Market Account doesn't quite meet that brief. While you can access your money fairly easily, you'll need to have significant capital with BMO to earn anything close to competitive rates. See all the hoops you'd need to jump through in our detailed BMO Relationship Plus Money Market Account review.
Ratings Methodology
Rates as
of May 16, 2024
BMO Relationship Plus Money Market Account
Member FDIC.
Rating image, 3.50 out of 5 stars.
3.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 3.50 out of 5 stars.
3.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Best
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= Excellent
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= Good
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= Fair
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Monthly Fee
$10 (with option to waive)
Min. Balance
$25 to open, $5,000 to waive monthly fee
APY
up to 3.56%
Rate info
1% (regular) up to 3.56% (with Relationship Packages)
Min. To Earn APY
N/A
- Low opening balance requirement
- Online banking and mobile app
- Relationship Bundle for a higher rate
- Low regular APY
- Account fee
- Monthly transfer limits
- Out-of-network ATM fees
This account isn't particularly competitive unless you qualify for a Relationship Package, but even then you can still find better APYs from other banks. If you really want to keep some savings with BMO, this is better than its savings account, but that's its main appeal.
High-yield savings account comparison
We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 4.60%
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
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New customers can earn up to a $300 bonus with qualifying direct deposits!
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Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
5.00% APY for balances of $5,000 or more
Rate info
5.00% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
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N/A
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Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
5.26%
Min. to earn: $1
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N/A
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Full BMO Relationship Plus Money Market Account review
Top perks
Low initial balance requirement to open: Some money market accounts require huge deposits to open. This one has a very reasonable $25 minimum deposit to open the account, which is comparable to a lot of savings accounts.
Online banking and mobile app: If the online reviews can be believed, BMO does digital banking well. The Android and iOS have 4.6- and 4.8-star ratings, respectively, which holds up against the best banking apps.
Earn more interest with Relationship Packages: While I'll talk about the disappointing APY (annual percentage rate) that comes standard with this account below, this is where I'll speak somewhat favorably about the Relationship Packages. Essentially, if you meet two specific conditions, you can qualify for a much higher APY on your money market account. Here's how:
- Open a BMO Relationship Checking account and bundle it with your money market account.
- Have a combined balance, across eligible deposit and investment accounts, to reach the higher APY tiers.
Although it's probably not worth moving your money to BMO just for these rates, if you're already a customer with significant deposits, it's a nice perk.
And while not super competitive in the scheme of things, it's a far better rate than you'd get from your money market account otherwise -- and better still than what you'd get with a regular BMO savings account.
FDIC insured: BMO is a member FDIC, so your deposits are covered under standard FDIC insurance.
What could be improved
Low regular APY: The biggest downside to this account is arguably the low APY. You only earn 1% on your money market balance when you open the account. The only way to get anything close to competitive is with the Relationship Package. But even if you get the very best rate that it offers, you're still below the rates offered by the best money market accounts.
Monthly maintenance fee: Dealing with account fees is a nuisance, and this one could run you $10 a month. You do have an option to waive the fee by maintaining a balance of at least $5,000. Considering the opening deposit requirement is just $25, however, this feels quite high.
Limited to six transfers a month: If you're someone who moves money around frequently, this might not be the account for you. You only get six transfers or withdrawals a month (with a few expectations, like in-branch transactions). If you go over your limit, you'll get hit with a $15 fee.
Fee for out-of-network ATMs: Some banks will waive their out-of-network ATM surcharges, and the best banks will even reimburse you for them. BMO doesn't do either; in fact, you'll be charged $3 by BMO each time you use an out-of-network ATM -- and yes, that's on top of whatever the ATM operator charges you.
How to access your money
Your location will dictate some of your accessibility options due to a limited branch footprint.
Deposit options
You can deposit money into your BMO money market account in several ways:
- Transfer from another BMO account
- In-person deposit at a branch
- Mobile check deposit via the app
- Electronic bank transfer (ACH)
- Direct deposit
- Wire transfer
- Send money via Zelle
BMO has more than 1,000 branches in the U.S., but they're concentrated in a few states: Wisconsin, Texas, Missouri, Minnesota, Michigan, Kansas, Indiana, Illinois, Florida, Colorado, California, and Arizona.
Withdrawal options
You have a few options for withdrawing money from your BMO money market account:
- Transfer for another BMO account
- In-person withdrawal at a branch
- Withdrawal from an ATM
- Electronic bank transfer
- Wire transfer
- Zelle transfer
Remember the monthly withdrawal/transfer limits to avoid an excessive-transaction fee.
This money market account is right for you if:
Folks who are already BMO customers with fairly significant deposits can get a decent rate through the Relationship Package. If you can't qualify for the increased rate, the BMO Relationship Plus Money Market Account is lackluster, at best, with a low APY and a high monthly fee. We've seen many accounts with better rates and lower fees.
Keep reading about BMO:
- BMO Bank Review
- BMO Savings Builder Review
- BMO Alto Online Savings Account Review
- BMO CD Rates
- BMO Debit Mastercard Review
Our money market account methodology
At The Motley Fool Ascent, we evaluate money market accounts based on four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum balance requirements, and perks.
Our scores are weighted as:
- APY: 60%
- Brand and Reputation: 15%
- Fees and Minimums: 15%
- Perks: 10%
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
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Yes, interest on your BMO money market is compounded daily and paid out monthly.
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No, the BMO Relationship Plus Money Market Account has a low interest rate and a high monthly fee. If you have enough money with the bank, you can get a better rate, but it's still not super competitive in the broader market.
Our Banking Experts
Brittney started her writing career in the world of science, putting her physics degree to good use. Her journey into finance started with building her personal credit, but soon grew into a borderline obsession with credit cards and travel rewards. For the last 7 years, she has enjoyed the ability to share her expertise with readers, as well as the opportunity to interview companies and individuals making an impact on our financial lives. She wholly believe most problems can be solved with the right research -- and a good spreadsheet -- and she specializes in translating complex financial topics into actionable advice to help educate and empower readers.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
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