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Founded in 1817, BMO (formerly BMO Harris) is one of the oldest banks in North America. Hailing from Canada, BMO offers American clients a suite of banking products, including savings accounts, CDs, checking accounts, and more. Its APYs aren't as impressive as other banks and credit unions, but if you're interested in banking with a large institution, read our expert review to see if BMO will suit your banking needs.
BMO is a good choice for those who want to do all their banking in one place. Its APYs lag behind other banks and financial institutions, but it might suit you if you want relationship benefits from having all your accounts at one bank.
BMO offers two savings accounts -- one of which has a strong APY.
BMO's high-yield savings account has an excellent APY and charges no fees nor requires any minimum opening deposits. The account is online only, so you won't get in-person support at BMO branches, nor will you be able to make cash deposits or checks. That said, the BMO Alto Online Savings allows unlimited transfers between it and another BMO account (or an external account), so you can still move money quickly.
BMO Alto Online Savings Account
The BMO Alto Online Savings Account is a no-frills, no fee account with a competitive APY.
BMO Savings Builder has a low opening deposit of $25, plus no monthly maintenance fees. The account has a lackluster APY, especially compared with the best high-yield savings accounts at other banks, but it does have a decent welcome offer. For your account's first year, you can earn a $5 reward for each month you save $200. If you were to save $200 each month for 12 months, you would earn $60 and your APY would be about 2.5%.
Other perks include mobile check deposits, access to over 40,000 fee-free ATMs nationwide, and built-in savings tools to help you reach your financial goals.
BMO Savings Builder
If you're looking for a bank account that pays the most interest on your savings, the BMO Savings Builder is likely not for you. The account has a rock-bottom APY, even when the monthly bonus is factored in. It's fine if you're looking for a no-fee savings account to park cash that you'll need for the near future. But if you're trying to save money for long-term goals, you can get more bang for your buck elsewhere.
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.
BMO has three checking accounts, one of which offers attractive relationship perks.
This account is a good fit for those who want to avoid maintenance fees, but who don't have large balances. There is a low $25 minimum opening deposit requirement, but there's no ongoing balance requirements you must meet to avoid fees. This account doesn't earn interest, but new customers can earn a $400 cash bonus when they have at least $4,000 in qualifying direct deposits during the first 120 days after account opening (conditions apply).
BMO Smart Advantage Checking
This account is similar to the BMO Smart Advantage Checking account, except it charges a $5 monthly maintenance fee to adults 25 or older. These individuals would be better off trying one of the other accounts listed here if they want to bank with BMO. But if you're under 25, this is a free place to keep your cash. You'll also have the opportunity to earn a $350 bonus. (Conditions apply.)
BMO Smart Money Checking
This is BMO's interest-bearing checking account. It offers a modest APY as well as the opportunity to earn a $500 cash bonus by having at least $7,500 in qualifying direct deposits within the first 120 days of account opening. (Conditions apply.) The account has a monthly fee, which is waivable. However, you'll need a five-figure balance to avoid this. If you don't think this is feasible, this may not be the account for you.
BMO Relationship Checking
We recommend comparing checking 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.
BMO offers a standard certificate of deposit (CD) with a variety of terms.
If today's high rate environment has you enthused about saving money, BMO's CDs can match your excitement. The bank offers numerous "special CD terms," which have some of the biggest long-term CD rates we've seen. The terms are unusual for CDs -- like 35 and 59 months -- but could lock you into a rate that stays elevated even if CD rates in general begin to fall.
BMO's Standard CDs, however, have uber-low APYs that don't compare with other CD providers. These CDs have conventional terms, like 3 months and 5 years, but the rates are nothing to brag about.
Regardless of which term you choose, you'll need at least $1,000 to open a CD account. The bank's interest penalty for early withdrawals is also very severe in comparison to other CD providers, especially on long-term CDs.
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% |
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% |
BMO offers competitive APYs on its Special CDs. However, if the terms don't suit you -- or you'd like to earn more interest elsewhere -- here are a few other great CD providers that beg comparison.
Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
---|---|---|---|---|
Member FDIC.
| APY: 5.10% | Term: 10 Months | Min. Deposit: $0 | |
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 |
For BMO clients looking to earn more interest on their savings, BMO can offer you a money market account -- the BMO Relationship Plus Money Market Account.
The BMO Relationship Plus Money Market Account account is open to all, but its APY gets a boost when you link it to a BMO Relationship Checking. Your account's APY will depend on which relationship tier you fall into -- Silver, Gold, Platinum, or Premium. The account has a $10 monthly maintenance fee, which is waivable if you have a $5,000 minimum daily balance.
BMO provides a wealth of customer support options. For one, it has an excellent library of support content and a very easy-to-use question and answer format that can answer a question and replace a lengthy phone call. Speaking of which, you can get in touch with its call center from 7 a.m. to 11 p.m. CT Monday through Friday and 8 a.m. to 10 p.m. CT Saturday and Sunday. You can also visit one of its roughly 1,000 branches.
As varied as its support avenues are, BMO's customer service in the U.S. ranks low on most third-party sites. It has an A+ rating with the Better Business Bureau, but its Trustpilot's 800-plus reviews have given it a 1.2 out of 5. Its U.S. branches didn’t receive high ratings from J.D. Power, either. Oddly enough, BMO's Canadian division ranked first in J.D. Power's 2023 Canada Online Banking Satisfaction Study. Moral of the story, if you're not getting the help you need from an American, just ask for a Canadian.
If you have a BMO Relationship Checking account, you can get relationship perks through one of four tiers: Silver, Gold, Platinum, and Premier. BMO will automatically place you in one of these tiers based on your quarterly combined balance across all eligible accounts. The perks grow as you move into the upper tiers, but you'll need a high balance. Some noteworthy perks in each tier include:
Silver | Gold | Platinum | Premier | |
---|---|---|---|---|
Quarterly combined balance required | Less than $25,000 | $25,000 to $99,999.99 | $100,000 to $249,999.99 | $250,000 and over |
Relationship Plus Money Market | ❌ | ✔️ | ✔️ | ✔️ |
Overdraft fee rebate | ❌ | ❌ | ❌ | 1 overdraft fee per month |
Outgoing wire transfer fee rebate | ❌ | Up to $30 per month | Up to $60 per month | Up to $90 per month |
Credit card spend bonus | $10 per quarter | $25 per quarter | $50 per quarter | $75 per quarter |
That last one bears some explanation. In essence, if you link a BMO credit card (discussed below) with a BMO Relationship Checking Account and spend $3,500 each quarter, you'll qualify for the bonus under your tier. For instance, if you spend $3,500 quarterly on a Platinum Rewards card as a Premier client, you would get $75 quarterly.
BMO is an excellent choice if you want to hold all your accounts at the same bank, as you can capitalize on relationship perks. It's also ideal if you want multiple ways to access your money, such as through ATMs, debit cards, or in-person at BMO branches. It might not be the best bank for you if you're looking for high interest, as its savings account doesn't inspire quite as much as other institutions.
In addition to the savings products reviewed above, you can find numerous banking products and services at BMO, including credit cards, mortgages, and loans.
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
Learn more about how The Motley Fool Ascent rates bank accounts.
BMO Alto is a division of BMO. In essence, BMO is a brick-and-mortar bank and can give you in-person support, whereas BMO Alto is completely online. Because it's online, BMO Alto can offer you higher APYs on savings accounts and CDs, but you won't be able to access money through ATMs, debit cards, or in-person at banks.
Bank of the West is now a part of the BMO brand. If you were a former Bank of the West client, your bank account should be within BMO now.
Our Banking Experts
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