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BMO Relationship Plus Money Market Account Review: Moderate Rates for High-Dollar BMO Customers

Review Updated
Brittney Myers
Brittney Myers
| 1 other [ + ]
Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has been a full-time Motley Fool employee 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 Motley Fool Money'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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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. APY = Annual Percentage Yield.

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 Bank 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 17, 2025

BMO Relationship Plus Money Market Account

Member FDIC.
Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. 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
Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. 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
Monthly Fee
$10 (with option to waive)
Min. Balance
$25 to open, $5,000 to waive monthly fee
APY
up to 2.94% Rate info Circle with letter I in it. 0.80% (regular) up to 2.94% (with Relationship Packages)
Min. To Earn APY
N/A
  • Low opening balance requirement
  • Online banking and mobile app
  • Relationship Bundle for a higher rate
  • Member FDIC
  • 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.

Accounts are subject to approval. BMO Bank N.A.  Member FDIC

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
up to 3.80%
Rate info Circle with letter I in it. SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!
3.60%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 8, 2025. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A
4.00%
Rate info Circle with letter I in it. Balances less than $250,000 earn 4.00%, and balances greater than $250,000 earn 4.20%.
Min. to earn: $0
N/A
Open Account for Barclays Tiered Savings

On Barclays' Secure Website.

Disclaimers


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 Bank 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:

  1. Open a BMO Relationship Checking account and bundle it with your money market account.
  2. 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 Bank 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 Bank savings account.

FDIC insured: BMO Bank 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 Bank doesn't do either; in fact, you'll be charged $3 by BMO Bank 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 Bank money market account in several ways:

  • Transfer from another BMO Bank 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 Bank 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 Bank money market account:

  • Transfer for another BMO Bank 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 Bank 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:

Our money market account methodology

At Motley Fool Money, 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 Motley Fool Money rates bank accounts.

FAQs

  • Yes, interest on your BMO Bank money market is compounded daily and paid out monthly.

  • 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.