Updated
Fact Checked
Nathan Alderman
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.
BMO CD rates for 2024
BMO Standard CDs
BMO CD Specials
Compare BMO CD rates
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.
Rates as of April 25, 2024
| 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 |
BMO Bank CD review
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.
BMO Standard CDs
PROS
- Three- to 60-month terms offered
- No account set-up or maintenance fees
CONS
- Low APYs
- Branches available in only nine states
- Other BMO CDs offer better rates
Rates as of April 25, 2024
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 CD Specials
PROS
- High interest rates
- No account set-up or maintenance fees
CONS
- Fewer terms to choose from that some of its competitors
- Limited number of physical branches for those who prefer to bank in person
- $1,000 minimum deposit could shut out smaller investors
Who is a BMO CD right for?
BMO CDs, particularly the CD Specials, are right for those who want to earn high interest without risking their principal.
Rates as of April 25, 2024
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.
Keep reading about BMO:
- BMO Bank Review
- BMO Savings Builder Review
- BMO Alto Online Savings Account Review
- BMO Relationship Plus Money Market Review
- BMO Debit Mastercard Review
Our CDs methodology
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.
See our full Ratings Methodology here.
FAQs
-
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.
Our Banking Experts
Dana George has a BA in Management and Organization Development from Spring Arbor University. For more than 25 years, she has written and reported on business and finance, and she's still passionate about her work. Dana and her husband recently moved to Champaign, Illinois, home of the Fighting Illini. And though she finds the color orange unflattering on most people, she thinks they'll enjoy Champaign tremendously.
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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