BMO Review: Historic Bank With Multiple Account Choices -- and Some New Surprises

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 offers two savings accounts -- one of which has a strong APY.

BMO Alto Online Savings Account

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 Savings Builder

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 has three checking accounts, one of which offers attractive relationship perks.

BMO Smart Advantage Checking

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 Money 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 Relationship 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 offers a standard certificate of deposit (CD) with a variety of terms.

BMO CD

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.

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.

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.

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:

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.

BMO credit cards

• BMO Cash Back: A cash back credit card that offers 5% back on eligible streaming, cable TV, and satellite services, plus 3% on eligible gas and groceries and 1% everywhere else.
• BMO Platinum: This 0% APR card charges zero interest for the first 15 months of your account. The 0% APR applies to both balance transfers and purchases, then becomes a variable APR after.
• BMO Platinum Rewards: BMO's no-fee rewards card will give you 2 points for $1 on eligible gas and groceries (up to $2,500 in combined quarterly spending), plus 1 point per $1 spent everywhere else.
• BMO Premium Rewards: A decent travel card, the BMO Premium Rewards earns 3 points for every $1 spent on eligible hotel, airfare, and dining (up to $2,500 in combined quarterly spending), plus 1 point per $1 spent everywhere else.
• BMO Boost Secured: A secured credit card option to help you improve your credit score.

BMO mortgages

• Fixed rate: The interest rate will never change on these 15- or 30-year mortgages. Plus, you can get a 0.125% rate discount if you choose autopay from your BMO personal checking account.
• Adjustable rate: Get a 7-year and 5-year ARM with a decent rate, plus a 0.125% rate discount after setting up autopay from a BMO personal checking account.
• Low down payment: A variety of loan options that can help you buy a home with as little as 1% of the purchase price.
• Refinancing: A refinancing loan for those looking to get a new mortgage with a new rate or cash out some home equity.
• Jumbo mortgage: These mortgages are designed for those buying houses above the loan limits on conventional mortgages.
• Cross-border mortgages: For Canadians looking to move to the U.S., this mortgage could help you buy or refinance.

BMO loans

• Auto/Boat/RV loans: Get a competitive APR on a loan with flexible terms ranging from 12 to 120 months.
• Home equity: A home equity line of credit (HELOC) with a decent APR on money you borrow.

Our bank and credit union methodology

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.

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