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BMO Bank Review 2024

Updated April 3, 2024
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At a glance

3.6
Rating: 3.6 stars out of 5
Bankrate Score
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CDs

Rating: 3 stars out of 5

Checking

Rating: 4.5 stars out of 5

Savings

Rating: 3 stars out of 5

MMA

Rating: 2.8 stars out of 5

About Bankrate Score

Overview

BMO is best for customers who want an institution with a full suite of personal banking products, including deposit accounts, credit cards and loans. It's also a good fit for those who need retirement planning, business or commercial services, wealth management and investment services and advice.

Highlights

  • Free Checking
Sponsored offers
Info

These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 5/14/2024
Rating: 4.4 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
CD
5.10
%
APY
APY
Info
As of 5/14/2024
Rating: 4.9 stars out of 5
$500
Minimum deposit
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
CD
5.00
%
APY
APY
Info
As of 5/14/2024
Rating: 4.9 stars out of 5
$500
Minimum deposit
View offer Arrow Right
Promoted offer:

Overall

BMO’s products and services are geared toward a broad range of customers both in the U.S. and globally, from modest income earners to the wealthy. The bank maintains more than 1,000 branches, and many of its deposit accounts can also be opened online. While the bank offers a full suite of banking and loan products, yields on some of its deposit products are below average.

Pros

  • Checkmark

    BMO has a full suite of personal banking products and services.

  • Checkmark

    Customers have access to more than 40,000 fee-free ATMs nationwide.

  • Checkmark

    The bank has a global presence.

Cons

  • Some of BMO’s savings products have comparatively low yields.

  • APYs on some accounts are lower for customers who live in states that have branches.

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BMO banking products

3.0
Rating: 3 stars out of 5
Bankrate Score

BMO savings overview

BMO’s Savings Builder account has no monthly maintenance fee, and the minimum opening deposit is just $25. The account can be opened online or in a branch. The bank gives a $5 reward for every month in the first year of opening the account that you save $200 or more. Fee-free access is provided to more than 40,000 BMO and Allpoint ATMs. But the APY is very low and it's easy to find much higher yields at other banks.

Pros

  • Checkmark

    The Savings Builder account has no monthly maintenance fee.

  • Checkmark

    The minimum opening deposit is a modest $25.

  • Checkmark

    The account can be opened online or in a branch.

  • Checkmark

    Savers get a $5 reward in any month they add at least $200 to the account during the first year it's opened.

Cons

  • The APY on the Savings Builder account is very low.

  • There’s a $50 fee if the account is closed within 90 days of opening.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    BMO
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Sponsored Offer
Info

This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 5/14/2024
Rating: 4.4 stars out of 5
Info
$1
Min balance for APY
Promoted offer:

Bank fees

Fee Charged?
Overdraft fee $15
Non-sufficient funds fee $0
Monthly maintenance fee $0
Out-of-network ATM fee $3
Excessive transaction fee $15
Account closing fee (if within 90 days of opening) $50
Paper statement fee $3 (waived for account holders older than 65)

Customer experience

Customer support

Branch availability. BMO has a limited brick-and-mortar presence, with approximately 1,000 branches across 24 states. 

Service hours. The customer service line is open for general inquiries from 7 a.m. to 11 p.m. CT on weekdays and 8 a.m. to 10 p.m. CT on weekends. However, lost cards can be reported at any time of day.  There is also an online customer support form. “BMOs support team was helpful,” said a Bankrate staff member with a BMO account. “It was easy to get in touch with a real person, and they were knowledgeable about both the features of their application and the laws and regulations regarding the transferring of money.” 

Cash bonus. As of this writing, BMO is offering a $250 cash bonus to those who open either a Smart Advantage or a Smart Money checking account and meet qualifying direct deposit requirements within the first 90 days. A $400 cash bonus is being offered to those who open a Relationship Checking account and meet qualifying direct deposit requirements within the first 90 days.

Digital experience

Highly rated app. BMO Bank’s mobile app has a high rating on the Apple App and Google Play stores. Collectively, more than 100,000 users have rated the app. It offers digital tools needed to monitor and manage accounts. The bank's Total Look tool lets you manage all your accounts, even non-BMO accounts, in one place, create a budget and track your spending. BMO also allows peer-to-peer payments with Zelle.

However, a Bankrate staff member with a BMO account noted that the app can be buggy at times. “The app had some odd quirks when transferring money to external accounts,” the staff member said. “Depending where you clicked that option, you would potentially get an error stating ‘this feature is not available for your account.’” Moreover, this staff member’s tax forms weren’t uploaded to the website or app, even though they should’ve been available.

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Bankrate staff insights

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The above images were last updated on March 13, 2024.

About BMO

BMO is one of the largest banks in North America by assets. It is headquartered in Chicago. The Bank of Montreal is BMO’s parent company and BMO Financial Corp. is its U.S. holding company. BMO’s roots date to the mid-1800s. In all, BMO provides personal and commercial banking to more than 12 million customers globally.

Insured by the Federal Deposit Insurance Corp., it has more than 1,000 branches in Arizona, California, Colorado, Florida, Idaho, Illinois, Iowa, Indiana, Kansas, Minnesota, Missouri, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Utah, Washington, Wisconsin and Wyoming.

In September 2022, the bank began a phased approach of updating its name and logo from “BMO Harris” to simply “BMO,” citing the fact that 4 out of 10 personal banking customers already leave off “Harris Bank” when describing their relationship with the bank.

In April 2023, BMO launched an online bank called BMO Alto. It offers a high-yield savings account and six terms of CDs that earn competitive yields. None of the accounts require a minimum balance.

How BMO compares to other banks

Compare different account types offered by BMO. Annual percentage yields (APYs) shown were updated between May 7, 2024 and May 13, 2024.

Selected bank
BMO Bank savings account
BMO Bank Logo
Member FDIC
Bankrate score
Rating: 3 stars out of 5
3.0
Info
Most comparable
Chase Bank savings account
Chase Bank Logo
Member FDIC
Bankrate score
Rating: 2.9 stars out of 5
2.9
Info
Read review
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Bankrate score
Info
Read review
APY
Info
4.50% 0.01%
Minimum balance for APY
$0.00 $0.00
Estimated earnings
Info
$1,125 $3
The BMO Savings Builder account only requires $25 to open. You can earn $5 per month during your first year every month your balance grows by $200 or more. But aside from that, the account pays a very low APY. The BMO Harris Premier Money Market account pays a much higher APY than the Savings Builder account. But you’ll need at least $10,000 in the money market account to avoid a $10 monthly service fee. The Chase Savings account is the bank’s standard savings account. It offers a yield well below the national average for savings accounts. The Chase Savings account has a $5 monthly maintenance fee. Starting every day with at least $300 or automatically transferring at least $25 per month from your Chase checking account to this savings account are two ways to waive the fee.
  • You can earn $5 per month during your first year with the account by increasing your balance by $200 or more per month.
  • Only $25 is needed to open both the Savings Builder account and the Premier Money Market account.
  • Those who already bank with Chase might find it convenient to have a savings account at this bank.
  • Chase’s many branches and ATMs might also make this a good fit for people who live in a Chase market.
    N/A
  • The Savings Builder account offers a very low APY.
  • You’ll need at least $10,000 in the BMO Harris Premier Money Market account to waive the $10 monthly maintenance fee.
  • The Chase Savings account has a waivable $5 monthly maintenance fee.
  • Many online banks don’t have monthly service fees.
  • The Chase Savings account doesn’t earn a competitive yield.
    N/A
APY offering:
4.50%
5/5
Info
Minimum balance to earn interest:
$0.00
5/5
Info
Monthly service fee:
$0.00
5/5
Info
Minimum balance to avoid fee:
$0.00
5/5
Info
Access to funds:
Great
5/5
Info
APY offering:
0.01%
1/5
Info
Minimum balance to earn interest:
$0.00
5/5
Info
Monthly service fee:
$5.00
2/5
Info
Minimum balance to avoid fee:
$300.00
4/5
Info
Access to funds:
Great
5/5
Info
Info
Info
Info
Info
Info
Bankrate does not currently track additional product details for this bank.

BMO vs. Chase

Both BMO and Chase maintain bank branches — although Chase operates a much larger branch footprint that spans all 48 contiguous states, whereas BMO branches exist in only 22 states. BMO provides access to more ATMs, however, since it’s part of the Allpoint network of over 40,000 ATMs. By comparison, Chase operates 16,000 ATMs. Both banks allow customers to open some accounts online.

As far as monthly maintenance fees, both BMO and Chase offer deposit accounts with either no such fees or ones that are easy to waive by meeting manageable minimum balance requirements. If you’re looking for competitive savings account rates, however, you’ll want to look elsewhere, since both banks’ savings accounts earn rock-bottom yields.

BMO offers competitive standard CD rates to customers who live in states where the bank doesn’t maintain branches; otherwise, its standard CD rates are low. At Chase, standard CD rates are very low across the board. BMO also offers five promotional CDs earning competitive rates. Chase offers featured CDs that earn higher rates than its standard CDs when customers earn the relationship rates, but higher CD rates can still be found elsewhere.

BMO FAQs

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.