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BMO Bank Review 2024

Updated September 11, 2024
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At a glance

3.9
Rating: 3.9 stars out of 5
Bankrate Score
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CDs

Rating: 4.2 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
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Bank logo
Member FDIC
Savings Account
4.00
%
APY
APY
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As of 11/12/2024
Rating: 4.4 stars out of 5
$0
Min. balance for APY
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Promoted offer:
Bank logo
Member FDIC
Savings Account
4.00
%
APY
APY
Info Icon
As of 11/12/2024
Rating: 4.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: It only takes about 5 minutes to open a fee-free account.
Bank logo
Member FDIC
Savings Account
4.75
%
APY
APY
Info Icon
As of 11/12/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: No monthly maintenance fee, $0 to open, easily grow your money

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 Icon

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

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

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    The bank has a global presence.

Cons

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

  • Annual percentage 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 Icon

    The Savings Builder account has no monthly maintenance fee.

  • Checkmark Icon

    The minimum opening deposit is a modest $25.

  • Checkmark Icon

    The account can be opened online or in a branch.

  • Checkmark Icon

    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.

  • BMO
    APY
    APY
    Info Icon
    National average APY
    How do we get this data?
    Info Icon

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

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 $500 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

Disclosure: To enhance our product reviews, Bankrate employees often open accounts and provide feedback. They may have been compensated for their time and account maintenance, but this does not affect the integrity of their review.

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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 24 states.

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 Nov. 5, 2024 and Nov. 11, 2024.

Selected bank
BMO Bank CD
BMO Bank Logo
Member FDIC
Bankrate score
Rating: 4.2 stars out of 5
4.2
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Most comparable
BrioDirect CD
BrioDirect Logo
Member FDIC
Bankrate score
Rating: 4.4 stars out of 5
4.4
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Search for or select a bank:
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Bankrate score
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APY
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4.00% 0.05%
Minimum deposit
$1,000.00 $500.00
Term
13 mos 1 yr
BMO offers many CDs, ranging from three to sixty months. Save a couple of terms, BMO CDs come with competitive yields in states where the bank doesn’t have branches. Customers need at least $1,000 to open an account. BMO offers a variety of CD specials, all with competitive APYs, too. BrioDirect offers a wide host of CDs, ranging from 30 days to five years, but most terms come with lackluster yields. Customers can open a CD with just $500.
  • There are many CD options available.
  • Almost all CDs come with highly competitive yields.
  • The $1,000 minimum deposit requirement is reasonable.
  • BrioDirect CDs can be opened with just $500.
  • BrioDirect’s one-year CD offers a competitive yield.
  • The early withdrawal penalties are reasonable.
    N/A
  • CDs have lower yield in states where BMO has branches.
  • Most BrioDirect CDs come with very low yields.
    N/A

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.

BMO customer reviews

CTA BMO has 24 reviews

BMO has 24 reviews

Dive into community reviews below and see what others think about BMO.

4.1 Star Icon
24 ratings
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Score breakdown
5 stars
46%
4 stars
33%
3 stars
13%
2 stars
0%
1 star
8%
Score by category
Overall Rating 4.1 / 5
Competitiveness of APY 3.8 / 5
Amount of fees 3.8 / 5
Customer support 4 / 5
Website / Mobile app 4.2 / 5
Verified Badge Icon Bankrate methodology disclosure

In July 2024, Bankrate collaborated with a third-party vendor to survey 1,200 bank account holders nationwide. Bankrate and our vendor collected and summarized account holder responses to five rating questions on a 5-point scale as well as open-ended reviews of the banking experience. Responses are based on individual account holder product details, and therefore cannot be verified for accuracy. Reviewers received an incentive for their feedback. Their ratings are unedited and have not been reviewed or approved by the associated bank or credit union, nor do these responses reflect Bankrate's own expert review of these banking products.

Community Reviews

See what users like you are saying about BMO.
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Anonymous account holder
September 13, 2024
Very convenient and good customer service - always helpful.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 4 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
Always make sure to have extra money just in case. They are pretty good, they are a secondary account for me and I am happy about them.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
Great experience. We have our own personal banker and also have an investment banker who helps us. Rates are good right now. Have used for years and have many accounts.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
Everything is very straight forward whenever I use their services. I hope they can continue with their current quality of service. I saw their ads on TV and read many positive reviews of their services.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
Not bad bank. The app is great. Reviews Friends Bank app ease.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
There are a lot of branches. It was honest and could link credit card.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 2 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
No fees. I like it very much.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
The interest rates and fees. Location, convenience, interest rates.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
Checking is free but pays no interest. Pretty good, they are communicative.
Score by category
Amount of fees 3 / 5
Competitiveness of APY 3 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
I enjoy working with BMO. Free checking.
Score by category
Amount of fees 2 / 5
Competitiveness of APY 2 / 5
Customer support 3 / 5
Website / Mobile app 3 / 5