BMO Bank Review 2024
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At a glance
CDs
Checking
Savings
MMA
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
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
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
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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
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Some of BMO’s savings products have comparatively low yields.
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Annual percentage yields (APYs) on some accounts are lower for customers who live in states that have branches.
We want to know what you think about BMO
Do you have experience with BMO? Let us know your thoughts.
BMO banking products
BMO savings overview
Pros
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The Savings Builder account has no monthly maintenance fee.
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The minimum opening deposit is a modest $25.
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The account can be opened online or in a branch.
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Savers get a $5 reward in any month they add at least $200 to the account during the first year it's opened.
Cons
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The APY on the Savings Builder account is very low.
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There’s a $50 fee if the account is closed within 90 days of opening.
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BMOAPYAPY last updated between 10/23 and 10/29.APYAPY last updated between 10/23 and 10/29.National average APYHow do we get this data?Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
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.
Bankrate staff insights
“While banking with BMO, I went through the process of buying a new home,” said a Bankrate staff member with a BMO account. “In regards to transferring money, their team was very responsive, knowledgeable, and willing to help throughout the process. But after banking with BMO for multiple years, my MMA rate was substantially lowered; BMO had created a new MMA with a higher rate. This seems to be a pattern.”
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.
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 Oct. 23, 2024 and Oct. 29, 2024.
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Selected bank
BMO Bank CD
Bankrate score
4.2
Bankrate CD rating = 4.2/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. |
Most comparable
BrioDirect CD
Bankrate score
4.4
Bankrate CD rating = 4.4/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. |
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Bankrate score
Bankrate CD rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. |
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APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Oct. 23, 2024 and Oct. 29, 2024.
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| 4.00% | 0.05% | |
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Minimum deposit
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| $1,000.00 | $500.00 | |
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Term
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| 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. | |
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BMO FAQs
Review methodology
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
BMO has 24 reviews
Dive into community reviews below and see what others think about BMO.
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
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