BMO Bank Review 2025
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At a glance
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, investment services and advice.
Highlights:
Free CheckingHighlights:
CDs
Savings
MMA
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 Checking 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.
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.
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.
Cons
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Some of BMO’s savings products have comparatively low yields.
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BMO Bank charges many fees.
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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
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BMO Bank banking products
BMO Bank Savings Builder account
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 rock-bottom.
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There’s a $50 fee if the account is closed within 90 days of opening.
BMO Bank certificates of deposit (CDs)
Pros
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The bank offers a broad range of CD terms.
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Yields on the bank’s promotional CDs are solid.
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CDs can be opened online, at a branch or by phone.
Cons
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APYs on standard CD terms may not be competitive in states where the bank maintains branches.
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Higher yields for lower minimum balances can generally be found elsewhere.
Rate history for BMO Bank's CD accounts
See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.
BMO Bank Relationship Plus Money Market account
Pros
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The Relationship Plus Money Market account’s opening deposit requirement is a modest $25.
Cons
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There is a $10 monthly service charge unless you maintain a monthly minimum balance of $5,000, which is a high balance requirement.
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Transactions and withdrawals out of the account are limited to six per month. A $15 fee applies for every transaction above that limit.
BMO Bank Smart Advantage Checking account
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Overdraft fees:N/A0/5Charges applied when a customer spends more money than is available in their account, resulting in a negative balance.NSF fees:N/A0/5Non-sufficient funds fees are incurred when a transaction is attempted without enough money in the account to cover it.APY offering:N/A0/5APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.ATM network:N/A0/5Accessibility to ATMs for account holders within a specific network or financial institution, facilitating cash withdrawals and transactions.
Pros
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Smart Advantage has no monthly maintenance fee.
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The minimum opening deposit is a modest $25.
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There is no minimum monthly balance requirement, though accounts with zero balance may be closed.
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The account comes with a debit card.
Cons
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The $3 out-of-network ATM fee is higher than average.
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The $15 overdraft fee (for those who opt-in to the overdraft program) can be charged up to three times per day.
How BMO compares to other banks
Compare different account types offered by BMO. Annual percentage yields (APYs) shown were updated between Feb. 15, 2025 and Feb. 21, 2025.
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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. |
Search for or select a bank:
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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 Feb. 15, 2025 and Feb. 21, 2025.
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| 3.15% | 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 60 months. Save a couple of terms, BMO CDs come with solid 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 solid 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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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 (Relationship Plus Money Market accounts) |
| Account closing fee (if within 90 days of opening) | $50 |
| Paper statement fee | $2 or $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 $300 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.
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.
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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