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BMO offers ten certificates of deposit (CD) terms, ranging from three months to 60 months. The North American bank’s standard CD rates are low, but its CD specials are competitive even among rates offered by online banks.
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Here’s an overview of BMO Certificates of Deposit rates. Rates are accurate as of September 11, 2024. CD rates may vary depending on location and minimum deposit. Rates in your area may differ from the rates in this article, which are specific to New York ZIP code 10001.
BMO Standard CD Rates
| CD Term | APY | Minimum Deposit |
|---|---|---|
3 Months | 0.05% | $1,000 |
6 Months | 0.05% | $1,000 |
9 Months | 4.50% | $1,000 |
12 Months | 4.50% | $1,000 |
18 Months | 4.50% | $1,000 |
24 Months | 4.00% | $1,000 |
30 Months | 4.00% | $1,000 |
36 Months | 4.00% | $1,000 |
48 Months | 4.00% | $1,000 |
60 Months | 4.00% | $1,000 |
BMO CD Specials
| CD Term | APY | Minimum Deposit |
|---|---|---|
13 Months | 4.50% | $1,000 |
25 Months | 4.00% | $1,000 |
35 Months | 4.00% | $1,000 |
45 Months | 4.00% | $1,000 |
59 Months | 4.00% | $1,000 |
Overview of BMO CDs
BMO offers CD terms ranging from three months to five years, giving customers flexibility. With ten different standard CD term options and five CD specials, BMO CDs could be a great tool for building a CD ladder to maximize your savings while maintaining access to funds. CD rates and terms vary for balances above $100,000. BMO CDs carry a $1,000 minimum deposit requirement.
Interest on BMO CDs is compounded daily and credited at maturity for CD terms less than one year or quarterly for CD terms longer than one year.
Like other banks, BMO doesn’t charge monthly fees to maintain CD accounts. If you need to access CD funds before the end of the agreed-upon term, BMO will charge you an early withdrawal penalty of up to 545 days’ worth of interest, depending on your CD term length.
BMO CDs automatically renew at maturity. The bank provides a 10-day grace period upon completion of the term for customers to add or withdraw funds or close the account.
| Overview of BMO CDs | Details |
|---|---|
Minimum Deposit | $1,000 |
Term Lengths | 3, 6, 9, 12, 18, 24, 30, 36, 48 and 60 months |
Compounding Schedule | Daily |
Early Withdrawal Penalty | Up to 545 days’ interest |
Grace Period for Penalty-Free Withdrawals After Maturity | 10 days |
How Much Can You Earn With a BMO CD
BMO Bank certificates of deposit offer guaranteed returns for agreeing to leave funds untouched in a CD account until maturity. CDs come with fixed APYs and terms, allowing you to calculate how much interest you’ll earn over the term.
The amount of interest you can earn with a BMO CD depends on the type of CD you open, your initial deposit and the maturity term. Use the below calculator to determine exactly how much you could earn with a BMO CD. Simply plug in your opening deposit, the CD’s term length and the APY, and select Calculate.
How the BMO CDs Stack Up
BMO’s standard CDs offer low APYs, but its CD specials tout high APYs with relatively low minimum requirements, although you can find comparable high-yield CDs without minimum deposit requirements. The bank’s CD specials are more than competitive with top online banks and much higher than the national average, according to recent FDIC data.
With an assortment of terms, there’s a BMO CD to meet almost every savings need. Compare CD rates at multiple banks and credit unions to find the highest APYs.
About BMO
BMO Bank (formerly BMO Harris Bank), is the 13th-largest bank in North America by assets. The national bank serves over 12 million customers across North America. BMO is a full-service bank offering personal banking products and services and commercial and investment banking options. The bank is a part of the BMO Financial Group, and its history dates back to the early 1800s when it was known as Montreal Bank, Canada’s first bank.
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Frequently Asked Questions (FAQs)
Is BMO FDIC insured?
Yes, BMO Bank is FDIC-insured (FDIC #16571). The federal government protects your money up to $250,000 per depositor, for each account ownership category, in the event of a bank failure.
What does BMO Bank stand for?
BMO stands for Banque Montreal or Bank of Montreal, the bank’s original name when founded in 1817.
What other bank accounts does BMO have?
BMO is a full-service bank. Besides CDs, BMO offers an assortment of banking products and services, including checking accounts, savings accounts, money market accounts, credit cards, loans, retirement and investment accounts and services, wealth management services, small business banking and commercial banking.
Does BMO have branches in the US?
BMO Bank is headquartered in Chicago, Illinois and operates more than 500 branches across Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri and Wisconsin.
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