Looking for a banking partner that will meet all your needs? BMO could, but they provide low APYs (2024)

All rates and fees are current as of July 2, 2024, and are subject to change.

BMO Bank rates and products

BMO Bank has numerous deposit accounts to choose from, including three checking accounts, a savings account, a money market account (MMA), and CDs. This many offerings means BMO can be a good place for all-in-one banking. However, because most of its APYs are below average, some consumers may wish to look elsewhere to maximize interest earnings.

Checking accounts

BMO offers three different types of checking accounts: the Smart Advantage Checking account with no monthly fees or minimum balances, the Smart Money Checking account, which waves all overdraft fees, and the Relationship Checking account, with various benefits depending on how much money is in the account.

The BMO Smart Advantage Checking account is a basic free checking account with no monthly fees. You’ll receive access to over 40,000-plus fee-free ATMs across the country, as well as the option to use Zelle transfers. While there are no minimum balance requirements specified, BMO does say it might close accounts with a $0 balance.

The main advantage of the BMO Smart Money Checking account is that it doesn’t charge overdraft fees. Otherwise, it comes with the same benefits as the Smart Advantage account. Unless you’re overdrafting your account regularly, you’re likely better off with the Smart Advantage account so that you don’t have to pay the $5 monthly fee. This account also doesn’t come with any new account bonus—see our list of the best checking account bonuses if that’s a priority for you.

A BMO Relationship Checking account gives you more perks depending on how much money you deposit. Silver is the tier for combined quarterly balances under $25,000 and comes with unlimited free ATM transactions, a free safe deposit box rental, and a $10 credit card spend bonus per quarter.

You’ll be upgraded to Gold if you have $25,000 to $99,999.99 in your account, Platinum if you have $100,000 to $249,999.99, and Premier if you have over $250,000. At each level, you get a higher credit card spend bonus as well as additional reimbursem*nts for outgoing wire transfer fees.

This is also the only BMO checking account to earn interest. But at 0.01% APY, the account’s rate doesn’t offer much value.

Savings accounts

BMO Bank offers a savings account with no monthly fees and the opportunity to earn $5 per month if you save at least $200 in your first year, but a low APY.

Customers looking to earn extra cash on money parked in their savings accounts will likely want to look elsewhere. BMO’s Savings Builder account has an APY of 0.01%—the national average rate on savings accounts is 46 times that amount. Currently, you can find high-yield savings accounts with APYs above 5%.

BMO savings rates compared to current top rates*

While BMO is a great option for someone looking for a comprehensive banking solution, there are some institutions that offer higher interest rates. Compare the rates above to this list of competitors:

Money market accounts

BMO Bank’s MMA has a low opening deposit rate of $25, but it also has a low APY. Customers with a Relationship Checking account can score a rate bump on their MMA, but you have to maintain a quarterly combined balance of more than $25,000 to receive the higher APY.

BMO’s money market, much like its checking and savings account options, offers a less-than-stellar APY. At 1.00%, the APY on the Relationship Plus Money Market account lags far behind some of the highest rates you can find on MMAs. Also, customers who invest in this account will have to maintain a relatively high daily balance of $5,000 to get the $10 monthly maintenance fee waived.

Certificates of deposit

BMO Bank has a wide range of CD offerings, meaning you can likely find a term to meet your needs. While its APYs aren’t among the best CD rates currently available, they’re still far above average. The $1,000 minimum deposit might be out of reach for some customers, but it’s a relatively low standard for the industry.

One drawback of a BMO CD is the early withdrawal penalties. If you withdraw your principal before the CD term is over, you’ll pay fees in the form of earned interest. In some cases, if you haven’t earned enough interest yet to pay the fee, you’ll lose part of your principal.

BMO’s CD rates are largely underwhelming. The shortest terms have a disappointing 0.05% APY along with higher minimum deposit requirements, and their long-term rates are up to 2.00%. Deciding whether to use a short-term or long-term CD depends on several factors, but either way, you’ll likely get more bang for your buck using another institution.

Other services BMO offers

BMO provides many other products—from individual retirement accounts (IRAs) to credit cards to lending products like mortgages and personal loans:

• IRAs: BMO offers IRA CDs and an IRA savings account called IRA Premium Savers. The IRA Premium Savers is an interest-bearing account available as a Roth, Traditional, or Simplified Employee Pension (SEP) IRA. You’ll need a minimum deposit of at least $1,000 for an IRA CD and $100 for the Premium Savers.
• Credit cards: BMO provides five types of credit cards: A travel card, a cash back card, a 0% introductory annual percentage rate (APR) card on new purchases and balance transfers, a credit-building secured card, and a no-annual-fee rewards card.
• Mortgages: BMO offers various types of mortgages, such as fixed-rate, adjustable-rate, low down payment, jumbo, cross-border mortgages, and refinancing.
• Auto loans: These loans are available for trucks, boats, RVs, campers, motorhomes, and more. Term lengths range from 12–120 months, and APRs vary based on loan amount, model year, loan-to-value (LTV), term length, and credit history.
• Personal loans: Amounts range from $1,500 to $35,000, with 12- to 60-month repayment terms for personal loans. APRs vary based on loan, amount, repayment term length, and credit history.
• Private student loans: BMO provides private student loans through Nelnet, which is a separate student loan servicing company. Borrowers can take out up to $125,000 for undergraduate loans and up to $175,000 for graduate or doctorate loans.
• Home equity loans (HELOANs): HELOANs allow someone to borrow against the value of their homes. By tapping the equity they have in their homes, customers can use that money however they choose. Loan values start at $5,000, and terms range from 5–20 years.
• Home equity lines of credit (HELOCs): HELOCs enable customers to tap into their home's equity as needed. Rates on these loans are variable, depending on what state the home is located in, someone’s creditworthiness, the credit limit amount, and the LTV ratio, among other factors.
• Credit builder loan program: This involves taking out a loan (a minimum of $1,000) to purchase a BMO CD with a term length between 24 and 60 months. Once you pay back the loan with regular on-time payments, which allows you to build your credit score, you’ll receive the principal, such as the amount you initially invested, plus any interest.
• Savings secured loans: These loans allow customers to borrow against money they have in BMO CDs or savings accounts. Doing so allows you to tap your money and avoid early withdrawal penalties or loss of interest.

Online banking

BMO Bank offers plenty of digital banking services so you never have to visit a branch. In addition to online account access, you can download the BMO Digital Banking App to pay bills, transfer funds, and analyze your spending habits. The app has a mobile check deposit feature that provides access to up to $500 in one business day.

In addition, BMO provides online account alerts when you have a low balance or an upcoming payment. Overall, while BMO doesn’t make our list of the best online banks and credit unions, the number of digital features available means it’s still a viable option for those who don’t like in-person banking.

You may have also heard of BMO Alto, which is BMO Bank’s online-only division. While the products offered by BMO Alto are backed by BMO Bank, they are two separate entities. However, if you have accounts at both banks, they aren’t separately insured by the Federal Deposit Insurance Corp. (FDIC) and both count toward your FDIC deposit insurance limit.

The BMO platform and customer support

To log into BMO Bank online, you’ll need to enroll in a digital banking account. This requires you to provide your account type and number as well as your Social Security number. Once you’ve established your account, you can sign up for new products, manage your existing accounts, and transfer money in and out of your account.

If you need help along the way, BMO Bank has phone support available at 1-888-340-2265 from 7 a.m. to 11 p.m. Central Time (CT) Monday to Friday and 8 a.m. to 10 p.m. CT on Saturdays and Sundays. You can also use the online support tool if your request isn’t urgent, but this provides answers to frequently asked questions (FAQs) without offering any personalized support. There are no email or live chat support options available.

Is BMO Bank secure?

BMO Bank says it uses leading-edge security technology and manages security threats 24/7/365. It has a dedicated Financial Crimes Unit that uses firewalls and email security software to keep your data safe. All sessions time out after 15 minutes of inactivity to prevent unauthorized users from accessing your account, and you need enhanced authentication when using digital banking for the first time.

Unfortunately, BMO Bank suffered a data breach in August 2023, and users’ names and Social Security numbers may have been compromised.

BMO Bank user reviews

Overall, BMO Bank generally has negative reviews from customers online. Complaints focus on long hold times for checks and problems getting online banking to work. Transfers also seem to take longer than users were expecting, causing delays in being able to pay bills. Some have also reported poor interactions with customer service, making it hard to get resolutions to their issues. That said, users who enjoyed their experience with the bank specifically praised customer service for their attentiveness to their problems.

Compare BMO Bank alternatives

BMO Bank	Ally Bank	Bank of America
Savings APY	Savings APY	Savings APY
0.01%	4.20%	0.01%
Savings Account Monthly Fee	Savings Account Monthly Fee	Savings Account Monthly Fee
$0	$0	$8
Checking APY	Checking APY	Checking APY
0.00%	0.25%	0.00%
Checking Account Monthly Fee	Checking Account Monthly Fee	Checking Account Monthly Fee
$0	$0	$4.95
View offer at Fiona	View offer at Fiona	Read our review of Bank of America

Is BMO Bank right for you?

BMO Bank is a decent pick if you value doing all of your banking in one place and access to physical branches. The checking and savings APYs certainly won’t make you rich, but the lack of fees means these accounts can be a safe place to park your money. Opening up a CD or money market account can earn you more, but there are better offerings if your goal is to maximize APYs. Additionally, you’ll likely want to look into other options if you don’t live near a BMO location.

Frequently asked questions