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BMO products: Checking, Savings and CDs

Offers a variety of saving and checking options and an extensive ATM network.

BMO is the 23rd-largest commercial bank with over $166 billion in consolidated assets. It offers a vast assortment of banking products and services. But its low interest rates are unimpressive, and you can expect long hold times when contacting customer service.

What banking products does BMO offer?

  • Checking accounts. Choose from three checking accounts with varying monthly fees. While all its checking accounts have a minimum opening deposit requirement of $25, only the Premier account earns interest and offers ATM fee reimbursements.
  • Savings account. While the BMO Savings Builder Account only offers 0.01% APY, it has no monthly maintenance fees, and you get $5 for every month you save at least $200 for the first year.
  • Money Market accounts. The BMO Premier Money Market account earns 0.05% APY on your entire account balance and comes with a $10 monthly fee, which is waivable if you have a $10,000 minimum daily balance. And Premier checking account holders can earn up to 0.12% depending on their account balance through BMO Relationship Package benefits.
  • CDs. BMO offers CD terms from three months to five years with interest rates that range from 0.05% APY to 2.8% APY. But you need at least $1,000 to open an account.
  • Retirement accounts. Choose a short- or long-term individual retirement account with opening deposits that start at $100.
Name Product Fee Minimum deposit to open Annual Percentage Yield (APY) Offer
BMO Harris Premier™ Account
Finder Rating: 3.4 / 5: ★★★★★
BMO Harris Premier™ Account
$25 per month
0.01% on balances of $0.01+
Get a $350 bonus when you open a new Premier account and have a cumulative total of $7,500 in qualifying direct deposits in the first 90 days
Make your money work for you with a Premier checking account from BMO, which offers interest earnings, quarterly credit card spend bonuses, ATM surcharge rebates and lending benefits such as a closing cost credit and home equity interest rate discount. Member FDIC.
BMO Harris Smart Money™ Account
Finder Rating: 4.5 / 5: ★★★★★
BMO Harris Smart Money™ Account
$5 per month
Get a $200 bonus when you open a new Smart Money account and have a cumulative total of $4,000 or more in qualifying direct deposits in the first 90 days
You’ll pay no monthly maintenance fee if you are under 25. It also offers no overdraft charges and no non-sufficient fund (NSF) fees. Member FDIC.
BMO Harris Smart Advantage™ Account
Finder Rating: 4.7 / 5: ★★★★★
BMO Harris Smart Advantage™ Account
$0 per month
Get a $200 bonus when you open a new Smart Advantage account and have a cumulative total of $4,000 or more in qualifying direct deposits in the first 90 days
Earn a $200 cash bonus after $4,000 deposits in the first 90 days. Pay $0 monthly fees and no minimum balance. Access a large nationwide network of free ATMs. Member FDIC.

Other products

  • Business banking. In addition to personal bank accounts, you’ll also find checking accounts, savings accounts, credit cards and lending solutions for your business.
  • Credit cards. BMO offers several Mastercard credit cards to match your spending style and reward preferences, such as higher cashback for streaming services or more points on travel purchases.
  • Mortgages. Apply for a home loan or refinance your existing mortgage with BMO Mortgage Bankers.
  • Loans and lines of credit. Get financing to fit your needs. Credit products include home equity loans, personal loans, auto loans and BMO‘s Credit Builder Loan Program to help you build or establish your credit history.

How does BMO compare to other banks?



  • Low opening deposit. You only need $25 to open a checking account.
  • Large ATM network. Access your cash at thousands of BMO and Allpoint ATMs nationwide.
  • ATM rebates. BMO Premier Account customers can get ATM reimbursements of up to $25 every month.


  • Monthly fee. Both the Smart Money and Premier accounts come with monthly maintenance fees.
  • Miscellaneous fees. Unless you’re a Premier account holder, expect to pay $3 for check images and $2 for paper statements every month unless you opt in for paperless statements.
  • Low interest rates. Only the Premier account earns interest on your account balance, and at 0.01% APY, it’s lower than the national average of 0.03% APY.



  • Automatic savings transfers. Grow your savings by setting up automatic transfers from your checking to savings accounts.
  • No monthly fee. The Savings Builder account costs nothing to maintain.
  • Savings bonus. You earn $5 every month you save at least $200 for the first year — a potential bonus of $60 for the year.
  • ATM card. After you open your account, you can request an ATM card to use at any BMO or Allpoint ATM.


  • Weak APY. Your cash only earns 0.01% APY, which is next to nothing.

Money market


  • ATM card. Conveniently access your cash with an ATM card.
  • Relationship rates. A Premier checking account unlocks higher interest rates on your Premier Money Market account.


  • Monthly fee. The Premier Money Market account has a $10 monthly maintenance fee, which can be waived if you keep at least $10,000 in your account.
  • Unimpressive interest rate. The base interest rate is 0.05% APY. You need to be a Premier checking account customer with a total balance of $25,000 to $99,999.99 across all eligible deposit accounts to qualify for its increased rate of 0.08% APY, which is the national average. Balances $100,000 to $249,999.99 earn 0.10% APY and $250,000 or more earn a slightly higher interest rate of 0.12% APY.



  • Competitive rates in certain states. Interest rates range from 0.05% APY to 2.8% APY but may vary significantly by location. For example, New York customers can earn up to 2.8% APY on a standard CD, but Chicago residents max out at 0.25% APY.
  • CD options. BMO has six CD options — standard CDs, online CDs, CD Specials, Add-on CDs, Bump Rate CDs and Step Up CDs — with terms that range from three months to five years.


  • High opening deposit. You need at least $1,000 to open a standard CD account and $5,000 for its CD specials.
  • Delayed interest postings. While some banks credit interest to your CD monthly, BMO credits it quarterly on CD with terms one year or greater.

Overall banking


  • Convenient ATM access. Up to five free cash withdrawals of a maximum $1,000 daily at over 40,000 BMO and Allpoint ATMs nationwide.
  • Plethora of banking products. BMO offers a full suite of banking solutions, from checking accounts to lines of credit.
  • Mobile cash. Leave your ATM card at home and withdraw cash at most BMO ATMs with just your smartphone using the BMO Digital Banking mobile app.


  • Low interest rates. While its CD accounts have competitive interest rates, APYs on its checking and savings accounts are below average.
  • Monthly fees. Many BMO accounts come with a monthly maintenance fee.
  • No live chat. The only way to contact customer service is by phone or email. And many customers complain of long hold times to speak to an agent.

BMO reviews and complaints

BMO is an accredited business with the Better Business Bureau (BBB) and holds an A+ rating for responding to customer complaints. It has closed nearly 350 complaints within the last three years and holds a 1.07 out of 5-star rating based on 83 customer reviews. And its Trustpilot profile doesn’t fare well either, with a 2.5 out of 5-star rating based on 12 customers.

Customers generally have good experiences when they visit BMO branches in person. But many complain about poor customer service on the phone, limited online functionality and the slow overall banking experience. For example, customers report that it takes over a week to process an address change, and phone hold times average over 30 minutes.

BMO customer service

Contact BMO customer support in two ways:

  • Call 888-340-2265 on weekdays from 7 a.m. to 10 p.m. CT and on weekends from 8 a.m. to 8 p.m. CT.
  • Fill out a contact form in its online support center.

Bottom line

BMO offers an extensive suite of banking products for both your personal and business needs. And its widespread network of BMO and Allpoint ATMs makes accessing your cash a breeze. But you might be better off with another bank when you combine its abysmal interest rates with the potential monthly fees on many of its accounts.

And while its CDs fare better when it comes to APY, its funding minimum of $1,000 is steeper than its competitors that offer $0 or $500 opening deposits. And how competitive your interest rate is depends on where you live.

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