Kevin is a freelance contributor to Newsweek’s personal finance team. As a content creator and podcast host passionate about helping families, Kevin has created content on a range of topics, from budgeting and money management to credit cards and travel rewards. Kevin is based in Cleveland, Ohio, with his wife and four kids.
Robert is a senior editor at Newsweek, specializing in a range of personal finance topics, including credit cards, loans and banking. Prior to Newsweek, he worked at Bankrate as the lead editor for small business loans and as a credit cards writer and editor. He has also written and edited for CreditCards.com, The Points Guy and The Motley Fool Ascent.
Newsweek Vault’s banking experts have done hundreds of hours of research to present you with all the latest information about your banking options. Whether you’re interested in opening a new checking account or savings account, our research spans all the top online banks, credit unions and brick-and-mortar branches.
We assessed the following five key factors to help you choose the best account for your personal finance needs.•Associated fees•ATM access•Balance requirements•Customer service•Interest-earning potential
BMO Bank is better suited for individuals who prefer to bank in person and live in one of 32 states where the bank does business. Some accounts, including its special CDs, earn competitive rates, but for the most part, BMO bank accounts earn low APYs.
Pros
Cons
BMO Bank offers a full suite of products and services for most banking needs. But for the best savings rates, you’ll need to head over to BMO Alto, its online-only bank division.
CDs: BMO Bank standard CDs range from three months to five years, with 10 to 12 terms to choose from, depending on the minimum balance. The bank also has five special CD terms available, which all earn highly competitive APYs.
Checking: The bank has three checking account offerings, including one interest-bearing checking account with bank relationship benefits.
Savings: The Savings Builder Account is the bank’s lone savings account. The account earns a low APY but has no monthly maintenance fee and comes with an opportunity to earn a $5 reward each month for the first year.
Money Market: The BMO Bank Relationship Plus Money Market account earns a modest interest rate, with the option to earn more competitive rates with a large combined balance between it and a Relationship Checking account.
Vault’s Viewpoint on BMO Bank
BMO Bank offers full-service banking with a large network of local branches for in-person banking. You’ll find competitive rates sprinkled within the bank’s wide array of accounts, especially its special CD terms. Unfortunately, the rest of its account offerings offer minimal interest savings, often accompanied by monthly fees, though In some cases, the bank waives monthly fees for meeting specific requirements.
BMO Bank is a good option for individuals who live near BMO Bank branch locations and prefer to do their banking in person. It’s also a good banking choice for those who want to maximize savings efforts and can be strategic with the accounts they open.
While you can open and manage BMO Bank accounts online, the bank is not a great fit for individuals who prefer to bank online. Several online banks offer similar products and services but with much higher APYs and fewer hoops to jump through to earn interest or avoid fees. This includes BMO Alto, an online-only bank owned by the same parent company as BMO but is separate from BMO Bank.
BMO Bank Certificates of Deposit
Expert Take
Standard CD rates are in line with other national banks but much less than those offered by online banks. BMO Bank has CD Specials available in five term lengths: 13, 25, 35, 45 and 59 months. CD Specials earn incredibly competitive rates ranging from 4.50% to 5.00% APY.
- Wide range of CD terms
- Highly competitive rates on CD Specials
- CD Specials are available in shorter and longer CD terms
The BMO Bank savings account is called the Savings Builder Account. Opening an account requires a $25 minimum opening deposit and has no monthly maintenance fee. Accountholders earn a $5 reward for each month they save $200 or more for the first year.
BMO Bank has three checking accounts. BMO Smart Advantage Checking and BMO Smart Money Checking are standard checking accounts. BMO Relationship Checking offers interest-earning by meeting bank relationship rate requirements. It features a $25 monthly fee, which the bank waives if you meet monthly account requirements.
Increased benefits based on account balance and no BMO fees for non-BMO ATM transactions
About BMO Bank
BMO Bank is the 8th largest bank in North America by assets. When the bank acquired Bank of the West in February 2023, it added more than 500 additional branches, extending its local banking footprint across 32 states.
The bank offers fee-free ATM access at over 40,000 BMO and Allpoint ATMs across the U.S. Along with an array of bank accounts, BMO Bank offers a full suite of financial products and services, including credit cards, mortgages, other lending products and investing and retirement solutions.
In April 2023, BMO’s parent company launched an online-only banking division called BMO Alto. It only offers a high-yield savings account and CDs, but savings rates for both are highly competitive with many of the best online banks.
BMO Bank Fees
BMO Bank offers an assortment of bank accounts, some with monthly fees and some that offer ways to waive the fee each month. Here is a look at the monthly fees charged by BMO on its bank account:
- BMO Certificate of Deposit: $0
- BMO Smart Advantage Checking: $0
- BMO Smart Money Checking: $5
- BMO Relationship Checking: $25
- BMO Savings Builder: $0
- BMO Relationship Plus Money Market: $10
CDs have no monthly fees but do charge a penalty for early withdrawal of up to 545 days of interest, depending on your CD term length.
BMO Customers do not pay ATM fees as long as they use ATMs that are part of the BMO or Allpoint ATM networks. Otherwise, the bank charges a fee for out-of-network ATM transactions. In addition, the ATM owner/operator may charge a surcharge for the transaction.
BMO charges fees on other bank transactions, including paper statements, check images, stop payments, wire transfers, expedited transactions and other miscellaneous transactions and services.
Who is BMO Bank Best for?
BMO Bank is best for individuals who still enjoy banking in person and reside in one of the 32 states where BMO Bank has locations. Consumers who prefer to do all of their banking with the same financial institution may also be a good fit.
Who Should Consider an Alternative to BMO Bank?
BMO Bank only has a few accounts that earn competitive rates compared with the top online banks. BMO Bank is not suited for consumers who want to maximize their savings efforts with the highest APYs available and avoid costly monthly fees.
How Does BMO Bank Stack Up to Its Competitors?
BMO Bank offers a variety of accounts and services but may not be the best fit for every consumer. Here’s how BMO Bank compares to a few of the best banks.
BMO Bank vs. Chase
Chase offers similar products and services as BMO, including in-person banking at a large network of 4,700 branch locations across 49 states and Washington D.C. Chase has a smaller ATM network than BMO, with 15,000+ ATMs available compared to 40,000+ for BMO customers.
Similar to BMO, most Chase interest-bearing accounts learn low rates except select CDs. Many accounts come with monthly fees but also offer ways to get the fee waived. Neither bank is ideal for savers, but they are both great options for banking in person and full-service banking.
BMO Bank vs. Discover
Discover is an online bank, so it has no branches for in-person banking. The online bank offers several account options, including checking, savings and money market accounts, certificates of deposit, retirement accounts, lending and credit cards.
Similar to its credit cards, Discover doesn’t charge fees on its bank accounts. Discover offers competitive APYs on its savings account, money market account and CDs. Also, the bank offers longer CD terms of up to ten years. Plus, checking customers earn cash back on debit card purchases and have access to 60,000+ fee-free ATMs.
The better bank depends on your needs. If you prefer in-person banking, BMO Bank is a better fit, but Discover offers better rates and fewer fees for consumers who are comfortable banking online or on their mobile devices.
BMO Bank vs. Capital One
Capital One primarily operates as an online bank, although it does have limited branch locations and Capital One Cafes spread across the U.S. The bank offers some of the best free checking and savings accounts for adults, kids and teens. All of Capital One’s savings accounts earn competitive rates. Also, Capital One 360 Checking and MONEY Teen Checking both earn interest. Capital One accounts have no monthly fees or minimum deposit requirements.
Capital One offers better rates and potentially better in-person banking If you happen to live in one of the areas of the country with Capital One branches or Cafes. It doesn’t offer the full suite of products and services or the number of account choices you find at BMO Bank, but Capital One is better for individuals who want to earn competitive APYs and avoid monthly fees.