BMO Harris Bank offers several options for those interested in CD investing, but you’ll need at least $1,000 to open an account. If you open a BMO Harris CD, you’ll find the annual percentage yield (APY) less-than-inspiring, depending on your savings goals.
If you do have the $1,000 required for opening a CD, you’ll have several options with terms, which ultimately affects your APY. If you have more you can invest, you’ll be rewarded with a higher BMO CD rates. The Special Rate CD offers an 11-month or 55-month option with the higher APYs, but you have to invest a minimum of $5,000.
Overall, BMO Harris earned a 3.4 out of 5 in Bankrate’s banking review, but the CD rates continue to be the area where BMO Harris could improve compared to other banks.
BMO Harris CD rates
BMO Harris offers three different CD account options. You can choose a Standard CD Rate if you have a minimum of $1,000 to invest. If you have $5,000 or more to invest, you can lock in a Special Rate CD with higher APYs. If you’re a current BMO Harris CD holder, you can select the Add-On CD option if you have at least $1,000 to add on and want to lock-in a rate at any time during your term.
Standard CD
If you’re looking for an everyday, no-frills choice for a CD investment, BMO Harris offers the Standard CD. With term length starting at 3 months and a minimum of $1,000 investment, you can quickly be on your way to opening your CD.
| Account name | Term | APY | Minimum deposit |
| Standard CD | 3 months | 0.05% | $1,000 |
| Standard CD | 6 months | 0.20% | $1,000 |
| Standard CD | 9 months | 0.20% | $1,000 |
| Standard CD | 12 months | 0.30% | $1,000 |
| Standard CD | 18 months | 0.30% | $1,000 |
| Standard CD | 24 months | 0.10% | $1,000 |
| Standard CD | 30 months | 0.15% | $1,000 |
| Standard CD | 36 months | 0.20% | $1,000 |
| Standard CD | 48 months | 0.25% | $1,000 |
| Standard CD | 60 months | 0.35% | $1,000 |
Special Rate CD
If you have a minimum of $5,000 to invest, BMO Harris offers a Special Rate CD.
| Account name | Term | APY | Minimum deposit |
| Special rate CD | 13 months | 0.40% | $5,000 |
| Special rate CD | 25 months | 0.50% | $5,000 |
| Special rate CD | 55 months | 0.60% | $5,000 |
Add-On CD
BMO Harris offers another option, the Add-On CD, if you have at least $1,000 to invest. You can add on to your current investment CD while locking in your rate, and you can do this at any time.
| Account name | Term | APY | Minimum deposit |
| Add-on CD | 1 year | 0.20% | $1,000 |
Note: The APYs (Annual Percentage Yield) shown are as of Oct. 23, 2020 and may vary by region.
How BMO Harris compares to top-yielding banks
BMO Harris offers several options for other CD terms, including shorter three- or six-month CDs. When you compare the CD terms to other banks, such as the Wells Fargo CD options or the Citizens Access CD, then BMO Harris definitely has more choices for CD terms.
Where the BMO CD falls short is with the APY. You can find more competitive CD rates — even some requiring less than BMO’s $1,000 minimum — with other banks. Online only options, such as the Marcus by Goldman Sachs or the Ally high-yield CDs, are offering higher APYs while still offering flexible terms depending on your minimum investment.
Other savings options at BMO Harris
If the CD interest rates don’t meet your financial needs, BMO Harris offers a couple of other options. The BMO Harris Statement Savings account is available to anyone online and only requires a $25 minimum to open. In return, you’ll receive a decent APY as long as you maintain a $100 balance. No matter how much you keep in the account, it will continue to earn the top APY.
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