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BMO Harris Review 2022

Published February 2022 by Libby Wells

AT A GLANCE
3.4

Bankrate Score

bank-logo

24/7 Customer Service

BMO Harris is best for customers who want an institution with a full suite of personal banking products such as checking, savings and money market accounts, certificates of deposit, credit cards, mortgages and other loans. It's also a good fit for those who need retirement planning, business or commercial services, wealth management and investment services and advice. It also offers health savings accounts for individuals and employers.

  • Savings
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    3.3
  • MMAs
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    1.5
  • CDs
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    2.8
  • Checking
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    4.6
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    CIT Bank

    Member FDIC

    Savings account

    0.90 % APY

    $ 0

    Min. balance for APY

    LendingClub

    Member FDIC

    Savings account

    0.85 % APY

    $ 0

    Min. balance for APY

    UFB Direct

    Member FDIC

    MMA

    0.81 % APY

    $ 0

    Min. balance for APY

    Overall

    3.4

    Bankrate Score

    In addition to the U.S., BMO Harris has a presence in many countries around the globe. Its products and services are geared toward a broad range of customers, from modest income earners to the wealthy.

    What we like

    • BMO Harris has a full suite of personal banking products and services.

    • It has more than 40,000 fee-free ATMs nationwide.

    • It is a long history and is FDIC-insured.

    • It has a global presence.

    What we don't

    • Its deposit products are unremarkable.

    • BMO Harris has brick-and-mortar locations in only eight states.

    Savings accounts

    3.3

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    CIT Bank

    Member FDIC

    Savings account

    0.90 % APY

    $ 0

    Min. balance for APY

    BMO Harris Savings Builder account has no monthly maintenance fee and the minimum opening deposit is just $25. The bank gives a $5 reward for every month in the first year of opening the account that you save $200 or more. There are no transaction limits and the account can be opened online or in a branch. But the APY is very low and it's easy to find much higher yields at online banks.

    What we like

    • The Savings Builder account has no monthly maintenance fee.

    • The minimum opening deposit is a modest $25.

    • The account can be opened online or in a branch.

    • Savers get a $5 reward in any month they add at least $200 to the account during the first year it's opened.

    What we don't

    • The APY on the Savings Builder account is very low.

    Money market accounts

    1.5

    Bankrate Score

    You need only $25 to open the Premier Money Market account at BMO Harris. There is a $10 monthly maintenance fee unless you maintain a monthly minimum balance of $10,000. The APY is not competitive, but you can earn higher rates with a relationship account package. APYs vary by ZIP code.

    What we like

    • The opening deposit requirement is a modest $25.

    What we don't

    • The APY is not competitive.

    • There is a $10 monthly service charge unless you maintain a monthly minimum balance of $10,000.

    CD rates

    2.8

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    2.10 % APY

    2yr

    Term

    $ 500

    Min. deposit

    BMO Harris offers 15 CD terms ranging from three months to five years, with minimum opening deposits ranging from $1,000 to $5,000. APYs are not competitive compared with many online banks. Some CDs can be opened in a branch or by phone; others must be opened online. BMO Harris offers CD Specials, Add-on CDs, Bump-Rate CDs and Step-Rate CDs. APYs vary by disclosed ZIP code.

    What we like

    • The bank offers a broad range of CD terms.

    • The bank offers CD Specials, as well as Add-on CDs, Bump-Rate CDs and Step-Rate CDs.

    • CDs can be opened online, at a branch or by phone.

    What we don't

    • APYs are not competitive.

    • Some CDs require a minimum opening deposit of $5,000.

    Checking accounts

    4.6

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    SoFi

    Member FDIC

    Checking account

    1.25 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    BMO Harris offers several checking accounts, but for this review Bankrate looked at the Smart Advantage checking. The account is not interest bearing, but there is no monthly maintenance fee. You will need at least $25 to open the account, but after that, there is no minimum balance requirement. However, accounts with a $0 balance may be closed.

    The account can be opened online, by phone or at a branch. Smart Advantage comes with a MasterCard debit card, including a choice of branded cards for fans of Chicago sports teams. You can use the debit card to access your money through BMO Harris' big ATM network or go card-free using Mobile Cash, a QR-code based smartphone technology in the bank’s mobile app that works at ATMs. Paper statements will cost you $2 a month, out-of-network ATM usage carries a $3 fee and overdrafts and nonsufficient funds are $36, which exceeds the national average of $33.58.

    What we like

    • Smart Advantage has no monthly maintenance fee.

    • The minimum opening deposit is a modest $25.

    • There is no minimum monthly balance requirement.

    • The account comes with a debit card.

    What we don't

    • The $36 fee for overdrafts/NSFs exceeds the national average.

    Bank experience

    BMO Harris has a limited brick-and-mortar presence, but it offers mobile and online banking with all the digital tools needed to monitor and manage accounts. The bank's Total Look tool lets you manage all your accounts, even non-BMO Harris accounts, in one place, create a budget and track your spending.

    BMO Harris also allows peer-to-peer payments with Zelle. As a customer, you can contact someone at the bank’s call center 24/7 or get support via online chat.

    About BMO Harris

    BMO Harris is the eighth-largest bank in North America by assets. It is headquartered in Chicago. The Bank of Montreal is BMO Harris’ parent company and BMO Financial Corp. is its U.S. holding company. BMO Harris' roots date to the mid-1800s.

    Insured by the Federal Deposit Insurance Corp., it has more than 500 branches in Illinois, Indiana, Arizona, Missouri, Minnesota, Kansas, Florida and Wisconsin.

    Libby Wells Twitter Created with Sketch. @

    Libby Wells Twitter Created with Sketch. @

    Libby Wells is a part-time editor at Bankrate. Previously, she was Bankrate's chief copy editor and a credit card reporter. Libby spent most of her career as a newspaper journalist and has more than 30 years of experience as a writer and editor.