BMO Harris Review 2021

Published January 2021 by Libby Wells

AT A GLANCE
3.7

Bankrate Score

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24/7 Customer Service

In states outside of where it has its branches, BMO Harris’ Platinum Money Market Account offers a competitive yield and great accessibility options, with both check-writing privileges and an ATM card.

  • Savings
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    2.6
  • MMAs
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    2.9
  • CDs
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    3.4
  • Checking
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    4.6
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.70 % APY

    18mo

    Term

    $ 500

    Min. deposit

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.70 % APY

    18mo

    Term

    $ 500

    Min. deposit

    Overall

    3.7

    Bankrate Score

    BMO Harris offers a competitive yield on its Platinum Money Market Account. The $5,000 minimum balance requirement is higher than some accounts, but if you have that much to deposit, it’s worth considering.

    What we like

    • BMO Harris has its own ATM network of more than 1,500 ATMs, plus it partners with the large Allpoint ATM network.

    • It pays a competitive APY on its Platinum MMA.

    • Statement Savings account has only a $25 minimum opening deposit.

    • You can avoid a monthly fee by keeping at least $100 in the Statement Savings account.

    What we don't

    • Other banks have a lower minimum balance requirement for a high-yield account.

    • You must keep at least $5,000 in the Platinum MMA to get the top rate.

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

    Savings accounts

    2.6

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    The BMO Harris Statement Savings account is available online nationally. The account has a low minimum opening deposit amount of $25. You need a daily ledger balance of just $100 or more to waive the monthly maintenance fee. The maintenance fee also is waived if you’re under 25 years old. These are the easiest ways to avoid the monthly maintenance fee. 

    But the APY is well below the national average on all balances, so there are better options out there for savers.

    What we like

    • Statement Savings account has a reasonable minimum balance requirement of $100.

    • If you’re under 25 years old and the primary owner of a Statement Savings account, the $5 monthly maintenance fee is waived.

    • All balances earn the account’s top APY.

    What we don't

    • There are higher-yielding options available at other banks.

    • You’ll be charged a $50 fee if you close the Statement Savings account within 90 days of opening it.

    Money market accounts

    2.9

    Bankrate Score

    The Platinum Money Market Account offers a decent APY. These APYs are offered nationally in states outside of Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri and Wisconsin. The account offers accessibility features that some other money market accounts don’t, including check-writing privileges and an ATM card.

    What we like

    • There is no monthly maintenance fee on the Platinum MMA.

    • The Platinum MMA has check-writing privileges.

    • You can make withdrawals from an ATM with the Platinum MMA.

    • The Platinum MMA account statement includes check images.

    What we don't

    • You must have a balance of at least $250,000 to earn the highest APY.

    • There’s a $50 closing fee if the account is closed within 90 days of opening.

    • There is a minimum balance requirement of $5,000.

    • There is a $3 fee for transactions made on a non-BMO Harris ATM.

    • The Platinum MMA may pay less interest in states where BMO Harris has branches.

    CD rates

    3.4

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.70 % APY

    18mo

    Term

    $ 500

    Min. deposit

    BMO Harris offers CDs across terms ranging from three months to five years. Yields vary depending on the market and how much you deposit into the account. If you deposit at least $5,000 in a 12-month CD, you will earn a competitive rate. However, that payout significantly decreases if you deposit less than that amount.

    In some cases, however, it’s possible to earn a slightly higher yield through a CD special.

    The bank offers several types of CDs, including an add-on CD that allows account holders to make multiple deposits. CDs can be purchased online, over the phone or in a local branch.

    What we like

    • CDs are available across all standard terms.

    • A relatively low minimum deposit is required for most of the CDs.

    • CDs featured on the website are available nationwide.

    What we don't

    • Yields may be lower depending on where you live.

    Checking accounts

    4.6

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Quontic Bank

    Member FDIC

    Checking account

    1.01 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    The BMO Harris Premier Account pays interest on all balances greater than zero. The best rate is offered to those with a balance of $5,000 or more. The account can be opened online or in a branch with a $25 minimum deposit. A $25 monthly maintenance fee is charged if the minimum daily balance falls below $10,000. The fee can be waived for those who link their accounts and carry a combined balance of $25,000 or who have a BMO Harris Financial Advisors Inc. investment account.

    Non-interest-bearing checking account options include the BMO Harris Smart Advantage, which does not have a monthly fee, and the BMO Harris Smart Money Account which does not charge overdraft fees but does come with a $5 monthly maintenance fee. Both can be opened with a $25 minimum deposit.

    What we like

    • The BMO Harris Premier checking account offers tiered interest rates for all balances greater than zero.

    • The opening deposit requirement for the interest-bearing Premier checking is low.

    • The account can be opened online.

    • With Premier checking, BMO Harris will pay $25 in rebates per month for ATM surcharge fees.

    What we don't

    • There is a $25 monthly maintenance fee for Premier checking unless you keep a balance of at least $10,000.

    Bank experience

    BMO Harris Bank pairs some of the best in-person banking features with digital banking functionality.

    BMO Harris Bank boasts a large ATM network with more than 1,500 ATMs. In addition, the bank partners with Allpoint, giving customers free access to tens of thousands of ATMs across the country. With over 500 branches, the bank gives customers broad access to in-person banking.

    BMO Harris also offers mobile and online banking. You can set up automatic payments and schedule payments. 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.

    About BMO Harris

    BMO Harris is headquartered in Chicago and has more than 500 branches in eight states. Its customers have access to more than 43,000 ATMs. Its branches are in Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri and Wisconsin.

    The Bank of Montreal is BMO Harris’ parent company, and BMO Financial Corp. is its U.S. holding company.

    BMO Harris has roots dating to N.W. Harris & Co. (1882) and Samuel Marshall & Co., Exchange Brokers (1847).

    Libby Wells Twitter Created with Sketch. @

    Libby Wells Twitter Created with Sketch. @

    Libby Wells is a contributing writer to Bankrate. Previously, she was Bankrate's chief copy editor. Libby has more than 30 years of experience as a writer and editor for newspapers, magazines and online publications in South Florida. She spent most of her career at The Palm Beach Post and Palm Beach Daily News, but she also did a previous stint at Bankrate as the credit card reporter. Libby is a native of Kentucky and a graduate of the University of Kentucky, where she earned a bachelor's degree in journalism. She's an avid fan of the legendary UK Wildcats basketball team.