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BMO Harris Review 2023

Updated January 4, 2023
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At a glance

3.7
Rating: 3.7 stars out of 5
Bankrate Score
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CDs

Rating: 3.9 stars out of 5

Checking

Rating: 4.5 stars out of 5

Savings

Rating: 3.5 stars out of 5

MMA

Rating: 1.9 stars out of 5

About Bankrate Score

Overview

BMO Harris is best for customers who want an institution with a full suite of personal banking products, including deposit accounts, credit cards and loans. It's also a good fit for those who need retirement planning, business or commercial services, wealth management and investment services and advice.

Highlights

  • Free Checking
Compare offers
Bank logo
Member FDIC
Savings Account
3.30
%
APY
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
1.10
%
APY
Rating: 0 stars out of 5
$100
Min. balance for APY
View offer Arrow Right

Overall

BMO Harris’ products and services are geared toward a broad range of customers both in the U.S. and globally, from modest income earners to the wealthy. While the bank offers a full suite of banking and loan products, its savings yields are below average.

Pros

  • Checkmark

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

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    Customers have access to more than 40,000 fee-free ATMs nationwide.

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    The bank has a global presence.

Cons

  • Its savings products have below-average yields.

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

BMO Harris bank products

3.5
Rating: 3.5 stars out of 5
Bankrate Score

BMO Harris savings overview

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 other banks.

Pros

  • Checkmark

    The Savings Builder account has no monthly maintenance fee.

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    The minimum opening deposit is a modest $25.

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    The account can be opened online or in a branch.

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

Cons

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

Compare Offer
Bank logo
Member FDIC
Savings Account
3.30
%
APY
Rating: 4.7 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right

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. The customer service line is open for general inquiries from 7 a.m. CT to 10 p.m. on weekdays and 8 a.m. to 8 p.m. on weekends. However, lost cards can be reported at any time of day.  There is also an online customer support form.

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.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.