At a glance

Overview

BMO 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, investment services and advice.

Highlights:

Free Checking Low Min Deposit

Highlights:

Free Checking Low Min Deposit

3.8

Bankrate Score

CDs

4.2 /5

Checking

4.5 /5

Savings

3.0 /5

MMA

2.4 /5

Overall

BMO’s products and services are geared toward a broad range of customers both in the U.S. and globally. The bank maintains more than 1,000 branches, and many of its deposit accounts can also be opened online. While the bank offers a full suite of banking and loan products, yields on some of its deposit products are below average.

Pros

BMO has a full suite of personal banking products and services.
Customers have access to more than 40,000 fee-free ATMs nationwide.

Cons

Some of BMO’s savings products have comparatively low yields.
BMO Bank's accounts come with many fees.

We want to know what you think about BMO

Do you have experience with BMO? Let us know your thoughts.

BMO Bank banking products

BMO Bank Savings Builder account

3.0

/5

See methodology Compare top savings rates

Pros

The Savings Builder account has no monthly maintenance fee.
The minimum opening deposit is a modest $25.
Savers earn rewards for growing the account in its first year.

Cons

The APY on the Savings Builder account is rock-bottom.
There’s a $50 fee if the account is closed within 90 days of opening.

The Savings Builder account basically earns no interest, but you can earn a $5 reward in any month your account grows by at least $200 during the first year it's open. That's a possibility of $60. If your savings balance won't earn that much in interest even with a high-yield account (you can do the math with our compound interest calculator), consider opening this account instead to give your savings a boost.

BMO Bank certificates of deposit (CDs)

4.2

/5

See methodology Compare top CD rates

Pros

The bank offers a broad range of CD terms.
CDs can be opened online, at a branch or by phone.

Cons

APYs on standard CD terms are not competitive.
Higher yields for lower minimum balances can generally be found elsewhere.

While yields on BMO's promotional CDs are higher than yields on its 10 different standard CD terms, none are particularly impressive compared to what other banks offer.

Learn more: Bankrate’s best CD rates

BMO Bank Growth Money Market account

2.4

/5

See methodology Compare top money market rates

Pros

The Growth Money Market account’s opening deposit requirement is $25.

Cons

There is a $10 monthly service charge unless you maintain a monthly minimum balance of $5,000.
Some types of transactions and withdrawals out of the account are limited to six per month with a $15 fee for any withdrawals over the limit.

BMO's Growth Money Market account earns an above-average APY for savers with at least $25,000 deposited, though you can find significantly higher yields at some competitors. Plus, here, you'll be paying a $10 monthly maintenance fee unless you keep at least $5,000 in the account.

BMO Bank Smart Advantage Checking account

4.5

/5

See methodology Compare top checking rates

Pros

Smart Advantage has no monthly maintenance fee.
The minimum opening deposit is a modest $25.
There is no minimum monthly balance requirement, though accounts with zero balance may be closed.

Cons

The $3 out-of-network ATM fee is higher than the average $1.64 (according to Bankrate's ATM Fee Study.)
The $15 overdraft fee (for those who opt-in to the overdraft program) can be charged up to three times per day, and it's going up to $20 in February 2026.

One helpful perk of BMO's Smart Advantage Checking account is that BMO does not charge its $15 overdraft fee if your account is overdrawn by $50 or less by the end of the second business day after the item is presented for payment. That means you have at least one day to add money to your account.

However, that perk is getting a little less perky in 2026. As of Feb. 9, 2026, the fee is going up to $20 and the amount you can overdraw before you pay it goes down from $50 to $20.

Compare more: Bankrate's best saving account offers

How BMO compares to other banks

Compare different account types offered by BMO. Annual percentage yields (APYs) shown were updated between Dec. 4, 2025 and Dec. 10, 2025.

Selected bank BMO Bank savings account Bankrate score Rating: 0 stars out of 5 N/A Bankrate Savings rating = 0.0/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score.	Most comparable Chase Bank savings account Member FDIC Bankrate score Rating: 2.9 stars out of 5 2.9 Bankrate Savings rating = 2.9/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Dec. 4, 2025 and Dec. 10, 2025.
N/A	0.01%
Minimum balance for APY
N/A	$0.00
Estimated earnings Interest earned calculation based on a $50,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
N/A	$5

BMO’s Savings Builder Account can be opened with just $25, and BMO doesn’t charge a monthly fee. But the account has a rock-bottom yield. As a special perk, BMO rewards customers with a $5 reward for every month $200 is saved in the first year.	The Chase Savings account is the bank’s standard savings account. It offers a yield well below the national average for savings accounts. The Chase Savings account has a $5 monthly maintenance fee. Starting every day with at least $300 or automatically transferring at least $25 per month from your Chase checking account to this savings account are two ways to waive the fee.

The Savings Builder Account can be opened with just $25. Customers get fee-free access to more than 40,000 ATMs across the U.S. There is no monthly maintenance fee.	Those who already bank with Chase might find it convenient to have a savings account at this bank. Chase has many branches and wide access to ATMs.	N/A
The Savings Builder account has a low yield.	The Chase Savings account has a waivable $5 monthly maintenance fee. The Chase Savings account doesn’t earn a competitive yield.	N/A

Selected bank BMO Bank CD Bankrate score Rating: 0 stars out of 5 N/A Bankrate CD rating = 0.0/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score.	Most comparable BrioDirect CD Bankrate score Rating: 0 stars out of 5 N/A Bankrate CD rating = 0.0/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate CD rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Dec. 4, 2025 and Dec. 10, 2025.
N/A	N/A
Minimum deposit
N/A	N/A
Term
N/A	N/A

BMO offers many CDs, ranging from three to five years but the yields are low. Customers need at least $1,000 to open an account.	BrioDirect offers a wide host of CDs, ranging from 30 days to five years, but most terms come with lackluster yields. Customers can open a CD with just $500.

There are many CD options available. The $1,000 minimum deposit requirement is reasonable.	BrioDirect CDs can be opened with just $500. BrioDirect’s one-year CD offers a competitive yield. The early withdrawal penalties are reasonable.	N/A
CDs generally have low yields.	Most BrioDirect CDs come with very low yields.	N/A

Selected bank BMO Bank money market account Bankrate score Rating: 0 stars out of 5 N/A Bankrate Money Market rating = 0.0/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score.	Most comparable Banesco USA money market account Member FDIC Bankrate score Rating: 4 stars out of 5 4.0 Bankrate Money Market rating = 4.0/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate Money Market rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Dec. 4, 2025 and Dec. 10, 2025.
N/A	3.65%
Minimum balance for APY
N/A	$2,500.00
Estimated earnings Interest earned calculation based on a $50,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
N/A	$1,825

BMO’s Growth Money Market account earns a below-average APY unless you deposit at least $25,000. The highest APY can only be earned if you deposit at least a quarter of a million dollars.	Banesco USA’s online money market account offers an impressive annual percentage yield (APY) that competes with leading banks, plus check-writing capabilities. However, consider the $2,500 minimum opening deposit and ongoing balance requirement to avoid the $15 monthly fee. Note that this account doesn't include a debit card, which may limit its utility for some savers.

The opening deposit is just $25.	Banesco USA’s online money market account earns a competitive interest rate. Customers get access to Zelle and check-writing privileges.	N/A
There’s a $10 monthly fee unless you keep $5,000 in the account. Customers must deposit at least $250,000 to get the top yield.	There’s a high monthly fee and minimum opening deposit requirement. Withdrawals are limited to six per month; a $10 fee applies each time customers surpass that limit. The account doesn’t come with a debit card.	N/A

Selected bank BMO Bank checking account Member FDIC Bankrate score Rating: 4.5 stars out of 5 4.5 Bankrate Checking rating = 4.5/5 Bankrate scores are objectively determined by our editorial team. Minimum balances to avoid monthly service fees, whether the bank has a monthly service fee, minimum opening deposit requirements, fees to use out-of-network ATMs and overdraft fees are some of the things that make up Bankrate’s score.	Most comparable Chase Bank checking account Member FDIC Bankrate score Rating: 3.9 stars out of 5 3.9 Bankrate Checking rating = 3.9/5 Bankrate scores are objectively determined by our editorial team. Minimum balances to avoid monthly service fees, whether the bank has a monthly service fee, minimum opening deposit requirements, fees to use out-of-network ATMs and overdraft fees are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate Checking rating Bankrate scores are objectively determined by our editorial team. Minimum balances to avoid monthly service fees, whether the bank has a monthly service fee, minimum opening deposit requirements, fees to use out-of-network ATMs and overdraft fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Dec. 4, 2025 and Dec. 10, 2025.
0.00%	0.01%
Minimum balance to open
$25.00	$0.00

BMO offers several checking accounts. The Smart Advantage Checking account comes without monthly maintenance fees and requires only $25 to open. Customers get fee-free access to more than 40,000 ATMs nationwide. There is an overdraft fee, though there are multiple ways to avoid it.	Chase Total Checking includes features such as access to more than 15,000 ATMs and 5,000 branches. The account has a monthly service fee of $15, which can be waived by meeting certain criteria, such as direct deposits totaling at least $500 each month or maintaining a minimum balance of $1,500. This account offers customers a mobile app for managing finances as well as services like Zelle for money transfers.

A Smart Advantage account can be opened with $25. Customers won’t be charged an overdraft fee if their account is overdrawn by $50 or less (going down to $20 or less in February 2026). No monthly maintenance fee.	Customers have access to more than 15,000 ATMs and 5,000 branches across the U.S. Chase frequently offers sign-up bonuses for some of its accounts.	N/A
The account charges a $3 out-of-network ATM fee. The overdraft fee is $15 (which is going up in February 2026 to $20).	Customers who don’t meet balance requirements face monthly service fees. The Chase Total Checking account does not earn interest.	N/A

Bank fees

Fee	Charged?
Overdraft fee	$15 ($20 starting 2/9/2026)
Non-sufficient funds fee	$0
Monthly maintenance fee	$0-$10
Out-of-network ATM fee	$3
Excessive transaction fee	$15 (Growth Money Market accounts)
Account closing fee (if within 90 days of opening)	$50
Paper statement fee	up to $3

Find out: Tips to avoid common bank fees

Customer experience

Customer support

Branch availability. BMO has a limited brick-and-mortar presence, with approximately 1,000 branches across 23 states.

Service hours. The customer service line is open for general inquiries from 7 a.m. to 11 p.m. CT on weekdays and 8 a.m. to 10 p.m. CT on weekends. However, card issues can be reported at any time of day. There is also an online customer support form. “BMOs support team was helpful,” said a Bankrate staff member with a BMO account. “It was easy to get in touch with a real person, and they were knowledgeable about both the features of their application and the laws and regulations regarding the transferring of money.”

Perks

Cash bonus. As of this writing, BMO is offering a $400 cash bonus to those who open either a Smart Advantage or a Smart Money checking account and meet direct deposit requirements within the first 90 days.

Digital experience

Bankrate staff insights

“While banking with BMO, I went through the process of buying a new home,” said a Bankrate staff member with a BMO account. “In regards to transferring money, their team was very responsive, knowledgeable, and willing to help throughout the process. But after banking with BMO for multiple years, my MMA rate was substantially lowered; BMO had created a new MMA with a higher rate. This seems to be a pattern.”

Disclosure: To enhance our product reviews, Bankrate employees often open accounts and provide feedback. They may have been compensated for their time and account maintenance, but this does not affect the integrity of their review.

Features

Screen view

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The above images were last updated on March 13, 2024.

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.

BMO Bank Review 2025

The Bankrate promise

At a glance

Overview

Highlights:

Highlights:

Overall

Pros

Cons

We want to know what you think about BMO

BMO Bank banking products

BMO Bank Savings Builder account

Pros

Cons

BMO Bank certificates of deposit (CDs)

Pros

Cons

BMO Bank Growth Money Market account

Pros

Cons

BMO Bank Smart Advantage Checking account

Pros

Cons

How BMO compares to other banks

Bank fees

Customer experience

Customer support

Perks

Digital experience

Review methodology

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