BMO Bank Review 2024 (2024)

Checking

BMO has three checking accounts available for its customers.

BMO Smart Advantage Checking. BMO’s most popular checking account, Smart Advantage, requires no monthly maintenance fees and a $25 minimum opening deposit. Paper statement fees are $3 each month, but you can opt for paperless statements and waive the fee. The account comes with a BMO Bank Debit Mastercard.

BMO Smart Money Checking. This checking account comes with a $5 monthly fee, but that fee is waived for customers under age 25. There is a $25 minimum opening deposit requirement. Because customers can only spend available funds in the account, there are no overdraft or non-sufficient fund fees. Smart Money accounts, like Smart Advantage accounts, give you the option to opt out of paper statements and waive the $2 fee. A BMO Bank Debit Mastercard comes with the account.

BMO Relationship Checking. As BMO’s only interest-bearing checking account, Relationship Checking accounts require an initial $25 deposit and have a $25 monthly fee. The monthly fee can be waived by meeting any of these requirements:

• Maintaining a minimum daily balance of $10,000 in this account
• Maintaining a combined balance of $25,000 across BMO accounts
• Being a client of BMO’s employee benefits program

All account balance tiers currently earn 0.01% APY but rates may vary based on location.

BMO Relationship Checking accounts come with a BMO Bank World Debit Mastercard. Other account benefits you qualify for depend on your quarterly combined balances across eligible BMO deposit and investment accounts.

Savings

The lone savings account option at BMO is the BMO Savings Builder Account. Opening this savings account requires a $25 minimum initial deposit. Unfortunately, the interest rate, at 0.01% APY, is below the national average rate for savings accounts and much less than you might find at online banks. Savings Builder accounts have no monthly maintenance fee.

Money Market

One way to earn a more competitive interest rate with BMO is through the bank’s BMO Relationship Plus Money Market account. You can open this account with a $25 minimum deposit, but you need to keep a $5,000 minimum daily ledger balance for the statement period to avoid the $10 monthly service fee.

Relationship Plus Money Market accounts pay 1.00% APY, but you can earn the following elevated rates by bundling the account with a BMO Relationship Checking account and maintaining a certain balance:

CDs

BMO Certificates of Deposit terms range from three to 60 months with special rates available on select terms. Standard CDs require a minimum deposit of $1,000.

For CDs under 12 months, interest is compounded daily and credited at maturity. For CDs of 12 months or greater, interest is compounded daily and credited to the CD quarterly.

CD rates vary based on location. Below you’ll find the rates for the New York City ZIP code 10001.