Full review
BMO Harris Bank Smart Advantage™ Account
Checking
Member FDIC
5.0
Monthly fee
$0
BMO Harris offers Smart Advantage checking, an account with no monthly fees as long as you opt for e-statements instead of paper statements. You need just $25 to open an account.
The checking account is part of the Allpoint ATM network, so you have access to more than 40,000 fee-free ATMs across the country.
The main downside to the account is that it earns no interest.
BMO Harris Bank Premier Money Market
Money market
Member FDIC
3.0
APY
0.20%
With $0.01 min. balance for APY
The BMO Harris Premier Money Market account has a rate of 0.20% APY. (This account did not factor into the bank’s overall star rating; the savings account was considered instead.) You can open an account online, in person or by phone. The monthly fee is $10 but is waived if your daily balance is at least $10,000.
BMO Harris Bank Savings Builder Account
Savings
Member FDIC
3.5
APY
0.01%
With $0.01 min. balance for APY
BMO Harris' Savings Builder account has a low rate: 0.01% annual percentage yield. To compare, the national average savings rate is 0.33% APY. There’s no monthly fee and you can open an account with $25.
CD
Member FDIC
5.0
1-year APY
4.50%
3-year APY
4.50%
5-year APY
4.50%
Minimum deposit
$1,000
Learn more
at BMO Harris Bank
BMO Harris' regular CDs range in term from three months to five years and require $1,000 to open. The rates tend to be better than those you'd find at brick-and-mortar banks. BMO Harris has CD specials as well, which have a higher minimum of $5,000 and better rates than its regular CDs.
Banking experience
4.5
NerdWallet rating
BMO Harris has multiple support channels, including 24/7 live phone support and over 500 branches in the U.S., mostly in the Midwest. For the more tech-savvy, there are online savings tools as well as highly rated mobile apps.
» More for Canadian readers: Check out NerdWallet's review of the Bank of Montreal (BMO)
Overdraft fees
4.0
NerdWallet rating
The bank doesn’t charge an overdraft fee if your account is overdrawn by $50 or less. But if you overdraw your account by more than $50, BMO Harris charges a $15 overdraft fee per transaction, up to three times a day.
To avoid overdrafts, free overdraft protection transfers are available from a linked checking, savings or money market account or an overdraft line of credit, which has an APR of 18%.
» Tend to overdraw your account? Check out our list of the best banks for overdrafts
BMO Harris Bank Smart Advantage™ Account
Checking
Member FDIC
5.0
Monthly fee
$0
BMO Harris offers Smart Advantage checking, an account with no monthly fees as long as you opt for e-statements instead of paper statements. You need just $25 to open an account.
The checking account is part of the Allpoint ATM network, so you have access to more than 40,000 fee-free ATMs across the country.
The main downside to the account is that it earns no interest.
BMO Harris Bank Premier Money Market
Money market
Member FDIC
3.0
APY
0.20%
With $0.01 min. balance for APY
The BMO Harris Premier Money Market account has a rate of 0.20% APY. (This account did not factor into the bank’s overall star rating; the savings account was considered instead.) You can open an account online, in person or by phone. The monthly fee is $10 but is waived if your daily balance is at least $10,000.
BMO Harris Bank Savings Builder Account
Savings
Member FDIC
3.5
APY
0.01%
With $0.01 min. balance for APY
BMO Harris' Savings Builder account has a low rate: 0.01% annual percentage yield. To compare, the national average savings rate is 0.33% APY. There’s no monthly fee and you can open an account with $25.
CD
Member FDIC
5.0
1-year APY
4.50%
3-year APY
4.50%
5-year APY
4.50%
Minimum deposit
$1,000
Learn more
at BMO Harris Bank
BMO Harris' regular CDs range in term from three months to five years and require $1,000 to open. The rates tend to be better than those you'd find at brick-and-mortar banks. BMO Harris has CD specials as well, which have a higher minimum of $5,000 and better rates than its regular CDs.
4.5
NerdWallet rating
BMO Harris has multiple support channels, including 24/7 live phone support and over 500 branches in the U.S., mostly in the Midwest. For the more tech-savvy, there are online savings tools as well as highly rated mobile apps.
» More for Canadian readers: Check out NerdWallet's review of the Bank of Montreal (BMO)
4.0
NerdWallet rating
The bank doesn’t charge an overdraft fee if your account is overdrawn by $50 or less. But if you overdraw your account by more than $50, BMO Harris charges a $15 overdraft fee per transaction, up to three times a day.
To avoid overdrafts, free overdraft protection transfers are available from a linked checking, savings or money market account or an overdraft line of credit, which has an APR of 18%.
» Tend to overdraw your account? Check out our list of the best banks for overdrafts
How does BMO Harris Bank compare?
LendingClub High-Yield Savings Member FDIC |
SoFi Checking and Savings Member FDIC |
Discover Bank Online Savings Member FDIC |
|---|---|---|
NerdWallet rating 4.5 /5 | NerdWallet rating 5.0 /5 | NerdWallet rating 5.0 /5 |
APY 4.00% With $0 min. balance for APY | APY 3.75% With $0 min. balance for APY | APY 3.30% With $0 min. balance for APY |
Bonus N/A | Bonus $250 Earn up to $250 with direct deposit. Terms apply. | Bonus $200 Requirements to qualify |
Methodology
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
