When opening a checking or savings account, what are the features and benefits that you expect the most? BMO has been around for over 200 years making it a household name in the Midwest.
But does their history make it a worthwhile bank for you? To find out if BMO is right for you, continue reading this review below.
BMO has more than 600 branches nationwide and as many as 40,000+ fee-free ATMs nationwide available.
Like other banks, BMO also offers a wide variety of accounts for you to choose from.
Each account has different features ranging from basic accounts to those with advanced features and benefits, but with an added cost.
Accounts are subject to approval. BMO Bank N.A. Member FDIC
Update 8/8/24: Interested in banking with BMO? Learn more about their accounts and what best suits your financial needs! BMO has great personal checking, business checking, credit cards, and more to fit your needs!
Checking Account Options
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BMO offers several checking accounts that are flexible to various age groups. They are even generous enough to offer free checking for low-balance customers.
The basic BMO checking account is best for students or young adults younger than 25 years old. Learn More about the Smart Money Checking Account
That’s the only group that can have the $5 monthly maintenance fee waived.
This account has the added benefit of no overdraft or return item fees, however items that would overdraw the account are instead returned as unpaid.
BMO doesn’t offer the ability to waive the fee with a specific balance or direct deposit like many other banks offer.
This account doesn’t pay interest, and it doesn’t allow overdrafts.
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See our list of the latest BMO promotions and offers.
This is one of their more popular accounts. As long as you opt for eStatements, you’ll have no monthly fees to pay for. Learn More about the Smart Advantage Checking Account
Additionally, there’s no minimum balance to keep an eye out for.
As a tradeoff, though, your money doesn’t earn interest in this account.
You do get unlimited BMO ATM transactions, can make mobile deposits, and can manage your account from your PC and/or phone.
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This is the only BMO checking account that earns interest. In exchange for the tiered interest rates, though, you’ll pay a hefty monthly maintenance fee of $25. Learn More about the Relationship Checking Account
This account comes with access to Premier Account Relationship Packages, which offer higher tiers of benefits for those who have a holistic relationship with the bank, such as fee rebates and interest rate bonuses on the Premier Money Market Account.
You can waive the fee if you have at least $10,000 in the account for the prior calendar month or you have a monthly combined balance of $25,000 for the prior calendar month.
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| BMO Smart Money Checking ($250 cash bonus + $100 digital gift card) | BMO Smart Advantage Checking ($250 bonus + $100 digital gift card) |
| Bank of America ($300 bonus offer) | Chase Total Checking® ($300 bonus) |
| Fifth Third Bank Momentum® Checking ($400 bonus) | SoFi Checking and Savings ($325 bonus) |
| KeyBank Key Smart Checking ($300 bonus) | Truist Checking ($400 bonus) |
Savings Account Options
Make the most of your money with BMO’s high-yield online-only savings account.
- No fees
- $0 minimum opening deposit
- No minimum balance requirements
- Unlimited transfers and withdrawals
Learn more about the BMO Alto Online Savings Account
CD Account Options
Grow your savings with BMO’s high-yield online-only CDs.
- No minimum balance
- $0 minimum opening deposit
- 6 available fixed terms (6 months to 60 months)
- Interest paid monthly
Learn more about the BMO Alto Online Certificates of Deposit (CDs)
| Consumers Credit Union | 4.75% APY 9-Month Certificate | Review |
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| Ponce Bank | 4.65% APY 1-Month High Yield CD | Review |
| Ponce Bank | 4.65% APY 3-Month High Yield CD | Review |
| Ponce Bank | 4.60% APY 4-Month No-Penalty CD | Review |
| Quontic Bank | Up to 4.60% APY CD | Review |
| Live Oak Bank | 4.60% APY 12-Month CD | Review |
| Live Oak Bank | 4.60% APY 12-Month Business CD | Review |
| Alliant Credit Union | 4.55% APY 12-Month Certificate | Review |
| Service Credit Union | 4.50% APY 6-Month CD | Review |
| First Mid Bank & Trust | 4.50% APY 9-Month CD | Review |
| Sallie Mae | 4.40% APY 14-Month CD | Review |
| Sallie Mae | 4.35% APY 10-Month CD | Review |
| Western Alliance Bank | 4.05% APY 3-Month CD | Review |
| Sun Canyon Bank | 4.29% APY 11-Month CD | Review |
| SkyOne Federal Credit Union | 4.25% APY 5-Month CD | Review |
| Blue Federal Credit Union | 4.25% APY 9-Month No Penalty CD | Review |
| First Financial Northwest Bank | 4.20% APY 12-Month CD | Review |
| Discover Bank | 4.10% APY 12-Month CD | Review |
| Rising Bank | 4.00% APY 6-Month CD | Review |
| SkyOne Federal Credit Union | 4.00% APY 15-Month CD | Review |
| Western Alliance Bank | 3.85% APY 5-Month CD | Review |
| GreenState Credit Union | 3.80% APY 10-Month CD | Review |
| Blue Federal Credit Union | 3.75% APY 15-Month CD | Review |
| Western Alliance Bank | 3.75% APY 6-Month CD | Review |
| SkyOne Federal Credit Union | 3.70% APY 12-Month CD | Review |
| Rising Bank | 3.70% APY 12-Month CD | Review |
| Southwestern National Bank | 3.65% APY 5-Month CD | Review |
| CIT Bank | 3.50% APY 13-Month CD | Review |
| CIT Bank | 3.50% APY 11-Month No-Penalty CD | Review |
| Southwestern National Bank | 3.40% APY 8-Month CD | Review |
| Western Alliance Bank | 3.00% APY 12-Month CD | Review |
| Nelnet Bank | 3.25% APY 24-Month CD | Review |
| Nelnet Bank | 3.15% APY 36-Month CD | Review |
| Southwestern National Bank | 3.00% APY 10-Month CD | Review |
| CIT Bank | 3.00% APY 6-Month CD | Review |
| CIT Bank | 3.00% APY 18-Month CD | Review |
Credit Card Options
BMO offers personal and business credit cards.
Get a credit card that matches your spending style. Are you a rewards points collector? Prefer cash back? Looking for a lower interest rate?
Keep your business and personal expenses separate with a business credit card. Monitor your spending, streamline your recordkeeping and manage your card online, so you can spend less time on your finances and more time growing your business.
Learn more about the BMO Business Platinum Rewards Credit Card
| Ink Business Preferred® Card 90K Points after $8,000 spend within first 3 months | Ink Business Unlimited® Credit Card $900 Bonus after $6,000 spend within 3 months |
| Capital One Venture X Business 150K Miles after $30,000 spend within 3 months | Ink Business Cash® Credit Card Up to $750 Bonus: Earn $350 after $3,000 spend in the first 3 months and an additional $400 with $6,000 spend in the first 6 months. |
| Chase Sapphire Preferred® Card 60K Points after $4,000 spend within 3 months. | Chase Freedom FlexSM $200 Bonus after $500 spend within 3 months |
| The Platinum Card® from American Express 80K Points after $8,000 spend within 6 months. Terms Apply. | Capital One Venture Rewards Credit Card 75K Points after $4,000 spend within 3 months |
| American Express® Gold Card 60K Points after $6,000 spend within 6 months. Plus, receive 20% back in statement credits on eligible purchases made at restaurants worldwide within the first 6 months of Card Membership, up to $100 back. Limited time offer. Offer ends 11/6/24. Terms Apply. | Chase Freedom Unlimited® Card earn an additional 1.5% cash back on everything you buy --- on up to $20,000 in the first year! |
| Blue Cash Preferred® Card from American Express $250 Welcome Offer after $3,000 eligible spend within 6 months. Terms Apply. | Blue Cash Everyday® Card from American Express $200 Welcome Offer after you spend $2,000 in purchases on your new Card within the first 6 months. Terms Apply. |
| Chase Sapphire Reserve® Card 60K Points after $4,000 spend within 3 months. | Capital One Quicksilver Cash Rewards Card $200 Bonus after $500 spend within 3 months |
Reasons To Bank with BMO
- You can link external accounts on the BMO Banking app. This gives you the chance to see all of your accounts in one place. This may help you stay more organized and give you a better idea of your full financial picture.
- Gain access to more than 40,000 ATMs across the nation.
- You have a variety of CD maturity dates to choose from. If you want a standard CD, you can tie your money up for 3 months all the way up to 60 months. You also only need $1,000 to open a CD.
- You only need $25 to open any of the checking accounts at BMO. This can make it easy to get an account established, especially if you are looking for a bank to send your direct deposit from your employer.
- Set Up Autosave to create good savings habits.
- You can set up Overdraft Funding if you have a BMO checking and savings account. This can help you prevent going over the limit of your checking account and facing hefty fees. BMO does charge $10 per fee/one transfer per day to cover your overdrafts, but it’s less than the $36 per overdraft they charge.
| BMO Relationship Checking ($500 Bonus + $100 digital gift card) | KeyBank Checking ($300 bonus) |
| Chase Private Client ($3,000 Bonus) | Fifth Third Bank Preferred Checking ($400 bonus) |
| HSBC Premier Checking (Up to $2,500 Cash Bonus), | |
Reasons Not To Bank with BMO
- BMO only has one savings account option. If you are in the market for a savings account with all of the bells and whistles, you won’t find it at BMO. While they do have a Money Market Account that offers higher interest rates, this account requires $10,000 to avoid the monthly maintenance fee.
- You may pay $50 if you close your account. BMO charges this fee if you close your checking or savings account within the first 90 days of opening it.
| Chase Business Checking ($300 Bonus) | Bank of America Business Checking ($200 bonus offer) |
| U.S. Bank Business Checking ( $400 or $900 Bonus) | Axos Bank Basic Business Checking ($400 Bonus) |
| Axos Bank Business Interest Checking ($400 Bonus) | Huntington Unlimited Plus Business Checking ($1,000 Bonus) |
| Huntington Unlimited Business Checking ($400 Bonus) | Huntington Business Checking 100 ($200 Bonus) |
| Axos Business Premium Savings ($375 Bonus) | Live Oak Bank Business Checking ($400 Bonus) |
BMO Routing Number
You can find your routing number on one of your BMO checks in the bottom left hand corner.
| Western Alliance Bank High-Yield Savings Premier (5.01% APY) | SoFi Checking & Savings ($325 Bonus + 4.30% APY) |
| Upgrade Premier Savings ($200 Bonus + 5.21% APY) | CloudBank 24/7 High Yield Savings (4.65% APY) |
| Live Oak Bank Savings ($200 Bonus + 4.30% APY) | Harborstone Credit Union Money Market (5.25% APY) |
| CIT Bank Platinum Savings (4.70% APY) | |
| RBMAX High Yield Savings (5.15% APY) | Ponce Bank Money Market (4.95% APY) |
| Hanover Bank Money Market (5.30% APY) | |
Contact Customer Service
Reach BMO Customer Service at 1 (888) 340-2265.
In addition, you’re able to fill out an online Customer Service Request, but a response can to take between one and two business days.
How BMO Compares
- Chase Bank: Chase is one of the biggest banks in the U.S and offers just about almost everything. Compared to its other competitors, Chase offers much more checking account options.
- Wells Fargo: Wells Fargo is truly a national bank, with a presence in more than 39 states. They have a network of 13,000 ATMs and a variety of account options. Like BMO, they offer interest-free checking accounts with easy ways to avoid the monthly maintenance fee. They also offer 24/7 phone customer service.
- Regions Bank: While the checking options are similar, there is a wider variety of savings, CDs, & IRA options to help you save. The cash back rewards program is also very similar. You can find Regions Bank across 15 states.
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Bottom Line
Choosing a bank that best suits your needs can be somewhat of a challenge.
You’ll be investing time and money into these institutions and will need to make the right choice, so, be sure the bank or credit union will offer you what you need.
It’s very important to keep in mind the potential fees that may incur and how to avoid them if possible.
BMO is a full-service bank that offers a wide variety of accounts for their customers.
If you’re in the Midwest region and like in-person banking, then this bank may be the perfect one for you.
However, if you don’t live in one of the 8 states and want in-person banking, then you should look elsewhere.
If you’re interested in banking with BMO, see our list of the latest BMO bonuses!
For more options from a variety of banks, see our list of the best bank promotions from institutions like Chase Bank, Bank of America, Huntington Bank, U.S. Bank, CIT Bank, Discover Bank, Axos Bank, and more!
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