When opening a checking or savings account, what are the features and benefits that you expect the most? BMO Harris Bank 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 Harris Bank is right for you, continue reading this review below.
BMO Harris has more than 600 branches nationwide and as many as 43,000 fee-free ATMs available.
Like other banks, BMO Harris 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.
Checking Account Options
BMO Harris 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 Harris checking account is best for students or young adults younger than 25 years old. 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 Harris 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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This is one of their more popular accounts. As long as you opt for eStatements, you’ll have no monthly fees to pay for. 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 Harris 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 Harris checking account that earns interest. In exchange for the tiered interest rates, though, you’ll pay a hefty monthly maintenance fee of $25. 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 Harris Bank Mortgage
Found the perfect home? BMO Harris Bank can help make it yours. Whether you want to apply for a home loan or refinance your mortgage, BMO Harris Mortgage Bankers can guide you through the process.
Get Up To $2000 Off Your Closing Costs For A Limited Time.* Get Started Online Today With BMO Harris Bank®
- If you’re looking for consistent monthly payments of principal and interest during the life of your loan, a fixed rate mortgage is easier to budget and plan.1
- Consistent monthly principal and interest payments
- Your interest rate won’t change
- May be ideal if you plan to stay in your home for a long period of time
- Available for a home purchase or refinance
- If you’re planning to stay in your home for a relatively short period of time, consider an adjustable rate mortgage.1
- Your initial interest rate is fixed for a short period of time, after which it will convert to a variable rate and adjust semi-annually during the life of your loan if the index changes
- May have a lower interest rate and lower monthly principal and interest payments during the initial fixed interest rate period
- After the initial fixed interest rate period ends, your payments will change semi-annually when the variable interest rate adjusts
- May be ideal if you plan to stay in your home for a short period of time
- Available for a home purchase or refinance
Low Down Payment Mortgages2
- BMO Harris Bank offers a variety of specialized mortgage products for first-time homebuyers and low or moderate income customers interested in a lower down payment.
- Mortgage loans can require as little as 1% down from borrower own funds.
- Down payment and closing cost assistance of up to $9,000 or more for qualified borrowers.
- Available for a home purchase or refinance
- Refinancing your current mortgage may allow you to lower your interest rate and monthly mortgage payment, shorten the term of your mortgage or let you use your home equity to make larger purchases or consolidate debt.
- If your mortgage is less than $250,000, you may benefit from refinancing with a home equity line of credit with a Fixed Rate Lock Option.3 A HELOC offers competitive rates, flexibility, and we pay many closing costs.
- To learn about refinancing options, contact a BMO Harris Mortgage Banker.
- If you’re thinking about buying bigger, BMO Harris may have a jumbo mortgage that fits your plans. Jumbo loans are those that are more than $647,200.4
- For qualifying customers5, enjoy a 0.25% interest rate discount on a jumbo mortgage loan.
- To find out if a jumbo loan is right for you, contact a BMO Harris Mortgage Banker.
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BMO Harris Bank Home Equity Line of Credit (HELOC)
With a HELOC, access the money you need, and only pay interest on what you borrow. Borrow again and again as long as you have available funds. Plus, you have the flexibility to lock in a fixed rate and a fixed payment for all or part of your line.3
Make the most of the equity in your home. You can use it to get the money you need to start a home renovation, consolidate your debt, or cover anything you could use extra money for.
- Variable Intro rate as low as 5.74% APR for 6 months, with as low as 7.49% APR thereafter*
Why a HELOC is a great choice for you:
- Low rates. Enjoy lower rates than most other loans, and low to no closing costs.7 Plus, your interest may be tax deductible.8
- The flexibility you need. You’ll only pay interest on the money you borrow. Enjoy interest only variable rate payments or choose to lock in your balance at a fixed rate and term for payments that will not change.
- Borrow again and again. When you pay down your credit line, that money becomes available to borrow again during the 10 year draw period. At the end, any remaining balance can be repaid over a 20 year term.
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Reasons To Bank with BMO Harris
- You can link external accounts on the BMO Harris 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 Harris. 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 Harris checking and savings account. This can help you prevent going over the limit of your checking account and facing hefty fees. BMO Harris does charge $10 per fee/one transfer per day to cover your overdrafts, but it’s less than the $36 per overdraft they charge.
Reasons Not To Bank with BMO Harris
- If you like in-person banking, then you better hope you’re in one of the 8 available states.
- BMO Harris 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 Harris. 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 Harris charges this fee if you close your checking or savings account within the first 90 days of opening it.
BMO Harris Bank Routing Number
You can find your routing number on one of your BMO Harris checks in the bottom left hand corner.
Contact Customer Service
Reach BMO Harris Bank 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 Harris Bank 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 Harris, 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.
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 Harris Bank 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.
BMO Harris Bank Disclosures:
1. The escrow portion of your monthly mortgage payment may change periodically during the term of your loan depending on changes to your property taxes and hazard, flood or other required insurance. Historical performance of Adjustable Rate Mortgage (ARM) indexes does not predict future performance and is only one factor to consider when choosing a mortgage loan. Certain restrictions and fees may apply.
2. Program availability varies by location and is subject to eligibility criteria. BMO Harris Bank offers affordable mortgage programs and works with various government and community organizations that offer down payment and closing cost assistance. Affordable mortgage programs may be subject to income limitations and other application restrictions. The amount of down payment and closing cost assistance available varies based on income and property location.
3. The minimum line of credit withdrawn from a HELOC that can be converted to a fixed rate loan is $2,000 and the maximum that can be converted is 100% of the line amount. The minimum term is 5 years and the maximum loan term is 30 years. 30 year term only available at time of origination. No more than three fixed rate lock options may be open at one time. A $75 fee applies each time you convert a fixed rate lock option after the date of origination. Minimum payment due on a fixed rate lock option includes principal and interest in fixed monthly payments. As the fixed-rate balance is paid down during the draw period, funds are replenished and available for use at the variable rate during the draw period.
4. Jumbo loans are loans greater than $647,200. Loan limits are subject to change.
5. Applicant must meet one of the eligibility requirements in to order to receive the relationship pricing discount: New or existing Private Bank client discount of up to 0.25%; new or existing Premier Services client discount of up to 0.25%; new or existing BMO Harris client with at least $100,000 in BMO Harris deposit accounts discount of up to 0.125% (including trust accounts titled in the name of the Applicant) at the time of closing after all related closing costs have been applied.
6. Special offers are subject to change. The closing cost discount offer is available on purchase applications received from March 1, 2022 through June 15, 2022. The closing cost discount offer consists of an $800, $1,300 or $1,800 closing cost discount depending on loan amount and up to a $200 Auto Pay closing cost discount. They are available subject to the following:
Closing Cost Discount: The closing cost discount may be applied to the purchase mortgage at closing. It is available for conforming or jumbo loans (loans in excess of $647,200) secured by 1-4 unit homes used as primary residences. Loan amounts up to $399,999 qualify for an $800 closing cost discount, loan amounts between $400,000 and $999,999 qualify for a $1,300 closing cost discount and loan amounts of $1,000,000 or greater, qualify for an $1,800 closing cost discount. This closing cost discount does not apply to refinances, second homes or investment properties.
Auto Pay Closing Cost Discount: The Auto Pay closing cost discount is available when you authorize BMO Harris to withdraw your loan payment each month from an eligible BMO Harris checking account using Auto Pay. Closing cost discount of $100 with Auto Pay from your BMO Harris Smart MoneyTM, BMO Harris Smart AdvantageTM Account or BMO Harris Select Checking® account. Closing cost discount of $200 with Auto Pay from your BMO Harris PremierTM Account or BMO Harris Portfolio Checking® account.
7. Special offers are subject to change. This offer does not apply to any loan that will be used to purchase the subject property.
Variable Introductory Rate Offer Information
The variable introductory rate offer is available on new applications received from 9/12/2022 through 11/30/2022. The introductory rate is variable during the introductory period. No customer or other discounts are available during the variable rate introductory period. The 6-month introductory rate of 4.74% APR will change with Prime and is calculated by subtracting 2.26% from the then-current Prime Rate on a line of credit. The introductory rate ranges from prime minus 2.26% (4.74% APR) to prime minus 1.26% (5.74% APR) for 6 months depending on combined loan to value ratio. Rates are for illustrative purposes only and are subject to change without notice. The 12-month introductory rate of 5.74% APR will change with Prime and is calculated by subtracting 1.26% from the then-current Prime Rate on a line of credit. The introductory rate ranges from prime minus 1.26% (5.74% APR) to prime minus 0.26% (6.74% APR) for 12 months depending on combined loan to value ratio.
Variable Rate Information
For a Home Equity Line of Credit, the annual percentage rate (APR) is a variable rate based on The Wall Street Journal® Prime Rate (7.00% on 11/3/2022) plus a margin that varies depending on the state in which property is located, individual credit qualifications, credit limit amount, loan to value ratio and other criteria. Rates shown are for first lien lines of credit of $100,000 secured by an owner occupied 1 to 4 family residence with a loan-to-value (LTV) of 70% or less with a 0.50% Auto Pay discount. Rates vary from 7.19% APR to 9.14% APR depending on property State, loan amount and other variables. Please consult a banker for pricing in your region. Your APR will never be lower than the floor rate in the credit agreement, or exceed 18.00% APR or the maximum APR permitted by law, whichever is less. To receive a 0.50% Auto Pay rate discount you must authorize BMO at origination to withdraw your home equity line of credit payment each month from an eligible BMO checking account (Auto Pay). The discount can only be applied to a new Home Equity Line of Credit.
Closing Costs and Fee Information
BMO will pay closing costs for loans secured by an owner-occupied 1 to 4 family residence. Closing costs include appraisal charges, credit report, flood determination, title insurance, document recording fees, and mortgage and government taxes. You will be charged a $75 annual fee on the loan opening date and each year after during the Draw Period. You may also be required to pay real estate taxes and items such as prior lien release fees. If the line amount is greater than $500,000, you are responsible for mortgage and government taxes as well as title fees. If you close your account within 36 months, a closing cost recoupment fee may be charged to recover the closing costs we paid on your behalf.
You must obtain property insurance and may be required to obtain flood insurance.