Table Of Content
BMO Harris Bank offers a few different CD options for people to choose from. These CDs offer competitive APY, varied term lengths, FDIC insurance, and easy deposit options. This article will be focusing on the ins and outs of CDs offered at BMO Harris Bank.
BMO Harris CDs
APY Range
Minimum Deposit
Terms
Fees
How BMO Harris Bank CDs Work?
BMO offers a few different options when it comes to CD rates.
Furthermore, you will be protected from market volatility no matter what period length you choose. The standard CD terms start at three months and are capped at 5-year terms. The standard CD minimum deposit amount is $1,000.
Depending on the time of the year, BMO offers special CDs at different rates than the traditional ones. There is a $5,000 minimum deposit and you can find 13, 25, 35, 45, and 59-month term lengths.
What Are The BMO Harris Bank CD Rates?
As of March 2023, there is no significant difference between 12 months to 60 months – the APY is quite similar.
Here are the current rates:
CD Term | APY | Minimum Deposit |
|---|---|---|
3 Months | 0.05% | $1,000 |
6 Months | 0.05%
| $1,000 |
9 Months | 0.05%
| $1,000 |
12 Months | 0.05%
| $1,000 |
18 Months | 0.05%
| $1,000 |
24 Months | 0.05%
| $1,000 |
30 Months | 0.05%
| $1,000 |
36 Months | 0.10%
| $1,000 |
48 Months | 0.15% | $1,000 |
60 Months | 0.25%
| $1,000 |
13 Months | 4.15% | $5,000 |
25 Months | 4.20% | $5,000 |
35 Months | 4.30% | $5,000 |
45 Months | 4.40% | $5,000 |
59 Months | 4.50% | $5,000 |
How Much Can You Earn If You Deposit $100,000 Today?
In case you deposit $100,00 to BMO Harris Bank, here are the expected earnings (before tax) in case the interest is compounded daily:
CD Term | APY | Interest Earned |
|---|---|---|
3 Months | 0.05% | $12
|
6 Months | 0.05%
| $25
|
9 Months | 0.05%
| $37
|
12 Months | 0.05%
| $49
|
18 Months
| 0.05%
| $74
|
24 Months | 0.05%
| $99
|
30 Months | 0.05%
| $123
|
36 Months | 0.10%
| $296
|
48 Months | 0.15% | $594
|
60 Months | 0.25%
| $1,241
|
13 Months | 4.15% | $4,534 |
25 Months | 4.20% | $9,013 |
35 Months | 4.30% | $13,167 |
45 Months | 4.40% | $17,672 |
59 Months | 4.50% | $24,384
|
Are BMO Harris Bank CD Rates Competitive Compared to Other Banks?
When compared to other banks, BMO Harris typically offers more choices for their CD terms (length of contract). Furthermore, the CD yields are competitive and are above the national average for CD rates. When compared to online banks, the CD APY is typically in line with BMO Harris CDs compared to online banks.
Online banks usually offer better rates as there is less overhead for the online bank since they do not have to pay as many employees, own a building, maintain the building, or have any of the usual expenses associated with running a traditional bank.
Furthermore, online banks offer better rates simply because they need to attract and keep customers who usually go to a traditional bank.
CD APY Range | Minimum Deposit | |
|---|---|---|
Marcus | 3.90% – 4.75% | $500 |
Axos Bank | 0.20% | $1,000 |
Barclays Bank | 4.30% – 5.00% | $0 |
PNC Bank | 0.01% – 2.00% | $1 |
Quontic Bank | 3.75% – 4.40% | $500 |
PenFed Credit Union | 2.00% – 4.35% | $1,000 |
Alliant Credit Union | 5.05% | $1,000 |
Sallie Mae | 3.75% – 4.95% | $2,500 |
Bread Financial | 4.25% – 4.75% | $1,500 |
Capital One | 3.30% – 4.30% | $0 |
Chase Bank | 0.02% – 4.00% | $1,000 |
Discover Bank | 2.00% – 4.75% | $2,500 |
CIT Bank | 0.30% – 4.65% | $1,000 |
Ally Bank | 2.00% – 5.00% | $0 |
Citi Bank | 0.05% – 4.30% | $500 |
Connexus Credit Union | 3.51% – 4.85% | $5,000 |
Merrick Bank | 2.96% – 4.75% | $25,000 |
Fidelity | 4.75% – 5.35% | $1,000 |
Charles Schwab | 4.73% – 5.05% | $1,000 |
Vanguard | 4.95% – 5.30% | $1,000 |
BMO Harris | 0.05% – 4.50% | $1,000 |
Wells Fargo | 0.50% – 4.26% | $2,500 |
Synchrony Bank | 2.25% – 5.00% | $0 |
Citizen Bank | 2.75% | $1,000 |
TD Bank | 1.00% – 4.35% | $250 |
Navy Federal | 0.40% – 4.85% | $1,000 |
LendingClub | 3.25% – 4.10% | $2,500 |
BMO Harris Bank CDs vs Savings
While CDs and savings accounts both offer interest rates, they do differ in their rates, minimum requirements, fees, benefits, and withdrawals.
Savings accounts offer a lower APY of 0.01%, while CD rates are anywhere between 0.05% – 4.50%. The savings rates are lower since it does not have any maintenance fees and the accessibility of their money while it is in the savings account. However, it's lower rates than the rates you can find in other high-yield savings accounts.
CDs require individuals to keep their money deposited throughout the length of the term, while savings accounts allow people to have access at any point after it is deposited. It should be noted however that too many withdrawals within a period could lead to fees.
For minimum requirements, the savings account could be opened with a minimum of $25, and there will be a $5 monthly charge if the balance falls below $100. The CD minimum deposit ranges anywhere from $1,000 to $5,000, depending on the CD you choose.
About BMO Harris Bank
BMO Harris Bank is an American based financial institution that is based in Chicago, Illinois. The bank is a part of the Federal Reserve, and operates in Illinois, Indiana, Arizona, Missouri, Minnesota, Kansas, Florida, Wisconsin, and California.
FAQs
Does BMO Harris Bank Offer No Penalty CD Rates?
BMO Harris does not offer no-penalty CD, they currently only offer standard CDs, online CDs, Add-on, bump rate, and step rate CDs.
Does BMO Harris Bank Offer promotions on CDs?
BMO offers CD specials for automatic renewal CDs based on the maturity date. For example, a 7 month CD special will automatically renew to a 6 month standard CD.
Does BMO Harris Bank CDs come with a grace period?
BMO does offer a grace period of ten calendar days after the maturity date to withdraw funds without being charged an early withdrawal penalty.
If the CD is closed during the grace period you will not earn interest after the maturity date. BMO will send a pre-maturity reminder and a confirmation of the renewal.
How BMO Harris Bank CDs interest are calculated?
Early withdrawal penalties are calculated using the interest rate that is applicable to the CD at the time of early withdrawal.
If the amount of the penalty goes over the amount of your accrued and unpaid interest, there will be a reduction of principal to pay the penalty.
How does the BMO Harris Bank early withdrawal penalty work?
Early withdrawal penalties are calculated using the interest rate applicable towards the CD at the early withdrawal time.
If the amount of the penalty goes over the amount of your accrued and unpaid interest, there will be a reduction of principal to pay the penalty.
