Banking » Reviews » BMO Harris Bank CD Rates
Advertiser Disclosure

This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval.

This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof.

Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

BMO Harris Bank CD Rates

BMO Harris Bank offers CDs with terms that range from 3 to 60 months. Here are the current CD rates, how it works, and how much you can earn
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

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

0.05% – 4.50%

Minimum Deposit

$1,000

Terms

3 month – 60 month

Fees

$0

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

BMO Harris does not offer no-penalty CD, they currently only offer standard CDs, online CDs, Add-on, bump rate, and step rate 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.

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.

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.

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.

 

Compare CD Rates

Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann's areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Best CD Rates

Table of Contents

$200 Chase Total Checking Banner

Advertiser Disclosure

The product offers that appear on this site are from companies from which this website receives compensation.