BMO Harris Bank
Fees
Minimum Deposit
Current Promotion
APY Savings
BMO Harris Bank is a traditional retail bank that is suitable for clients looking for a financial institution offering a full suite of personal banking products.
The bank is a good fit for clients needing wealth management, investment services, business services, and retirement planning. Also, the bank offers health savings accounts for you and your employers.
BMO has low fees that you can easily avoid and provides several debit cards options. Moreover, the bank’s minimum opening balance is low for its checking and saving accounts. Besides the full suite of services, the bank has a global presence and is FDIC-insured. On the contrary, some of the bank’s products are unremarkable, especially the deposit products.
The bank has branches in different states and offers online and mobile banking with the necessary digital tools to manage your accounts. You can open an account online or visit your nearest BMO bank branch. You can complete the online process in three simple steps.
Even though it has a global presence, it is only present in eight states in the country. The limited geographical footprint limits your ability to transact in person.
- Low, Easy to Avoid Fees
- Low Minimums to Open Accounts
- Wide Variety of Products and Services
- Numerous Debit Card Choices
- Limited Geographic Presence
- Account Closure Fees
- Low-Interest Rates on Savings
- Higher Balances To Get the Best Rates
Is BMO Harris Bank Worth It for Joint Accounts?
Yes. The bank is worth it for joint accounts because of the ease of banking together. The BMO joint account is worth it because you can use it to pay for shared expenses and purchases and keep track of your spending.
Also, you can save together for major purchases like a home or vehicle.
Does BMO Harris Bank Offer a Free Checking Account?
BMO Harris Bank has different checking accounts that you can choose from. The smart advantage checking account has no monthly maintenance fees, and you can make further money.
The account allows you to bank from any location with its digital tools. Also, you can enjoy personalized services.
Is BMO Harris Bank Worth It if I Have Bad Credit?
Yes. The bank has no minimum credit score for the Credit Builder Program. Therefore, if you have bad credit, you may still qualify for the program.
What’s the Main Reason to Skip BMO Harris Bank?
The main reasons to skip the institution is the limited physical footprint and low deposit rates it offers on savings accounts.
Table Of Content
Banking Services | Credit Options | ||
|---|---|---|---|
Savings Accounts | Mortgage | ||
Checking Accounts | Government Mortgage | ||
CDs | Credit Cards | ||
Money Market Account | Debit Card | ||
Investing Capabilities | Personal Loans |
BMO Harris Bank Savings Account
The BMO Harris bank has savings accounts aligned to the elements of your savings-to-do list. Also, its savings accounts offer competitive interest rates to help you maximize your finances. Here are the rates as of as of March 2023:
Savings Account | APY |
|---|---|
Savings Amplifier | 1.80% |
Premium Rate Savings | 1.00% |
Savings Builder | 0.01% |
US Dollar Premium Rate Savings | 0.05%
|
Below are the savings accounts you can open based on your financial goals:
- Savings amplifier account. This account offers the most benefits, including no minimum balance and monthly fee. Also, the account offers unlimited self-serve transfers to other BMO accounts at no fee.
- Premium rate savings account. If you are a new customer, you need a checking account first before opening this account. It is budget-friendly and gives you the flexibility you need as a saver. It accrues no monthly fees, and you can pay one monthly plan fee on different accounts.
- Savings builder account. . You need to save at least $200 every month to get a $5 bonus every month. Also, the account has no monthly charges, and you can make one transfer to another BMO account at no charge.
- US Dollar premium rate savings account. You cannot open this account if you are a new customer and do not have a checking account. Once you have a checking account, you can open this account and enjoy no monthly fees.
However, all accounts' APYs are lower compared to what you can find on high yield savings accounts.
What Can You Get With BMO Checking Accounts?
BMO Harris Bank offers various checking accounts, and you can choose the one that meets your needs. Below are the main features of the BMO Harris bank checking accounts:
- Track expenses
- Bill payments
- Money transfers
- Check deposits
- Cash deposits
However, none of these accounts appear on our top checking account list for 2023.
BMO Checking Accounts Types
Not all checking accounts are the same; some are more suitable for your lifestyle than others. Here are what BMO offers:
- Smart advantage account. The account allows you to enjoy the bank’s digital banking. The account incurs $0 maintenance fees and no minimum balance. You can enjoy unlimited transactions with this account.
- Smart money account. The account doesn't charge maintenance fees if you are below 25 years old and $5 if you are over 25 years old. When you operate the account, you do not incur any overdraft fees. Also, the account guarantees unlimited transactions and access to the bank’s digital banking.
- Premier account. The account incurs monthly maintenance fees of $25, which you can avoid by becoming a member of the bank’s employee benefits program. Also, the fee can be waived if you maintain the minimum balance requirements.
The account has relationship packages, earns interest on your checking balance, and gives you access to Mastercard ID Theft Protection.
BMO Harris Bank CDs
BMO CDs are most suitable for you if you want competitive rates and flexible options in exchange for safe custody for a longer period. As of March 2023, the bank offers CDs in a range of 3 month – 60 month and the minimum deposit is $1,000, while you can get even a bit better rates if the deposits are higher.
The rates and variety of terms make BMO CDs suited for growing your money quickly and safely. BMO is FDIC-insured implying that your deposit on the CDs is insured and protected. If you're BMO customer and considering savings or CDs, the latter is probably better.
The money in CDs grows by compounding-the interest on the account also earns interest.
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 |
BMO Harris Bank Credit Cards
The financial institution offers different Mastercard credit cards. You can explore the existing options to identify one that matches your spending style.
The following are the BMO Harris bank credit cards.
- BMO Harris Bank Platinum Rewards Mastercard®
It is the bank’s reward card with no annual fees. It is more suitable for you if you are interested in rewards. Cardholders earn 2 points per $1 spent on eligible gas and groceries, up to $2,500 in combined spend each calendar quarter and 1 point per $1 spent on all other eligible purchases.
As of March 2023, there is a welcome bonus of 25,000 bonus points when you spend $2,000 within 3 months of opening your account and 0% intro APR for 12 months from date of first transfer when transfers are completed within 90 days from date of account opening. (16.49% – 24.49% APR after that).
- BMO Harris Bank Premium Rewards Mastercard®
This is the top travel option for BMO Harris customers. In terms of rewards, you can get 3 points per $1 spent on eligible dining, hotels, and airfare, up to $2,500 in combined spend each calendar quarter and 1 point per $1 spent on all other eligible purchases.
The sign-up bonus includes 35,000 bonus points when you spend $5,000 within 3 months of opening your account. Also, you get 15% anniversary bonus points every year.
- BMO Harris Bank Cash Back Mastercard®
BMO Harris Bank Cash Back provides cash back instead of point rewards. Cardholders earn 5% cash back on eligible streaming, cable TV and satellite services,3% cash back on eligible gas and grocery purchases (up to $2,500 in gas and grocery purchases each calendar quarter), 1% cash back on all other eligible purchases. and a sign up bonus of $200 cash back bonus when you spend $2,000 within 3 months of opening your account.
There is 0% intro APR for 12 months from date of first transfer when transfers are completed within 90 days from date of account opening. (18.49% – 26.49% APR after that).
- BMO Harris Bank Platinum Mastercard®
The credit card saves on balance transfers and purchases due to the longest 0% introductory APR BMO offers – 15 months from date of first transfer when transfers are completed within 90 days from date of account opening
After 15 months, the 18.49% – 26.49% variable APR applies based on your level of creditworthiness.
BMO Harris Loan Products
The bank offers loans and lines of credit to help you buy a new car, repair your house, and sort out any upcoming big expenses.
BMO has different featured loan options, including:
- Home equity line of credit. The bank allows you to use the equity in your home to borrow flexibly. This product is ideal for renovations and debt consolidation. The interest is low, and the repayment period can last up to 20 years.
- Home equity loans. You can use your home equity to borrow a lump sum with a fixed interest rate. The loan is great for projects that require financing upfront.
- Personal loans. You can borrow up to $35,000 and early repayment attracts no penalty. The bank can give you a lump sum with a fixed rate and repayment.
- Personal line of credit. You can borrow only what you need from the bank and pay interest only on what you use. The bank can lend you up to $15,000 for use in financing projects over time.
- Auto loans. The bank gives you a loan to buy a car, motorcycle, or boat. The bank offers payment terms that suit your budget and timeline.
- Savings secured loans. This is a loan against your savings or CDs. It gives you flexible repayment options.
- Credit builder loan program. The bank can help you build your credit. Timely payment helps build your credit history and get your CD balance and interest after repaying.
Pros and Cons
Pros | Cons |
|---|---|
Low, Easy to Avoid Fees | High Interest-Earning Balances |
Low Minimums to Open Accounts | Limited Geographic Presence |
Wide Variety of Products and Services | Low-Interest Rates on Savings |
Numerous Debit Card Choices | Account Closure Fees |
- Low, Easy to Avoid Fees
Clients opening new checking accounts incur no monthly fees if they register for electronic statements.
- Low Minimums to Open Accounts
The different checking and savings accounts can be opened for as low as $25.
- Wide Variety of Products and Services
The bank has different products and services for both modest and high-income earners.
The products and services are geared to meet the needs of the different customer segments.
- Numerous Debit Card Choices
BMO Harris offers different debit card options that you can use to make purchases and enjoy different perks.
Some perks include extended warranties, return protection, and purchase protection.
- Higher Balances To Get the Best Rates
Although you can open a savings account with as low as $25, you need larger balances to earn interest.
For example, in CDs, you need at least $1,000 to earn interest.
- Low-Interest Rates on Savings
As of March 2023, the savings’ interest rate is low compared to national average, and your savings will not earn so much interest.
- Account Closure Fees
BMO Harris bank charges $50 to close your savings or checking account within three months after opening it.
- Limited Geographic Presence
Even though the financial institution has several branches, it is regionally focused. BMO Harris bank’s branches are only in the Midwest, South, and Southwest states.
BMO Harris Bank Customer Service
Most negative reviews by clients revolve around poor customer service. For example, one client noted that client support took more than 120 minutes.
Also, some clients claim the account opening bonus is only available in some states.
On the other hand, some clients noted that the several credit card options give them the freedom to choose the most suitable option.
The bank offers automated phone services that give you 24/7 access to your accounts. You can reach the bank’s customer service at 1-888-340-2265, check your account balance, do transfers, and review your account’s transactions.
If you are outside the US, you can reach the customer care team at 1-847-238-2265.
How to Open a BMO Harris Bank Account
Here are the steps to take when opening a BMO Harris bank account as a new customer:
1. Go To The Bank’s Website And Open An Account
Click on ‘personal’ and select ‘checking accounts.’ Under the checking accounts, you can see a list of checking accounts that you can open with BMO Harris bank.
For example, you can choose the smart advantage account by clicking on it.
2. Start Application And Fill Details
After clicking on ‘open an account,’ you are required to input your contact information and other details required to open a bank account.
To proceed to the next step, you need to key in your contact info which includes the following:
- Name
- Email address
- Phone number
- Address
- City and state
- Date of birth
- SSN
- Citizenship status
After you key in your contact information, you choose whether to open an individual or joint account and then agree to the terms and conditions.
3. Verify Your Details
After you input your contact information, you click ‘continue’ to verify the information and your ID. After verifying your information and confirming the correct details, the account opening process is successful.
FAQs
What Is Required to Open a BMO Harris Bank Account?
You can open a BMO account using your Social Security Number (SSN). Also, the bank will ask for your contact information, employment status, and citizenship status.
If you are not a US citizen, you can open an account by calling the bank or visiting your nearest BMO Harris bank branch.
Is My Money Safe on BMO Harris Bank?
Yes, your money is safe in the BMO Harris bank account. The bank is is FDIC insured, up to at least $250,000 per depositor. Visit www.fdic.gov for current FDIC insurance limits.
Can You Buy/Invest in Gold via BMO Harris Bank?
Yes. The bank has a Gold Program through which investors can buy or invest in gold. It allows investors to buy physical gold through the bank’s InvestorLine.
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