Bank of America vs. BMO Checking Accounts
There is no clear winner when it comes to checking accounts. Both BMO and BofA offer similar types of checking accounts and similar features. BMO monthly fees are lower than BofA, and customers can waive them with a lower average day balance.
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Account Types
BofA Checking Account | Monthly Fee | Average Day Balance To Waive |
|---|---|---|
Safe Balance | $4.95 | $500 |
Advantage Plus | $12 | $1,500 |
Advantage Relationship
| $25 | $20,000 |
BMO offers checking accounts like the BMO Smart Advantage Checking and BMO Smart Money Checking account. These accounts provide features such as paying bills, transferring money, and access to a vast network of ATMs.
BMO Bank Account | Monthly Fee | Average Day Balance To Waive |
|---|---|---|
BMO Smart Advantage Checking | $0 | $0 |
BMO Smart Money Checking | $5 | You're under age 25 |
BMO Relationship Checking | $25 | $10,000 |
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Account Features
Bank of America has a bunch of cool stuff for regular folks and businesses. If you have a personal account, you can get paper checks, overdraft protection, and they promise you won't lose money if someone steals your card. They also have online banking so you can check your account whenever you want.
BofA Checking Account | Main Features |
|---|---|
Safe Balance | Digital banking, no overdraft fees, $0 liability guarantee |
Advantage Plus | Paper checks, overdraft protection, $0 liability guarantee |
Advantage Relationship
| Earns interest, no fees on select banking service ,overdraft protection |
Business Advantage Fundamentals
| QuickBooks® integration, Cash Flow Monitor, Erica, Mobile Check Deposit, Zelle® for business |
Business Advantage Relationship
| No fees for incoming wires, stop payments, electronic deposits & more |
BMO accounts offer a couple of benefits for customers. For example, mobile check deposit allows convenient check deposits via smartphone, and BMO Total Look simplifies banking by managing accounts in one place.
Customers can choose from various debit cards, including the BMO Debit Mastercard® for easy access to checking, savings, or money market accounts, or opt for sports-themed cards for exclusive team perks. Also, with Zelle®, users can send, request, and receive money with no fees. M
BMO's Relationship checking features offer interest, unlimited free non-BMO ATM transactions in the U.S., and rebates on ATM surcharge fees.
BMO Bank Account | Main Features |
|---|---|
BMO Smart Advantage Checking | 40,000+ fee-free ATMs, digital banking, personalized support |
BMO Smart Money Checking | No overdraft fees, 40,000+ fee-free ATMs, digital banking |
BMO Relationship Checking | Unlimited transactions at Non-BMO ATMs, interest on balance |
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Savings Accounts
BMO Bank comes out on top because it offers a money market account with better rates compared to Bank of America's savings account.
Bank of America's Rewards Savings account offers low rates. It has a cool feature called Keep the Change. It saves money for you by rounding up your purchases when you use a Bank of America debit card. Plus, the mobile app makes it easy to deposit checks into your savings account.
On the other hand, BMO's primary savings account is called Savings Builder. It has no monthly charges, and you can make a free transfer to another BMO account. Additionally, you get a $5 reward each month you save $200 or more for the first year.
BMO also provides a money market account with higher rates, though you'll need a quarterly combined balance of at least $250,000 to get the best rates.
BMO Savings Builder | BMO Money Market | BofA Savings | |
|---|---|---|---|
Savings Rate | 0.01% | 0.80% – 3.09% | 0.01% – 0.04% |
Minimum Deposit | $25 | $25 | $100 |
Fees | $0 | $10
Can be waived if you maintain a minimum daily balance of $5,000
| $8 per month
Can be waived by maintaining a balance of $500+, becoming a Preferred Rewards member or linking to your B of A Advantage Banking account. Fees are also waived for enrolled students aged under 24
|
Certificate Of Deposits (CDs)
When it comes to CDs, BMO Bank is our winner.
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Bank Of America CD Rates
CD Term | APY |
|---|---|
3 Months | 3.75% |
6 Months | 0.03% |
7 Months (Featured) | 3.80% |
12 Months | 0.03% |
13 Months (Featured) | 2.75% |
24 Months | 0.03% |
25 Months (Featured) | 2.00% |
36 Months | 0.03% |
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BMO Bank CD Rates
CD Term | APY | Minimum Deposit |
|---|---|---|
13 Months | 3.50% | $5,000 |
25 Months | 3.00% | $5,000 |
35 Months | 3.00% | $5,000 |
45 Months | 3.00% | $5,000 |
59 Months | 3.00% | $5,000 |
Top Offers From Our Partners
Top Savings Accounts From Our Partners
Quontic High Yield Savings
- 3.85% APY on savings
- Interest is compounded daily
- No Monthly Service Fees
CIT Savings Connect
- Up to 4.35% APY on savings
- No monthly service fees.
- Zelle, Samsung & Apple Pay
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The product offers that appear on this site are from companies from which this website receives compensation.
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Credit Cards
When it comes to credit cards, Bank of America is a clear winner.
Bank of America provides a diverse range of credit cards, each designed to meet varying financial needs and preferences. The Bank of America Customized Cash Rewards is a popular choice, offering cash back on everyday purchases with customizable bonus categories. The Bank of America Travel Rewards is ideal for frequent travelers, providing points for travel-related expenses and featuring no foreign transaction fees.
For those seeking premium benefits, the Bank of America Premium Rewards Elite Credit Card offers substantial rewards on travel and dining, along with statement credits for travel expenses.
Card | Rewards | Bonus | Annual Fee |
| Bank of America Unlimited Cash Rewards
| 1.5%
unlimited 1.5% cash back on all purchases
| $200
$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
| $0 |
|---|---|---|---|---|
| Bank of America® Customized Cash Rewards credit card | 1-3%
3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings, 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases. The 3% and 2% cash back available on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter (then 1%)
| $200
$200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening
| $0 |
| Bank of America® Travel Rewards credit card | 1.5X
1.5 points for every $1 you spend on all purchases everywhere, every time and no expiration on points
| 25,000 points
25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening – which can be redeemed for a $250 statement credit toward travel purchases
| $0 |
| BankAmericard | N/A | 21 billing cycles on purchases and balance transfers made within the first 60 days | $0 |
| Bank of America® Premium Rewards® Elite | 1.5x – 2x
2 points for every dollar you spend on travel or dining purchases, with 1.5 points per dollar on all your other purchases | 75,000 points
75,000 bonus points if you spend $5,000 or more within 90 days of opening your account
| $550 |
| Bank of America Premium Rewards | 1.5X – 2X
Unlimited 2X points on travel and dining purchases. Unlimited 1.5X points on all other purchases | 60,000 points
60,000 online bonus points after spending $4,000 on purchases in the first 90 days.
| $95 |
Card | Rewards | Bonus | Annual Fee |
| BMO Cash Back Credit Card | 1-5%
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. | $200
$200 cash back bonus when you spend $1,000 within 3 months of opening your account | $0 |
|---|---|---|---|---|
| BMO Platinum Credit Card | None | 15 months on balance transfers | $0 |
| BMO Platinum Rewards Credit Card | 1X – 2X
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 | 25,000 points
25,000 bonus points when you spend $2,000 within 3 months of opening your account | $0 |
| BMO Premium Rewards Credit Card | 1X – 3X
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 | 35,000 points
35,000 bonus points when you spend $5,000 within 2 months of opening your account | $79 (first year waived) |
Mortgage And Loans
When it comes to lending products, BMO Bank is our winner due to larger options for borrowers than Bank Of America.
Bank of America offers a comprehensive array of lending options, including mortgages, mortgage refinancing, and home equity loans. Additionally, they offer auto purchase loans and auto refinancing options.
On the other hand, BMO's lending solutions offers a variety of options for borrowers, including home loans, auto loans, personal loans, home equity loans and even student loan, including refinancing. That makes them a preferred choice for borrowers.
Which Bank Is Our Winner?
There is no clear cut which bank is better. Both banks offer nice options when it comes to checking accounts, and BMO is the winner when it comes to savings products such as money market and CDs, with higher rates than BofA.
On the other hand, Bank Of America offers much more options when it comes to credit cards, including premium options for heavy spenders.
Comparing Bank Of America and BMO: Our Methodology
In our detailed banking comparison, The Smart Investor team thoroughly looked in five main areas in both banks and compare them side by side:
Checking Accounts (30%): We checked things like direct deposit, debit card availability, monthly fees, ATM and branch access, check deposit, bill pay options, and account alerts. We also considered any special offers for customers.
Savings Accounts including CDs (20%): We focused on important stuff like how much interest you can earn (APY), the smallest amount you need to open an account, how flexible the accounts are, and if they're insured by FDIC. We also looked at special savings offers, different types of CDs, and any fees for taking money out early.
Credit Cards (15%): We looked at what rewards you get, how much the card costs each year, any bonuses you get for signing up, perks for traveling, how much interest you pay on balances, and if you can transfer balances from other cards.
Lending Options (15%): We checked out the different kinds of loans they offer, like personal loans, student loans, mortgages, and loans where you use your home as collateral.
Customer Experience And Bank Reputation (20%): We looked into how easy it is to use their online and mobile banking, how helpful their customer support is, what people say about them online, any awards they've won, and how stable they are financially. This gave us a good idea of what it's like to be a customer and how much people trust them.
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