Both U.S. Bank and BMO Bank are active in a variety of states, such as Illinois, Wisconsin, Montana, Minnesota, and more. Let's compare their banking products side by side:
Checking Accounts
There is no clear winner when it comes to checking accounts. Both banks offer accounts for basic and advanced customers with enhanced features, but don't offer a variety of options such as students or senior accounts.
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Account Types
U.S. Bank Account | Monthly Fee | Average Day Balance To Waive |
|---|---|---|
U.S. Bank Smartly Checking | $6.95 | $1,500 |
Safe Debit
| $4.95 | Cannot be waived |
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
The Safe Debit account is a checkless alternative with overdraft protection, no overdraft fees, and bonus features like free credit score access, alerts, and budget tools.
U.S. Bank's Smartly Checking is a budget-friendly option, featuring interest earnings, a $50 overdraft grace, and easy management with low balance alerts, mobile check deposit, and automated budgeting tools.
Both accounts provide mobile and online banking access, catering to diverse financial needs with a focus on affordability, convenience, and additional perks.
U.S. Bank Account | Main Features |
|---|---|
U.S. Bank Smartly Checking | Smart Rewards, transfer money, set alerts, $50 overdrawn available |
Safe Debit
| Directly deposit paychecks, pay bills for free, no overdraft fees |
BMO accounts have some cool perks for customers. You can use your phone to easily deposit checks with mobile check deposit, and BMO Total Look makes managing your accounts super simple by keeping everything in one place.
There are different debit card options, like the BMO Debit Mastercard® for easy access to your checking, savings, or money market accounts. You can even choose sports-themed cards for special team benefits. Plus, with Zelle®, you can send, request, and receive money without any fees.
If you go for BMO's Relationship checking, you get interest, unlimited free non-BMO ATM transactions in the U.S., and they'll even reimburse you for 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 |
Top Offers From Our Partners
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Savings Accounts
BMO is our winner when it comes to savings.
While both bank offer savings accounts with low rates, BMO Bank offers a money market account with quite high rates However, you'll need a significant amount to get the highest rates.
BMO Savings Builder | BMO Money Market | U.S Bank Savings Account | |
|---|---|---|---|
Savings Rate | 0.01% | 0.80% – 3.09% | up to 3.50% |
Minimum Deposit | $25 | $25 | $25 |
Fees | $0 | $10
Can be waived if you maintain a minimum daily balance of $5,000
| $4
can be waived by $300+ daily ledger balance or $1,000 average monthly balance
|
Certificate Of Deposits (CDs)
When comparing CD accounts and rates, there is no clear winner, but BMO offers a bit better options.
Both BMO and U.S. Bank offer high rates only on promotional, special terms. BMO rates are usually higher and they offer more promotional terms compared to U.S. Bank.
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U.S. Bank CD Rates
CD Type | CD Term | APY |
|---|---|---|
Standard CD
| 6 Months | 0.05% |
Standard CD
| 12 Months | 0.05% |
Standard CD
| 24 Months | 0.05%
|
Standard CD
| 36 Months | 0.10%
|
CD Special | 7 Months | 4.00% |
CD Special | 11 Months | N/A |
CD Special | 13 Months | 3.00% |
CD Special | 19 Months | 4.95%
|
Step Up CD
| 28 Months | N/A |
Trade Up CD | 30 Months | 0.10% |
Trade Up CD | 60 Months | 0.40% |
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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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Advertiser Disclosure
Credit Cards
Card | Rewards | Bonus | Annual Fee |
| U.S. Bank Shopper Cash Rewards | 1.5% – 6%
6% cash back on your first $1,500 in combined eligible purchases each quarter at two retailers you choose, 3% back on your first $1,500 in eligible purchases each quarter on your choice of one everyday category, 1.5% back on all other qualifying purchases. Also, 5.5% back on reservations for hotels and prepaid car rentals when you book through the U.S. Bank Rewards Center.
| $250
$250 bonus after you spend $2,000 in eligible purchases within the first 120 days of account opening
| $95 ($0 on first year) |
|---|---|---|---|---|
| U.S. Bank Cash+® Visa Signature® Card | 1% – 5%
5% cash back on purchases in two categories of your choice (up to $2,000 in combined purchases per quarter, then 1 percent). 5% back on prepaid air, hotel, and car reservations through the Rewards Center. 2% cash back on one choice everyday category. 1% back on all other purchases
| $200
Earn a $200 bonus after spending $1,000 within the first 90 days of account opening
| $0 |
| U.S. Bank Altitude® Go Visa Signature® Card | 1X – 4X
4x points at restaurants, take-outs & deliveries, 2x points at supermarkets, gas stations & streaming servicesm and 1 point for 1 dollar on all other purchases
| 20,000 points
20,000 bonus points when you spend $1,000 in eligible purchases within the first 90 days of account opening
| $0 |
| U.S. Bank Altitude Connect Visa Signature Card | 1X – 5X
5X points on prepaid hotels and car rentals booked directly in the Altitude Rewards Center; 4X points on travel, gas stations, and EV charging stations; 2X points on grocery stores, grocery delivery, dining, and streaming services; and 1X points on all other eligible purchases
| 60,000 points
60,000 points after spending $6,000 in eligible purchases on the account owner's card within the first 180 days from account opening.
| $95 (waived first year) |
| U.S Bank Altitude Reserve Visa Infinite Card | 1X – 5X
5 points per dollar on prepaid hotels and car rentals booked directly in the Altitude Rewards Center, 3 points per dollar on eligible travel purchases and mobile wallet spending and 1 point per dollar on all other eligible net purchases
| 50,000 points
50,000 bonus points after spending $4,500 on eligible purchases within the first 90 days.
| $400 |
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 U.S. Bank.
Both U.S. Bank and BMO Bank focus more on mortgages for homebuyers, mortgage refinancing, home equity loans, personal loans, and car financing for both new and used vehicles.
However, BMO also offers student loan solutions (not available through U.S. Bank), including refinancing. That makes them a preferred choice for borrowers.
Which Bank Is Our Winner?
Overall, there is no clear winner in this battle. Both banks offer decent checking options as well as CDs. U.S. Bank offers better credit card options, while BMO provides more options for depositors with its high money market account rates.
Our Methodology: Breaking Down Bank Comparisons
In our thorough banking comparison, The Smart Investor team carefully reviewed and compared banks across five key categories:
Checking Accounts (30%): We examined features 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 available to customers.
Savings Accounts and CDs (20%): Our focus was on important factors such as the Annual Percentage Yield (APY), minimum deposit requirements, account flexibility, FDIC insurance coverage, special savings offers, variety of CDs, automatic renewal options, and early withdrawal penalties.
Credit Cards (15%): We analyzed rewards programs, annual fees, introductory bonuses, travel benefits, APR, and balance transfer options offered by each bank's credit cards to provide a comprehensive comparison of available features.
Lending Options (15%): We assessed the variety of loan options provided, including personal loans, student loans, mortgages, secured loans, HELOCs, and Home Equity Loans, offering insights into the banks' lending capabilities.
Customer Experience and Bank Reputation (20%): Our evaluation included an analysis of online banking and mobile app usability and ratings, accessibility of customer support, online reviews, JD Power research, Trustpilot ratings, and overall financial stability, providing a holistic view of customer experience and reputation.
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