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Financial Rates:
3.0
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Customer Service:
5.0
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Website Experience:
5.0
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Bank Fees:
4.0
Pros:
- MMA earns competitive rates
- Good variety of accounts available
- Special CDs earn competitive rates
- Many ways to open accounts
Cons:
- High opening required amounts
- Accounts have monthly fees
- Most interest rates not competitive
- Tiered interest rates on accounts
What You Need to Know
The BMO Harris money market account offers competitive interest rates. These rates are competitive with other online accounts. They are much higher than typical bank rates. There are no monthly fees for this account.
BMO Harris offers a good variety of personal and business accounts. Those accounts include:
- Checking accounts
- Savings and money market accounts
- CD terms from three to 60-months
- IRA savings accounts and CDs
- Lending options
- Credit cards
- Investment options
BMO Harris Bank offers specific CD terms with more competitive interest rates. Their CD terms range from three to 60-months. They offer a six-month, 12-month, and 18-month CD with more competitive interest rates. These rates are competitive with other online CD accounts. BMO Harris CDs require $1,000, $5,000, or $100,00 to open.
There is more than one way to open BMO Harris accounts. You can open bank accounts online through the website. Customers can open accounts at a branch location or by calling customer service.
Some BMO Harris accounts have high opening required amounts. The money market account requires $5,000 to open. BMO Harris Bank offers regular CDs and jumbo CDs. To get the most competitive interest rate requires $5,000. The jumbo CDs require $100,000 to open.
Most BMO Harris accounts have monthly fees. The fees for their checking accounts range from $5 to $30. The savings account has a $5 monthly fee. These fees can be waived by keeping a set amount in the accounts. Those balances range from $100 to $50,000 depending on the account. Electronic statements and being under 25 years old will also waive some account fees.
BMO Harris Bank account rates are not competitive with other online accounts. The money market account and some CD terms offer competitive interest rates. Other account rates are not competitive with online accounts.
The premier checking account has tiered interest rates. To earn the most competitive rate for this account requires a balance of $50,000. The money market account has tiered interest rates, but the tiers are not on the website.
Digital or Mobile Banking
BMO Harris offers apps you can download through the Apple Store or Google Play. They help protect your information on the app with Digital Banking Guarantee. With the app, you can:
- View account information and statements
- Pay bills
- Transfer money
- Create a budget and track spending
- Withdraw cash from ATMs with your smartphone
- Deposit checks
- Pay others through Zelle or Apple Pay
Cool Things
Add-On CD
BMO Harris Bank offers an Add-On CD. You can add money to the one-year or three-year CD terms. These terms require $1,000 to open. The interest rates are competitive. You can open these Add-On CDs online or at a branch location.
History
BMO Harris Bank started in 1882 as N.W. Harris & Co. In 2011, the name changed to BMO Harris Bank National Association. Since the bank started, they have grown to become one of the largest banks in the Midwest. They have over 570 branch locations with more than 14,000 employees. They have 43,000 fee-free ATMs across the United States. Bank headquarters are in Chicago, Illinois.
They offer commercial and personal banking accounts. Those accounts include savings, checking, and money market accounts. You can open BMO Harris accounts online.
Awards and Recognition
- Named "One of 2018 World's Most Ethical Companies" by Ethisphere Institute
- "Best of the Best" by Black EOE Journal, Professional Women's Magazine, and Hispanic Network Magazine
- "Honorable Mention" by the Better Business Bureau in 2017
Giving Back
In 2017, BMO Harris Bank donated over $4 million. The money went to neighborhood programs in Wisconsin. Those included the United Way and United Performing Arts Fund. They also helped the Boys & Girls Club of Greater Milwaukee.
List of Common Bank Fees
- ATM fees in the United States: $0-3
- ATM fees internationally: 2.8%
- Bill pay: $0
- CD early withdrawal fees: 90-545 days of interest
- Excessive withdrawal fees: $15
- Monthly service fees: $5-30
- Overdraft service fees: $36
- Paper bank statements: $5
- Wire transfers (Domestic): $30
- Wire transfers (International): $50
Frequently Asked Questions
Yes. BMO Harris is FDIC insured. The FDIC is an agency of the United States government. They protect funds deposited in banks, up to $250,000 per customer, per bank. The money is backed by the full faith and credit of the United States government.
Access BMO Harris money with ATM or debit cards, checks, or electronic transfers. Wire transfers, bill pay, mobile cash, or Zelle are other ways to access your money. You can also access money by visiting a local branch location.
Yes, at a local branch location or certain BMO Harris ATMs.
Cash or electronic deposits and wires typically fund the same business day. Check deposits are usually available the next business day if made before the cut off time.
Yes. You can have money directly deposited into BMO Harris Bank accounts.
BMO Harris offers free ATM transactions at 40,000 Allpoint and BMO Harris ATMs across the nation. Fees do apply to ATM transactions outside of the United States.
No. BMO Harris charges $3.00 per ATM transaction at non-BMO Harris ATMs.
Yes. With BMO Harris digital banking, you can see account balances and transfer funds. You can pay bills and send money with Zelle through the app.
Yes. Each BMO Harris Bank checking account offers free bill pay.
The BMO Harris money market account earns the most competitive interest rates. The other account interest rates are much lower.
The BMO Harris Bank premier checking account earns interest. The rates are tiered. To earn the most competitive rate requires a balance of $50,000. The interest rates are not competitive with other online checking accounts.
The BMO Harris platinum money market account and the 11-month CD term.
BMO Harris Bank checking accounts have monthly fees ranging from $5 to $30 each month. Waive those fees by meeting set requirements. Their savings and money market accounts do not have monthly fees.
The money market account and some CD terms offer competitive interest rates. You can open most all accounts online. There are a good variety of accounts available, including business accounts. Not all account interest rates are competitive with online accounts. Some accounts have tiered interest rates and monthly fees.
BMO Harris Bank offers security measures that comply with federal laws. Their computers have safeguards. Their files and buildings are secure.
Yes. BMO Harris offers savings, checking, and money market accounts for businesses. CDs, credit cards, and lending options are also available.
You can open most all BMO Harris accounts online. The interest rates on most accounts are much lower than other online banks.
Reach BMO Harris customer service through phone 24 hours a day. Customer service is available through email or by visiting a local branch location. Customers can follow BMO Harris on Facebook, Instagram, Twitter, or YouTube.
Bank Information
BMO HarrisFind a branch location
888-340-2265
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| Savings (Rate as of 11/21/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 3.92% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 11/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.64% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC No monthly maintenance fee, $0 to open, easily grow your money | |
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.