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BMO Harris Bank VS Live Oak Bank

Which bank is better for you?

  • Financial Rates: 3.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 4.0 Star Icon
0.35%APY
Savings/MMA
Star Icon Star Icon Star Icon Star Icon Star Icon

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
  • Financial Rates: 4.5 Star Icon
  • Customer Service: 4.0 Star Icon
  • Website Experience: 4.0 Star Icon
  • Bank Fees: 5.0 Star Icon
0.50%APY
Savings/MMA
Star Icon Star Icon Star Icon Star Icon Star Icon

Pros:

  • Competitive interest rates on accounts
  • Some business accounts offered
  • No minimum balance or monthly fees
  • Earn high interest on any amount

Cons:

  • Only savings account and CDs offered
  • Linked external accounts required
  • CDs have large opening required amounts
  • No checks or debit card offered
BMO Harris Bank Review

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.

Read the full BMO Harris Bank review.

Live Oak Bank Review

The interest rates of Live Oak Bank accounts are competitive. They are much higher than your typical brick and mortar bank rates. Account rates are competitive with other online-only accounts.

Live Oak Bank offers a few business accounts. They offer a savings account and CDs. There are seven CD terms offered for small business accounts. The terms range from six months to a five-year CD. The longer the CD term, the higher the interest rate offered.

There is no required amount to keep in a Live Oak savings account. There is no monthly fee. If your account gets to $10.01 and is inactivated for 24 consecutive months, you will be charged a fee. Live Oak Bank will then close the account. If you make more than six withdrawals per month, you will be charged $10 for each transaction.

Live Oak Bank savings account and CDs offer competitive interest rates. You earn the highest interest rates on any amount deposited in the accounts. There is no set balance required to earn the highest interest rates offered.

The only accounts offered are a savings account and CDs. These are the only accounts offered for personal banking, as well as business banking. There are seven different CD terms available. The terms range from six-months to five-years.

To open a Live Oak Bank, you must link an external checking account. Live Oak Bank does not offer a checking account. To make electronic transfers requires a linked checking account.

Live Oak Bank CDs have a large opening amount for each term. The opening amount required is $2,500 for each CD term. The different CD terms range from a six-month term to a five-year term.

There are no checks or debit cards available for Live Oak Bank accounts. The only way to access your money is to make an electronic transfer. Once you make the transfer online, the money will be available within one to two business days. Anything transferred after 4:00 p.m. is processed the next business day. Federal regulations only allow for six withdrawals each billing cycle.

Read the full Live Oak Bank review.

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