BMO is headquartered in CHICAGO and is the largest bank in the state of Illinois. It is also the 14th largest bank in the nation. It was established in 1947 and as of March of 2023, it had grown to 20,275 employees at 1,055 locations. BMO's savings rates are 9X the national average, and it boasts an A+ health rating.
It is nice and refreshing, specially nowadays, when a financial institution keeps true to its word. BMO’s management demonstrated that to me just a few minutes ago when a supervisor reversed a fee that was charged to me 5 months ago. Back then, I called to ask about the fee, and I had been told it would be reversed but it wasn’t. At this point I wasn’t concerned much about the fee $, but the principal. If you are looking for a financial institution that is willing to be honest and true to its word, BMO is the answer.
Also, I have been blessed to have been helped by nice, understanding, and Knowledgeble people every time I have a concern. It seems to be their nature to be kind and honest.
We have dealt with BMO for many years. A few years ago we had the unfortunate opportunity to find out that accounts will now be charged for inactivity. What a sham! It is my money, seriously, how hard is it to let it sit?! Any time I have to go into my local bank for help with my savings or checking, I might find that I have to wait a number of hours or even days for attention. It also bothers me that the savings account rates are so low. Each time I visit the bank, the staff tries to "sell" me on the idea of opening another account to get better interest rates. When I see the low interest rates, I can see t is not worth my time. The low rates are discouraging, and while they are the norm, there was a time BMO led the banks with great rates.
For example, if I initialize a transfer from Bank-A to BMO, BMO put my transfer On-Hold and lock my account, asks me to verify my Identity.
So I called them and my Identity got verified.
I started another transfer from Bank-A to BMO, my transfer got On-Hold AGAIN and BMO asked me to verify my identity AGAIN.
A phone call may take 30 or more minutes.
I saw that BMO has a 4% savings account. I called to see if it was available as and IRA. I got someone "offshore" who didn't seem to know what an IRA was. She had to put me on hold with every questions to go get an answer. I finally asked to be connected to someone in states. I was put on hold and no one ever answered.
Overall | |
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FDIC Certificate # | 16571 |
Year Established | 1947 |
Employees | 20275 |
Primary Regulator | OCC |
Profit Margin | |
---|---|
Return on Assets - YTD | -0.7% |
Return on Equity - YTD | -6.08% |
Annual Interest Income | $2.71B |
Assets and Liabilities | ||
---|---|---|
Assets | Q1 2023vs Q1 2022 | $265.4B$166.5B |
Loans | Q1 2023vs Q1 2022 | $156.1B$88.57B |
Deposits | Q1 2023vs Q1 2022 | $208B$136.8B |
Equity Capital | Q1 2023vs Q1 2022 | $32.19B$15.66B |
Loan Loss Allowance | Q1 2023vs Q1 2022 | $2.10B$809.1MM |
Unbacked Noncurrent Loans | Q1 2023vs Q1 2022 | $904.5MM$542.2MM |
Real Estate Owned | Q1 2023vs Q1 2022 | $14.7MM$4.3MM |
Always verify rates and promotions with the bank or credit union. We are not BMO; we are a rate comparison website and cannot provide official rates or promotions.
* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
The rates for some products vary by region. In these cases we have listed the rates for the region closest to the bank's headquarters.
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
---|---|---|---|---|
4.50% | - | - | Online Savings Account | |
0.01% | - | - | Savings Builder |
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
---|---|---|---|---|
3.30% | $250k | - | Premier Platinum Elite Money Market | |
2.53% | $100k | $250k | Premier Platinum Money Market | |
1.76% | $25k | $100k | Premier Gold Money Market | |
1.00% | - | - | Premier Money Market |