Overview / Commentary
111 West Monroe Street
Chicago, IL 60603

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.

Related Posts

BMO Offers Competitive Online Savings Account and CD Rates - 2/13/2023

The large regional bank, BMO Harris (BMO), has been offering competitive online savings account and CD rates in the last few months.

BMO Harris (Check Your Zip Code) - 1/14/2023

Special CD Rates (looks like good nationwide but check your zip first) 13 mo 4.00% 25 mo 4.10% 35 mo 4.30% 45 mo 4.40% 59 mo 4.50% Only good outside Illinois and maybe other states where BMO has branches (check zip code at ) . 12 month - 60 month all at 4.50% EWP ranges from 180 days - 545 days (very high) Their redemption/maturity process is manual and requires depositor to call them and request a physical check be mailed to their address on file. No scheduling or ACH payments out. They will mail a separate check for each CD redeemed. Good rates from an old brick and mortar Money Center bank aside from the above observations. hat tip to JamesStewart for posting on the 59 month 4.5% on Dec 12th in an old thread.

BMO Harris Bank Offers 4.00% APY Online Savings Account - 12/12/2022

As one of the top 25 largest banks in the U.S., this is a big move. Product disclosure

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10/29/18 - BMO Harris Ups 60-Month Special CD Rate
3/25/18 - 3% 5 Year CD As Of March 25
2/26/18 - BMO Harris Bank Has A Special Rate 60-Month CD
1/29/18 - 2% 18 Month CD At BMO Harris Bank
12/1/17 - BMO Harris Bank Offers Long-Term "Step Rate" CDs
7/3/17 - BMO Harris Bank Adds CD Specials (Checking Relationship)
5/10/17 - BMO Harris Bank's $200 Checking Bonus Available Nationwide
3/2/17 - Earn $200 Checking Bonus At BMO Harris Bank
2/28/17 - $200 Checking Bonus From BMO Harris Bank
2/21/17 - BMO Harris Bank Adds Three Relationship CD Specials
11/15/16 - Special 2% 59-Month CD And $50 Checking Bonus At BMO Harris
4/29/16 - $200 Checking Bonus Has Been Extended At BMO Harris
7/31/15 - BMO Harris Bank Promotes New Checking $200 Cash Bonus
6/19/14 - Up to $200 Checking Account Bonus at BMO Harris Bank
3/19/14 - BMO Harris $200 Checking Account Bonus - May Be Targeted
3/11/13 - Up to $200 Checking Account Bonus at BMO Harris Bank in Some States
8/2/10 - $1,000 Business Checking Promotion At Harris Bank In IL, WI & IN
11/11/09 - $150 Checking Account Bonus at Harris Bank
9/1/09 - $150 Checking Account Bonus at Southwest Bank in Missouri - Local Only
3/13/09 - 3.00% 10-Month CD & 3.75% 39-Month CD at AMCORE Bank in IL & WI
1/20/09 - 4.00% 39-Month CD and 3.50% 10-Month CD at Amcore Bank in IL and WI
10/24/08 - 4.50% 7-Month / 5.10% 60-Month CD at Harris Bank
7/19/08 - 5.00% 39-Month / 4.00% 19-Month CD at an IL/WI Bank (Amcore)
5/24/08 - 4.70% 60-Month / 3.60% 20-Month CD at M&I Bank
4/20/08 - 4.50% 60-Month CD at M&I Bank
1/9/06 - CD Specials (5% 13-mo) at an Indiana Bank

Honest & True To Its Word = BMO

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.

Did not feel the love...

Posted by: |

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.

They Frequently Asks Me To Verify Identity

Posted by: |

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.

Bad Customer Service

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.



Health Grade Components

FDIC Certificate #16571
Year Established1947
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD-0.7%
Return on Equity - YTD-6.08%
Annual Interest Income$2.71B
Assets and Liabilities
AssetsQ1 2023vs Q1 2022$265.4B$166.5B
LoansQ1 2023vs Q1 2022$156.1B$88.57B
DepositsQ1 2023vs Q1 2022$208B$136.8B
Equity CapitalQ1 2023vs Q1 2022$32.19B$15.66B
Loan Loss AllowanceQ1 2023vs Q1 2022$2.10B$809.1MM
Unbacked Noncurrent LoansQ1 2023vs Q1 2022$904.5MM$542.2MM
Real Estate OwnedQ1 2023vs Q1 2022$14.7MM$4.3MM
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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.

BMO Savings Account Rates

4.50%--Online Savings Account
0.01%--Savings Builder

BMO Money Market Rates

3.30%$250k-Premier Platinum Elite Money Market
2.53%$100k$250kPremier Platinum Money Market
1.76%$25k$100kPremier Gold Money Market
1.00%--Premier Money Market

BMO Checking Account Rates

0.01%--BMO Harris Premier Account
0.01%--BMO Harris Premier Silver Account (<25k combined balance)
0.01%--BMO Harris Premier Gold Account (25k-<100k combined balance)
0.01%--BMO Harris Premier Platinum Account (100k-<250k combined balance)
0.01%--BMO Harris Premier Platinum Elite Account (250k+ combined balance)
0.00%--BMO Harris Smart Advantage Account

BMO CD Rates

0.25%$1k-60 Month CD
0.15%$1k-48 Month CD
0.10%$1k-36 Month CD
0.05%$1k-3 Month CD
0.05%$1k-6 Month CD
0.05%$1k-9 Month CD
0.05%$1k-12 Month CD
0.05%$1k-18 Month CD
0.05%$1k-24 Month CD
0.05%$1k-30 Month CD
0.05%$100k-1 Month CD
0.05%$100k-2 Month CD
0.05%$1k-12m CD (in-footprint)


0.25%$1k-60 Month IRA
0.15%$1k-48 Month IRA
0.10%$1k-36 Month IRA
0.05%$1k-3 Month IRA
0.05%$1k-6 Month IRA
0.05%$1k-9 Month IRA
0.05%$1k-12 Month IRA
0.05%$1k-18 Month IRA
0.05%$1k-24 Month IRA
0.05%$1k-30 Month IRA


Chicago Area

Interactive local rates map

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