BMO Harris Bank is headquartered in Chicago and is the largest bank in the state of Illinois. It is also the 25th largest bank in the nation. It was established in 1947 and as of June of 2022, it had grown to 10,809 employees at 526 locations. BMO Harris Bank's savings rates are 8X the national average, and it has a B+ health rating.
Harris bank has good customer service but is lacking in products and fees. They had a good partnership with local elementary schools to help kids start saving. This was great as it gave the community a jump start and showed that they cared. I am happy I got a chance to know the local tellers and start my understanding of savings with them.
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.
Bonus only available in Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri, or Wisconsin. They will let you open an account, but you will not get the bonus. Also, they take a very long time on the phone with you trying to analyze your needs (not to be confused with setting you up to buy further products). Be advised.
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 | 10809 |
Primary Regulator | OCC |
Profit Margin | |
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Return on Assets - YTD | 1.07% |
Return on Equity - YTD | 11.12% |
Annual Interest Income | $2.02B |
Assets and Liabilities | ||
---|---|---|
Assets | Q2 2022vs Q2 2021 | $163.2B$159.8B |
Loans | Q2 2022vs Q2 2021 | $93.19B$82.27B |
Deposits | Q2 2022vs Q2 2021 | $133.3B$134.3B |
Equity Capital | Q2 2022vs Q2 2021 | $15.40B$18.47B |
Loan Loss Allowance | Q2 2022vs Q2 2021 | $779.8MM$934.3MM |
Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $476.4MM$784.4MM |
Real Estate Owned | Q2 2022vs Q2 2021 | $5.2MM$3.2MM |
Always verify rates and promotions with the bank or credit union. We are not BMO Harris Bank; 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 |
---|---|---|---|---|
4.00% | - | - | Online Savings Account | |
0.01% | - | - | Savings Builder |
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
---|---|---|---|---|
1.00% | - | - | Premier Money Market |