BMO Bank N.A.

Written by Ali Cybulski | Published on 11/15/2024

Chicago-based BMO Bank offers a broad range of products, including checking accounts, certificates of deposit (CDs), and savings and money market accounts. As the 8th-largest bank in North America with $1.4 billion in assets, BMO serves more than 13 million customers globally, including more than 4 million in the U.S.

The financial institution provides three checking accounts: BMO Smart Advantage Checking, BMO Smart Money Checking and BMO Relationship Checking.

Smart Advantage is the most popular, according to BMO. It requires a minimum opening deposit of $25 but no minimum balance. If you choose free paperless statements, you get access to more than 40,000 fee-free ATMs nationwide and pay no monthly maintenance fee.

If enrolled in BMO’s Overdraft Program, you are charged a $15 fee for each item the bank covers when your account is overdrawn by more than $50. The cap is three overdraft fees per business day.

BMO Smart Money Checking is a low-fee option, with a $5 monthly maintenance fee waived for those under 25. There are no overdraft fees, but charges and debit card transactions that overdraw this account are declined.

Like Smart Advantage, it comes with free paperless statements and surcharge-free access to more than 40,000 ATMs nationwide.

BMO Relationship Checking offers benefits that grow along with your eligible deposit account balances. It carries a $25 monthly maintenance fee that can be waived.

The bank automatically places you in one of four relationship packages based on your quarterly combined balance across all qualified accounts. Packages include Silver (under $25,000), Gold ($25,000-$99,999.99), Platinum ($100,000-$249,999.99) and Premier ($250,000 or more).

For savings, BMO Bank offers the Savings Builder Account with no monthly maintenance fee and a $25 minimum opening deposit.

It has a distinct feature: You can earn an extra $5 by saving at least $200 each month for the first year. Maintain a minimum balance of 1 cent to earn an annual percentage yield (APY) of 0.01%.

For higher returns, consider the Relationship Plus Money Market account. It pays a 1.00% APY unless you qualify for a higher rate by having a BMO Relationship Checking account. In that case, the bank automatically places you in a relationship package based on your quarterly combined balance across all eligible accounts.

If you open a Relationship Plus Money Market account or switch to this product type, BMO Bank is offering special tiered rates for a limited time. Introductory APYs depend on your account balance, with 1.00% for balances of less than $25,000 rising to 3.30% for $250,000 or more. The introductory APYs, applicable for the first month, are removed and the accounts start earning standard APYs starting on the first business day of the following month.

Watch out for fees. A $10 monthly maintenance fee applies to the Relationship Plus Money Market account unless you maintain a daily ledger balance of at least $5,000. Closing the money market account, as well as checking and savings accounts, within 90 days incurs a $50 fee.

This account offers six free withdrawals or transfers per month, with $15 charged for each additional transaction. BMO and Allpoint ATM transactions in the U.S. are free.

If your priority is competitive rates, consider BMO Bank’s CDs. The bank offers CD specials and standard CDs with various term options. CD specials require a $1,000 minimum deposit, but opening deposits for others can depend on the CD type and term.

The bank offers standard CDs and CD specials in a variety of terms. Rates can vary by location; contact BMO Bank for rate information.

For account management, BMO provides online and mobile banking. To get started, sign up for BMO Digital Banking.

With online banking, you can pay bills, create a personalized budget, transfer funds and more. The bank’s mobile app allows you to make deposits, set up account alerts and even get free access to your credit score.

Support is available online, by phone or in person. You can use the bank’s online support tool, a form you complete to indicate what you need help with and get information on that topic.

You can also contact the customer care team at 888-340-2265 between 7 a.m. and 11 p.m. Central time Monday to Friday and 8 a.m. and 10 p.m. CT on Saturday and Sunday. If you prefer in-person service, use the bank’s branch locator for branch hours.

BMO Bank pros and cons

Pros:
• Savings account pays $5 every month you save at least $200 for the first year
• Fee-free access to more than 40,000 ATMs
• Low minimum opening deposit for checking and savings accounts

Cons:
• Low rates on some deposit products
• High deposits required for best relationship benefits
• $50 fee on closing accounts within 90 days

Health Grade Components