BMO Harris Bank


Overview / Commentary
312-461-2323
111 West Monroe Street
Chicago, IL 60603

BMO Harris Bank is headquartered in Chicago and is the largest bank in the state of Illinois. It is also the 20th largest bank in the nation. It was established in 1947 and as of December of 2019, it had grown to 11,277 employees at 588 locations. BMO Harris Bank's money market rates are 3X the national average, and it has an A health rating.

Related Posts

BMO Harris Platinum Money Market Drops To 1.10% - 7/7/2020

Looks like the rate has been cut again to 1.10%

Another BMO Harris MM Rate Cut - 6/19/2020

The previous 1.35% has been cut to 1.25% https://www.bmoharris.com/main/personal/MM2/

BMO Harris mm Drops To 1.35% - 6/10/2020

I'm not sure that it's still possible to receive 1.50% on a savings or mm acct anywhere anymore, regardless of your acct balance. Looks like we're back to where we were in 2008. https://www.bmoharris.com/main/personal/savings-and-cds/money-markets/#money-market-rates

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Good customer service

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.

Online Bank With Branch Rules

Posted by: |

I recently opened an account at BMO Harris. They're trying to attract depositors from outside their branch footprint with a premium rate. That's great; I'm hundreds of miles from the nearest branch but like the 2.35% MMA.

They offer a ATM card for the account, which is a nice feature. HOWEVER, the daily withdrawal amount is only ~$500. When I called customer service, they stated this could be increased, if I went into a branch. I explained they're marketing to people who are nowhere near their branches. Alas, those are the rules. It's a hassle but the next time I'm in the area I'll need to remember to stop in.

There Are BETTER Banks To Do Business With

Posted by: |

In the first week of account opening, BMO Harris froze my account claiming they couldn’t verify my identity. This prevented me from making deposits and withdrawals for a number of days until the matter was finally resolved after numerous calls. Also, external transfers take days to post to your BMO Harris account even though the funds are deducted immediately from your transferring bank. Investors are losing interest income during these
posting delays while BMO benefits from having the use of your money -other banks are much quicker. I will be closing my account with BMO and doing business elsewhere !

Do Not Recommend

Posted by: |

This bank is terrible!!
First - They block my cards for no reason all the time. When I called them one time they said that they need to verify my identity, and after providing them with all of my information plus ssn and all previous addresses, transactions, date of birth etc, they said they could not verify it was me. The employee was extremely rude. He almost yelled at me and told me basically I'm on my own and to go to a branch. I hand to waste all day on the phone and going to branches to unblock my card.
Second-They do charge you maintenance fees as the other reviewers mention.
Third - Are we in the 21st century? Well, this bank is not. Expect maintenance almost every other day. Online banking impossible. I feel like I do not have access to my own money.
Over the phone customer service is really really bad. Do not expect a polite employee or a good service.
I will be switching.

VIEW MORE REVIEWS

Health

Health Grade Components

Overall
FDIC Certificate #16571
Year Established1947
Employees11277
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD0.93%
Return on Equity - YTD7.33%
Annual Interest Income$4.73B
Assets and Liabilities
AssetsQ4 2019vs Q4 2018$137.6B$123.1B
LoansQ4 2019vs Q4 2018$86.88B$80.16B
DepositsQ4 2019vs Q4 2018$111B$97.02B
Equity CapitalQ4 2019vs Q4 2018$16.66B$16.18B
Loan Loss AllowanceQ4 2019vs Q4 2018$832.5MM$715.3MM
Unbacked Noncurrent LoansQ4 2019vs Q4 2018$973.8MM$867.4MM
Real Estate OwnedQ4 2019vs Q4 2018$22.0MM$22.0MM
  User-submitted Promotions & Notices

This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.

BMO Harris Platinum Money Market Drops To 1.10%

  |  
Looks like the rate has been cut again to 1.10%

Another BMO Harris MM Rate Cut

  |  
The previous 1.35% has been cut to 1.25%

https://www.bmoharris.com/main/personal/MM2/

BMO Harris mm Drops To 1.35%

  |  
I'm not sure that it's still possible to receive 1.50% on a savings or mm acct anywhere anymore, regardless of your acct balance. Looks like we're back to where we were in 2008.
https://www.bmoharris.com/main/personal/savings-and-cds/money-markets/#money-market-rates

BMO Harris Savings Drops To 1.65% APY

  |  
The APY could possibly slightly vary, depending on your zip code.

https://www.bmoharris.com/main/personal/savings-and-cds/money-markets/#money-market-rates

Rates
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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.

BMO Harris Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.75%*$50k*-Health Savings Account
OTHER TIERS: 0.05% Up to $5k | 0.25% $5k - $10k | 0.35% $10k - $25k | 0.50% $25k - $50k
0.05%--Statement Savings

BMO Harris Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.10%*$5k*$1mPlatinum Money Market
OTHER TIERS: 0.85% $1m+

BMO Harris Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.10%*$25k*-BMO Harris Premier Account
OTHER TIERS: 0.01% Up to $5k | 0.05% $5k - $25k

BMO Harris Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.00%$5k-55 Month CD Special
0.75%$1k-60 Month CD
0.70%$1k-12 Month CD
0.70%$5k-11 Month CD Special
0.65%$1k-1 Year Add-on CD
0.50%$1k-48 Month CD
0.40%*$5k*-9 Month CD
OTHER TIERS: 0.10% $1k - $5k
0.40%$1k-36 Month CD
0.35%$1k-30 Month CD
0.30%*$5k*-6 Month CD
OTHER TIERS: 0.05% $1k - $5k
0.30%$1k-24 Month CD
0.25%$1k-18 Month CD
0.05%$1k-3 Month CD
0.05%$100k-1 Month CD
0.05%$100k-2 Month CD

BMO Harris Bank IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.75%$1k-60 Month IRA
0.50%$1k-48 Month IRA
0.40%*$5k*-9 Month IRA
OTHER TIERS: 0.10% $1k - $5k
0.40%$1k-36 Month IRA
0.35%$1k-30 Month IRA
0.30%*$5k*-6 Month IRA
OTHER TIERS: 0.05% $1k - $5k
0.30%$1k-24 Month IRA
0.25%$1k-18 Month IRA
0.15%$1k-12 Month IRA
0.05%$1k-3 Month IRA
Locations

Availability

Chicago Area

Interactive local rates map


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