BMO Harris Bank Offers Long-Term "Step Rate" CDs

POSTED ON BY

Deal Summary: Step Rate CDs – 3-year (2.25% APY, blended) and 5-year (2.74% APY, blended), $5k minimum deposit.

Availability: Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri and Wisconsin.

BMO Harris Bank is currently offering two Step Rate CDs. These are not “step-up” or “bump-up” CDs, which have the option to raise the APY at some point during term. Instead, the Step Rate CDs have,

pre-defined rates that increase over the term of the CD at predetermined intervals. No action is required by the customer; rates will change automatically at the predetermined time.

The 3-year Step Rate CD has a blended 2.25% APY, with the 5-year Step Rate CD earning a blended 2.74% APY. The minimum deposit is $5k, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.74%$5k-BMO Harris Bank5 Year Step-Up CD
2.41%$5k-BMO Harris Bank3 Year Step-Up CD
Accounts mentioned in this post. Rates as of January 23, 2018.

The Step Rate blended APYs break down as follows:

The Step Rate CDs are also available as IRAs (Traditional, Roth, SEP), earning the same blended APYs with the same funding requirements.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.74%$5k-BMO Harris Bank5 Year Step-Up IRA (Traditional, Roth, SEP)
2.41%$5k-BMO Harris Bank3 Year Step-Up IRA (Traditional, Roth, SEP)
Accounts mentioned in this post. Rates as of January 23, 2018.

As stated in the CD Disclosure, the Early Withdrawal Penalty (EWP) reads, in part, as follows:

CD terms of 36 – 47 months, you will be charged 365 days interest.
CD terms of 48 months or longer, you will be charged 545 days interest.

Availability

Headquartered in Chicago, BMO Harris Bank’s market area is comprised of Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri and Wisconsin.

The Step Rate CDs can be opened in-branch at any of the more than 575 full-service branches located in Arizona (47), Florida (22), Illinois (198), Indiana (63), Kansas (8), Minnesota (22), Missouri (20) and Wisconsin (199), or by calling 888.340.2265.

To see the Step Rate CD APYs, you must entered your ZIP Code on the Certificate of Deposit landing page. While the 2.25% and 2.74% APYs are available throughout the Bank’s market area, the fine print lists some exceptions.

These rates apply to our Illinois and Northwest Indiana locations, excluding locations in South Beloit, Roscoe and St. Clair County in Illinois.

These rates apply to our Minnesota locations (excluding locations in St. Louis County) and our locations in Pierce and St. Croix Counties in Wisconsin.

These rates apply to our Missouri locations (excluding locations in Jackson, Buchanan and Clay Counties) and our locations in St. Clair County in Illinois.

These rates apply to our Northern Wisconsin locations (excluding locations in Pierce and St. Croix Counties) and our locations in St. Louis County in Minnesota.

Bank Overview

BMO Harris Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 5.76% (excellent) based on June 30, 2017 data. BMO Harris Bank has an excellent capitalization level of 15.32%, the result of holding $106.19 billion in assets with $16.27 billion in equity. Please refer to our financial overview of BMO Harris Bank (FDIC Certificate # 16571) for more details.

BMO Harris Bank can trace its origins to the Glencoe National Bank, which was established in 1947 in Glencoe, Illinois. Almost 40 years later, the name was changed to Harris Bank Glencoe-Northbrook, N.A. May 2005 was a busy month for the Bank, with the acquisition of 26 Illinois banks, the Bank headquarters moved to Chicago, and another name change (Harris National Association). The next six years saw another 11 acquisitions and a final name change. Today, BMO Harris Bank is the second largest bank in Illinois and the 27th largest bank in the country with total deposits of $76.88 billion.

How the Step Rate CDs Compare

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the Bank’s market area, BMO Harris Bank’s 3-Year Step Rate CD APY (blended) currently ranks third.

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the Bank’s market area, BMO Harris Bank’s 5-Year Step Rate CD APY (blended) currently ranks second.

The above rates are accurate as of 12/1/2017.

To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table, or our Rates Map page.

Related Pages: 5-year CD rates

Comments
busybee
busybee   |     |   Comment #1
BMO is not modern day friendly. You CAN NOT open or apply online but you can do a phone interview, then they will mail you an application. You CAN NOT electronically wire money, and yes you have to mail the application and a check back to them. If you want to designate beneficiaries, you CAN NOT do it on line or even email the form, you must appear at one of their branch offices. Very cumbersome for a little better rate. Get with the times BMO...
jet1318
jet1318   |     |   Comment #2
Called today and it is around a 1 8month penalty. Interest can be withdrawn.
jet1318
jet1318   |     |   Comment #3
that is 18 months penalty
BMO Harris Bank Adds CD Specials (Checking Relationship)
Deal Summary: CD Specials – 15-month (1.50% APY), 30-month (1.85% APY), and 50-month (2.25% APY) with checking relationship, $5k minimum deposit. $200 bonus when opening a new checking account.

Availability: Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri, Washington, and Wisconsin.

BMO Harris Bank is offering its checking customers a trio of limited-time CD Specials: 15-month (1.50% APY), 30-month (1.85% APY), 50-month (2.25% APY). Of the three, the 50-month CD Special is the most competitive. The minimum opening deposit is $5k, with no stated balance cap.

...
Continue Reading
BMO Harris Bank's $200 Checking Bonus Available Nationwide
Deal Summary: $200 bonus when opening a new checking account.

Availability: Nationwide, online and in-branch.

BMO Harris Bank has unveiled a new $200 checking bonus when opening a Smart Money Account, Smart Advantage Account, or Premier Account. This promotional offer is valid now through June 30, 2017, and can be opened online, in-branch, or by phone.

Requirements

  • Use or mention the promotion code when opening the new checking account.
  • Have at least two qualifying direct deposits of $300 or more within 90 days of account opening.
  • Qualifying direct deposits are defined...
Continue Reading
Earn $200 Checking Bonus At BMO Harris Bank

UPDATE 3/2/2017: Offer now extended through April 28, 2017.

Deal Summary: $200 bonus for opening a new checking account.

Availability: Market area includes Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri, Washington, and Wisconsin.

You can earn $200 when opening a new BMO Harris Bank Everyday Checking, Select Checking, or Portfolio Checking account. This promotional offer is valid now through February 28 April 28, 2017.

Requirements

  • Use or mention the promotion code when opening the new checking account.
  • Have at least two qualifying direct deposits of $300 or more within 90 days...

Continue Reading
BMO Harris Bank Adds Three Relationship CD Specials

Deal Summary: Limited-time CD Specials with checking relationship: 13-month, 1.00% APY; 25-month, 1.50% APY; and 44-month, 2.00% APY, minimum $5k deposit.

Availability: Market area includes Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri, Washington, and Wisconsin.

BMO Harris Bank is currently offering three limited-time CD Specials: 13-month, 1.00% APY; 25-month, 1.50% APY; and 44-month, 2.00% APY. All three CD Specials require a companion BMO Harris Bank checking account, either new or existing.

BMO Harris Bank has four checking accounts to choose from: Everyday Checking, Select Checking,...

Continue Reading
BMO Harris Bank Promotes New Checking $200 Cash Bonus

UPDATE 4/29/2016: Offer has been extended through July 2, 2016.

Availability: Market area includes Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri, Washington, and Wisconsin.

You can earn $200 when opening a new BMO Harris Bank Everyday Checking, Select Checking, or Portfolio Checking account. This promotional offer is valid between July 27, 2015 and January 22, July 2, 2016, and is limited to one account per customer.

Requirements

  • Use or mention the promotion code when opening the new checking account.
  • Have at least one recurring qualifying direct deposit of $300 or...

Continue Reading

More Past Offers