BMO Harris Ups 60-Month Special CD Rate To 3.50% APY

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Deal Summary: 60-month Special Rate CD, 3.50% APY, $5k minimum deposit.

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

In late February, BMO Harris Bank’s 60-month Special Rate CD joined the 3 for 5 Club, which at the time was big deal and now seems almost quaint. The 60-month Special Rate CD is again near the top with its new 3.50% APY. The minimum opening deposit is $5k, with no stated balance cap. BMO Harris Bank is also offering two other Special Rate CDs, 18-month (2.65% APY) and 30-month (3.00% APY), but the 60-month clearly has the most competitive APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.50*%$5k-BMO Harris Bank60 Month CD Special
3.00*%$5k-BMO Harris Bank30 Month CD Special
2.65*%$5k-BMO Harris Bank18 Month CD Special
Rates as of November 14, 2018.

Since being added to the product line eight months ago, all three Special Rate CDs have had two or three rates increases, with 65, 75, and 50 bps being added to the 18-month, 30-month, and 60-month, respectively.

According to the fine print on the promotion page,

Maximum opening deposit of $100,000 per CD applied for online. The CD must be funded within 10 business days of online application. Funds from CDs applied for online may not be withdrawn for the first 11 days after funding. CDs applied for online can only be in individual or joint ownership and are not available for IRAs.

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

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

Availability

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

The Special Rate CDs can be opened online, or at any of the more than 578 full-service branches located in Arizona (47), Florida (22), Illinois (199), Indiana (63), Kansas (8), Minnesota (22), Missouri (20), and Wisconsin (197), or by calling 888.340.2265.

When I wrote about this CD in February, the initial screen of the online application seemed to indicate that the CD could be opened nationwide. No matter what Zip Code (in or out of the Bank's market area) I entered, the same message appeared.

You may continue your application with the account shown below.
You may also select additional products from the below section.

At the time, CSR stated you must live in a state where the Bank has branches to open any of the Special Rate Certificates online. In response to my experience, CSR stated, “that should not have happened.” He speculated that if I continued with the online application process and entered an out-of-market-area Zip Code, the application shouldn’t let me continue any further.

The same issue happened over the weekend when I tested out the online application. Just be aware you may not be able to open one of the Special Rate CDs, if you live outside the Bank’s market area, even though your Zip Code gets you past the first page of the of the online application.

Bank Overview

BMO Harris Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.34% (excellent) based on June 30, 2018 data. In the past year, BMO Harris has increased its total non-brokered deposits by $4.83 billion, an excellent annual growth rate of 6.56%. 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: the acquisition of 26 Illinois banks, the Bank headquarters moving to Chicago, and another name change (Harris National Association). The next six years saw another 11 acquisitions and the BMO Harris re-brand. BMO Harris Bank is currently the second largest bank headquartered in Illinois and the 26th largest bank in the country.

How the Special Rate CD Compares

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 60-month CD APY currently ranks second, but only by a single basis point.

Interest RateCD Length of TermCredit Union/Bank
3.51% APY60-Month Smart CertificateUnited States Senate Federal Credit Union
3.50% APY60-Month CDBMO Harris Bank
3.49% APY5-Year CDKS StateBank

The above rates are accurate as of 10/29/2018.

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

Related Pages: 5-year CD rates

Comments
BMO Harris Bank Has A Special Rate 60-Month CD
Deal Summary: 60-month Special Rate CD, 3.00% APY, $5k minimum deposit.

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

BMO Harris Bank has joined the 3 for 5 Club with its 60-month Special Rate CD (3.00% APY). The minimum opening deposit is $5k, with no stated balance cap. There are two other Special Rate CDs, 18-month (2.00% APY) and 30-month (2.25% APY), but the 60-month is the most competitive.

According to the fine print on the promotion page,

The Early Withdrawal Penalty for...

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

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...

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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.

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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...
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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.
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