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.
|3.50*%||$5k||-||BMO Harris Bank||60 Month CD Special|
|3.00*%||$5k||-||BMO Harris Bank||30 Month CD Special|
|2.65*%||$5k||-||BMO Harris Bank||18 Month CD Special|
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 Funds from CDs applied for online may not be withdrawn for the first 11 days after funding.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.
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.
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 Rate||CD Length of Term||Credit Union/Bank|
|3.51% APY||60-Month Smart Certificate||United States Senate Federal Credit Union|
|3.50% APY||60-Month CD||BMO Harris Bank|
|3.49% APY||5-Year CD||KS 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.