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.
|2.74%||$5k||-||BMO Harris Bank||5 Year Step-Up CD|
|2.41%||$5k||-||BMO Harris Bank||3 Year Step-Up CD|
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.
|2.74%||$5k||-||BMO Harris Bank||5 Year Step-Up IRA (Traditional, Roth, SEP)|
|2.41%||$5k||-||BMO Harris Bank||3 Year Step-Up IRA (Traditional, Roth, SEP)|
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.
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.
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.