BMO Harris Bank Has A Special Rate 60-Month CD

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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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.00%$5k-BMO Harris Bank60 Month CD Special
2.25%$5k-BMO Harris Bank30 Month CD Special
2.00%$5k-BMO Harris Bank18 Month CD Special
Rates as of April 24, 2018.

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 Funds from CDs applied for online may not be withdrawn for the first 11 days after funding.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.

The Early Withdrawal Penalty for the 60-month CD is harsh. 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 is comprised of Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri, and Wisconsin.

The Special Rate CDs can be opened online, or at any of the more than 570 full-service branches located in Arizona (47), Florida (22), Illinois (191), Indiana (63), Kansas (8), Minnesota (22), Missouri (20), and Wisconsin (199), or by calling 888.340.2265.

The online application is a bit deceptive. It asks for your Zip Code, so as a test, I entered a few different Zip Codes from states that have branches and those that don’t. No matter what Zip Code 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.

I had clicked on the 60-month Certificate “Open Now” link, so the 60-month Certificate was listed. SInce I hadn’t heard anything about BMO Harris offering nationally available CDs, I called to the Bank for more information. According to CSR, you must live in a state where the Bank has branches to open any of the Special Rate Certificates online. When I described 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. Just a word to the wise.

Bank Overview

BMO Harris Bank has an overall health grade of "B+" rating at DepositAccounts.com, with a Texas Ratio of 5.88% (excellent) based on September 30, 2017 data. BMO Harris Bank has an excellent capitalization level of 15.39%, the result of holding $106.19 billion in assets with $16.34 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: 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 25th 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 shares the top spot with Connexus Credit Union’s 60-month Certificate and Mountain America Credit Union’s 5-year Term Deposit.

The above rates are accurate as of 2/26/2018.

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
Robb
Robb   |     |   Comment #1
Extreme EWP of 545 days of interest. Ouch no thanks. Still no 3% 6 month EWP CDs out there from what I've seen so far. Guessing if we get another hike in March we'll see a couple show up.
gregk
gregk   |     |   Comment #2
The EWP obsession of many posters here just doesn't make much sense to me. Even with only a 6 month penalty you would rarely find yourself in a circumstance which would justify pulling out to reinvest at a higher rate. There are different scenarios one can imagine involving terms, rates, and holding periods, but in almost every realistic case you're not going to find it a strategy that leaves you much ( if any) better off than simply standing pat.
Nothing
Nothing   |     |   Comment #3
Sometimes the issue is, "why won't the current institution match ____ and thus, the difference after considering everything is 'relative, and to NOT reward the current institution by staying there is an option for some with big bucks!"
111
111   |     |   Comment #4
Agreed - sometimes the issue is that.

And sometimes, the issue is simply that the money is needed for an unexpected and unforeseeable reason. I ran across a stat a few weeks ago - "on average, in the U.S., 80% of all LIFETIME medical expenses (the bolding is mine) are incurred during the final 6 months of life."

So yes, CDs get broken unexpectedly, thus in some cases EWP's may be an item to consider.
Bogie
Bogie   |     |   Comment #6
I disagree. Funds for emergencies should be kept in a liquid account such as a savings, money market, or even a checking Acct., not in a CD.

People miss out on some of the top CDs worrying about EWPs.
Will
Will   |     |   Comment #5
100% agree.
Shar
Shar   |     |   Comment #12
Thank you for posting this. I opened a CD with BMO Harris this morning. I wouldn't want the majority of my CDs to have this stiff of a EWP, but for a smaller one, it's fine. It's nice seeing 3% rates again.
Numbers Matter
Numbers Matter   |     |   Comment #7
Some local institutions will allow partial withdrawals (say 5K from a 20K CD). I checked with a local CU on the behalf of a friend and they were quite positive about the withdrawal accommodation. The interest would not be affected and no EWP applied. Please don't as for the name...I will not divulge it.
Bogie
Bogie   |     |   Comment #8
Then your information is "suspect".

When it comes to internet blog sites, "trust, but verify" is the key to separating fact from fiction.
Numbers Matter
Numbers Matter   |     |   Comment #9
#8
Of course it's suspect but I'm not going to put any institution's personal statements online. The point is...ask your institution what THEIR partial withdrawal policy is. Many CU's are VERY customer-oriented.
Nothing
Nothing   |     |   Comment #10
Let me see, "someone under the alter ego name of 'Numbers Matter' doesn't want to put personal statements online." You aren't! I promise I won't quote you!
HaHa
HaHa   |     |   Comment #11
its my CU and i dont want a bunch of cu jumpers in it so mums the word, numbers
Bogie
Bogie   |     |   Comment #14
#9, I have no reason to ask about partial withdrawals from CDs. 40+ investing in CDs and never cashed a CD before it's maturity nor wanted a partial withdrawal.

With good financial planning there is never a need to. You should try it.
Nothing
Nothing   |     |   Comment #15
If an IRA CD...and over 59 1/2 think about it...for sure if over 70 1/2.
Robb
Robb   |     |   Comment #13
Very easy to run a spreadsheet in terms of cost/benefit in terms of breaking a CD in a rising rate environment. Doesn't make sense to hold a CD especially if you have a long time left to maturity if rates start to turn up significantly after you've locked in. For me I typically look for 1% or better hike in rates with at least 2-3 years or more left to maturity.
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