BMO Harris Bank Adds CD Specials (Checking Relationship)
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.
As stated in the CD Disclosure, the Early Withdrawal Penalty (EWP) reads, in part, as follows:
CD terms of 12 – 23 months, you will be charged 180 days interest.
CD terms of 24 – 35 months, you will be charged 270 days interest.
CD terms of 48 months or longer, you will be charged 545 days interest.
Not currently a BMO Harris checking customer? Not a problem.
Opening a new checking account allows you to open a CD Special, and also earn a $200 checking bonus when opening a Smart Money Account, Smart Advantage Account, or Premier Account. This promotional offer is valid now through September 30, 2017, and can be opened online or in-branch.
$200 Bonus Requirements
- Present a copy of the promotional flyer when opening the new checking account in-branch.
- Have at least two qualifying direct deposits of $300 or more within 90 days of account opening.
- Qualifying direct deposits are defined as "a paycheck, pension payment, Social Security payment, or other government benefits payment electronically deposited."
Limitations
- Not available to existing BMO Harris personal checking account customers (including all signers on joint accounts) or those who have closed a BMO Harris personal checking account within the past 12 months.
- Limited to one bonus per customer
- If requirements are met, the bonus will be credited after approximately 120 days of account opening.
- The account must be open and in good standing to receive the cash bonus.
- There is an Early Termination Fee of $20 if the account is closed within 90 days. In the past, the account had to remain open for a minimum of six months to keep the bonus, but there is no mention of that provision in the fine print.
Smart Advantage
Of the three checking accounts, the Smart Advantage may be the best option. There is no monthly maintenance fee and the $2 paper statement fee will be waived with eStatements. While there is no minimum balance requirement, there is a $25 minimum opening deposit.
Complete details for all BMO Harris checking accounts are listed on the Checking Accounts page for easy comparison.
Availability
Headquartered in Chicago, BMO Harris Bank’s market area is comprised of Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri, Washington, and Wisconsin.
The limited-time CD Specials are being offered to BMO Harris checking customers and must be opened in-branch or by phone.
The CD Specials can be opened at any of the more than 600 full-service branches located in Arizona (47), Florida (32), Illinois (201), Indiana (64), Kansas (8), Minnesota (22), Missouri (20), Washington (1), and Wisconsin (210), or by calling 888.340.2265.
Applying for the $200 checking bonus and opening a new checking account can be online, or in-branch. If opening in-branch, a copy of the promotional flyer must be presented at time of opening. If opening online, the promotional code will automatically appear on the application.
Bank Overview
BMO Harris Bank has an overall health grade of "B+" rating at DepositAccounts.com, with a Texas Ratio of 6.07% (excellent) based on March 31, 2017 data. BMO Harris Bank has an excellent capitalization level of 15.27%, the result of holding $105.5 billion in assets with $16.1 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 2nd largest bank in Illinois and the 27th largest bank in the country.
How the CD Special 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 50-Month CD Special APY currently ranks second.
The above rates are accurate as of 7/3/2017.
To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table, or our Rates Map page.
Other Bank Promotions and Bonuses
Not eligible for BMO Harris Bank’s checking bonus? Check out my latest bank and credit union bonus blog posts to find other promotions. In addition, DepositAccounts.com readers and I also post often on bonuses in the Bank Promotions Forum.
