BMO Review: Checking, Savings and CDs
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- Money market
- Savings
- Certificates of deposit
- Customer experience
- Overdraft fees
Overall institution rating
4.0
BMO (formerly BMO Harris) is a U.S. subsidiary of Canada’s Bank of Montreal with headquarters in Chicago. The bank has good checking options coupled with a large ATM network but still charges overdraft fees — even when other banks have eliminated them. BMO’s regular savings account pays a dismally low interest rate.
Best for: Customers who want a Midwest-based bank that offers basic checking with no monthly fees and access to plenty of free ATMs.
» Want high-yield savings? See our review of BMO Alto, BMO's online-only division
Pros
- No monthly fees on checking account.
- Competitive rate on some savings accounts and certificates of deposit.
- Large, free, nationwide ATM network.
- Overdraft buffer.
Cons
- Low rate on basic savings account.
Full review
BMO
Money market
Money market
Member FDIC
3.0
/5 NerdWallet ratingBMO's Premier Money Market account has a rate of 1.00% APY. (This account did not factor into the bank’s overall star rating; the savings account, which has no monthly fee and no minimum balance requirement, was considered instead.) The monthly fee is $10 but is waived if your daily balance is at least $5,000.
» Want a higher APY? See the best money market accounts
Savings
Savings
Member FDIC
3.2
/5 NerdWallet ratingBMO's Savings Builder account has a low rate: 0.01% APY. To compare, the national average savings rate is 0.45% APY. There’s no monthly fee, and you can open an account with $25. We considered this account in the bank’s overall score because it’s the account that’s most widely available.
Alternately, BMO Financial Group (which BMO is part of) also offers BMO Alto, which is online-only and features a savings account that pays a high rate in all states. (Read our review of BMO Alto.)
All institutions in the BMO Financial Group are considered to be part of one institution. That means deposits you make at any BMO institution count toward your Federal Deposit Insurance Corp. insurance limit of $250,000 at BMO Financial Group.
» Shop and compare: See this month’s best savings rates
Certificates of deposit
CD
Member FDIC
2.3
/5 NerdWallet ratingBMO's regular certificates of deposit range in term from three months to five years and require $1,000 to open. The rates tend to be better than those you'd find at brick-and-mortar banks, but you can still find better rates elsewhere, especially if you consider CDs at online banks. BMO does offer CD specials; they tend to have better rates than the bank's standard CDs, but are offered for different term lengths.
» See how BMO stacks up: Compare with our picks for the best CD rates
Customer experience
4.7
NerdWallet ratingBMO has multiple support channels, including live phone support with extended hours on weekdays and weekends, and over 500 branches in the U.S., mostly in the Midwest but with locations in Arizona and Florida, too. For the more tech-savvy, there are online savings tools as well as highly rated mobile apps.
» More for Canadian readers: Check out NerdWallet's review of the Bank of Montreal (BMO)
Overdraft fees
4.2
NerdWallet ratingThe bank doesn’t charge an overdraft fee if your account is overdrawn by $50 or less. But if you overdraw your account by more than $50, BMO charges a $15 overdraft fee per transaction, up to three times a day.
To avoid overdrafts, free overdraft protection transfers are available from a linked checking, savings or money market account or an overdraft line of credit, which has an annual percentage rate (APR) of 18%.
» Tend to overdraw your account? Check out our list of the best banks for overdrafts
How does BMO Bank N.A. compare?
 Member FDIC |  Member FDIC |
|---|---|
NerdWallet rating 4.5 /5 | NerdWallet rating 4.5 /5 |
APY 4.20% With $0 min. balance for APY | APY 4.55% With $5,000 min. balance for APY |
Bonus $300 Earn up to $300 with direct deposit. Terms apply. | Bonus N/A |
Learn more at SoFi Bank, N.A. | Learn more at CIT Bank |
Methodology
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
