BMO Review: Checking, Savings and CDs
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- Checking
- Savings
- Money market
- CD rates
- Banking 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 overdraft fees are high. BMO also offers two savings accounts, but the Online Savings Account and its highly competitive annual percentage yield, or APY, are available only in states where the bank doesn’t have branches. The bank’s regular savings account pays a low interest rate.
Best for: Customers who are unlikely to overdraft and want a Midwest-based bank that offers basic checking with no monthly fees and access to plenty of free ATMs.
Pros
- No monthly fee for checking account with online statements.
- Online Savings Account offers highly competitive rate in some regions.
- Network of more than 40,000 free ATMs.
Cons
- Steep overdraft fees.
- Low savings rate on basic savings account.
Full review

Checking
Member FDIC
5.0
/5 NerdWallet ratingBMO offers Smart Advantage checking, an account with no monthly fees as long as you opt for e-statements instead of paper statements. You need just $25 to open an account.
The checking account is part of the Allpoint ATM network, so you have access to more than 40,000 fee-free ATMs across the country.
The main downside to the account is that it earns no interest.
BMO's Online Savings Account offers a competitive 4.50% APY on all balances. There’s no minimum deposit requirement to open an account and no monthly fee.
We did not consider this account in the bank’s overall rating because it is available in only select states; it’s not available in Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri or Wisconsin. You can provide your ZIP code on the bank’s site to see whether the account is available to you.

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 was considered instead.) You can open an account online, in person or by phone. The monthly fee is $10 but is waived if your daily balance is at least $10,000.

CD
Member FDIC
5.0
/5 NerdWallet ratingat BMO
BMO's regular CDs 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. BMO has CD specials as well, which have a higher minimum of $5,000 and better rates than its regular CDs.
Banking experience
4.5
NerdWallet ratingBMO has multiple support channels, including 24/7 live phone support and over 500 branches in the U.S., mostly in the Midwest. 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
4.0
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 APR of 18%.
» Tend to overdraw your account? Check out our list of the best banks for overdrafts
How does BMO compare?
Current Product
![]() BMO Online Savings Member FDIC | ![]() SoFi Checking and Savings Member FDIC | ![]() CIT Bank Platinum Savings Member FDIC | ![]() Citizens Online Savings Account Member FDIC |
---|---|---|---|
NerdWallet rating 4.5 /5 | NerdWallet rating 5.0 /5 | NerdWallet rating 4.5 /5 | NerdWallet rating 4.5 /5 |
APY 4.50% With $0 min. balance for APY | APY 4.20% With $0 min. balance for APY | APY 4.85% With $5,000 min. balance for APY | APY 4.50% With $0.01 min. balance for APY |
Bonus N/A | Bonus $250 Earn up to $250 with direct deposit. Terms apply. | Bonus N/A | Bonus N/A |
Learn more at BMO | Learn more at SoFi | Learn more at CIT Bank | Learn more at Citizens |
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.