BMO Review: Checking, Savings and CDs
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Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Overview
BMO (formerly BMO Harris) is a U.S. subsidiary of Canada’s Bank of Montreal with headquarters in Chicago. The bank has solid checking options coupled with a large ATM network and well-received mobile apps, but it still charges overdraft fees — even when other banks have eliminated them. BMO’s regular savings account pays a dismally low interest rate, and most of its yields on certificates of deposit are below average.
» Want high-yield savings? See our review of Alto, BMO's online-only division
No monthly fees on checking account.
Large branch network.
Large, free, nationwide ATM network.
Highly-rated mobile apps.
Low rates on basic savings account and most CDs.
Product reviews
Money market
Non-competitive rate and monthly fee. BMO's money market account has a rate of 0.55% APY on balances between $5,000 and $24,999. The rate increases with higher balances, but remains far lower than many high-yield savings accounts. The monthly fee is $10 but is waived if your daily balance is at least $5,000. (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.)
» Want a higher APY? See the best money market accounts
BMO Growth Money Market
Savings
Minimal rate but no monthly fee. BMO's Savings Builder account has a low rate: 0.01% APY. To compare, the national average savings rate is 0.38% APY. There’s no monthly fee, and you can open an account with $25. There are also budgeting tools for savers. We considered this account in the bank’s overall score because it’s the account that’s most widely available.
» Shop and compare: See this month’s best savings rates
Slight savings boost in the first year. Every month of the first year that you deposit $200 or more into the account earns you $5 as a reward for saving money. Those 12 separate opportunities can total $60 extra in your account by the year’s end. But this boost doesn’t make up for the lowest possible savings account rate you can have.
Consider BMO’s online division for a better rate. BMO Financial Group (which BMO is part of) also offers Alto, which is online-only and features a savings account that pays a far high rate in all states – 3.00% APY. But with the higher rate comes a trade-off: BMO ATMs and branches aren’t available to Alto customers. (Read our review of Alto.)
Nerdy Tip
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.
BMO Savings Builder Account
Customer experience & overdraft fees
Customer experience
Robust help channels and highly rated mobile apps. BMO has multiple support channels, including live phone support with extended hours on weekdays and weekends, and around 1,000 branches in the U.S., which includes branches the bank received when it acquired Bank of the West in 2023. 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
Overdraft buffer, but overdraft fee. The bank doesn’t charge an overdraft fee if your account is overdrawn by $20 or less. For balances overdrawn by more than $20, you have one business day to cover the shortfall without being charged a fee. If your account is still overdrawn by more than $20 after the second business day, BMO charges a $20 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
Rating methodology
How we rate banks and credit unions
Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.
100+
Financial institutions reviewed
100+
Financial institutions reviewed
We took a close look at around 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
30+
Categories assessed
30+
Categories assessed
Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
60+
Data points analyzed
60+
Data points analyzed
We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.
Star rating categories
The review team is made up of seasoned writers and editors who cover personal banking deposit accounts, such as checking, savings and certificates of deposit, as well as related banking services, such as overdraft programs and ATM networks. For providers without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Alto, Amalgamated Bank, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Barclays, Bask Bank, BMO, Boeing Employees Credit Union, Bread Savings®, BrioDirect, Capital One, Cash App, CFG Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, Climate First Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Customers Bank, Discover® Bank, E*TRADE, EverBank, Fifth Third Bank, First Foundation, First Internet Bank, First Tech Federal Credit Union, FNBO Direct, Forbright Bank, FourLeaf Federal Credit Union, GO2bank, Golden 1 Credit Union, Hope Credit Union, HSBC Bank, Huntington Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, My Banking Direct, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, Newtek Bank, OMB Bank, OnePay, Openbank, PayPal, Peak Bank, Pentagon Federal Credit Union, PNC, Poppy Bank, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Valley Bank, Varo, Venmo, Vio Bank, Wells Fargo, Western Alliance Bank, Zolve and Zynlo Bank.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.