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  • You can open a BMO Harris (Member FDIC) bank account at one of over 500 branches in nine states, or online from around the US.
  • BMO Harris is a good brick-and-mortar bank, but if you’re looking to bank online, you’re better off with an online-only bank that pays higher rates.
  • The bank pays higher CD rates than most brick-and-mortar banks, but you’ll need $5,000 to open an account.
  • See Business Insider’s picks for the best CD rates »

Is BMO Harris the right fit for you?

You might like BMO Harris if you … You might not like BMO Harris if you …
  • Live near a branch, OR are comfortable banking digitally
  • Are looking for low or no monthly fees
  • Have $5,000 to open a CD or money market account
  • Want a money market account that comes with paper checks and a debit card
  • Don’t live near a branch, AND you’re not comfortable banking digitally
  • Want to earn high interest rates
  • Are worried about overdraft fees
  • Can’t afford the opening deposits for CDs and money market accounts

The bottom line: BMO Harris is a solid option if you want to bank in person, but you can find other online banks with better interest rates and lower minimum deposits.

  • Details
  • Pros & Cons

    • Over 500 branches in 9 states, but you can open an account online nationwide
    • Waive $5 monthly service fee if you maintain a $100 daily balance, OR are under age 25
    • Interested compounded daily, paid quarterly
    • FDIC insured
    Pros
    • Low minimum opening deposit of $25
    • No monthly maintenance fee for the first 93 days
    Cons
    • Low APY
    • $5 monthly service fee

    The BMO Harris Statement Savings Account has a low $25 minimum deposit. Although it charges a $5 monthly fee, it’s easy to get out of it. The bank waives the fee for the first 93 days, and you can continue to have it waived if you maintain a $100 balance, or if you’re under age 25.

    BMO Harris pays a standard interest rate compared to other brick-and-mortar banks. But if you’re looking for a high rate, you’re better off with an online-only bank.

  • Details
  • Pros & Cons

    • Over 500 branches in 9 states, but you can open an account online nationwide
    • Free access to 40,000 ATMs nationwide
    • FDIC insured
    Pros
    • No monthly service fees
    • Low $25 opening deposit
    • Free access to 40,000 ATMs
    Cons
    • $3 out-of-network ATM fee
    • $36 overdraft fee
    • $10 overdraft protection fee

    The BMO Harris Smart Advantage™ Checking Account is a worthwhile option if you want to open a checking account with a brick-and-mortar bank. You only need $25 to open an account, and there are no monthly fees. 

    You’ll need to keep an eye out for other fees, though. BMO Harris charges you $3 when you use an out-of-network ATM, and that’s not including any fees the ATM provider may charge. You’ll face a $36 charge if you overdraw from your account. You can link this account to another BMO Harris account for overdraft protection, but you’ll still pay a $10 fee for tapping into overdraft protection.

  • Details
  • Pros & Cons

    • Over 500 branches in 9 states, but you can open an account online nationwide
    • Terms ranging from 3 months to 5 years
    • Early withdrawal penalties: all interest earned for terms under 2 months; 90 days interest for 2-month to 11-month terms; 180 days interest for 12-month to 23-month terms; 270 days interest for 24-month to 35-month terms; 365 days interest for 36-month to 47-month terms; 545 days interest for terms of 48 months or longer
    • Interest compounded daily; interest paid at maturity for terms under 1 year and quarterly for terms of 1 year or more
    • FDIC insured
    Pros
    • Add a 1-year Add-On CD with only $1,000 minimum deposit
    • Add funds to the Add-On CD even after opening
    Cons
    • Mediocre APY
    • $5,000 minimum deposit
    • High early withdrawal penalties

    Although you can find better CD rates at online banks, BMO Harris pays much better rates than most brick-and-mortar banks. However, you’ll need at least $5,000 to open a CD.

    BMO Harris has a unique option called the Add-On CD. After opening one CD, you can open an additional 1-year Add-On CD with only $1,000. While BMO Harris CDs — and CDs with most banks — limit you to a one-time deposit upon opening the account, you can continue depositing money into the Add-On CD for the entire year.

  • Details
  • Pros & Cons

    • Over 500 branches in 9 US states, but you can open an account online nationwide
    • Call or visit a branch to request paper checks and a debit card
    • Interest compounded daily, paid monthly
    • FDIC insured
    Pros
    • No monthly service fees
    • Comes with paper checks
    • Comes with a debit card
    Cons
    • Low APY
    • $5,000 minimum opening deposit
    • $15 excess transaction fee

    One advantage of a money market account over a traditional savings account is that the former typically gives you easier access to your savings. The BMO Harris Platinum Money Market Account sends you a debit card and paper checks upon request, meaning you don’t have to transfer money from savings to checking to spend the funds.

    You still might find better money market accounts elsewhere, though. The $5,000 minimum opening deposit is pretty hefty, and rates are low.

    BMO Harris features

    BMO Harris has over 500 branches in the following US states:

    • Arizona
    • Florida
    • Illinois
    • Indiana
    • Kansas
    • Minnesota
    • Missouri
    • Washington (only 1 branch, in Seattle)
    • Wisconsin

    If you don’t live near a branch, you can open accounts online from anywhere in the US.

    The BMO Harris mobile app has received positive reviews overall. The app has 4.7 out of 5 stars in the Apple store, and 4.4 out of 5 stars in the Google Play store.

    You can speak with a live customer service representative by calling BMO Harris 24/7. There isn’t a live online chat feature, but you can fill out an online form and wait for a response.

    Your money is FDIC insured for up to $250,000, or $500,000 if you have a joint account.

    How BMO Harris compares to similar banks

    We’ve compared BMO Harris with two other brick-and-mortar banks in most of the same states: US Bank and Chase.

    bmoharrislogo



    BMO Harris


    usbanklogo



    US Bank


    chase logo member fdic



    Chase Total Checking®


    Savings APY

    0.05% APY

    Savings APY

    0.01% APY

    Savings APY

    0.01% to 0.05% APY

    Minimum opening deposits

    Up to $5,000

    Minimum opening deposits

    Up to $1,000

    Minimum opening deposits

    Up to $1,000

    Open an account Open an account Open an account

    BMO Harris review vs. US Bank review

    US Bank has branches in all the same states as BMO Harris, plus some more, which could make it the better choice if you travel regularly.

    You also might prefer US Bank if you don’t have $5,000 to open a CD or money market account with BMO Harris. US Bank only requires $25 to $100 to open one of its money market accounts, and $500 to $1,000 to open a CD. However, you’ll earn higher rates on CDs with BMO Harris.

    BMO Harris review vs. Chase review

    Chase has the second-highest number of branches of any bank in the US, so you might like this bank if you travel around the country. But it doesn’t have branches in Kansas or Missouri, so residents of those states will want to go with BMO Harris.

    You’ll earn higher rates on CDs with BMO Harris. But you might like Chase if you want to earn cash bonuses. You can earn $300 when you open a Chase Premier Plus Checking℠ account, $200 with a Chase Total Checking® account, and $150 with a Chase Savings℠ account.

    Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.

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