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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
    • Low minimum opening deposit of $25
    • No monthly maintenance

    America’s biggest financial institutions are backing Democratic nominee Joe Biden, banking on a “blue wave” to boost the economy, a message that Biden’s running mate, Sen. Kamala Harris, touted during Wednesday night’s debate.

    “Joe Biden’s economic plan, Moody’s — which is a reputable Wall Street firm — has said will create 7 million more jobs than Donald Trump’s,” Harris said as she faced off against incumbent Mike Pence.


    Despite Biden’s promises to raise taxes on corporations and the wealthy and regulate banks more tightly, he has raked in five times as much as Trump in donations from the securities and investment industry, with an eye-popping sum of $51.1 million. The incumbent has garnered just $10.5 million, according to OpenSecrets.

    Employees from Goldman Sachs have contributed $156,584 to Biden’s campaign, JPMorgan Chase has raised $379,057, and $257,821 has come from Morgan Stanley.

    The same leaders in the banking sphere have contributed significantly less to Trump and outside groups supporting the Republican, to the tune of $11,943 from Goldman Sachs, $86,083 from JPMorgan Chase, and $96,010 from Morgan Stanley.

    Additionally, backers from Wells Fargo have poured $267,000 into efforts to clinch a Democratic win while giving just $194,000 to Trump.


    From Bank of America, Biden has raised $275,200, compared with Trump’s $164,911.

    Earlier in the campaign, more progressive candidates such as Sen. Bernie Sanders, I-Vt., blasted corporate donations.

    During his failed run for the White House, Sanders said he didn’t want to be beholden to banks or mega-donors.

    Source Article

    Senator Kamala Harris, Democratic vice presidential nominee, speaks during the U.S. vice presidential debate at the University of Utah in Salt Lake City, Utah, U.S., on Wednesday, Oct. 7, 2020.


    Kim Raff/Bloomberg News

    Kamala Harris in Wednesday’s debate declared that Joe Biden’s Administration would make the U.S. “carbon neutral” by 2035—a more ambitious goal than even California has set—while at the same time disavowing plans to ban fracking for natural gas. We look forward to Mr. Biden explaining this apparent contradiction in the next debate, if there is one.

    Meantime, it’s worth highlighting a new Energy Information Administration report that shows how fracking and competitive energy markets have done more to reduce CO2 emissions over the last decade than government regulation and renewable subsidies. Vice President Mike Pence made this point on Wednesday night, and he’s right.

    According to the report, energy-related CO2 emissions in the U.S. fell 2.8% last year as many utilities replaced coal and heating oil with less expensive natural gas. Hydraulic fracturing combined with horizontal drilling has unleashed a gusher of natural gas production in the Midwest and Southwest. As a result, natural gas prices have plunged, putting many coal plants out of business.

    CO2 emissions from coal declined by more than 50% from 2007 to 2019, the report notes, and by 15% in 2019 alone. Between 2016 and 2019 the share of electricity generated by natural gas rose to 38.1% from 33.7% and by non-carbon generation (including nuclear and hydropower) to 38.2% from 35.5%. Coal generation during this period plunged to 23.3% from 30.3%.

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    Democcratic vice presidential candidate Kamala Harris went after President Trump for not paying enough money in taxes, and questioned who he might owe money to.

    “We now know because of great investigative journalism that Donald Trump paid $750 in taxes,” Harris said during Wednesday night’s vice presidential debate. “When I first heard about it, I literally said, ‘You mean $750,000?’ Nope $750.”

    Harris was referring to a recent report by The New York Times, who obtained information on the president’s 2016 and 2017 taxes, both of which show he paid a total of $750 in federal taxes each year.

    The Times also reported that he paid no federal income taxes for ten of the 15 years prior to winning the presidency in 2016, largely due to the fact that he reported financial loses greater than his income.


    “We now know Donald Trump owes, and is in debt for $400 million, and just so that everyone is clear, when we say in debt – it means you owe money to somebody,” Harris said Wednesday in answer to a question about presidential transparency.

    Harris added: “And it’d be really good to know who the president of the United States, the commander-in-chief owes money to, because the American people have a right to know what is influencing the president’s decisions and is he making those decisions on the best interests of the American people….or self-interest?”

    Trump has disregarded the report as “fake news” and claimed that his tax returns would be available as soon as the IRS had completed their audit.

    Pence, however, highlighted the president’s dismissal of the report and said, “the American people have a president who’s a businessman, a job creator, he’s paid tens of millions of dollars

    The event offered far more substance than the shout-fest between the candidates at the top of the ticket last week. The debate also featured a number of claims about the two sides’ respective economic records that stretched the truth or outright snapped it. Here’s a look at where Pence and Harris collided on taxes, the economic recovery and manufacturing jobs.

    Harris pledged Joe Biden would repeal Trump’s tax cuts immediately; Pence said all Americans would see a tax hike.

    Harris was repeating a claim the Democratic nominee himself has made to explain how he would pay, in part, for some $7.3 trillion in proposed spending on new stimulus, infrastructure projects and social safety net programs.

    “On Day One, Joe Biden will repeal that tax bill,” Harris said of Trump’s signature tax cut that heavily benefitted corporations and the wealthy. “He’ll get rid of it, and what he’ll do with the money is invest it in the American people.”

    Biden can’t unilaterally cancel a law. He will need to earn congressional approval for that. 

    But the candidates didn’t focus on procedure. Instead, Pence countered Harris by arguing such a proposal would increase taxes on middle-income earners

    “Mr. Pence is correct that many middle-income families received significant tax cuts from the 2017 tax law, which lowered rates, nearly doubled the standard deduction and increased the child tax credit,” the Wall Street Journal’s Richard Rubin notes. He points to an analysis by the Tax Policy Center that found the middle quintile of households “received a tax cut worth 1.6% of after-tax income, less than the average for all income groups. Higher-income households did fare better.”

    Yet Pence’s jab forced a clarification from Harris, backed up by the campaign’s stated plans: A President Biden would preserve benefits from the 2017 tax