BMO, previously BMO Harris, is a standard banking option compared to the best banks.
Business Insider's personal finance team evaluated the bank's banking products and found that it offers impressive checking account bonuses, but you'll want to look elsewhere to earn high bank account interest rates or deal with fewer common bank fees. The bank's mortgages also did not rank among our top picks.
no monthly fees with paperless statements
None
$25
$400
Pros
Cons
- Earn a $400 cash bonus* when you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening between 5/5/25 - 9/8/25.
- Fee-free access to 40,000 ATMs nationwide
- No monthly fees with paperless statements
- FDIC insured
- *Conditions Apply. Accounts are subject to approval and are provided in the United States by BMO Bank N.A. Member FDIC
BMO Bank Overview
BMO has over 1,800 locations in 32 states throughout the U.S. Branch hours vary by location, but generally, they're open from 9 a.m. to 5 p.m. on weekdays in each location's time zone.
If you don't live near a branch, you can open accounts online from anywhere in the U.S.
Your money is FDIC insured for up to $250,000, or $500,000 if you have a joint account.
BMO Monthly Maintenance Fees
Two bank accounts do not charge any monthly bank maintenance fees: the BMO Smart Advantage Checking and BMO Savings Builder Account.
Other BMO personal and business bank accounts have monthly maintenance fees, but you may qualify to waive fees if you meet certain criteria. For example, depending on the account, you might be able to waive fees if you're part of a certain age group or keep a certain minimum daily account balance.
BMO ATM and Overdraft Fees
If you use a BMO or Allpoint ATM in the U.S., there are no transaction fees for any BMO checking accounts. When you use a non-BMO ATM, there is a $3 out-of-network ATM transaction fee for most accounts — the only exception is BMO Relationship Checking.
The bank won't charge any fees for using an out-of-network ATM if you have BMO Relationship Checking. You'll also receive up to $25 in ATM fee reimbursements when an out-of-network ATM provider charges a fee.
BMO overdraft fees depend on which account you have and whether you've selected additional overdraft protection services.
BMO Smart Money Checking has no overdraft fees because it declines ATM withdrawals and debit card purchases that would result in a negative balance for your account.
BMO Relationship Checking and BMO Smart Advantage Checking charge a $15 overdraft fee. You can speak with a banker to enroll in additional overdraft protection. You can link a savings account or money market account to your checking account and have money transferred to restore your checking balance when there are overdrafts.
BMO Relationship Checking also offers 1 overdraft fee rebate per month when you qualify for a Premier Relationship Package (a quarterly combined balance of $250,000 or more).
BMO Mobile App Features
The BMO mobile app includes typical banking app features. You can make mobile check deposits, view your transaction history, use Zelle, use online bill pay, and set account alerts.
The app has received positive reviews overall. It has 4.8 out of 5 stars in the Apple store, and 4.6 out of 5 stars in the Google Play store.
BMO Online Banking Tools
You can also manage bank accounts and cards online by logging in through the bank's website. You'll be able to view online bank statements, use online bill pay, and view your current balance.
BMO Customer Service and Support
You can speak with a live customer service representative from 7 a.m. to 11 p.m. CT on weekdays or 8 a.m. to 10 p.m. on weekends. There isn't a live online chat feature, but you can fill out an online form and wait for a response.
BMO Pros and Cons
BMO Pros
- A checking and savings account with no monthly maintenance fees
- Savings account pays $5 every month that you save $200, for the first year
- Overdraft protection
- Money market account comes with paper checks and a debit card
- Decent interest rates on select CD Specials
- Earn a BMO checking account bonus of $400
BMO Cons
- Low interest rates on savings account and most CD terms
- BMO money market rate is account unless you have a large balance
Banking Options with BMO Bank
BMO Savings Builder Account
The BMO Savings Builder Account has a low $25 minimum deposit and no monthly service fee. During your first year with the account, the bank will reward you $5 for each month you save at least $200.
The BMO savings account interest rates are standard compared to other brick-and-mortar banks. BMO Alto's savings account pays a much better rate, though.
BMO Smart Advantage Checking Account
no monthly fees with paperless statements
None
$25
$400
Pros
Cons
- Earn a $400 cash bonus* when you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening between 5/5/25 - 9/8/25.
- Fee-free access to 40,000 ATMs nationwide
- No monthly fees with paperless statements
- FDIC insured
- *Conditions Apply. Accounts are subject to approval and are provided in the United States by BMO Bank N.A. Member FDIC
BMO Smart Money Checking
$5 monthly maintenance fee
None
$25
$400
Pros
Cons
- Earn a $400 cash bonus* when you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening between 5/5/25 - 9/8/25.
- The $5 monthly maintenance fee is waived for anyone under 25 years of age
- Debit cards transactions that overdraw your account are declined
- FDIC insured
- *Conditions Apply. Accounts are subject to approval and are provided in the United States by BMO Bank N.A. Member FDIC
BMO Relationship Checking
$25 monthly service fee
0.01%
$25
Pros
Cons
BMO is a great choice if you want a free savings or checking account. It also offers impressive checking account bonuses. But you'll want to look elsewhere to earn high interest rates.
BMO Relationship Checking- The $25 monthly service fee is waived if you meet one of the following requirements: 1) you have a minimum daily balance of $10,000 or more 2) you have a $25,000 monthly combine balance or 3) you are part of the Best of BMO US program and have a waiver from a BMO Banker
- FDIC insured
You only need $25 to open a BMO Smart Advantage Checking, and there is no monthly fees with paperless statements.
BMO does have other checking accounts with more perks, but Smart Advantage is the most popular — and the only one with no monthly fee.
You can earn a $400 cash bonus (conditions apply) when you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening between 5/5/2025 to 9/8/2025 with this account.
BMO CD
0.05% to 3.00% (vary by region)
$1,000 to $100,000
Pros
Cons
BMO is a great choice if you want a free savings or checking account. It also offers impressive checking account bonuses. But you'll want to look elsewhere to earn high interest rates.
BMO CD- Over 500 branches in 9 states, but you can open an account online nationwide
- Terms ranging from 1 month 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
BMO CD rates vary depending on where you live. The bank's CDs pay low rates overall, with the exception of a select CD Special terms. You can also earn higher rates if you qualify for its online-only CDs with BMO Alto.
BMO Growth Money Market Account
$10 monthly service fee
up to 2.94%
$25
Pros
Cons
BMO is a great choice if you want a free savings or checking account. It also offers impressive checking account bonuses. But you'll want to look elsewhere to earn high interest rates.
BMO Growth Money Market Account- Around 500 branches in 9 US states
- Free access to over 40,000 BMO and Allpoint ATMs
- Earn a higher rate when your also have a BMO Relationship Checking account
- Tiered interest rates: Earn a higher rate when balance reaches $25k, $100k, and $250k
- Waive the $10 monthly service fee by maintaining a $5,000 minimum daily ledger balance in your account
- Interest compounded daily, paid monthly
- Member FDIC
If you open a Relationship Checking account, you might like the BMO Growth Money Market Account — then you'll earn a higher interest rate than you would with its regular savings account. It has a tiered interest rate system, so you'll earn more with a higher balance.
Still, the best money market accounts pay better rates overall, and most of them don't require high balances.
BMO Credit Cards
BMO has personal and business credit cards. You can apply for cards with a 0% intro APR for the first couple of months, cards with no annual fees, secured cards, and rewards cards.
BMO Loans and Mortgages
The bank has auto loans, personal loans, and home loans. You can also apply for private student loans through its partnership with Nelnet Bank.
While BMO has a wide array of loan options, it wasn't selected among our top picks for best mortgage lenders or best personal loans.
See Business Insider's BMO Mortgages Review.
BMO Bank Business Banking
BMO offers various business checking accounts, a business savings account, a business money market account, and business CDs of multiple terms. Business checking accounts can be opened online. You must apply for a business savings account and business CDs at a branch.
BMO Bank Investing
You can IRA CD and an IRA savings account with the bank. It wasn't included in our best IRA CD rates, though.
Is BMO Trustworthy?
BMO has received an A+ rating from the Better Business Bureau. A strong BBB rating signifies the company is transparent in how it handles business, responds effectively to customer complaints, and is honest in its advertising.
BMO Bank Alternatives
BMO Bank vs. Chase Bank
Chase Bank (Member FDIC) has branches in all of the same states as BMO — in fact, it has locations in 48 states. So if you want a larger branch network, Chase could be the right fit for you.
Both banks pay low rates on CDs, with an exception of a handful of terms. Your choice could come down to which term lengths you're interested in.
There are several Chase checking accounts that come with various perks, so you might find one that best suits your needs. But they all charge monthly service fees, unless you qualify to waive them. If you want a free checking account, BMO could also be a better fit.
Chase also offers sign-up bonuses on several accounts — you could earn up to $3,000.
BMO Bank vs. U.S. Bank
U.S. Bank (Member FDIC) has branches in more states than BMO, so it could be a good choice if you want a larger branch network.
U.S. Bank doesn't have a free checking account. Depending on which U.S. Bank checking account you choose, you'll either pay a $4.95 monthly service fee that you can't waive for the U.S. Bank Safe Debit Account, or a $12 monthly service fee unless you qualify to waive it for the U.S. Bank Smartly® Checking.
Why You Should Trust Us: How We Reviewed BMO Bank
For our BMO Bank review, we used Business Insider's bank account methodology. We give each account a star rating between one and five.
For each account, we look at the company's ethics, security, mobile app, miscellaneous features, and customer service. Other factors considered depend on the type of account we're reviewing. For example, we look at overdraft fees for checking accounts and early withdrawal penalties for CDs.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Business Insider's BMO Bank Rating
| Feature | Our rating (out of 5) |
| Personal Banking | 4 to 4.25 |
| Mortgages | 4.33 |
| Trustworthiness | 4 |
| Total | 4 |
BMO Bank FAQs
Is BMO legit?
Yes, BMO is a legitimate bank. It has FDIC insurance and an A+ grade from the Better Business Bureau.
What is BMO?
BMO is a financial institution. BMO offers personal and business checking accounts, savings accounts, an IRA savings account, traditional CDs, IRA CDs, and money market accounts. Beyond banking products, BMO also has credit cards, personal loans, auto loans, and home loans.
What is BMO ranked?
BMO is the 13th largest bank by assets in the U.S.
Is BMO a good bank?
BMO is a good choice if you are searching for a bank with many branches throughout the U.S., a checking and savings account with no monthly maintenance fees, and a variety of business bank accounts and services outside of banking.
What does BMO stand for?
BMO stands for Bank of Montreal.
¹Items that overdraw the account are returned and ATM/everyday debit card transactions are declined.
²Mobile Check deposits: Mobile Deposit is available using the BMO Digital Banking app. This service may not function on older devices. Users must be a BMO Digital Banking customer with a BMO account opened for more than 5 calendar days. Deposits are not immediately available for withdrawal. For details, explore the BMO Digital Banking Agreement found at bmo.com/en-us/legal.
³Message and data rates may apply. Contact your wireless carrier for details.
