BMO Bank Review 2024 (2024)

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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.

BMO Overall Bank Rating

BMO Bank Pros and Cons

About BMO

BMO has locations in Alaska, Arizona, California, Colorado, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Maryland, Massachusetts, Minnesota, Missouri, Nebraska, Nevada, New Mexico, New York, New Jersey, North Dakota, Ohio, Oklahoma, Oregon, South Dakota, Texas, Utah, Virginia, Washington, Washington, DC, Wyoming, and Wisconsin.

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.

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.

In 2022, a Minnesota jury ordered BMO to pay $564 million for its role in a Ponzi scheme. The court claimed that the bank had ignored multiple problems with a client who was using his accounts at the bank to run a Ponzi scheme.

However, it's worth noting that the client's operations took place in 2008 with Marshall & Ilsley (M&I Bank), and BMO did not merge with M&I Bank until 2011.

BMO Fees and Charges

BMO Monthly Maintenance Fees

Two bank accounts do not charge any monthly bank maintenance fees: the BMO Smart Advantage Checking Account 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.

BMO 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 reimbursem*nts 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 Account 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 Digital and Mobile Banking

BMO Mobile App Features

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 BMO mobile app has received positive reviews overall. The app 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 BMO 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 by calling the bank 24/7. There isn't a live online chat feature, but you can fill out an online form and wait for a response.

BMO Personal Banking Review

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, BMO will reward you $5 for each month you save at least $200.

The BMO savings account pays a standard interest rate compared to other brick-and-mortar banks. If you live in an area without a branch, you could be eligible for its online high-yield savings account through the bank's online division called BMO Alto, which pays a much better rate.

BMO Smart Advantage Checking Account

BMO Smart Money Checking

BMO Relationship Checking

You only need $25 to open a BMO Smart Advantage Checking Account, and there is no monthly service fee.

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 $250 cash bonus when you have a total of at least$4,000 in qualifying direct depositswithin the first 90 days (offer expires October 31, 2024) with this account — but you could earn $500 cash bonus when you have a total of at least $7,500 in qualifying direct deposits within the first 90 days (offer expires October 31, 2024) with a BMO Relationship Checking.

BMO CD

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 don't live near a branch and qualify for its online-only CDs with BMO Alto.

BMO Relationship Plus Money Market Account

If you open a Relationship Checking account, you might like the BMO Relationship Plus 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 Review

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 Review

BMO 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 Business Banking Review

BMO offers various business checking accounts, a business savings account, a business money market account, and business CDs of multiple terms. Business checking accounts and the business money market account can be opened online. You must apply for a business savings account and business CDs at a branch.

BMO Investing Review

You can IRA CD and an IRA savings account with BMO. The bank wasn't included in our best IRA CD rates, though.

BMO FAQs

How BMO Compares

BMO 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 charges a higher overdraft fee than BMO, too.

Chase also offers sign-up bonuses on several accounts — you could earn up to $3,000.

Chase Bank Review

BMO 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.

Unlike BMO, 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 $6.95 monthly service fee unless you qualify to waive it for the U.S. Bank Smartly® Checking.

U.S. Bank Review

Why You Should Trust Us: How We Reviewed BMO

To review BMO's checking, savings, and money market accounts, we used Business Insider's bank account methodology. For CDs, we used our certificate of deposit methodology. We give each account a rating between zero and five.

For each account, we look at the company's ethics, mobile app, 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.