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If you would prefer to manage bank accounts at BMO branches, the bank has standard CDs and special CDs. If you're comfortable with an online-only banking experience, though, BMO Financial Group also has an online-only division called BMO Alto. BMO Alto has a standout 6-month term paying 4.80% APY.
BMO Alto CD Rates
BMO Alto High Yield CDare more competitive than BMO Standard CDs, and even some Special CDs.
These accounts are available online-only through the BMO Alto website, which means you won't be able to go to a BMO branch for support. Instead, you must call BMO Alto customer support. Another thing to keep in mind is that BMO Alto doesn't have a mobile app. Compare APYs (annual percentage yields) below:
- 6 Month High Yield CD: 4.80% APY
- 1 Year High Yield CD: 4.75% APY
- 2 Year High Yield CD: 4.00% APY
- 3 Year High Yield CD: 4.00% APY
- 4 Year High Yield CD: 4.00% APY
- 5 Year High Yield CD: 4.10% APY
BMO Bank CD Rates Today
BMO Standard CDs pay low interest rates, while the Special CDs are good overall. Special CDs are only available for a limited time, though.
The bank's CD rates may vary by region and minimum deposit. The following chart shows the current rates for Standard CDs if you live in Chicago, Illinois:
| Term | APY |
| 1 month ($100,000 minimum balance) | 0.05% |
| 2 months ($100,000 minimum balance) | 0.05% |
| 3 months | 0.05% |
| 6 months | 0.05% |
| 9 months | 0.05% |
| 12 months | 0.05% |
| 13 months (CD special) | 5.25% |
| 18 months | 0.05% |
| 24 months | 0.05% |
| 25 months (CD special) | 4.60% |
| 30 months | 0.05% |
| 35 months (CD special) | 4.50% |
| 36 months | 0.10% |
| 45 months (CD special) | 4.60% |
| 48 months | 0.15% |
| 59 months (CD special) | 4.60% |
| 60 months | 0.25% |
BMO CD Pros and Cons
BMO CD Pros
- Special CDs and Alto CDs pay higher than the average CD rates
- Alto CDs have standard-to-low early withdrawal penalties
- Variety of CD terms
- Standard-to-low minimum opening deposit requirements
BMO CD Cons
- Standard CDs pay low interest rates
- Standard CDs have high early withdrawal penalties
Introduction to BMO CDs
Types of CDs Offered by BMO
BMO has Standard, Special, and Alto CDs. The best option for you will depend on what you want out of your banking experience.
If you prefer in-person banking, you can open Standard to Special CDs. The difference between Standard and Special CDs is that the latter offer promotional rates.
BMO has a physical footprint 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.
Meanwhile, BMO Alto CDs may be a better fit if you're comfortable with an online-only banking experience. You can't go to a BMO branch to make transactions for these accounts.
Minimum Opening Deposits
BMO Standard and Special CDs have a $1,000 to $100,000 minimum opening deposit. This is typical for most brick-and-mortar banks.
BMO Alto CDs require less money upfront. You can open BMO Alto CDs with $0.
Early Withdrawal Penalties
BMO Standard and Special CDs have the following early withdrawal penalties:
- All interest earning for terms between 7 days and 59 days
- 90 days of interest for terms between 2 months and 11 months
- 180 days of interest for terms between 12 months and 23 months
- 270 days of interest for terms between 24 months and 25 months
- 365 days of interest for terms of 36 months and 47 months
- 545 days of interest for terms of 48 months or more
BMO Alto CDs have the following early withdrawal penalties:
- 90 days of interest for CD terms of 11 months or less
- 180 days of interest for terms of 12 months or more
What Influences BMO CD Earnings
National CD rate trends can impact whether BMO offers more competitive CD rates. CD selection can also affect your total interest earned. We'll explain more about the factors that influence CD earnings, below.
National CD Rate Trends
Historical CD rate trends indicate CD rates are affected by the Fed's decisions. Wen the Federal Reserve raises the federal funds rate to fight inflation, CDs become more competitive and rates rise. When the Fed lowers the federal funds rate to stimulate economic growth, CDs become less competitive.
Due to the current economic environment, BMO Special and Alto CDs reflect a national trend where short-term CD rates are higher than long-term CD rates. The bank's best rates are on its 6-month BMO Alto CD and 13-month BMO Special CD.
It's anticipated that the Federal Reserve will make rate cuts in the future. To still offer high CD rates, banks have made short-term rates more appealing.
CD Selection
Being mindful of your CD selection can help you avoid early withdrawal penalties. Most banks, including BMO, penalize you for an early withdrawal by making you pay some of the interest you've earned.
Experts recommend choosing a CD term that matches a savings goal, so you have a plan already in action and can minimize the chance of making an early withdrawal.
Should You Invest in BMO CDs?
BMO Special CDs and BMO Alto CDs offer great interest rates, while BMO Standard CD rates are low overall. If you're strictly searching for the best CD rates, though, online banks have even more competitive rates right now.
BMO CD Alternatives
BMO CDs vs. Chase CDs
If you're comparing interest rates on CDs, your choice will largely depend on the term you choose and where you live.
BMO CDs have different rates depending on which state you live in. Chase CD rates are low overall. You'll qualify for a higher relationship rate if you have a Chase checking account, though.
Chase has a solid 9-month CD if you qualify for a relationship rate. However, BMO may be a good choice if you are interested in one of the BMO CD specials or a BMO Alto CD.
Chase Bank Review
BMO CDs vs. Wells Fargo CDs
If you're strictly searching for the highest CD rates, you'll likely prefer BMO over Wells Fargo CD rates. When comparing the two banks, BMO CD specials, and BMO Alto CDs have the most competitive interest rates.
BMO also may be a better option if you'd like a low minimum opening deposit. The bank lets you open an account with $1,000, while at Wells Fargo, you need at least $2,500.
Wells Fargo Bank Review
Why You Should Trust Us: How We Reviewed BMO CDs
We used Business Insider's certificate of deposit methodology to review Standard, Special, and Alto CDs. We look at interest rates, minimum opening deposits, early withdrawal penalties, CD term variety, ethics, customer support, and the mobile app. We use a scale of 0 to 5 for each category, then average the scores together to calculate the CDs' overall rating.
BMO CD FAQs
Are BMO CD rates typically competitive?
BMO Special CDs and Alto CDs pay competitive rates. These accounts pay more than average CDs. But the Standard CDs aren't as strong and have low CD rates overall.
Does BMO change its CD rates frequently?
BMO can change its CD rates at any time. Reading about the CD rate forecast for 2024 can help you see where CD rates may be heading in the future.
Does BMO offer any unique types of CDs?
BMO has unique term offerings for Standard and Special CDs. However, the bank doesn't offer any specialty options, like step-up or no-penalty CDs.
Is it safe to invest in a BMO CD?
BMO is an FDIC-insured bank. Insured deposits are safe in CDs. The FDIC insures up to $250,000 per depositor, per account ownership category at BMO.
Do I need to be a current BMO customer to open a CD?
You do not need to be a current BMO customer to open a CD. You can apply for CDs online as a new customer.
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics.ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, budgeting, and general saving. Sophia was also a part of Business Insider's 2024 series "My Financial Life," which focused on telling stories that could help people live and spend better.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circ*mstances and overcoming their fears around money.ExpertiseSophia's expertise includes:
- Bank accounts
- Savings and CD rate trends
- Budgeting
- Saving
- How banks operate
EducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.Sophia is a member of the National Association of Hispanic Journalists.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon.
Compliance and Operations Associate
Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
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