BMO Review: Account Good for You?
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BMO offers low fees and a large ATM network. But savings rates are low. However, the strong features can still make it a good bank for you. Read on.
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BMO Smart Advantage Checking account - Earn $400 Cash Bonus* | |||
Overall Score | 3.5 | ||
Savings | 2.0 | ||
CD | 4.0 | ||
Checking | 4.0 | ||
Money Market | 3.0 | ||
Mobile App | 4.5 | ||
Customer Service | 3.5 | ||
Pros and Cons
- Free checking with eStatements
- Large ATM network
- Good financial tools
- Limited branches
- Low savings APY
Bottom Line
Midwest bank with options for low and high-balance customers
BMO Overview
BMO is one of the oldest national banks in the Midwest with more than 200 years of history. It's headquartered in Chicago and has over 900 branches. Though its branches are concentrated in select U.S. regions, it has fee-free transactions at more than 40,000 Allpoint® network ATMs nationwide.[1]
They offer a variety of personal deposit products, including checking, savings, CDs, and IRAs.
We like that there's a free checking option available for customers with low balances. And if you have more to save, you can get higher interest rates with its Growth Money Market Account or CD specials.
Keep reading to learn more about BMO.
Pros & Cons
Pros:
- Free checking option with no balance requirements
- Only $25 to open checking accounts
- Fee-free transactions at more than 40,000 Allpoint® network ATMs nationwide
- Frequent cash bonuses for new customers
- Good digital tools to help manage your finances
Cons:
- Limited branch availability
- Low savings interest rates
BMO Promotions
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BMO Smart Advantage Checking account - Earn $400 Cash Bonus*
$400 cash bonus* when you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening between 9/9/25 - 1/28/26. *Conditions apply. Accounts are subject to approval and provided in the U.S. by BMO Bank N.A. Member FDIC
BMO Smart Money Checking account - Earn $400 Cash Bonus*
$400 cash bonus* when you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening between 9/9/25 - 1/28/26. *Conditions apply. Accounts are subject to approval and provided in the U.S. by BMO Bank N.A. Member FDIC
Smart Advantage Checking
BMO Smart Advantage Checking
- Minimum Deposit to Open: $25
- Balance Requirement: None
- Monthly Fee: No monthly fees with paperless statements (otherwise $3 for paper statements and $3 for check images)
- APY: N/A
- ATMs: Fee-free transactions at more than 40,000 Allpoint® network ATMs nationwide
This is the most popular BMO checking account, and for good reason. As long as you opt for eStatements, there's no monthly fee or minimum balance required for this account.
Other features include:
- Choose your debit card from several options
- Get cash from ATMs with just your smartphone
- Mobile check deposits, bill pay, and Zelle
- Personalized support via chat, phone, and in branch
Note that this account has a $15 overdraft fee. It applies if the account is overdrawn by more than $50.[2]
Smart Money Checking
BMO Smart Money Checking
- No minimum balance required
- Fee-free transactions at more than 40,000 Allpoint® network ATMs nationwide
- $5 monthly maintenance fee ($0 if you're under 25 years old)
The Smart Money checking account is meant to be a safe account with no overdraft fees. It doesn't allow overdrafts - if you don't have the money, the transaction simply will not go through.
It has a $5 monthly service fee that cannot be waived. However, this account is free for young adults under 25 years old.
Relationship Checking
BMO Relationship Checking
- Up to $25 rebated per statement period on ATM surcharge fees charged by other banks
- $25 monthly fee may be waived if you meet any of the following requirements: minimum daily ledger balance of $10,000 or more for the previous calendar month, monthly combined balance of $25,000 for the previous calendar month, if you have a BMO Investment Services (BIS) account, or if you are a Best of BMO US client.
BMO's Relationship Checking account earns interest and offers additional perks, but it requires a high balance to waive the monthly maintenance fee.
Some other perks include:
- Up to $25 monthly rebates on ATM surcharge fees charged by other banks
- Free incoming wires
- No annual rental fee for a 3"x5" Safe Deposit Box
- Interest rate discounts on lending products
Compare Checking Account Promotions
Bank of America Advantage Banking - Up to $500 Cash Offer
- The cash offer up to $500 is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 1/31/2026.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* into that new eligible account within 90 days of account opening. Your cash bonus amount will be based on the total amount of your Qualifying Direct Deposits received in the first 90 days.
Cash Bonus Total Qualifying Direct Deposits $100 $2,000 $300 $5,000 $500 $10,000+ - If all requirements are met 90 days after account opening, Bank of America will attempt to deposit your bonus into your new eligible account within 60 days.
- Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
HSBC Premier - Earn Up to $3,500
- Get a $1,000 Cash Bonus: Add and maintain New Deposits of $150,000 to $249,999
- Get a $2,500 Cash Bonus: Add and maintain New Deposits of $250,000 to $499,999
- Get a $3,500 Cash Bonus: Add and maintain New Deposits of $500,000+
Earn a $25 Extra Cash Bonus when you register and logon to the HSBC US Mobile Banking App3 by December 31, 2025.
If all offer requirements are met, Cash Bonuses will be paid by May 31, 2026.
Wells Fargo Everyday Checking Account - $325 Bonus
- Get a $325 new checking customer bonus when you open an Everyday Checking account and receive $1,000 or more in qualifying direct deposits.
- Wells Fargo Bank, N.A.
Member FDIC
Savings Builder Account
BMO Savings Builder Account has $0 monthly fee and requires just $25 to open. However, like most national banks, the interest rate is pretty low.
But a pretty cool perk is that during the first year of the account, BMO will reward you with an extra $5 for each month you save $200 or more. This gives you the opportunity to earn an extra $60 for your savings.
Savings Account - Up to $60 Bonus
Open a new Statement Savings account. Earn $5 every month when you save $200 or more per month. Your account is only eligible for 12 consecutive months beginning with the month your account is opened. See terms and conditions for more information.
Compare Savings Accounts
CIT Bank Platinum Savings - $300 Bonus
- Qualify for a $300 cash bonus with a minimum deposit of $50,000
- This limited-time offer to qualify for a $225 cash bonus with a minimum deposit of $25,000 or a $300 bonus with a minimum deposit of $50,000 is available to New and Existing Customers who meet the Platinum Savings promotion criteria. The Promotion begins on September 23, 2025, and can end at any time without notice.
UFB Portfolio Savings - Earn up to 3.76% APY
- Earn up to 3.76% APY.*
- No monthly maintenance fees.
- No minimum deposit required to open an account.
- Access your funds 24/7 with easy-to-use digital banking tools.
- Enjoy peace of mind with FDIC insurance up to the maximum allowance limit – Certificate #35546.
High-Yield Savings Premier - 4.10% APY
- No account fees
- Option to open individual or joint account
- FDIC insured up to $250,000 per depositor
- Only $500 minimum opening deposit
Growth Money Market Account
You can open a Growth Money Market Account with just $25. It has a $10 monthly maintenance fee, which is waived when you maintain a minimum daily balance of $5,000.
You may also qualify for a rate boost if you have a BMO Relationship Checking account with qualifying activities.
This account offers competitive, tiered interest rates. The more you save, the more you can earn.
Compare Money Market Accounts
UFB Portfolio Money Market - Earn up to 3.76% APY
- Earn up to 3.76% APY*
- Enjoy no monthly maintenance fees with a $5,000.00 balance, otherwise fee is $10.00 per month.
- Access your funds 24/7 with easy-to-use digital banking tools.
- Have peace of mind with FDIC insurance up to the maximum allowable limit – Certificate #35546.
Money Market Deposit Account - 4.36% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
Money Market Deposit Account - 4.10% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- Federally insured by NCUA
CDs
- Standard CD: BMO offers your standard CD with a variety of maturity dates and just a $1,000 opening deposit. Terms range from 3 months to 5 years.
- Special Rate CDs: BMO also offers a variety of "special" CDs. You'll find higher interest rates and unique terms on these CDs. It also has a $1,000 minimum deposit requirement.
Yes — BMO is FDIC-insured. Your money is FDIC insured for up to $250,000 per depositor.
Compare CD Rates
High-Yield CD Rates - Up to 4.00% APY
- No fees
- $1 minimum deposit
- FDIC insured
| Term | CD Rates |
|---|---|
| 3 Month | 4.00% APY |
| 4 Month | 3.50% APY |
| 6 Month | 3.50% APY |
| 9 Month | 3.40% APY |
| 12 Month | 3.30% APY |
12-Month High-Yield CD - 3.92% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- NCUA insured
Certificate of Deposit
- 3.50% APY for 6-month term
- 3.85% APY for 12-month term
- 3.70% APY for 18-month term
- 3.50% APY for 24-month term
- 3.50% APY for 36-month term
- 3.50% APY for 5-year term
IRAs
- CDs: BMO offers IRA CDs for those who want to take the conservative route with their retirement funds. With just $1,000, you can open a retirement CD. The terms range from 3 months to 5 years. The longer the maturity date that you choose and the more money you invest, the higher the interest rate BMO will offer.
- IRA Premium Savers: This IRA allows you to make deposits as you can or even on an automated basis. You need $100 to open the account, and you can make deposits as frequently or infrequently as you like. You can open the account as a traditional, ROTH, or SEP IRA.
The BMO routing number is 071025661. You can also see it on the bottom of your personal checks. It's the number on the left-hand side, before your account number.
Banking Features
- Total Look
You can link your non-BMO financial accounts. This gives you the chance to see your full financial picture in one place. You can view transactions, track spending, set up savings goals, create budgets, and more. - Mobile Cash
This feature lets you withdraw cash from ATMs with just your smartphone. You don't need to bring your debit card. - Overdraft Funding
If you link a BMO checking and savings account, they will automatically transfer money from your savings to cover overdrafts. This can help you avoid hefty overdraft fees. - Auto Save
You set up the amount and frequency, and BMO will automatically transfer it into your savings account for you. It takes the thinking out of saving and helps you avoid spending the money before you have a chance to save it. - Large ATM network
Aside from their own ATMs, BMO is also in the AllPoint network, with over 40,000 ATMs across the US. You can withdraw your money free of charge, even if you're not near a BMO service area. - Card Monitor
You can turn your debit card on and off at any time within the app. Plus, you can control spending by setting restrictions by location, merchant type, and transaction amount.
You can reach BMO at 1-888-340-2265, 24 hours a day. They also offer the ability to send private messages via their Facebook and Twitter social media pages. You may also use their branch locator and set up an appointment in person with a BMO banker.
BMO Downsides
- Limited branch network in the U.S.
BMO operates primarily in select states, including Arizona, California, Colorado, Florida, Illinois, Indiana, Iowa, Minnesota, Nevada, New Mexico, Oregon, Utah, Washington, and Wisconsin. If you live outside these regions, you won't have access to a local branch. - Low savings rates
Like many traditional banks, BMO's savings account interest rates are lower compared to online banks. - Account closure fee
A fee may apply if you close your checking or savings account within the first 90 days, so make sure it's the right fit before opening.[3]
How It Compares
Fifth Third Bank
Fifth Third operates across the Midwest, South, and Southeast. Its traditional checking account has no minimum deposit, balance requirement, or monthly fee, though it must be funded shortly after opening. Customers have access to a nationwide network of fee-free ATMs and full online and mobile banking.
Wells Fargo
Wells Fargo is a major national bank with a broad U.S. footprint and a network of over 11,000 ATMs. It offers checking accounts with easy ways to avoid monthly maintenance fees when you meet qualifying activity, and it provides 24/7 phone support.
Bottom Line
BMO is a full-service bank with a wide range of accounts and features. If you're looking for basic checking and savings with low requirements and convenient access, BMO could be a solid choice.
But if earning higher interest is your priority, you may want to explore online-only banks, which often offer better yields due to lower operating costs.
References
- ^ BMO. Branches & ATMs, Retrieved 10/28/2025
- ^ BMO. BMO Smart Advantage Checking Deposit Account Disclosure and Bank Fee Schedule, Retrieved 10/28/2025
- ^ BMO. Deposit Account Disclosure and Bank Fee Schedule, Retrieved 10/28/2025
Bank of America Advantage Banking - Up to $500 Cash Offer
- The cash offer up to $500 is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 1/31/2026.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* into that new eligible account within 90 days of account opening. Your cash bonus amount will be based on the total amount of your Qualifying Direct Deposits received in the first 90 days.
Cash Bonus Total Qualifying Direct Deposits $100 $2,000 $300 $5,000 $500 $10,000+ - If all requirements are met 90 days after account opening, Bank of America will attempt to deposit your bonus into your new eligible account within 60 days.
- Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
U.S. Bank Business Essentials - $400 Bonus
Promo code Q4AFL25 MUST be used when opening a U.S. Bank Business Essentials®, or Platinum Business Checking account. Limit of one bonus per business. A $100 minimum deposit is required to open one of the referenced accounts.
Earn your $400 Business Checking bonus by opening a new U.S. Bank Business Essentials account between 10/01/2025 and 1/14/2026. You must make deposit(s) of at least $5,000 in new money within 30 days of account opening and thereafter maintain a daily balance of at least $5,000 until the 60th day after account opening. You must also complete 5 qualifying transactions within 60 days of account opening.
Qualifying transactions include debit card purchases, ACH credits, Wire Transfer credits and debits, Zelle credits and debits, U.S. Bank Mobile Check Deposit or Bill Pay or payment received via U.S. Bank Payment Solutions. Other transactions such as (but not limited to) other Person to Person payments, transfers to credit card or transfers between U.S. Bank accounts are not eligible.
New money is considered money that is new to U.S. Bank. Funds must come from outside U.S. Bank and cannot be transferred from another U.S. Bank product or a U.S. Bank Affiliate. For accounts opened on non-business days, weekends or federal holidays, the open date is considered the next business day. Account fees (e.g., monthly maintenance, paper statement fee, etc.) could reduce the qualifying daily balance, therefore you must make deposit(s) to cover the fees to maintain the daily balance during the qualifying period to be awarded the bonus. Refer to the Business Pricing Information or Business Essentials Pricing Information Document for a list of fees.
Bonus will be deposited into your new eligible U.S. Bank Business Checking account within 30 days following the last calendar day of the month you complete all of the offer requirements, as long as the account is open and has a positive available balance.
Offer may not be combined with any other business checking account bonus offers. Existing customers (businesses) with a business checking account or customers (businesses) who had an account in the last 12 months, do not qualify.
All regular account-opening procedures apply. For a comprehensive list of checking account pricing, terms and policies, reference your Business Pricing Information or Business Essentials Pricing Information and YDAA disclosure. These documents can be obtained by contacting a U.S. Bank branch or calling 800.872.2657.
Bonus will be reported as interest earned on IRS Form 1099-INT and recipient is responsible for any applicable taxes. Current U.S. Bank employees are not eligible. U.S. Bank reserves the right to withdraw this offer at any time without notice. Member FDIC
Wells Fargo Everyday Checking Account - $325 Bonus
- Get a $325 new checking customer bonus when you open an Everyday Checking account and receive $1,000 or more in qualifying direct deposits.
- Wells Fargo Bank, N.A.
Member FDIC
Online Savings Account - Earn 3.40% APY
- No fees
- No minimum opening deposit
- No minimum balance required
CIT Bank Platinum Savings - $300 Bonus
- Qualify for a $300 cash bonus with a minimum deposit of $50,000
- This limited-time offer to qualify for a $225 cash bonus with a minimum deposit of $25,000 or a $300 bonus with a minimum deposit of $50,000 is available to New and Existing Customers who meet the Platinum Savings promotion criteria. The Promotion begins on September 23, 2025, and can end at any time without notice.
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