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BMO vs Ally Bank

BMO is a midwest bank with options for low and high-balance customers. How does it compare to Ally Bank? Read our comparison chart below.

BMO has over 900 branches and is the 8th largest bank in North America by assets. Smart Advantage checking has no fee and no minimum balance if you opt for eStatements. Savings need just $100 to open with easy ways to waive fees. Special Rate CDs require a $5,000 minimum opening deposit.

While Ally Bank offers high interest on their Savings account. It also offers interest checking and multiple CD options, including No Penalty and Raise Your Rate CDs. There is no minimum deposits or service fees for any of their banking products.

Compare BMO with Ally Bank, side-by-side. Read on for an in-depth look, including ratings and reviews.

 BMO
Member FDIC
 Visit SiteLearn More
 

BMO

Ally Bank

SPECIAL OFFER
BMO Smart Advantage Checking Account and BMO Smart Money Checking Account - Earn $300 Cash Bonus* - Learn More

Read BMO Review

SPECIAL OFFER
Online Savings Account - 3.80% APY - Learn More

Read Ally Bank Review

 

Benefits and Features

Savings0.01% APY. $5 reward every month you save $200 or more, for the first year.
3.80% APY
CD0.05% - 3.85% APY. Terms of 3 months to 5 years. $1,000 minimum opening deposit.2.90% to 4.10% APY. Terms of 3 months to 5 years. 12-month CD APY of 3.90%
CheckingSmart Advantage, Smart Money, Relationship0.10% APY for daily balances less than $15,000. 0.25% APY for daily balances over $15,000
Money Market0.80% APY. $25 minimum opening deposit. $10 monthly fee, waived with a $5,000 minimum daily balance.
3.80% APY
Mobile App 
iOS & Android
ATMs
40,000+ BMO and Allpoint ATMs
43,000+ no-fee Allpoint ATMs
Customer ServiceMon-Fri: 7am - 10pm (CT); Sat-Sun 8am - 8pm
24/7
IRA CD0.05% - 2.00% APY. Terms of 3 months to 5 years. $1,000 minimum opening deposit 
IRA Money MarketIRA Premium Savers: $100 minimum opening deposit. No monthly maintenance fee 
Locations
981 branches
Online only
 

CreditDonkey® Reviews

 BMO
SavingsStarStarEmpty StarEmpty StarEmpty Star
CDStarStarStarStarEmpty Star
CheckingStarStarStarStarEmpty Star
Money MarketStarStarStarEmpty StarEmpty Star
Mobile AppStarStarStarStarHalf Star
Customer ServiceStarStarStarHalf StarEmpty Star
Pros & ConsPros:
  • Free checking with eStatements
  • Large ATM network
  • Good financial tools
Cons:
  • Limited branches
  • Low savings APY
Bottom LineMidwest bank with options for low and high-balance customers... Read full review Read full review
 Visit SiteLearn More

Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details.

BMO: Pricing information from published website as of 12/09/2024 based on 60603 zip code.

Ally Bank: Pricing information from published website as of 12/10/2024.

BMO
Member FDIC

BMO Smart Advantage Checking Account and BMO Smart Money Checking Account - Earn $300 Cash Bonus*

$300 Cash Bonus* when you have $4,000 in direct deposits within 90 days of opening between 11/1/24 – 2/3/25. *Conditions Apply. Available in the U.S. BMO Bank N.A. Member FDIC

Expires 2/3/2025

Which is Better: BMO or Ally Bank?

Still need help deciding which bank reviews & deals is better? Read the in-depth reviews below. You may also be interested in comparing BMO or Chase.


Articles on BMO

BMO Review

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.

BMO Routing Number

If you have a BMO account, you only need to be aware of one routing number. This number is 071025661. Read on and learn how to use it.

Who Owns BMO

BMO is a publicly-traded company with significant institutional investors. These include several well-known Canadian asset management firms and banks.

Is BMO an Ethical Bank

BMO has been recognized as one of the World's Most Ethical Companies for six consecutive years. How did they earn this award? Find out.

BMO Relationship Minimum Balance

Get more perks when you open a BMO Relationship Checking Account. Find out the balance you need to reach to unlock them.

Is BMO a Good Bank

Is BMO a good choice for your banking needs? Find out here.

Is BMO a Safe Bank

Wondering about the security of your funds with BMO? They have a Financial Crimes Unit backing you up, for one. Read on for more details.

What is BMO

BMO Harris is now BMO. But are they a legit bank? Find out if you should bank with them.

BMO Smart Money vs Smart Advantage

BMO's Smart Advantage has $0 monthly fees. Smart Money has no overdraft fees. Which one is a smarter choice? Read on to find out.

Is BMO a Real Bank

BMO, is a U.S bank, part of the Bank of Montreal. It offers solid basic checking options and a large ATM network. But, is it legit? Read on to find out.

Articles on Ally Bank

Ally No Penalty CD

Ally Bank's No Penalty CD offers a competitive APY without early withdrawal penalties. Learn more about this CD here.

Ally Bank Locations

Ally is an excellent online bank with no physical locations. So, how can you access your funds? Read on to find out.

Ally High Yield Savings

Ally Savings offers a strong APY and various savings tools to help you boost your funds. Read on to find out more.

Ally Bank Problems

Ally Bank is well-known for having attractive APYs and practically no fees. But, what's the catch? Read on to know what nuisances you may encounter.

Ally Money Market vs Savings

Ally's Money Market and Savings accounts boast high APYs with no hidden fees. But, how do they differ? Read on to find out.

Ally Bank CD Rates

Ally Bank CD accounts offer high APYs and require no minimum deposit. But what is the catch? Learn more about Ally CD rates in this review.

Ally Bank Routing Number

Looking to transfer money in or out of your Ally account? You'll need the right routing number. Find your Ally routing number and learn more about money transfers in our guide.

Which Do You Think is Best?





Which Bank Account is Right for You?


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About CreditDonkey
CreditDonkey is a bank comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

†Advertiser Disclosure: Many of the offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.

*See the card issuer's online application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.

CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.

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