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 7th largest bank in North America by assets. Smart Advantage checking has no fee and no minimum balance if you opt for eStatements. Savings Builder needs just $25 to open and has $0 monthly fee. Standard and Special CDs require a minimum opening deposit of $1,000.

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	Ally Bank
	SPECIAL OFFER Savings Account - Up to $60 Bonus - Learn More Read BMO Review	SPECIAL OFFER Online Savings Account - 3.20% APY - Learn More Read Ally Bank Review
	Benefits and Features
Savings	0.01% APY. $5 reward every month you save $200 or more, for the first year.	3.20% APY
CD	0.05% - 2.50% APY. Terms of 3 months to 5 years. $1,000 minimum opening deposit.	2.90% to 3.70% APY. Terms of 3 months to 5 years. 12-month CD APY of 3.70%
Checking	Smart Advantage, Smart Money, Relationship	0.10% APY for daily balances less than $15,000. 0.25% APY for daily balances over $15,000
Money Market	Up to 2.30% APY. $25 minimum opening deposit. $10 monthly fee, waived with a $5,000 minimum daily balance.	3.20% APY
Mobile App		iOS & Android
ATMs	40,000+ BMO and Allpoint ATMs	75,000+ no-fee Allpoint and MoneyPass ATMs
Customer Service	Monday–Friday, 7 a.m.–11 p.m. (CT), and Saturday–Sunday, 8 a.m.–10 p.m. (CT)	24/7
IRA CD	0.05% - 0.75% APY. Terms of 3 months to 5 years. $1,000 minimum opening deposit
IRA Money Market	IRA Premium Savers: $100 minimum opening deposit. No monthly maintenance fee
Locations	900+ branches	Online only
	CreditDonkey® Reviews
Savings
CD
Checking
Money Market
Mobile App
Customer Service
Pros & Cons	Pros: Free checking with eStatements Large ATM network Good financial tools Cons: Limited branches Low savings APY
Bottom Line	Midwest bank with options for low and high-balance customers... Read full review	Read full review
	Savings Account - Up to $60 Bonus Alto Online Savings Account - 3.15% APY Business Platinum Money Market - Up to 2.30% APY	Online Savings Account - 3.20% APY Money Market - 3.20% APY No Penalty CD
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 02/21/2026 based on 60603 zip code. Ally Bank: Pricing information from published website as of 03/14/2026.

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 Bank of America.

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.

BMO Checking Account Bonus & Promotions

BMO rolls out enticing checking offers from time to time to attract new customers. Find the latest bonus deals here.

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 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.

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 vs CIT Bank

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 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?