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BMO Bank vs Bank of America

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

BMO Bank has over 600 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 Bank of America is one of the largest banks in the U.S. with approximately 4,300 locations and 17,000 ATMs. It is known for good customer service with extended hours. It offers checking, savings, CDs, IRA, and investment accounts through Merrill Edge.

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

 BMO Bank
Member FDIC
Bank of America
Member FDIC
 Visit SiteVisit Site
 

BMO Bank

Bank of America

SPECIAL OFFER
BMO Smart Advantage Checking - $400 Cash Bonus - Learn More

Read BMO Bank Review

SPECIAL OFFER
Bank of America Business Advantage Checking Account - $200 Bonus Offer - Learn More

Read Bank of America Review

 

Benefits and Features

Savings0.01% APY. $5 reward every month you save $200 or more, for the first year.
Check
CD0.05% - 5.25% APY. Terms of 3 months to 5 years. $1,000 minimum opening deposit.
Check
CheckingSmart Advantage, Smart Money, Relationship
Check
Money Market1.00% APY. $25 minimum opening deposit. $10 monthly fee, waived with a $5,000 minimum daily balance. 
Customer ServiceMon-Fri: 7am - 10pm (CT); Sat-Sun 8am - 8pm
  • Mon-Fri: 8am - 9pm (ET)
  • Sat: 8am - 8pm (ET)
  • Sun: 8am - 5pm (ET)
ATMs
40,000+ BMO and Allpoint ATMs
Approximately 16,000+ ATMs
IRA CD0.05% - 0.25% APY. Terms of 3 months to 5 years. $1,000 minimum opening deposit
Check
IRA Money MarketIRA Premium Savers: $100 minimum opening deposit. No monthly maintenance fee 
Locations
More than 600 branches
Approximately 3,900 retail financial centers
 

CreditDonkey® Reviews

 BMO BankBank of America
SavingsStarStarEmpty StarEmpty StarEmpty StarStarStarEmpty StarEmpty StarEmpty Star
CDStarStarStarStarEmpty StarStarStarStarHalf StarEmpty Star
CheckingStarStarStarStarEmpty StarStarStarStarStarEmpty Star
Money MarketStarStarStarEmpty StarEmpty Star
Customer ServiceStarStarStarHalf StarEmpty StarStarStarStarStarEmpty Star
Mobile AppStarStarStarStarHalf StarStarStarStarStarHalf Star
Pros & ConsPros:
  • Free checking with eStatements
  • Large ATM network
  • Good financial tools
Cons:
  • Limited branches
  • Low savings APY
Pros:
  • Large branch network
  • Extended service hours
  • Full service banking
Cons:
  • Monthly fees
  • Low interest rates
  • Many misc. banking fees
Bottom LineMidwest bank with options for low and high-balance customers... Read full reviewNational bank with widespread accessibility and wide range of services... Read full review
 Visit SiteVisit Site

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

BMO Bank: Pricing information from published website as of 11/26/2023 based on 91107 zip code.

Bank of America: Pricing information from published website as of 11/24/2023 based on 91107 zip code.

BMO Bank
Member FDIC

BMO Smart Advantage Checking - $400 Cash Bonus

Open a new BMO Smart Advantage Checking online and get a $400 cash bonus when you have a total of at least $4,000 in qualifying direct deposits within the first 120 days of account opening. Offer is limited to one per customer and is not available for existing BMO personal checking customers (including signers on joint accounts) or those who have closed a BMO personal checking account within the past 12 months. Conditions apply.

Expires in 5 days
BMO Bank
Member FDIC

BMO Smart Money Checking - $400 Cash Bonus

Open a new BMO Smart Money Checking online and get a $400 cash bonus when you have a total of at least $4,000 in qualifying direct deposits within the first 120 days of account opening. Offer is limited to one per customer and is not available for existing BMO personal checking customers (including signers on joint accounts) or those who have closed a BMO personal checking account within the past 12 months. Conditions apply.

Expires in 5 days
BMO Bank
Member FDIC

BMO Relationship Checking - $600 Cash Bonus

Open a new BMO Relationship Checking and get a $600 cash bonus when you have a total of at least $7,500 in qualifying direct deposits within the first 120 days of account opening. Offer is limited to one per customer and is not available for existing BMO personal checking customers (including signers on joint accounts) or those who have closed a BMO personal checking account within the past 12 months. Conditions apply.

Expires in 5 days
Bank of America
Member FDIC

Bank of America Business Advantage Checking Account - $200 Bonus Offer

Expires 12/31/2023
Earn a cash bonus in three steps:
  1. Open a new eligible business checking account by December 31, 2023
  2. Make Qualifying Deposits* of $5,000 or more in new money within 30 days of opening the new eligible business checking account
  3. Maintain an average balance of $5,000 for the next 60 days (day 31-90) during the maintenance period**
*Qualifying Deposits are deposits of new money, which is money not currently or previously held in any account at Bank of America or Merrill
**The maintenance period begins thirty-one (31) days after account opening and ends ninety (90) calendar days after account opening.
Member FDIC
Bank of America
Member FDIC

Business Advantage Fundamentals™ Banking

  • No fee for first 200 transactions per statement cycle
  • No fee for first $7,500 in cash deposited per statement cycle
  • Waive the $16 monthly fee in a variety of ways
Bank of America
Member FDIC

Business Advantage Relationship Banking

  • No fee for first 500 transactions per statement cycle
  • No fee for first $20,000 in cash deposited per statement cycle
  • Waive the $29.95 monthly fee by maintaining a $15,000 combined average monthly balance

Which is Better: BMO Bank or Bank of America?

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


Articles on BMO Bank

BMO Bank 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.

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.

BMO Routing Number

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

Articles on Bank of America

Bank of America Review

Bank of America is a national bank with many account options and user-friendly online banking. But does this convenience come at a cost? Read on.

How to Close a Bank of America Account

Want to close your Bank of America account? Learn how and what you need to do before you close your account.

Bank of America Hours

Bank of America is open 5-6 days a week, depending on the location. Take a look at their business hours below.

Bank of America Routing Number

Find your Bank of America routing number and learn about money transfers in our guide.

Which Do You Think is Best?





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