Is BMO Harris a Real Bank
BMO Harris, 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.
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With BMO Harris being one of the largest national banks, it is most definitely a legitimate bank. It is also one of the oldest banks in North America.
The bank offers an array of different accounts and has fee-free transactions at more than 40,000 Allpoint® network ATMs nationwide. However, it's only located in 8 states. If you are from the Midwest, you'll be in luck as it is located in that area.
What is BMO Harris?
BMO Harris is a fully functional retail bank. Founded in 1882 with headquarters in Chicago, the bank is currently the 8th largest by assets in North America. They provide a range of services, from deposits and loans to investment options.
Being a fully functional bank, it offers numerous services and benefits to different customers. So, let's dig into that.
BMO Harris: Pros and Cons
If you don't want to read in detail about the bank, here's a scoop of what's good and not so good about BMO Harris.
Pros:
- Low/avoidable fees
- Debit card options
- Cash bonuses for new customers
- Low minimum for account opening
Cons:
- Limited locations
- High balances needed to gain high-interest rates
- Overdraft fees
What is BMO Harris Best For?
BMO Harris is best for people looking for checking accounts with low fees. It's also suitable for those looking for different CD options to suit their interests.
And lastly, it's best for people who live in the Midwest, considering it's only open in 8 states.
What Services Does BMO Harris Offer?
As with most banks as big as BMO Harris, it offers various services and accounts. As a result, the bank will be beneficial for many people, considering the CDs they have to offer.
To give you an idea of what you can do with a BMO Harris account, here are some services they offer:
- Car, personal, business, & CD-secured loans
- Purchase & refinance mortgages
- Home equity loans & lines of credit (HELOCs)
- Personal lines of credit
- IRAs
- Managed investment portfolios
- Private banking
- Financial advisors
- Customer service
- Money market, checking, savings, certificates of deposit & credit cards
BMO Harris Accounts
There is a variety of bank accounts you can open with BMO Harris. You have numerous choices at BMO Harris, from savings to credit accounts. A recommendation for you: go for a checking account (and don't overdraft if you can help it).
Below we will elaborate and explain what kind of accounts BMO Harris has and what they offer.
Money market accounts
Money market accounts can be opened with as little as $25. However, expect to pay a fee for a balance under $10,000.[2] These accounts are good if you keep high amounts of money in them, as interest rates go up the more money you have.
Checking accounts
You can open three types of checking accounts at BMO Harris:
- The Smart Money Account: $5 in monthly fees for people over 25. Overdraft is not possible; the transfer doesn't go through in case of insufficient funds.[3]
- The Smart Advantage Account: No monthly fees as long as you opt for paperless statements. A $15 fee if you overdraft over $50. It doesn't apply if you are under 25.[4]
- The Premier Account: $25 monthly fee that can be waived with a high balance. Takes up to $25 of non-BMO Harris ATM charges and allows earning interest.[5]
BMO Harris Smart Advantage™ Account - $200 Cash Bonus
Open a new BMO Harris Smart Advantage™ Account online and get a $200 cash bonus when you have a total of at least $4,000 in qualifying direct deposits within the first 90 days of account opening. Offer is limited to one per customer and is not available for existing BMO Harris personal checking customers (including signers on joint accounts) or those who have closed a BMO Harris personal checking account within the past 12 months. Conditions apply.
BMO Harris Smart Money™ Account - $200 Cash Bonus
Open a new BMO Harris Smart Money™ Account online and get a $200 cash bonus when you have a total of at least $4,000 in qualifying direct deposits within the first 90 days of account opening. Offer is limited to one per customer and is not available for existing BMO Harris personal checking customers (including signers on joint accounts) or those who have closed a BMO Harris personal checking account within the past 12 months. Conditions apply.
BMO Harris Premier™ Account - $350 Cash Bonus
Open a new BMO Harris Premier™ Account and get a $350 cash bonus when you have a total of at least $7,500 in qualifying direct deposits within the first 90 days of account opening. Offer is limited to one per customer and is not available for existing BMO Harris personal checking customers (including signers on joint accounts) or those who have closed a BMO Harris personal checking account within the past 12 months. Conditions apply.
Savings accounts
BMO Harris' Savings Builder Account has $0 monthly fee and requires just $25 to open. BMO Harris will reward you with an extra $5 for each month your balance grows by at least $200.[6]
Credit cards
BMO Harris offers four types of credit cards:
- Platinum Rewards Mastercard
- Cash Back Mastercard
- Platinum Mastercard
- Premium Rewards Mastercard
Certificates of deposit
BMO Harris offers three types of CDs:
- Standard CD: The opening deposit minimum is $1,000 and offers numerous maturity dates.
- Special Rate CD: The opening deposit minimum is $5,000. You can choose from many options and get high-interest rates.
- Add-on CD: The opening deposit is $1,000. They come in one-year terms and you can add as much money as you want after opening it.
Mobile Cash
BMO Harris offers a feature that allows you to directly withdraw from ATMs using your phone. This is especially handy for those who tend to go out with just their phones!
What Bank Owns BMO Harris?
BMO Harris was acquired by the Bank of Montreal (BMO) in 1984, hence the name BMO Harris. Since then, BMO Harris has acquired a number of banks across America and grown into the 24th largest by assets in America.[7]
Although they operate under the same name, BMO and BMO Harris are not to be confused.
No, BMO Harris is part of the Bank of Montreal (BMO). BMO acquired BMO Harris back in 1984, hence the name BMO Harris.
What is the Difference Between BMO and BMO Harris?
BMO Harris is a subsidiary of the BMO bank. It's the oldest Canadian bank operating in Montreal, Quebec. In addition, it's also the fourth-largest bank by assets in Canada.
Essentially, they provide the same services and cater to the same people. There are no distinct differences other than the fact that BMO is larger and operates at a higher level. Also, BMO operates in Canada, and BMO Harris operates in the U.S.
Bottom Line
BMO Harris is a legitimate and full-service bank. It operates in 8 U.S. states with a variety of features and benefits to offer to different customers. BMO Harris may be the right bank for you, if you're looking for basic checking and savings with low requirements.
However, if you're interested in savings account with high interest rates, or you're likely to overdraft, consider other options which offer less overhead and higher yields.
References
- ^ BMO Harris Bank. Overdraft Services, Retrieved 6/2/2022
- ^ BMO Harris Bank. Premier Money Market Deposit Account Disclosure and Bank Fee Schedule, Retrieved 6/2/2022
- ^ BMO Harris Bank. Smart Money Account Deposit Account Disclosure and Bank Fee Schedule, Retrieved 6/2/2022
- ^ BMO Harris Bank. Smart Advantage Account Deposit Account Disclosure and Bank Fee Schedule, Retrieved 6/2/2022
- ^ BMO Harris Bank. Premier Account Deposit Account Disclosure and Bank Fee Schedule, Retrieved 6/2/2022
- ^ BMO Harris Bank. Savings Builder Deposit Account Disclosure and Bank Fee Schedule, Retrieved 6/2/2022
- ^ Federal Reserve Board. Large Commercial Banks, Retrieved 6/2/2022
Chase Total Checking® - $200 Bonus
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*With Chase Overdraft Assist℠, we won't charge an Insufficient Funds Fee if you're overdrawn by $50 or less at the end of the business day OR if you're overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.
Citi Priority Account - Earn up to $2,000 Cash Bonus
- Earn up to $2,000 cash bonus when you open a new eligible Citi Priority Checking Account with required activities
- Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
- Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
- If your balance falls to a lower tier at any point during the maintenance period, the bonus changes.
- Bonus will be paid within 30 days after you successfully complete all required activities.
CIT Bank Savings Connect - 4.20% APY
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- $100 minimum opening deposit
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Discover Online Savings - $200 Cash Bonus
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What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 6/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
Business Checking - Up to 2.0% APY
- 2.0% APY on your balance up to $250,000 for customers that meet monthly eligibility requirements
- $0 minimum opening deposit
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