Is BMO a Good Bank?
Is BMO a good choice for your banking needs? Find out here.
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BMO, one of the largest banks in North America, was founded in 1817 in Canada. They serve about 13 million customers worldwide.
They also have operations in the US and are headquartered in Chicago, Illinois. They have over 4 million customers across 32 states, 1,000+ branches, and more than 40,000 Allpoint® ATMs.
But are they good? What are BMO's banking products and services? Learn more and see if you should bank with BMO.
BMO means Bank of Montreal, which is also the name of its parent company based in Canada.
Is BMO a Good Bank?
BMO is a good option for folks who want to keep their bank accounts in one place. It is ideal for those who prefer banking with a traditional bank with a full suite of products and services and physical branch access.
Although the locations were concentrated in the Midwest, BMO has expanded in the West too.[1]
Online banks and credit unions might offer better rates if you're looking for higher returns. But if you don't mind an online-only platform, you can explore BMO Alto's high-yield savings and CDs.
Is BMO a Trusted Bank?
Yes, BMO is a trusted bank by millions in the States. They are committed to handling customers' money and personal information with integrity, ensuring the safety of their finances.
Additionally, BMO is an FDIC-member bank which means deposits are insured up to $250,000 per ownership category. This makes people feel secure because they are guaranteed to get their money back if the bank fails.
BMO Bank Accounts
BMO provides a wide range of products including savings, checking, money market, and CDs. Here's a rundown of their current offers:
BMO Smart Advantage Checking
This account has no minimum balance. You also get to waive the monthly fee when you opt for paperless statements. But, there is a $15 overdraft fee for overdrawing by more than $50.[2]
BMO Smart Advantage Checking
- No minimum balance required
- Fee-free transactions at more than 40,000 Allpoint® network ATMs nationwide
- $2 monthly fee for paper statements and $3 monthly fee for check images are waived with paperless statements
BMO Smart Money Checking
This account gives you peace of mind by not allowing overdrafts. But it comes with a $5 monthly fee that can't be waived unless you're under 25 years old.[3]
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)
BMO Relationship Checking
You can earn interest and other perks with this account, but a high balance is needed to waive the $25 monthly maintenance fee. You do get benefits like rebates on ATM fees and interest rate discounts on lending products.[4]
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 Savings Builder Account
This has $0 monthly fees and a $25 opening requirement. While the rate may be low, you can earn an extra $5 for each month you save $200 or more in the first year of opening the account.[5]
BMO Relationship Plus Money Market
Open with $25 and maintain a $5,000 daily balance to avoid a $10 monthly service fee.[6] Bundling it with a Relationship Checking Account can get you higher interest rates based on your quarterly combined balance. [7]
BMO Certificate of Deposits
BMO offers Standard CDs with varied maturity dates, an Add-on CD allowing additional deposits, and Special Rate CDs with odd terms and higher rates, all with a $1,000 minimum deposit requirement.[8]
Yes, BMO Bank is a legitimate bank in the US (FDIC Cert #16571). It is based in Chicago, Illinois, and is owned by Bank of Montreal–the 8th-largest bank in North America by asset size.
BMO Alto
BMO Alto, the online banking division of BMO, offers deposit products with impressive rates. Currently, they have an online savings account and a CD: [9]
BMO Alto Online Savings Account
A high-yield savings account with no fees, no opening deposit, and no minimum balance.
BMO Alto Online Savings Account - 5.10% APY
- No fees
- $0 minimum opening deposit
- No minimum balance requirements
- Unlimited transfers and withdrawals
BMO Alto Online Certificates of Deposit
These are standard CDs with very competitive APY. There are 6 terms available ranging from 6 to 60 months.
To contact BMO Alto for assistance on your account, you can call 1-855-266-8100.
Remember that they are strictly online and can only be accessed through the BMO Alto website. So, you can't go to a BMO branch for support and services on your BMO Alto account.
Other BMO Bank Products and Services
BMO also offers other products and services such as loans, investment options, etc. Here's what they have:
- IRA CDs
- IRA Premium Savers savings account
- Overdraft services
- BMO Digital Banking
- Credit Cards
- Auto/Boat/RV Loans
- Home Equity Lines of Credit and Loans
- Student Loans
- Personal Loans
- Credit Builder Loan Program
- Mortgages
- BMO Smart Portfolio
- Wealth Management
They also have BMO Premier Services which gives you access to better perks, including a dedicated banker and financial advisor, if you meet the combined deposit and investment requirement of at least $250,000.
If you need to reach BMO Bank customer support, you can call 1-888-340-2265. Use their branch locator if you need in-person assistance.
BMO Bank Fees and Charges
Unfortunately like most big banks, BMO has fees and charges on their products and services too. Here are some fees you might encounter with BMO: [10]
- $5 - $25 monthly maintenance fees for some accounts
- $15 overdraft fee
- $3 out-of-network ATM fee
- $15 transaction limitation fee
- $50 account closing fee (if closed within 90 days of opening)
- $3 paper statement fee
- $30 outgoing domestic wires
- $50 outgoing international wires
BMO Pros and Cons
If you're trying to decide whether to bank with BMO or otherwise, here's a quick look at their perks and pitfalls.
Pros:
- Free checking option with no minimum balance
- Low opening deposit requirement
- High APY offers on savings and CDs via BMO Alto
- Full suite of banking products and services
- Access to over 1,000 branches and 40,000 ATMs nationwide
Cons:
- Standard savings interest rate is low
- High balance requirements to get relationship rates
BMO's customer support line is available from 7am to 11pm Central Time from Monday to Friday, and 8am to 10pm on Saturdays and Sundays. But you can report lost or stolen cards anytime. For in-person assistance, BMO has over 1,000 branches nationwide to serve you.
Should You Open a BMO Account?
If you prefer big banks that are widely available nationwide and have a broad range of banking products and services, consider opening an account with BMO.
You might not get the highest rates on some of their savings products, but their BMO Alto offerings might be able to bridge that gap.
At the end of the day, the answer depends on your goals and how you want to manage your finances. If you want a comfortable banking experience, then a reputable bank like BMO might fit the bill.
How to Open a BMO Account
BMO lets you open an account with them conveniently online. Here's what you should do:
- Visit the official website of BMO Bank and go to your preferred account from the navigation tabs.
- Click on Open an Account and fill out the form by providing the necessary information.
- Submit and wait for confirmation.
You can also visit a branch if you prefer to open an account in person. Just make sure you have the necessary IDs and documents when you drop by.
BMO Smart Advantage Checking - $250 Cash Bonus
Open a new BMO Smart Advantage Checking account and get a $250 cash bonus when you have a cumulative total of $4,000 in qualifying direct deposits within 90 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.
BMO Smart Money Checking - $250 Cash Bonus
Open a new BMO Smart Money Checking account and get a $250 cash bonus when you have a cumulative total of $4,000 in qualifying direct deposits within 90 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.
BMO Relationship Checking - $400 Cash Bonus
Open a new BMO Relationship Checking account and get a $400 cash bonus when you have a cumulative total of $7,500 in qualifying direct deposits within 90 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.
Bottom Line
BMO is a good option if you prefer a traditional bank that serves as a one-stop shop for all your finance needs. Physical locations might not be available in all states, but they do offer online platforms for convenient banking.
Ultimately, you'd want to choose a bank that will fit your financial needs best. If you're looking for competitive rates, some online banks and credit unions might have better offers.
References
- ^ BMO. BMO Completes Acquisition of Bank of the West, Retrieved 12/02/2023
- ^ BMO. BMO Smart Advantage Checking Deposit Account Disclosure and Bank Fee Schedule, Retrieved 12/05/2023
- ^ BMO. BMO Smart Money Checking Deposit Account Disclosure and Bank Fee Schedule, Retrieved 12/05/2023
- ^ BMO. BMO Relationship Checking Deposit Account Disclosure and Bank Fee Schedule, Retrieved 12/05/2023
- ^ BMO. BMO Savings Builder Deposit Account Disclosure and Bank Fee Schedule, Retrieved 12/05/2023
- ^ BMO. Relationship Plus Money Market Deposit Account Disclosure and Bank Fee Schedule, Retrieved 12/05/2023
- ^ BMO. Definitions, Retrieved 10/06/2023
- ^ BMO. Certificate of Deposit (CD) Deposit Account Disclosure and Bank Fee Schedule, Retrieved 12/05/2023
- ^ BMO Alto. BMO Alto Homepage, Retrieved 10/06/2023
- ^ BMO. Deposit Account Disclosure and Bank Fee Schedule, Retrieved 10/06/2023
BMO Smart Advantage Checking - $250 Cash Bonus
Open a new BMO Smart Advantage Checking account and get a $250 cash bonus when you have a cumulative total of $4,000 in qualifying direct deposits within 90 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.
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- Access to more than 15,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees 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 bring your account balance to overdrawn by $50 or less at the end of the next business day*
Bank of America Advantage Banking - $200 Bonus Offer
- The $200 bonus offer 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 5/31/2024.
- To qualify, open a Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new account within 90 days of opening.
- Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- Bank of America, N.A. Member FDIC.
U.S. Bank Smartly® Checking and Standard Savings - Up to $700 Bonus
Earn up to $500 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposit(s) totaling $3,000 to $4,999.99 to earn $100, $5,000 to $9,999.99 to earn $300 or $10,000 or more to earn $500
Earn up to $200 with a new Standard Savings account.
- Make new money deposit(s) totaling $15,000 or more by July 17, 2024
- Maintain that balance until October 31, 2024
Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
Online Savings Account - Earn 4.25% APY
- No fees
- No minimum opening deposit
- No minimum balance required
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