What is BMO?
Ad Disclosure: This article contains references to products from our partners. We may receive compensation if you apply or shop through links in our content. This compensation may impact how and where products appear on this site. You help support CreditDonkey by using our links.
BMO Harris is now BMO. But are they a legit bank? Find out if you should bank with them.
 |
BMO is a Chicago-based bank that has been in business since 1882. They were formerly known as BMO Harris before rebranding.
BMO provides financial products and services to over 4 million customers in the U.S. They also have access to 40,000+ BMO and Allpoint ATMs and over 900 branches nationwide.
Read on to know more about BMO and what they have to offer.
BMO Bank N.A. is an FDIC-member bank based in Chicago, Illinois. But they are owned by Bank of Montreal which is a large bank based in Canada.
What is BMO?
BMO is a full-service retail bank operating in the U.S. It has various deposit, loan, and investment products. It is owned by the Bank of Montreal in Canada. BMO completed its acquisition of Bank of the West in February 2023.[1]
BMO has a widespread U.S. presence and is among the largest banks in the country, with over $253 billion in assets.[2]
BMO Harris Bank, N.A. was legally renamed as BMO Bank N.A. as of September 3, 2023. Its rebranding as a simplified "BMO" was announced back in September 2022. [3][4]
Who Owns BMO?
BMO is a U.S. subsidiary of the Canadian bank, Bank of Montreal, the 7th largest bank in North America, with assets of over $1.43 trillion. Bank of Montreal was established in 1817 and is based in Montreal, Quebec.[5]
BMO stands for Bank of Montreal—a nod to its parent company the Bank of Montreal in Canada.
Is BMO a Real Bank?
Yes, BMO is a real and legitimate U.S. bank with headquarters in Chicago, Illinois. They are regulated by the FDIC and are also an FDIC-insured bank. (FDIC #16571). They were also formerly known as BMO Harris Bank before their recent rebranding.
BMO operates more than 900 branches, offers access to 40,000+ BMO and Allpoint ATMs, and provides convenient online banking services for its customers.
BMO operates as a traditional brick-and-mortar bank. But you can enroll for their BMO Digital Banking platform. This allows you to do your banking online or on their mobile app (available for iOS and Android).
Is BMO Safe?
Your money is secured at BMO because they are FDIC-insured. Your savings are covered by the FDIC for up to $250,000 in case the bank closes down–which is quite unlikely given their size.
In fact, BMO was recognized as one of the World's Most Ethical Companies. This recognition should speak volumes about the bank's commitment to keep you and your money safe.[6]
Additionally, BMO has secure firewalls and strong encryption technology to keep your account safe. Debit card holders also get access to the Mastercard® Worldwide Zero Liability protection system in case your card gets lost or stolen.
Ultimately, these measures simply show that customer security is one of their priorities.
What Products Does BMO Offer?
BMO offers a variety of checking and savings accounts for its personal banking customers. Here is a rundown of what BMO has available.
- BMO Smart Advantage Checking
- BMO Smart Money Checking
- BMO Relationship Checking
- BMO Savings Builder
- BMO Growth Money Market Account
- BMO Certificate of Deposit (CD)
- BMO Debit Mastercard
But aside from deposit products, BMO does offer a full range of credit cards, loans, mortgages, and investments. You can open a BMO account online or visit a branch near you.
- CIT Bank Platinum Savings:
4.10% APY Boost - Raisin:
High-Yield Savings Account - Up to $1,200 Bonus - Western Alliance Bank:
High-Yield Savings Premier - 3.80% APY - Mission Valley Bank:
High Yield Savings Account - 3.86% APY - Quontic:
High Yield Savings - 3.20% APY
CIT Bank Platinum Savings - 4.10% APY Boost
| Tier | Boost APY |
|---|---|
| Balance over $5,000 | 4.10%* |
| Balance less than $5,000 | 0.60%* |
After boost is completed, you will continue to earn our best standard rates:
| Tier | APY |
|---|---|
| Balance over $5,000 | 3.75%1 |
| Balance less than $5,000 | 0.25%1 |
- Needs to use promo code to qualify: CITBoost
- Boost lasts 6 months over standard APY
- Tiered account
- $100 minimum account opening
- Member FDIC
- No Monthly Service fees
- No account opening fees
Should You Open an Account with BMO?
If you're looking for a traditional bank with a large presence nationwide with a good reputation, then BMO might be worth considering.
The bank has a great variety of financial products and services that you might need. However, they might not give you the best APY unlink some online banks.
Ultimately, you should choose a bank that suits your financial goals and preferences.
How to Reach BMO
If you need to reach BMO's customer service in the U.S., you can call 1-888-340-2265 for general inquiries. Their support team is available Monday–Friday, 7 a.m.–11 p.m. (CT), and Saturday–Sunday, 8 a.m.–10 p.m. (CT).
The same number can be used to access your account information or make transfers between your BMO accounts through the automated phone service. You can also use their BMO Online Support tool for non-urgent concerns.
The routing number for all BMO personal bank account holders is 071025661.
Bottom Line
BMO is a traditional retail bank with a longstanding history. You get access to a wide network of branches and ATMs across the U.S. And you still get convenient online and phone banking services when you're on the go.
But if you're looking for higher APY on your savings and CDs, you might want to look at other institutions like online banks and credit unions.
References
- ^ BMO. BMO Completes Acquisition of Bank of the West, Retrieved 12/02/2023
- ^ Federal Reserve. Large Commercial Bank, Retrieved 10/31/2025
- ^ BMO. Our legal and brand name are changing, Retrieved 09/30/2023
- ^ BMO. Unifying under one name: BMO, Retrieved 09/30/2023
- ^ BMO. Who we are, Retrieved 10/31/2025
- ^ The World's Most Ethical Companies. The 2023 World's Most Ethical Companies® Honoree List, Retrieved 09/30/2023
Chase Total Checking® - $400 Bonus
- New Chase checking customers can receive $400 when you open a Chase Total Checking® account and make direct deposits totaling $1,000 or more within 90 days of coupon enrollment.
- Unlock more offers with Chase. Get up to $500 per calendar year by referring friends and family. Plus, get cash back from top brands with Chase Offers when you use your debit card.
- Chase Total Checking® has a $15 monthly service fee, you can easily avoid the fee with direct deposits totaling $500 or more, or a minimum average daily balance each statement period.
- 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*
- Chase Mobile® app makes banking simple. Manage accounts, pay bills, send money to friends with Zelle® and deposit checks on the go with Chase Quick Deposit℠.
- Chase has the largest branch network in the U.S. with thousands of ATMs and branches. Use the Chase locator tool to find a branch or ATM near you.
- Chase helps keep your money protected with features like Zero Liability Protection, fraud monitoring and card lock.
- Chase Total Checking includes FDIC insurance up to the maximum amount allowed by law.
Bank of America Advantage Plus Banking® - Up to $500 Bonus Offer
- New checking customers only: Get a bonus offer up to $500 after completing qualifying transactions. See offer page for more details
- Bank of America N.A. Member FDIC.
CIT Bank Platinum Savings - 4.10% APY Boost
| Tier | Boost APY |
|---|---|
| Balance over $5,000 | 4.10%* |
| Balance less than $5,000 | 0.60%* |
After boost is completed, you will continue to earn our best standard rates:
| Tier | APY |
|---|---|
| Balance over $5,000 | 3.75%1 |
| Balance less than $5,000 | 0.25%1 |
- Needs to use promo code to qualify: CITBoost
- Boost lasts 6 months over standard APY
- Tiered account
- $100 minimum account opening
- Member FDIC
- No Monthly Service fees
- No account opening fees
HSBC Premier - Up to $5,000
Discover all that Premier can do for you
- Earn our best savings rate with a Premier Relationship Savings account for an introductory period and thereafter if you qualify
- Send money internationally, securely, quickly and fee-free in the HSBC mobile app with our award-winning HSBC Global Money Transfers
- Enjoy peace of mind with unique travel benefits available through our credit cards
Here's how the offer works
- Open a Premier checking account by June 30, 2026
- Add your desired level of deposits and/or eligible investments within 20 days
- Get $1,500: Deposit or invest $150,000 to $249,999
- Get $2,500: Deposit or invest $250,000 to $499,999
- Get $3,500: Deposit or invest $500,000 to $999,999
- Get $5,000: Deposit or invest $1,000,000+
- Maintain your balances for 3 full consecutive months
- Remain opted-in to receive HSBC marketing emails
If all offer requirements are met, the bonus will be paid within 8 weeks.
No-Fee Business Checking
- $0 monthly service fee
- $0 minimum opening deposit
- Open up to 20 individual business checking accounts
- Earn up to 3.00% APY with automated savings
- Issue up to 50 Visa® debit cards to your team
Write to Rue Atanacio at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
|
|
|
Compare:
