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BMO Harris Bank is a traditional retail bank headquartered in Chicago that offers a full range of deposit, lending, and investment products. Founded in 1882 and now a subsidiary of the Bank of Montreal—hence, the "BMO" in its name—it is the eighth largest bank in North America, with $973 billion in assets, 12 million consumer and business customers, and more than 600 branches across eight states. This in-depth review of this major regional bank can help you decide if its deposit accounts are right for you.
- Pros & Cons
- Company Overview
Low or easy to avoid fees
Low minimums to open accounts
Several debit card options
High balances required to earn competitive interest rates
Limited geographic footprint
- Year Founded 1882
- Official Website www.bmoharris.com
- Banking Products Offered Savings, Checking, CDs, MMA, Credit cards
- Customer Service Phone: 1-888-340-2265
Pros Explained
- Low or easy to avoid fees. Customers opening the basic checking account incur no monthly fee if they sign up for electronic statements. Other checking accounts do not charge for overdrafts or rebate outside-network ATM surcharges. The savings account charges a $5 monthly fee, but it can be waived by maintaining a minimum monthly balance of $100.
- Low minimums to open accounts. There are three checking accounts and one savings account that can be opened with as little as $25.
- Several debit card options. Harris offers three debit card options. When using your debit card to make purchases, you'll enjoy a variety of perks, including purchase protection, return protection, and extended warranties on eligible items.
Cons Explained
- High balances required to earn interest. Although you can open a savings account with just $25, you'll need significantly larger balances to earn competitive interest rates—at least $1,000 for the CDs.
- Limited geographic footprint. The bank is regionally focused: while it boasts numerous branches, they're restricted to eight states in the South, Southwest, and Midwest. If you live outside these states, your ability to transact business in person is limited.
Who Is BMO Harris Bank Best For?
BMO Harris Bank is best for customers who live in one of the states where it has physical branches: Illinois, Indiana, Arizona, Missouri, Minnesota, Kansas, Florida, or Wisconsin.
The bank may also be a good fit for customers who:
- Want to open a checking or savings account with a small opening deposit
- Can maintain four-figure account balances to earn the most interest
- Use a debit card for everyday purchases
- Want to a large, full-service bank that can meet all of their financial needs
- Are 25 years old or less
What Does BMO Harris Bank Offer?
BMO Harris has its own ATMs and partners with Allpoint to offer over 40,000 ATMs nationwide that customers can use without a fee. If you use an ATM outside its network, BMO Harris charges $3 per transaction.
As you might expect from a financial institution of its size, BMO Harris Bank offers a wide array of all the usual banking products and services for consumers and businesses, including:
- Checking accounts
- Money market accounts
- Savings accounts
- Certificates of deposit
- Credit cards
Checking Accounts
Customers have three checking account options to choose from.
- The Smart Advantage Account is monthly-fee-free if you sign up with paperless statements.
- The Smart Money Account carries a $5 monthly service charge but waives overdraft or non-sufficient funds fees. The fee is waived for customers who are under 25 years old.
- The Premier Account earns interest, waives non-BMO Harris ATM fees, and reimburses up to $25 in ATM fees charged by other banks.
Each checking account offers three different debit cards to choose from. The BMO Harris Bank Debit Mastercard provides return protection up to $250 and extended warranty on eligible items. The World Debit Mastercard adds purchase protection in case your item is damaged or stolen within 90 days. Sports fans can show their pride and save 15-20% on team gear with Bulls, Blackhawks, or Bucks-themed Debit Mastercards.
| BMO HARRIS BANK CHECKING ACCOUNTS | |||
|---|---|---|---|
| ACCOUNT NAME | MIN OPENING DEPOSIT | MONTHLY FEE | APY |
| Smart Advantage Account | $25 | $0 (with paperless statements) | None |
| Smart Money Account | $25 | $5 | None |
| Premier Account | $25 | $25 | 0.01% if < $5,000
0.03% if $5,000+ |
Money Market Account
The Premier Money Market Account from BMO Harris Bank carries no monthly fees. But it requires a minimum deposit of $25 and you need to maintain that balance to earn interest.
| BMO HARRIS BANK MONEY MARKET ACCOUNT | |||
|---|---|---|---|
| ACCOUNT NAME | MIN OPENING DEPOSIT | MONTHLY FEE | APY |
| Premier Money Market Account | $25 | $10 (waived with a $10,000 minimum balance) | 0.05% if $25–$24,999
0.08% if $25,000–$99,999 0.10% if $100,000–$249,999 0.12% if $250,000+ |
Savings Account
A BMO Harris Bank Statement Savings Account can be opened with a minimum of $25. There is a $5 monthly service charge if your minimum balance falls below $100. Customers under the age of 25 are not charged this fee.
| BMO HARRIS BANK SAVINGS ACCOUNT | |||
|---|---|---|---|
| ACCOUNT NAME | MIN OPENING DEPOSIT | MONTHLY FEE | APY |
| Statement Savings Account | $25 | $5 | 0.03% |
Certificates of Deposit
Certificates of deposit (CDs) are available from three to 60 months with a minimum deposit of $1,000. BMO Harris Bank offers higher rates at $100,000.
The bank occasionally offers special-term CDs with attractive interest rates to meet its funding needs. An Add-On CD is also available for customers that want to augment an existing certificate, without affecting its maturity date.
At maturity, CDs automatically renew at the current market rate. Customers are sent a notice of maturity by mail and have 10 days from the maturity date to withdraw funds without penalty.
Early withdrawal penalties vary based on the CD's term and can be waived if the owner passes away or is judicially declared legally incompetent.
| BMO HARRIS BANK CD RATES | |
|---|---|
| TERM | APY with $1,000 minimum |
| 3-month | 0.05% |
| 6-month | 0.05% |
| 9-month | 0.05% |
| 12-month | 0.05% |
| 18-month | 0.05% |
| 24-month | 0.05% |
| 30-month | 0.05% |
| 36-month | 0.10% |
| 48-month | 0.15% |
| 60-month | 0.25% |
| BMO HARRIS BANK CD WITHDRAWAL PENALTIES | |
|---|---|
| CD TERM | INTEREST PENALTY |
| <59 Days | All interest earned |
| 60-364 Days | 90 days interest |
| 12-23 Months | 180 days interest |
| 24-35 Months | 270 days interest |
| 36-47 Months | 365 days interest |
| 48+ Months | 545 days interest |
BMO Harris Bank also offers special rates for certain terms with a minimum $5,000 deposit:
- 13-month: 0.10%
- 25-month: 0.25%
- 35-month: 0.50%
- 45-month: 0.70%
- 59-month: 0.85%
Credit Cards
BMO Harris Bank has several credit card options, all of them part of the Mastercard network. These choices include cards that earn cash back, rewards credit cards, and balance transfer cards. Here are some of the cards it offers:
Rewards Credit Cards
- BMO Harris Bank Platinum Rewards Mastercard
- BMO Harris Bank Premium Rewards Mastercard
Cash Back Credit Cards
- BMO Harris Bank Cash Back Mastercard
Balance Transfer Credit Cards
- BMO Harris Bank Platinum Mastercard
Other Financial Products Offered by BMO Harris Bank
BMO Harris Bank offers additional financial products, including:
- Car loans
- Purchase mortgages
- Refinance mortgages
- Home equity loans
- Home equity lines of credit (HELOCs)
- Personal loans
- Personal lines of credit
- CD-secured loans
- IRAs
- Managed investment portfolios
- Private banking
- Financial advisors
- Business loans
BMO Harris Bank Customer Service
To connect with BMO Harris Bank customer service, you have several options. You can visit any of the over 600 branches in Illinois, Indiana, Arizona, Missouri, Minnesota, Kansas, Florida, and Wisconsin. Customer service can be reached by phone at 1-888-340-2265. Automated phone banking is also available 24 hours a day.
You may also contact BMO Harris Bank through online banking and its mobile app. The high-ranking mobile app is available for both Apple (where it scores 4.7 out of 5, based on 30,400 ratings) and Android (4.6 out of 5, based on 6,742 ratings). Through the app, you can also pay bills, view transactions, deposit checks, and more.
How to Bank With BMO Harris Bank
To open an account with BMO Harris Bank, the best options are in-person or online. If you live in one of the eight states where BMO Harris has branches, you can open an account in-person. Opening an account online from anywhere is also available.
Given its full menu of financial products and accounts, BMO Harris Bank offers a truly one-stop-shopping experience. And it appeals to a variety of consumers, from those who can invest five or even six figures in a CD to those who have only $25 to open an account with. Its modest minimums, along with its fee waivers for those under 25, suggests it's sensitive to students and young savers, and wants to encourage them in building good financial habits. On the other hand, while there are no and low-fee deposit options, if you want the best perks and highest interest rates, you'll need to deposit some serious money—and maintain account balances of $25,000 or more. Also, while BMO Harris can handle almost every banking need under one roof, it doesn't offer that many roofs—if you live outside the eight states with branches. As a regional bank, it is most appealing for customers located in one of the states where it has a brick-and-mortar presence. Although accounts can be opened online and serviced through the mobile app, there are better digital banking alternatives that offer competitive rates without the high minimums BMO Harris requires.
Methodology
Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. We collected over 20 data points across more than 80 banks including products available, interest rates, fees, and accessibility to ensure that our content helps users make the right decision for their savings and banking needs.