BMO Harris Bank Review: A Large, Full-Service Bank



BMO Harris Bank review

If you’re looking for a high yield savings account, you might have stumbled upon BMO Harris Bank. They currently offer top yielding savings accounts and are extremely competitive. But who are they?

BMO Harris is a full-service bank with branches in several states, from the mid-west, to Arizona, to Florida. But they’re most known for their online accounts. So how do they compare to the top money market accounts

Find out in our BMO Harris Bank review below!


BMO Bank Logo

Quick Summary

  • Full service bank with large online and physical presence
  • Known for top-yielding savings products
  • Can help motivate to pay off debt faster

BMO Harris Bank Details

Product Name

BMO Harris Bank Money Market Account

Min Deposit

$5,000

APY

2.20%

Monthly Fees

$0

Promotions

None

What Is BMO Harris Bank?

BMO Harris Bank is a full-service bank offering checking, savings, MMAs, CDs, mortgages, credit cards, wealth management, IRAs, branches, and more. BMO Harris Bank has over 12 million customers and is the 8th largest bank in North America by assets.

BMO Harris Bank has two events in its founding history: being N.W. Harris & Co. in 1882 and being Samuel Marshall & Co., Exchange Brokers in 1847. Its parent company is Bank of Montreal and the holding company is BMO Financial Corp. The bank is headquartered in Chicago, IL.

What Do They Offer?

As with any full-service bank, BMO Harris Bank has everything you could need financially. Starting with branches, they have over 500 in Illinois, Indiana, Arizona, Missouri, Minnesota, Kansas, Florida, and Wisconsin. There are over 43,000 ATMs.

In this article, we’ll look at BMO Harris Bank’s deposit products such as checking, savings, MMAs (money market accounts), and CDs.

See how they compare here:

Checking Accounts

There are three different checking accounts available.

Smart Money Account

  • $5/month maintenance fee (waived if you’re under age 25)
  • No overdraft or NSF fees
  • Unlimited, fee-free ATM usage
  • $25 minimum opening deposit

Smart Advantage Account

  • $0 monthly fees with eStatements
  • Unlimited, fee-free ATM usage
  • $25 minimum opening deposit

Premier Account (Rewards Account)

  • $30/month maintenance fee but waived when you have one of the following: $25,000 minimum daily balance, $50,000 in combined balances with Relationship Waiver, or a BMO Harris Financial Advisors, Inc. investment account
  • No overdraft or NSF fees
  • Unlimited non-BMO Harris Bank ATM transactions
  • Get a rebate of up to $25 per statement period on ATM surcharge fees charged by other banks
  • Overdraft Services available with certain fees waived
  • Fees waived on cashier’s checks and money orders
  • Can earn interest that ranges from 0.05% to 0.25%, depending on balance
  • $25 minimum opening deposit

Overdraft service can be set up by linking your savings account, MMA, or other checking account. There is a $36 fee for each overdraft over $5 with a maximum of four overdrafts per day ($108/day). There is a $10 fee for transferring funds to cover the overdraft.

Each BMO Harris Bank checking account comes with a debit card. They’re chip-enabled for better security. You’ll also have access to services such as BMO Harris Bill Pay, Mobile Cash, BMO Harris Mobile Deposit, Zelle, and Apple Pay.

Statement Savings

It’s difficult to justify opening a savings account with BMO Harris Bank unless you’re using it to fund overdrafts. The main reason is because of the ridiculously low 0.05% APY. There is also a $25 minimum opening deposit required.

Platinum Money Market

This is what BMO Bank is known for. Right now, you can get up to 2.20% APY on your account. They do require a minimum $5,000 opening deposit.

However, there are periodic CD specials that offer higher yields. They also require a $5,000 deposit to open.

If you like sending money into your checking or savings at regular intervals, you can set up Auto Save. Once it is set up, it will send a set amount of money into your account at the frequency selected.

Add-On CD

BMO Harris Bank also has something called an Add-On CD. This CD only requires a $1,000 balance. A one-year CD has a competitive yield. You can make additional deposits after the CD has been opened. Each additional deposit comes with a one-year term.

BMO Harris Bank does have mobile apps available for iOS and Android. The iOS app has a rating of 4.7/5.0 out of 7,500 ratings. The Android app has a rating of 3.5/5.0 out of 1,822 ratings. The mobile app also allows you to link external accounts, letting you view your financials in one place.

Are There Any Fees?

There are no monthly account fees, but there are other fees to watch for depending on the checking account.

These include the following:

  • $36 per NSF
  • $36 per overdraft
  • $7 for consecutive-day overdrafts
  • $3 BMO Harris Bank fee for each non-BMO Harris Bank ATM transaction
  • $10 for each cashier’s check
  • $5 for each money order

How Do I Open an Account?

You can open an account online at https://www.bmoharris.com or by visiting a BMO Harris Bank branch.

Is My Money Safe?

Yes — BMO Harris Bank uses bank-grade encryption and is FDIC-insured.

Is It Worth It?

The only thing really compelling about BMO Harris Bank is its top yielding money market account. It’s a no-frills, full-service bank. It doesn’t offer any competitive yields on its savings products.

If you’re looking for a full-service bank, live in one of the states that BMO Harris Bank has branches in, and aren’t concerned about earning interest, BMO Harris Bank will probably suit you just fine.

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