BMO Harris Bank Review 2021

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Updated on Friday, October 1, 2021

BMO Harris Bank

BMO Harris boasts a large physical footprint and sprawling ATM network, making it stand out when it comes to accessibility. However, the bank struggles in some areas, including low rates and a limited product line-up, with just a small selection of the standard deposit accounts.


Headquartered in Chicago, BMO Harris Bank has roots dating back to 1947. The bank has over 550 physical branches across several states — Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri, Texas, Washington and Wisconsin — and also offers its products to consumers nationwide, online.

While BMO Harris also offers IRAs, credit cards, mortgages, loans and lines of credit, this review focuses on its deposit products. Here’s what you need to know about BMO Harris Bank.

BMO Harris Bank savings accounts 3 out of 5

Statement Savings
  • APY: 0.01%
  • Minimum balance: $25
  • Monthly fee: $5, but waivable with an account balance of $100 or if the primary account owner is under the age of 25

BMO Harris Bank offers Statement Savings as its single savings account. This is a standard account that doles out an APY of 0.01%, slightly higher than the standard 0.01% APY that many big, brick-and-mortar banks offer — but only by a hair. While this account doesn’t offer many bells and whistles, it does waive its $5 monthly service fee if you maintain a daily minimum balance of just $100, or if you’re under the age of 25. Notably, though, this account limits some forms of transfers and withdrawals to six per month; contact BMO Harris to learn which types are available without limitations.

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If  this account doesn’t pique your interest, you can find our top picks for savings accounts here.

BMO Harris Bank checking accounts 3.5 out of 5

Smart Advantage Account
  • APY: None
  • Minimum balance: $25
  • Monthly fee: $0
  • ATM access: Free ATM access at over 40,000 BMO Harris and Allpoint ATMs nationwide; $3 per transaction at non-BMO Harris Bank ATMs

BMO Harris Bank’s Smart Advantage Account is a solid checking option for consumers who don’t want to pay a lot in checking account fees — it has no monthly maintenance fee and its $2 paper statement fee is waived when you enroll in paperless statements. There is a $36 non-sufficient funds (NSF) fee and a $36 overdraft fee, although the Smart Advantage account does offer you the option to enroll in an overdraft protection program.

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Smart Money Account
  • APY: None
  • Minimum balance: $25
  • Monthly fee: $5, but waivable for those under the age of 25
  • ATM access: Free ATM access at over 40,000 BMO Harris and Allpoint ATMs nationwide; $3 per transaction at non-BMO Harris Bank ATMs

The BMO Harris Smart Money Account is a great option for consumers who are prone to overdrafting their checking account. It doesn’t charge a NSF or overdraft fee, and instead only allows you to spend the funds that are available to you. There is a $2 paper statement fee associated with this account, but it’s easily waivable by enrolling in paperless statements.

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Premier Account
  • APY: 0.01% for balances between $0.01 to $4,999.99; 0.01% for balances of $5,000 or more
  • Minimum balance: $25
  • Monthly fee: $25, but waivable if you meet certain requirements
  • ATM access: Free ATM access at over 40,000 BMO Harris and Allpoint ATMs nationwide, unlimited non BMO-Harris Bank ATM transactions and up to $25 in monthly rebates on ATM surcharges from other banks

Dubbed a “premium” checking account, BMO Harris Bank’s Premier Account is a solid option for consumers who want to earn rebates on ATM fees in exchange for a higher monthly maintenance fee. Notably, the Premier Account is the only checking account from BMO Harris that offers interest, and it waives other fees including those on paper statements, check images, cashier’s checks, money orders and certain fees on its overdraft services.And while it does charge a hefty $25 monthly maintenance fee, you can get that fee waived if you meet any of the following requirements:

  • Maintain $10,000 minimum daily balance.
  • Keep $25,000 in combined balances with its Relationship Waiver.
  • Have a BMO Harris Financial Advisors, Inc. investment account.

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If none of BMO Harris’ checking accounts are quite what you are looking for, you can check out our top picks for checking accounts here.

BMO Harris Bank CDs 2 out of 5

TermAPY*Minimum Deposit to Earn APY
12 months 0.05%$1,000
3 years 0.10%$1,000
5 years0.25%$1,000
*Note that rates may vary based on location

BMO Harris Bank offers a slew of CDs, with the following terms:

  • Standard CDs: 3 months, 6 months, 9 months, 12 months, 18 months, 24 months, 30 months, 36 months, 48 months and 60 months
  • Current CD specials: 13 months, 25 months and 55 months

The APYs for the bank’s collection of CDs range from 0.05% to 0.25%, depending on your deposit amount and the term length you select.In addition, the bank has an Add-On CD offering, which allows you to add money to it during its term, as well as a Bump Rate CD, which allows you to change the APY once during the CD’s term.

While there are no monthly maintenance fees for BMO Harris’ CDs, you will pay an early withdrawal penalty if you withdraw your funds before your CD reaches maturity. This penalty ranges from 90 days of interest to all interest earned.

While your CD automatically renews at its maturity, BMO Harris does provide a 10-day grace period after your CD’s maturity date to withdraw funds without facing an early withdrawal penalty.

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For more options aside from BMO Harris, check out our top picks for CDs here.

Customer experience at BMO Harris Bank

With an impressive physical footprint of 553 branches across 10 states, BMO Harris Bank is a great option for consumers who want to have a physical bank branch they can visit. In addition, the bank also boasts a robust ATM network that includes over 1,400 BMO Harris ATMs and more than 40,000 Allpoint ATMs.But even if you aren’t located in one of the 10 states in which BMO Harris has a physical presence, the bank offers digital banking services to consumers nationwide. This includes an app that allows you to pay your bills and manage your accounts from the convenience of your smartphone.

The bank’s customer service hours are also impressive, as it offers phone assistance 24 hours a day, seven days a week. There is also a contact form available that you can fill out online to receive assistance.