BMO Bank Review 2023

Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

BMO: Overall Bank Rating

BMO: Pros and Cons

BMO Savings Builder Rates 

The BMO Harris Savings Builder Account has a low BMO Harris Savings Builder Account - Minimum Deposit minimum deposit and no monthly service fee. During your first year with the account, BMO will reward you $5 for each month you save at least $200.

The BMO savings account pays a standard interest rate compared to other brick-and-mortar banks. If you live in an area without a branch, you could be eligible for its online high-yield savings account, which pays a much better rate.

BMO Smart Advantage Checking Overview

You only need BMO Harris Smart Advantage Checking Account - Minimum Deposit to open a BMO Harris Smart Advantage Checking Account - Product Name Only, and there is BMO Harris Smart Advantage Checking Account - Fees Display. 

BMO does have other checking accounts with more perks, but Smart Advantage is the most popular — and the only one with no monthly fee.

You can earn a BMO Harris Smart Advantage Checking Account - Intro Bonus with this account — but you could earn BMO Harris Premier Account - Intro Bonus with a BMO Harris Premier Account - Product Name Only.

BMO CD Rates 

BMO CD rates vary depending on where you live. It pays low rates overall, with the exception of a few CD Special terms. You can also earn higher rates if you don't live near a branch and qualify for its online-only CDs.

BMO Relationship Plus Money Market Account Rates

If you open a Relationship Checking account, you might like the BMO Harris Relationship Plus Money Market Account - Product Name Only — then you'll earn a higher interest rate than you would with its regular savings account. It has a tiered interest rate system, so you'll earn more with a higher balance.

Still, the best money market accounts pay better rates overall, and most of them don't require high balances.

About BMO

BMO has around 500 branches in the following US states:

• Arizona
• Florida
• Illinois
• Indiana
• Kansas
• Minnesota
• Missouri
• Washington
• Wisconsin

If you don't live near a branch, you can open accounts online from anywhere in the US.

The BMO mobile app has received positive reviews overall. The app has 4.8 out of 5 stars in the Apple store, and 4.7 out of 5 stars in the Google Play store.

You can speak with a live customer service representative by calling BMO 24/7. There isn't a live online chat feature, but you can fill out an online form and wait for a response.

Your money is FDIC insured for up to $250,000, or $500,000 if you have a joint account.

Is BMO Trustworthy?

BMO has received an A+ rating from the Better Business Bureau. A strong BBB rating signifies the company is transparent in how it handles business, responds effectively to customer complaints, and is honest in its advertising.

In 2022, a Minnesota jury ordered BMO to pay $564 million for its role in a Ponzi scheme. The court claimed that the bank had ignored multiple problems with a client who was using his accounts at the bank to run a Ponzi scheme.

However, it's worth noting that the client's operations took place in 2008 with Marshall & Ilsley (M&I Bank), and BMO did not merge with M&I Bank until 2011.

BMO FAQs

Is BMO legit?

Yes, BMO is a legitimate bank. It has FDIC insurance and an A+ grade from the Better Business Bureau.

Is BMO a good bank?

BMO is a good bank overall, especially for people looking for low fees and minimum deposits.

Is my money safe in BMO Bank?

Yes, your money is safe with BMO. It is a Member FDIC bank, which means up to $250,000 is secure in an individual account, even if the bank shuts down.

What is the disadvantage of BMO?

BMO's main disadvantage is its interest rates. It pays low rates on its regular savings account and CDs. You may qualify for online accounts with higher rates, but most of these are only available to people who live in certain areas.

What is BMO ranked?

BMO is the 13th largest bank by assets in the US, and the 18th largest by branch number.

How BMO Compares 

BMO vs. Chase Bank

Chase Bank (Member FDIC) has branches in all of the same states as BMO — in fact, it has locations in 48 states. So if you want a larger branch network, Chase could be the right fit for you.

Both banks pay low rates on CDs, with an exception of a handful of terms. Your choice could come down to which term lengths you're interested in.

There are several Chase checking accounts that come with various perks, so you might find one that best suits your needs. But they all charge monthly service fees, unless you qualify to waive them. If you want a free checking account, BMO could also be a better fit. Chase charges a higher overdraft fee than BMO, too.

Chase also offers sign-up bonuses on several accounts — you could earn up to $3,000.

Chase Bank Review

BMO vs. U.S. Bank

U.S. Bank (Member FDIC) has branches in more states than BMO, so it could be a good choice if you want a larger branch network.

Unlike BMO, U.S. Bank doesn't have a free checking account. Depending on which U.S. Bank checking account you choose, you'll either pay a U.S. Bank Safe Debit account - Fees Display that you can't waive, or a U.S. Bank Smartly® Checking - Fees Display unless you qualify to waive it.

U.S. Bank is a great option if you want to open both a checking and savings account. If you open U.S. Bank Smartly® Checking - Product Name Only and a U.S. Bank Standard Savings Account - Product Name Only at the same time, you could qualify for a bonus of up to $1,000.

U.S. Bank Review

Why You Should Trust Us: How We Reviewed BMO

To review BMO's checking, savings, and money market accounts, we used Insider's bank account methodology. For CDs, we used our certificate of deposit methodology. We give each account a rating between zero and five.

For each account, we look at the company's ethics, mobile app, and customer service. Other factors considered depend on the type of account we're reviewing. For example, we look at overdraft fees for checking accounts and early withdrawal penalties for CDs.