BMO, formerly BMO Harris, is a traditional big bank that offers checking, savings and money market accounts and a wide range of terms for certificates of deposit. You can find competitive rates on most of BMO’s standard CDs, but they depend on your ZIP code. BMO also offers five promotional CDs with competitive rates of up to 5% annual percentage yield, or APY.
We like that BMO doesn’t charge monthly maintenance fees for its savings accounts, unlike many other big banks. It may be a suitable place for some of your savings if you already bank with BMO, but there are other options with much more competitive rates on savings products.
Note: While BMO doesn’t offer the most competitive rates on all its terms, its online arm, BMO Alto, does. Click here to learn more about BMO Alto.
Savings and CD rates are changing rapidly across banks and accounts. Experts recommend comparing rates before opening an account to get the best APY possible. Enter your information below to get CNET’s partners’ best rate for your area.
BMO CD rates
BMO offers CD terms ranging from three months to five years. There’s a $1,000 minimum deposit required to open a CD account, which may be a barrier for some savers. Keep in mind the following rates apply to balances below $100,000. CD rates and terms vary for balances above $100,000.
| CD term | APY* |
| 3 months | 0.05% |
| 6 months | 0.05% |
| 9 months | 0.05% – 5.00%* |
| 12 months | 0.05% – 5.00%* |
| 13 months | 5.00% |
| 18 months | 0.05% – 5.00%* |
| 24 months | 0.05% – 4.50%* |
| 25 months | 4.50% |
| 30 months | 0.05% – 4.50%* |
| 35 months | 4.50% |
| 36 months | 0.10% – 4.50%* |
| 45 months | 4.50% |
| 48 months | 0.15% – 4.50%* |
| 59 months | 4.50% |
| 60 months | 0.25% – 4.50%* |
*Rates may vary depending on where you live. In our research, we found that some zip codes were eligible for rates on standard CDs as high as 4.50% to 5.00% APY, based on the term.
Early withdrawal penalties
BMO’s biggest downside is its early withdrawal penalty structure, which can charge up to 545 days’ interest (about 18 months). That’s one of the highest penalties in the industry, so make sure you won’t need access to your cash before the term ends. Otherwise, you could face a hefty early withdrawal penalty.
| Term | Interest |
| 1 month | All interest earned |
| 2-11 months | 90 days’ worth of interest |
| 12-23 months | 180 days’ worth of interest |
| 24-35 months | 270 days’ worth of interest |
| 36-47 months | 365 days’ worth of interest |
| 48 months or longer | 545 days’ worth of interest |
Pros and cons of BMO CDs
Pros
Range of high-yield CD terms
No monthly maintenance fees
Mailed notice 10 days before your CD term ends
Cons
$1,000 minimum deposit requirement
Only select CD terms have competitive rates
Steep early withdrawal penalty fees
BMO Savings Builder account
BMO’s Savings Builder account only pays 0.01%, which is next to nothing. But it sets itself apart from most big banks by what it lacks: monthly maintenance fees. Most financial giants, such as Bank of America and Chase, require maintaining a sizable minimum balance or doing other qualifying activities to avoid a monthly fee. BMO Savings Builder doesn’t. Plus, the minimum opening deposit is only $25.
Another nice perk of the Savings Builder account is that BMO helps you add to your balance. In the first year, you’ll get a $5 bonus for each month you save at least $200. However, the maximum bonus is $60 -- less than the welcome bonuses you can score for other banks’ accounts.
BMO Alto
BMO Alto is BMO’s online-only banking division and has a separate customer experience from BMO’s. If you’re comfortable banking digitally, BMO Alto is worth a look. Even though it doesn’t have a mobile app for convenient, on-the-go banking, it offers an online website and competitive savings rates.
Here’s a rundown of BMO Alto’s two savings categories:
- BMO Alto Online Savings Account: BMO Alto’s online savings account earns a 5.10% APY, doesn’t charge monthly maintenance fees and has no minimum deposit requirement. Plus there are no excessive transaction fees if you wind up withdrawing funds more often than expected. There are limitations, though -- mainly that the only deposit method is via ACH transfer and it lacks a mobile app.
- BMO Alto CDs: BMO Alto’s CD rates are in line with some of the best out there. Plus, its online-only CDs come with three key benefits compared to BMO’s. First, the rates are higher. Second, there’s no minimum deposit. And lastly, the early withdrawal penalty structure isn’t as steep.
| Minimum opening deposit | $0 |
| Terms | 6 months-5 years |
| Early withdrawal penalties | 6–11 months: 90 days’ interest 12–60 months: 180 days’ interest |
| CD term | APY |
| 6 months | 5.50% |
| 12 months | 5.15% |
| 24 months | 4.75% |
| 36 months | 4.60% |
| 48 months | 4.60% |
| 60 months | 4.60% |
Customer service
BMO branch hours vary by location, so you’ll want to use the bank’s branch locator tool to verify a location is open before visiting. You can also call the customer care center at 888-340-2265 during the following hours:
- Monday to Friday: 7 a.m. to 11 p.m. CT
- Saturday and Sunday: 8 a.m. to 10 p.m. CT
If you need to close your CD or withdraw funds, you must visit a branch or call 800-546-6101.
For BMO Alto accounts, you can call 855-266-8100. You can’t visit a BMO Harris branch for questions about your BMO Alto account since the two banks operate independently.
