BMO Harris Bank (now branded simply as BMO in the United States) is a large regional bank that offers a full range of personal banking products, from basic checking and savings to money market accounts, certificates of deposit (CDs), credit cards and loans. This review walks through BMO’s major account types, typical features, digital tools, and how it compares with both traditional and online banks.
About BMO Harris Bank
BMO Harris is the U.S. banking arm of the Bank of Montreal Financial Group, one of the largest banks in North America by assets. In the U.S., BMO provides personal and business banking, wealth management and commercial banking services through branches, ATMs and online and mobile platforms.
Because it operates as a large regional bank, BMO tries to balance branch-based service with modern digital banking tools. Customers can open accounts in-branch or online for many products, manage accounts digitally, and access a broad ATM network, depending on the account type.
Key takeaways
- Full-service bank: Offers checking, savings, CDs, money market accounts, credit cards, mortgages, personal loans and lines of credit.
- Part of a major North American group: BMO serves about 13 million customers across North America.
- Mix of branch and digital banking: Supports in-person service plus robust online and mobile tools for everyday banking tasks.
BMO Harris Checking Accounts
BMO offers several personal checking options designed around different balance levels and service needs. While specific account names and features change over time, they typically include:
- Entry-level checking – Lower minimum balance requirement; monthly fee that may be waived with qualifying activity.
- Mid-tier checking – Higher balance thresholds but more benefits such as fee waivers and ATM access.
- Premium checking – Aimed at higher-balance customers, with relationship benefits and more fee discounts.
Common checking features
Most BMO checking accounts share several standard features that support everyday money management.
- Online and mobile banking access for balance checks, transfers and bill payments
- Debit card access for purchases and ATM withdrawals
- Ability to set up direct deposit and recurring bill payments
- Electronic statements and optional paper statements (often for a fee)
Typical advantages of BMO checking
- Multiple ways to waive monthly fees through direct deposit or minimum balance, depending on the account.
- Branch support for people who prefer in-person service, including cash deposits and teller assistance.
- Integrated online tools that make it easy to move money between BMO accounts and pay bills digitally.
Potential drawbacks
- Monthly maintenance fees on many accounts unless you meet waiver criteria.
- Standard interest earnings (if any) on checking are generally modest compared with high-yield online checking accounts.
- Geographic limitations for in-branch service if you live outside BMO’s footprint.
BMO Savings Accounts and Money Market Options
BMO offers savings accounts designed for short-term goals, emergency funds and longer-term savings, along with money market accounts that may pay higher rates for larger balances.
Savings account features
- FDIC insurance up to applicable limits for eligible deposits.
- Online access for transfers between checking and savings, including automatic transfers to build savings over time.
- ATM access for many savings accounts when linked to a debit card.
- Interest earnings that vary by account type and market conditions.
Money market accounts
Money market accounts at banks like BMO usually combine features of savings accounts with limited check-writing and debit capability. These accounts often pay higher rates than basic savings when you maintain larger balances, but may charge a monthly fee if you fall below the minimum.
| Account Type | Best For | Pros | Cons |
|---|---|---|---|
| Basic Savings | New savers, emergency funds | Low opening minimum; easy transfers from checking | Rates tend to be modest vs. online banks |
| Money Market | Larger balances | Potentially higher rates; limited check access | Higher minimums and possible monthly fees |
BMO Certificates of Deposit (CDs)
BMO also offers certificates of deposit with different term lengths and interest rate structures. CDs are time deposits, meaning you agree to keep your money on deposit for a set period in exchange for a fixed or promotional rate.
Common CD features
- Fixed term lengths (for example, 3 months to several years, depending on current offerings).
- Guaranteed rate when held to maturity.
- Early withdrawal penalties if you take out funds before the term ends.
CDs at traditional banks like BMO are generally attractive to conservative savers who want certainty of return and are comfortable locking in their funds for a period. However, yields can vary significantly over time and may be lower than top-yield online CDs during some market cycles.
Digital Banking and Online Tools
BMO provides online banking and mobile apps that allow customers to manage many aspects of their accounts without visiting a branch. Digital convenience is increasingly important as consumers perform more banking tasks online; surveys from the Federal Deposit Insurance Corporation (FDIC) show that online and mobile banking are now among the most frequently used methods for accessing bank accounts.
Online and mobile features
- Account overview to view balances and recent transactions across checking, savings, credit cards and some loans.
- Bill pay to schedule one-time or recurring payments to businesses and individuals.
- Transfers between BMO accounts and, in many cases, to external accounts held at other banks.
- Alerts for low balances, large transactions or upcoming due dates.
Money management tools
In addition to basic online banking, BMO provides budgeting and tracking capabilities in its digital platforms and related tools. According to BMO online banking guides, customers can categorize transactions, track spending and export data for external budgeting applications.
- View extended transaction history to spot spending patterns.
- Organize accounts with nicknames and custom categories.
- Set and monitor budget targets to help control discretionary spending.
Customer Experience and Access
Customer experience at a bank like BMO usually reflects a combination of branch availability, customer service options and digital functionality.
Branch and ATM access
- Branch network: BMO operates branches in multiple U.S. states for in-person transactions, new account openings and consultations.
- ATM network: Customers can access ATMs for cash withdrawals, balance checks and in many cases, deposits, depending on the machine and account type.
Customer service channels
- Phone support for account questions, card issues and general service.
- Secure messaging or chat options through online banking in some cases.
- In-branch bankers for more complex needs like lending, retirement planning and wealth management.
Who BMO Harris Bank may be best for
- Customers who want both branch access and online tools.
- People who can meet minimum balances or direct deposit requirements to avoid monthly maintenance fees.
- Savers who prefer having all accounts under one roof, including checking, savings, CDs and loans.
How BMO Harris Compares to Other Banks
When evaluating BMO, it helps to compare it with other categories of banks: national banks, community banks and online-only institutions.
| Feature | BMO Harris (Regional/National) | Big National Bank | Online-Only Bank |
|---|---|---|---|
| Branch Access | Strong in core regions, none outside footprint | Very broad, often nationwide | None or very limited |
| Interest Rates | Competitive for traditional bank; lower than top online banks | Often modest on deposits | Typically higher on savings and CDs |
| Fees | Monthly fees but waiver options | Monthly fees; similar waiver rules | Often low or no monthly fees |
| Digital Tools | Robust apps and online banking | Strong mobile and online options | Core focus; often very advanced |
Research by the Consumer Financial Protection Bureau (CFPB) and other regulators indicates that consumers often trade off branch access against higher interest rates, with some preferring convenience and face-to-face service and others prioritizing yield and low fees. BMO’s model leans toward customers who still value traditional banking relationships but also want modern digital capabilities.
Pros and Cons of BMO Harris Bank
Pros
- Full suite of products: Checking, savings, CDs, credit cards, and loans all in one place.
- Wealth and investment options: Customers with larger portfolios can access investment management, financial planning, and trust and estate services.
- Good digital banking tools: Online banking and mobile apps support most day-to-day tasks and include budgeting and tracking features.
- Branch presence: In-person access can be helpful for complex transactions and for customers who prefer face-to-face assistance.
Cons
- Monthly fees: Many accounts carry monthly service charges unless you meet balance or activity requirements.
- Rates may lag online competitors: Like most traditional banks, savings and CD yields may be lower than the top online banks available nationally.
- Regional footprint: If you move outside BMO’s coverage area, you may lose easy branch access.
Is BMO Harris Bank Safe?
BMO Harris is a regulated U.S. bank, and eligible customer deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to legal limits. FDIC insurance protects depositors in the event of a bank failure, up to at least $250,000 per depositor, per insured bank, per ownership category.
Like other major banks, BMO uses security measures such as encryption, multifactor authentication and monitoring to help protect accounts. The FDIC and other regulators set standards for safety and soundness, including capital and liquidity requirements that large banks must meet.
Who Should Consider BMO Harris Bank?
BMO is best suited to customers who value a balance between convenience, breadth of services and in-person support.
- Good fit for you if:
- You live in or near BMO’s branch footprint.
- You want one bank for checking, savings, loans and possibly investment services.
- You can maintain the required balances or direct deposits to minimize monthly fees.
- May not be ideal if:
- Your top priority is the highest possible interest rate on savings or CDs.
- You rarely need branch access and are comfortable with a fully online bank.
Frequently Asked Questions (FAQs)
Q: Is BMO Harris Bank the same as BMO?
A: In the United States, the bank has rebranded from BMO Harris Bank to simply BMO, reflecting its integration into the broader BMO Financial Group, which operates across North America.
Q: Does BMO offer online and mobile banking?
A: Yes. BMO provides online banking and mobile apps that let you view balances, transfer funds, pay bills and manage many aspects of your accounts digitally.
Q: Are BMO deposits FDIC insured?
A: Yes. Eligible deposits at BMO’s U.S. banking entities are insured by the FDIC up to at least $250,000 per depositor, per insured bank, per ownership category, subject to standard FDIC rules.
Q: Does BMO have good savings and CD rates?
A: BMO’s savings and CD rates are generally competitive with other large traditional banks but may be lower than the top high-yield accounts offered by online-only banks, which often have lower overhead costs and can pass some of those savings on as higher interest rates.
Q: Can I manage investments and long-term planning with BMO?
A: Yes. Through BMO Wealth Management and BMO Investment Services, customers can access financial planning, investment management, retirement planning, insurance and trust and estate services, especially if they have more complex financial needs or larger portfolios.
References
- Who we are — BMO Financial Group. 2024-05-01. https://www.bmo.com/en-ca/main/about-bmo/who-we-are/
- Personal Banking (U.S.) — BMO U.S. 2024-06-10. https://www.bmo.com/en-us/main/personal/
- BMO Harris Business Account Review: Pros & Cons — North One. 2023-09-15. https://www.northone.com/blog/business-banking/bmo-business-account-review
- Guide to BMO Harris Online Banking — BMO Harris Bank. 2022-11-30. https://www.bmo.com/en-us/pdf/commercial/Consumer.pdf
- Sign-in & Bank Online — BMO U.S. 2024-03-20. https://www.bmo.com/en-us/main/personal/ways-to-bank/online-banking/
- Consumer Financial Protection Bureau Financial Well-Being Research — CFPB. 2022-10-12. https://www.consumerfinance.gov/data-research/research-reports/
This article is general information, not personal financial advice. Consider your own situation, or speak with a licensed adviser, before acting on it.
