BMO Harris Bank Review: Savings Accounts & CD Interest Rates Explored

BMO Harris Bank is a well-established financial institution offering a range of banking services, including savings accounts and certificates of deposit (CDs). In this article, we will dive into the features and benefits of these products, as well as the interest rates offered by BMO Harris to help you decide if they are the right fit for your financial needs.

Offering competitive interest rates and various account options to cater to different customer needs, BMO Harris Bank stands out in the banking industry. Their Savings Builder account, for instance, has no monthly maintenance fee and only requires a $25 minimum opening deposit, while also rewarding customers with a $5 bonus every month for meeting certain criteria. Additionally, the bank provides CD options with competitive rates, making them a viable choice for individuals looking to invest their money over a fixed period of time.

Savings Account Options

BMO Harris Bank offers a variety of savings account options for customers with different financial goals and requirements. One of the available options is the Statement Savings account, which is a traditional savings account designed for customers who want easy access to their funds while still earning interest.

For those looking to save money more strategically, BMO Harris provides the Savings Builder account. This account has no monthly maintenance fee, making it an appealing choice for customers who want to grow their savings without worrying about additional costs.

Additionally, BMO Harris offers a variety of Certificate of Deposit (CD) options featuring competitive interest rates and different term lengths. These CD accounts can be an excellent choice for customers who are interested in locking in a fixed interest rate for a set period in order to potentially earn higher returns on their investment.

Customers of BMO Harris Bank also have access to various savings tools and resources, such as online and mobile banking, making it easy to manage and monitor their accounts from anywhere at any time.

Account Fees

BMO Harris Bank offers a variety of savings accounts and Certificates of Deposit (CDs) with different fee structures. Their Savings Builder account, for example, has no monthly maintenance fee and requires a minimum opening deposit of $25. Customers can also receive a $5 reward for every month they meet certain requirements, such as maintaining a minimum balance and making a qualifying deposit.

For the standard savings account, there is a $10 monthly maintenance fee, which can be waived by maintaining a $10,000 minimum daily balance.

When it comes to CDs, BMO Harris offers a range of terms and interest rates. The bank’s CD fees are closely tied to factors such as the specific CD type, term length, and the account holder’s selected interest rate.

Overdraft fees, however, are considered high at BMO Harris Bank, which is a notable drawback for potential customers seeking a bank with low fees.

In general, BMO Harris Bank provides several options for customers who want to waive or reduce fees, but it’s crucial for account holders to understand the specific account requirements and fees associated with the savings account or CD they choose.

Interest Rates

BMO Harris Bank offers a variety of savings accounts and CDs with varying interest rates. For their regular savings account, the interest rate is relatively low. To earn a higher interest rate, customers are encouraged to explore other options like the Premier Savings account or BMO Harris Bank’s CD products.

In the case of the Premier Savings account, better interest rates are provided compared to the regular savings account. However, it is important to note that the rates may still not be as high as some online banks or other financial institutions. To get the most advantageous interest rates, customers can consider opening certificates of deposit (CDs) at BMO Harris Bank.

CD interest rates at BMO Harris Bank vary depending on factors such as the term length and minimum deposit requirement. Generally, longer terms and higher deposit amounts can yield higher interest rates. Here’s a brief overview of some of the CD options available:

  • Standard CD: Terms range from 1 to 60 months with a minimum deposit of $1,000.
  • Special CD: Limited-time offers that provide higher rates than standard CDs, but terms and minimum deposit requirements might be different.
  • Add-on CD: Allows customers to make additional deposits of at least $500 during the term without changing the interest rate, term, or maturity date.

Keep in mind that interest rates are subject to change and may vary depending on the location, promotions, and other market conditions. It is always a good idea to check the most recent rates on the BMO Harris Bank website or by contacting their customer service.

CD Options and Terms

BMO Harris Bank offers a variety of standard CD options to cater to different financial goals and investment timelines. The term lengths range from three months to 60 months (five years), with varying interest rates depending on the selected term. All CD accounts require a minimum opening deposit to be established.

Some special CD rates may be available depending on your location. These special rates and terms are subject to change and are only available for a limited time. For instance, there have been instances of the bank offering 13 to 59-month CDs with attractive interest rates, although these promotions may not be available in all regions.

Interest accrual on BMO Harris CD accounts depends on the term length. Generally, CDs with terms shorter than one year will accrue interest on a quarterly basis while CDs with terms of one year or longer will accrue interest annually.

It’s important to note that early withdrawal penalties apply if you decide to access your funds before the CD term matures. The penalty varies based on the term length and could result in the loss of earned interest.

CD Interest Rates

BMO Harris Bank offers a variety of Certificate of Deposit (CD) accounts that allow customers to earn a high interest rate for a chosen period of time. The interest rates on these accounts are competitive, and the terms can range from a few months to several years.

Since interest rates can fluctuate, it’s essential to compare BMO Harris Bank CD rates with other financial institutions to ensure that you’re getting the best possible return on your investment. A source for the latest BMO Harris Bank CD rates can be found at Annuity Expert Advice, which provides an updated comparison of rates as of March 22, 2023.

In addition to traditional CDs, BMO Harris Bank also offers other types of CDs with specific features, such as:

  • Callable CDs: These CDs provide a potentially higher interest rate, but the bank has the option to “call” the CD and return your principal along with the accrued interest before the term ends.
  • No Penalty CDs: As the name suggests, these CDs allow you to withdraw your funds without a penalty before the term ends, providing additional liquidity.

When deciding which CD product to choose, consider factors such as your investment goals, risk tolerance, and time horizon. It’s essential to weigh the benefits and drawbacks of each CD option to find the most suitable fit for your financial situation.

Accessibility and Technology

BMO Harris Bank offers a range of accessible and technologically advanced features that make banking with them more convenient for customers. With their extensive ATM network and well-designed mobile app, customers can access their accounts and perform banking tasks with ease.

Part of BMO Harris Bank’s appeal is its large ATM network, allowing customers to have access to thousands of ATMs nationwide. This ensures that users can withdraw or deposit cash conveniently, no matter where they are.

Another significant aspect of BMO Harris Bank’s accessibility and technology is its mobile app. The app offers a user-friendly interface through which customers can manage their accounts, transfer funds, deposit checks, and even pay bills without visiting a physical branch. Additionally, the app includes features such as account alerts and budgeting tools that help customers stay on top of their finances.

As for online banking, BMO Harris Bank provides a secure platform for customers to access their accounts and perform various banking activities. The website features easy navigation and a wealth of financial resources and tools, making banking a breeze for both tech-savvy and novice users.

In summary, BMO Harris Bank focuses on providing accessible and advanced banking services through their extensive ATM network, user-friendly mobile app, and secure online banking platform.

Customer Service

BMO Harris Bank is known for its customer service that sets it apart from other banks. Their customer support team is designed to provide assistance on a variety of banking matters, which includes help with savings accounts and CD interest rates.

Customers can reach their support team through various channels such as phone, email, or visiting a local branch. This ensures that customers have multiple ways to get the help they need, whenever they need it. BMO Harris Bank also provides online resources, like an FAQ section on their website for quick reference to common questions.

When it comes to savings accounts, BMO Harris Bank offers the Savings Builder account, which has no monthly maintenance fee. Customers can also earn an extra $5 each month for the first year if they save $200 or more. This feature incentivizes customers to save while enjoying the benefits of their customer service and support.

For those interested in CDs, BMO Harris provides a range of options to suit various financial goals and investment periods. These contain competitive interest rates, allowing customers to grow their savings over time. The bank’s customer service team can help customers navigate the selection of CDs and assist them in making informed decisions.

Overall, BMO Harris Bank’s customer service contributes to its positive reputation as a reliable financial institution for those looking to open a savings account or invest in CDs. Their team’s dedication to addressing customer needs ensures they maintain a high level of satisfaction and trust.

Pros and Cons

Like any financial institution, BMO Harris Bank has its share of pros and cons when it comes to its savings accounts and CD interest rates.


  • Free checking option with no balance requirements and only $25 to open checking accounts.
  • Fee-free transactions at BMO Harris ATMs.
  • Strong and stable parent company, BMO.
  • No monthly maintenance fee for the Savings Builder account.


  • High balances required to earn interest on savings accounts.
  • Low APY on the Savings Builder accounts, with better yields available at other banks.
  • High overdraft fees on checking accounts.

Now that we’ve gone over the pros and cons of BMO Harris Bank’s savings accounts and CD interest rates, it’s important for potential customers to weigh these factors in their decision-making process.


BMO Harris Bank offers a variety of personal banking products, including savings accounts and certificates of deposit (CDs). Their main savings account option has no monthly fee, which can be appealing for customers looking for a simple and low-cost option.

While the interest rates offered on BMO Harris savings accounts and CDs may not be the highest available in the market, they provide a decent option for customers interested in a full-service bank. BMO Harris’s suite of products, including deposit accounts, credit cards, and loans, allows for a comprehensive banking experience for its customers.

When considering BMO Harris Bank for your savings account and CD needs, it’s essential to evaluate your financial goals and compare their offerings with other financial institutions to ensure you make an informed decision. Take your time to review the features, fees, and interest rates to select the savings account or CD that best meets your needs.

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