BMO Bank (Formerly Named BMO Harris Bank)

BMO Bank Reviews

(Formerly Named BMO Harris Bank)

BMO Bank Reviews
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About BMO Bank (Formerly Named BMO Harris Bank)

BMO Bank is an FDIC-insured bank and financial institution. It offers checking and savings account services, a variety of loans, lines of credit, investment management, retirement accounts and planning and other financial services. BMO Bank specializes in cross-border mortgages. Online, virtual banking is available through a mobile app and its website. In-person branches are located in eight states.

Pros & Cons

Pros
  • Online/mobile banking
  • Service variety
  • Interest-earning accounts
  • Cross-border mortgages
Cons
  • Limited in-person branches
  • Fees
  • Interest rate variations

What is BMO Bank?

BMO Bank offers in-person and online banking services. It offers three checking account options, with monthly fees ranging from $0 to $5. There are multiple savings accounts available, including a savings builder, premier money market account and certificate of deposit.

In addition to standard checking and savings banking services, BMO Bank also offers mortgage loans, other loans, lines of credit, retirement planning and wealth management. BMO Bank has branch locations in Arizona, Florida, Kansas, Illinois, Indiana, Minnesota, Missouri and Wisconsin. Digital banking can be used nationwide.

How does BMO Bank work?

BMO Bank is a financial institution that offers a wide variety of banking services. In addition to traditional checking and savings accounts, it offers retirement accounts and planning, credit cards, mortgages, loans, lines of credit and financial consulting.

Account management is offered digitally and/or in person at a physical branch. Online banking is available anywhere without needing to go into a physical branch. This includes services like mobile check deposit, transferring funds between accounts and paying bills. Online banking is available through BMO Bank’s website or mobile application.

When you deposit money into a BMO Bank account, it may charge you fees depending on the account type and balance. Loans will also carry interest rates, and savings accounts may gain interest as time goes on. All BMO Bank accounts are FDIC insured.

BMO checking accounts

BMO Bank offers three checking accounts with various benefits.

BMO Bank products

Other BMO Bank financial and banking services include:

Savings accounts
Two savings accounts are offered; Savings Builder and Premier Money Market. Both accrue interest and have a $0 to $10 monthly maintenance fee, which is waivable. Additionally, money market and certificate of deposit savings accounts are available.
Retirement accounts
IRA retirement accounts and IRA certificates of deposit are offered with BMO Bank. Minimum opening deposits are $100 or $1,000, and interest rates are locked in for terms from three months to five years.
Investments
Investment management is part of the BMO Bank service suite. Wealth advisors are available to assist in investment strategies and tactics. Portfolio management, monitoring, reporting and advisory services are available through its investment team.
Mortgages
Services and lending are available for fixed-rate and adjustable-rate mortgages. Additionally, BMO Bank offers low down payment and jumbo mortgages. It specializes in cross-border mortgages to help Canadian citizens buy or refinance a home in the U.S.
Loans/lines of credit
A variety of loans and lines of credit are available. These include home equity loans/line of credit, personal loans/line of credit, auto loans, savings-secured loans and private student loans. BMO Bank also offers student loan refinancing services.
Credit cards
BMO Bank offers personal and business credit card options. Personal credit cards are Mastercards with cash-back and rewards programs. Annual fees range from $0 to $79.
Online/mobile banking
Online banking is available through BMO Bank’s website or mobile application. Accounts are accessed from anywhere with features like bill pay, money transfers, mobile check deposit and paperless statements. Money management tools are also offered through mobile banking.

BMO Bank rates

Many BMO Bank checking accounts have a $0 monthly maintenance fee, with opportunities to get that fee waived. Otherwise, maintenance fees range from $5 to $25. Savings accounts also have $0 monthly maintenance fees with a waivable $10 fee on the Premier Money Market account. Accounts gain interest from 0.01% to 2.250% based on the account balance. Loan interest rates will vary based on factors like credit score, loan amount, terms and loan type.

BMO Bank FAQ

Does BMO Bank offer mobile banking?

Yes. Mobile banking is offered online or through its mobile application.

Does BMO Bank charge monthly fees for its checking accounts?

The BMO Smart Advantage Account has no monthly maintenance fee. The Smart Money Account has a $5 monthly maintenance fee or $0 if you’re younger than 25. Other fees may include overdraft, check image, paper statements and non-BMO ATM transaction fees.

What is BMO Bank’s minimum deposit to open an account?

Checking accounts require a $25 minimum opening deposit. Savings accounts do not have a minimum opening deposit.

Does BMO Bank offer credit cards?

Yes. It offers five credit cards with varying rewards and cash-back offers.

Is BMO Bank good?

BMO Bank is a legitimate, FDIC-insured financial institution. It’s best if you are looking for an entirely online/mobile banking experience. It has in-person branches in eight states, but most banking services can be done through the mobile application or online. In addition to traditional checking and savings account banking services, BMO Bank offers a variety of rewards credit cards, loans, retirement accounts and other financial management services.

BMO Bank (Formerly Named BMO Harris Bank) Reviews

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    How do I know I can trust these reviews about BMO Bank?
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    • Our moderators read all reviews to verify quality and helpfulness.
    Page 1 Reviews 0 - 10
    Customer Service

    Reviewed May 8, 2024

    I have two CD accounts with BMO; I am trying to sign into my account for 3 weeks now, and they block me out although I do everything correctly. Called customer service and they can not help; HM!!! I am trying to make sure at maturity they close the account and return the money to the original bank. The way to do it, says customer service, I have to request they send me an application, I fill it out then she runs it by her supervisor and maybe I can change my password. So you have to run through loops to change a password and have access to your money!!!! VERY TROUBLESOME. STAY AWAY FROM BMO, JUST MY TWO CENTS.

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      Customer ServicePricePunctuality & Speed

      Reviewed Nov. 20, 2023

      Beware of BMO – they take your money without asking! Who in the world do they think they are? It is our money not BMO's!!! A recap of what took place: Bank of the West converted to BMO. During the scrub of monthly withdrawals to occur on September 1st, BMO noticed our state tax amount did not meet the required minimum. Bank of The West was withholding $62.47 a month for years, however BMO indicated $167.64 was the amount required to be withheld. Ultimately, BMO withheld the $167.64 amount without asking us and we did not get our IRA distribution payment on time. They just took our money and held it for several days. After much research and phone calls it was determined that Colorado does not have an 8% requirement for state withholding. They reversed the tax withholding of $167.64 and instead will be withholding the usual amount of $62.47. BMO screwed up and we paid the price. Needless to say we have since left BMO and would never, ever recommend them for banking needs.

      Customer ServicePriceStaff

      Reviewed Oct. 31, 2020

      I have had this card for more than 20 years. There is always a live person to answer the phone if I have problems. They will call me to check if it looks like there is fraudulent activity. They are very good about helping me on the rare times that I have to contest a charge. If I don't call them first to tell them I will be charging something expensive, or I will be using the card out of state, they call me to check before accepting such charges. Their security is extremely vigilant. If the card doesn't work for some reason such as at a gas station, there is always a live person I can call who will fix the problem. They do have a rewards program, and I can redeem points for a prepaid card I can spend on anything I want. If the card is lost or compromised they are very good about giving me a new card at no charge. From talking to friends and family, I know this company is far above most credit card companies in customer service. I highly recommend them.

      Punctuality & SpeedStaff

      Reviewed Oct. 16, 2020

      I have never had any problems with this organization. They are polite, considerate and quick to offer support. Using them I am confident that my information is safe. Also they have several types of cards like cash back or rewards.

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      BMO Bank (Formerly Named BMO Harris Bank) Company Information

      Company Name:
      BMO Bank
      Formerly Named:
      BMO Harris Bank
      Website:
      www.bmo.com